2.2.2 Implementing Strategies

Once the organization has agreed on their vision, assessed their internal and external strengths, weaknesses, opportunities, and threats, determined long-term objectives, and selected appropriate strategies, the strategy implementation stage becomes key. Strategy implementation is inherently different from formulation because it emphasizes efficient efforts to operationalize corporate strategy. During strategy formulation a firm emphasizes creativity, generating alternatives, critical thinking, and proactivity. However, during the implementation phase, a company is interested not so much in the "what" of objective setting, as the "how" of strategy realization. Therefore, the process of implementing strategies carries with it managerial, financial, technological, and functional considerations. Broadly speaking, we can look at these issues as described in the following pages.