Strategy Development: An Introduction To Strategic Development

• INTRODUCTION

There is no doubt strategy development is a tough and timely process, however, the strategy implementation across the organisation is considered even more problematic and challenging. No business strategy can be succeeded without effective execution. In the real market, the majority of managers are more informed and experienced for the strategy development other than strategy execution. This essay addresses some of the key challenges and barriers of strategy implementation.

Most of the theories and recommendations which have been explained in the management literature are limited to the requirements for planning and designing a fitting strategy. During the time a long queue of models and techniques of planning has been demonstrated

In the 60s, qualitative and quantitative models for strategy were developed. Early '80s, shareholder value and Porter models were known as the standard models. Late 80s was the emergence of the creation of strategic models focused on core competencies and focus on the market. The period of the early 90s was the early emergence of second-generation strategic planning models, which further emphasised and focused on the importance of organisation adoption with changes, flexibility, strategic thinking and organisational learning.

According to a study conducted by Fortune magazine in 1992, 90 percent of companies among those had a strategic plan failed to implement the strategy successfully. So the questions arose; what are the barriers of strategy implementation and how one can overcome those challenges in order to fulfil objectives?

• CHALLENGES IN THE PROCESS OF IMPLEMENTATION

Organisations managers, planners and strategists in reality in the process of implementing the strategies are confronted with the following

For example, the interest rate may fluctuate, so that competitors might behave unexpectedly, clients might need changes, key personnel leave the company, and so on. Consequences of changes in strategy and its implementation and evaluation are not always simply predictable because there are always some uncontrollable and annoying events. Long-term time frames put pressure on managers who are responsible for the execution of the plan, so long-term objectives should be broken and converted to short-term