Question

In order to see other student's posts, you must first post your Discussion Response.

I highly recommend you create your response in MSWord, check it for grammer (spelling and context) then cut and paste it into the discussion. Blackboard does not have as accurate proofing mechanism as MSWord.
DISCUSSION PROMPT: Goals and Objectives

What is the difference between strategy formulation and strategy implementation?

Answer 1

Strategy formulation involves the creation of plans and tactics to achieve organizational goals, including the analysis of environments and the setting of objectives. Strategy implementation is about putting these strategic plans into action, developing and coordinating resources, and executing strategies. To succeed, both must work together effectively.

Step-by-step explanation:

The process of strategy formulation refers to the creation of an organization's plans and tactics to achieve its goals and objectives. This involves the examination and evaluation of the external and internal environments in which the organization operates, the setting of objectives, and the development of strategies to reach these objectives. Conversely, strategy implementation is concerned with putting these strategic plans into action. It involves developing programs, budgets, and procedures to execute the strategies and requires the coordination of teams and resources to effectively bring the organization's plans to fruition.

While strategy formulation is about decision-making and planning, strategy implementation is all about execution. The former is a creative process that can be abstract and conceptual, whereas the latter is practical and action-oriented, making it tangible. For a company to succeed, both formulation and implementation must work hand in hand; a well-devised strategy is only as good as its execution. Hence, to ensure both processes are effective, companies must carry out thorough analysis, allocate resources efficiently, and have robust monitoring and control mechanisms in place.

Effective communication and firm leadership are essential for successful strategy implementation, and any resistance to change must be managed carefully to maintain momentum. A company may have a brilliant strategy on paper, but without the proper implementation, it cannot achieve the desired outcomes. The biggest challenge during the implementation phase is to align the company's structure, culture, and resources with its strategic objectives.