Final answer:
To turn a formulated strategy into action, a firm should organize itself in a way that aligns with its strategic goals. The process involves analyzing, formulating, and implementing the strategy. The type of corporate governance depends on various factors.
Step-by-step explanation:
To turn a formulated strategy into action, a firm should organize itself in a way that aligns with its strategic goals. This process involves translating the strategy into actionable plans, assigning responsibilities, and ensuring clear communication and coordination among different departments and teams. It may involve creating cross-functional teams, establishing performance metrics, and implementing regular review processes to track progress.
The firm's process for creating strategy usually involves a combination of analysis, formulation, and implementation. Analysis involves gathering data, assessing the internal and external environment, and identifying opportunities and challenges. Formulation is the process of developing strategic goals and plans based on the analysis. Finally, implementation involves executing the strategy, monitoring progress, and making adjustments as necessary.
The type of corporate governance depends on various factors such as the legal framework of the country, the size and nature of the firm, and the preferences of the stakeholders. Common types of corporate governance include unitary board structures, dual board structures, and board committees with specific functions such as audit, compensation, and governance.