Importance of Strategic thinking and formulation in the organisational Essay

Importance of Strategic thinking and formulation in the organisational reassign - Essay ExampleThere are many stages involved in the bidding of the strategic management. These steps are divided in to three unspecific categories1)Strategy formulation2)Strategy implementation3)Strategy evaluationThe first step namely the system formulation involves the development of the business mission, evaluation of the opportunities and threats approach by the business organisation in the business, by using tools such as SWOT analysis, examining the strengths and weaknesses of the business, determining the long term objectives of the business and designing the saucy strategies to eke in the process of achieving the new targets. It also include the processes to determine the investment direction, the business markets to be addressed, extension of the operations of the business, limitations faced by the business in order to undertake the business activities.... d the marketing efforts, plannin g the financial issues, alignment of the information system with the information needs of the employees and last but not least provisions of appraisals and rewards to the employees. The strategy implementation stage requires several actions to be taken by the management in order to get the most of it. The favored implementation of a strategy is directly related to the ability of a manger to motivate employees in the strategic direction and to develop an organisational culture to sweep up the change and take it into the daily business practise. It also demands some crucial steps by the managers on personal level. The manger should depict different qualities such as discipline, high level of commitment and motivation, leadership and enthusiasm of making things possible. Successful implementation of strategy is very important. This is the most crucial step in the whole process since it involves many factors besides the ability of manger. This includes the adoption of change by the em ployees, their commitment levels, and the enthusiasm towards their jobs. Most often the business organisations fail to come across their desired targets since they fail to implement their strategies in a successful manner or fail to get support from their employees.The final stage is the strategy evaluation. later on the implementation it is important for the managers to test the effectiveness of the strategy. The strategy of a company requires constant updating. With the changing conditions of market and industry it is important for an organisation to keep its strategy in tact with the changing environment. An out dated strategy cannot fulfil the needs of todays global environment. In order to go through the updating process the organisations should carry on