Strategy Implementation - Explained
What is the Strategy Implementation Phase
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What is Strategy Implementation?
Implementation is one of the recognized phases of strategic management. A strategy must be implemented by a firm before it can have an effect of firm performance.
Four strategic factors influence firm performance:
- Direction: Strategy formation is developing a clear strategic direction
- Efficiency: establishing a fast and effective organization
- Adaptability: developing an adaptive culture
- Focus: Shifting from focus on customer and cost reduction to the broad picture
Efficiency, adaptability, and focus all relate to strategy implementation.
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