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Developing this set of clear objectives, that relates logically to the strategy and how the organisation plans to compete, is an important aspect of an effective implementation process (Owen, 1982). Having a concrete, detailed and comprehensive implementation plan can have a positive influence on the level of success of an implementation effort.
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
Strategic planning may also refer to control mechanisms used to implement the strategy once it is determined. In other words, strategic planning happens around the strategic thinking or strategy making activity. [24] Strategic management is often described as involving two major processes: formulation and implementation of strategy.
Addressing these expectations usually takes the form of strategic decisions and actions. For a strategy to succeed, the leader must be able to adjust it as conditions require. But leaders cannot learn enough, fast enough, and do enough on their own to effectively adapt the strategy and then define, shape, and execute the organizational response.
Hoshin Kanri is a top-down approach, with the goals being mandated by management and the implementation being performed by employees. As a result, systems need to be in place to ensure that objectives from senior management are effectively communicated all the way down the chain of command. [5]
Value-creating strategy. Strategic competitiveness is accomplished when a firm successfully integrates a value-creating strategy. [1] The key to having a complete value-creating strategy is to adopt a holistic approach that includes business strategy, financial strategy, technology strategy, marketing strategy and investor strategy. [2]