BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Develop a strategy-supportive culture and create an effective organizational structure.
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Motivate employees and establish a mission statement.
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Redirect marketing efforts and prepare a vision statement.
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Establish annual objectives and develop a vision statement.
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Detailed explanation-1: -Strategy implementation includes developing a strategy-supportive culture, creating an effective organizational structure, redirecting marketing efforts, preparing budgets, developing and utilizing information systems, and linking employee compensation to organizational performance.
Detailed explanation-2: -The basic activities in strategy implementation involve the following: Establishment of annual objectives. Formulation of policies for execution of strategies. Allocation of resources.
Detailed explanation-3: -Strategy implementation is the fourth step in the strategic management process and it’s where you turn your strategic plan into action. This can be anything from executing a new marketing plan to increase sales to implementing a new work management software to boost efficiency across internal teams.
Detailed explanation-4: -Often overlooked are the five key components necessary to support implementation: people, resources, structure, systems, and culture. All components must be in place in order to move from creating the plan to activating the plan.