Phases of Crafting and Executing a Business Strategy Free Essay Example, 2750 words

There exist five main phases of crafting and executing a business strategy. This is the vision of where the business desires to be and to have achieved within a given period of time. It also includes the figuring out of the key issues of the business including the products, technology levels, the market and also the customers in the market (White, 2012). The business needs to strategize on the future of the business in terms of having a clear outlook of the expectation of the level of product development and diversity that the business needs to have achieved within the set period of time of the strategy. It includes the decision on whether the company plans on operating within the same market and serving the same customers in a given period of time. This a managerial consideration within the business, where the management of the business needs to provide the direction of the company, both in the long term and in the short term period. It should also include the decision of the appro priate and specific actions that the management will take to ensure that the company achieves this aspiration within the set time frame. We will write a custom essay sample on Phases of Crafting and Executing a Business Strategy or any topic specifically for you Only $17.96 $11.86/pageorder now This aspect needs to communicate to the stakeholders of the company concerning the commitment of the company towards its success (Verbeke, 2013). The objectives of the company should communicate to the stakeholders the desires of the company in relation to the success of the company. The objectives of the strategy should provide clarity on the type of performance level that the business desires to achieve and also the timeframe of achieving those objectives (Armstrong et al, 2014). The financial aspects involved in this consideration can also have inclusion at this stage of making the business strategy. As such, setting the objectives of the business has the requirement of the making of both the strategic objectives that the business needs to achieve and also the financial objectives. This will forth a balanced type of business strategy, a factor that will ensure the success of the company.