Comparison & Contrast between activities involved in Strategy Assignment

Comparison & Contrast between activities involved in Strategy Formulation versus Strategy implementation - Assignment Example Strategy formulation and implementation are two important aspects, which are interrelated. Strategy formulation and implementation are important facets of strategic management in a corporate for long-range performance. Strategy management comprises of three phases namely, diagnosis, formulation, and implementation (Hill and Jones 2012:20-21). Strategy formulation entails development of long-range plans for effective management of environmental opportunities and threats. This is in the light of corporate strengths and weaknesses. Hill and Jones (2012:20) state that formulation encompasses defining corporate mission, objectives, setting policy guidelines, and developing sound strategies. Formulators of strategy attach some estimate or risk to discernible alternatives. They appraise corporate strength and drawbacks with the resources, which are available. Formulation gives a clear set of recommendations in order for the corporate to accomplish its mission successfully (Hill and Jones 2012:20). Formulation of corporate strategy entails creating sustainable competitive advantages. This happens through giving prudent and practical solution to problems that may affect the corporate. Strategy implementation encompasses putting strategies, which corporate formulates into practice. This entails designing and management of systems in order to achieve best integration of people, processes, structures, and resources in order to attain organizational set goals. This is the step in which corporate converts its strategy into operationally effective action. Formulated strategy gains commitment of resources of organization or corporate. Strategy implementation aims at bringing sound ideas into practice. For implementation of corporate strategy to be effective, strategic managers in organization should support the chosen plan. Second, the strategic supervisors should allocate sufficient resources. Third, the formulated strategy