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0:00
Hello.
Welcome to this series of
introductory talks on
business strategy.
My name is Robert Grant.
I'm a professor of
strategic management,
at Bocconi University,
in Milan, Italy.
I'm also the author of
"Contemporary Strategy Analysis",
a leading strategic
management textbook
used in business programs
throughout the world.
0:23
This talk addresses the topic of
strategy implementation.
This is a big topic.
Potentially, strategy
implementation covers
the entire field of management
and all its functional areas.
I'll be restricting this talk to
a general overview and
a few core issues.
In terms of my goals
for this talk, first,
I'd like you to understand
how strategy implementation
relates to the
formulation of strategy
and exploring that relationship.
Second, I'd like you
to appreciate the role
of strategic planning systems
in providing a linkage between
strategy formulation and
strategy implementation.
I shall organize this
talk around these goals,
beginning with the
relationship between
strategy formulation and
strategy implementation,
then looking at the
role of formal systems
of strategic planning
in that linkage.
1:15
The traditional view of
strategic management
is that this is a
two stage process;
top management
formulates strategy,
then its implementation is
the primary responsibility
of middle management.
This view attracts little
support these days.
It is generally recognized
that strategy formulation
and implementation are
deeply interdependent.
Strategy formulation must
take careful account of
the circumstances in
which the strategy
is to be implemented.
A strategy that is
formulated without regard to
the constraints
of implementation
is likely to be pie in the sky.
Equally, strategy is formulated
in the course of
its implementation.
Strategy tends to be
initially formulated
around broad goals and
general guidelines.
It is during its
implementation that
the gaps are filled in and it
is articulated more fully.
Indeed, the process
of implementation may
involve major revisions
to the intended strategy.
We can view strategy from
an action perspective,
"Until a strategy
generates action,
it is merely wishful thinking".
That said, there always
has to be a sequence.
The starting point for strategy
is some kind of
cognitive process.
Thought must proceed action.
