Answered: Crafting and executing strategy are…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Crafting and executing strategy are thus core management tasks. Among all the things managers do, nothing affects a company’s ultimate success or failure more fundamentally than how well its management team charts the company’s direction, develops competitively effective strategic moves, and pursues what needs to be done internally to produce good day-in, day-out strategy execution and operating excellence. Indeed, good strategy and good strategy execution are the most telling and trustworthy signs of good management. The rationale for using the twin standards of good strategy making and good strategy execution to determine whether a company is well managed is therefore compelling: The better conceived a company’s strategy and the more competently it is executed, the more likely the company will be a standout performer in the marketplace. In stark contrast, a company that lacks clear-cut direction has a flawed strategy, or can’t execute its strategy competently is a company whose financial performance is probably suffering, whose business is at long-term risk, and whose main- argument is sorely lacking. What topic contributes specifically to corporate strategy and what is its role in corporate strategy.

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