The Executive’s Vision: Formulating Corporate Strategy

In this chapter, we delineate the concluding phase of strategic planning, concentrating on establishing an organization’s mission, vision, and corporate strategy. We elucidate the anticipated content for each element of formulation through illustrative examples. Additionally, we evaluate the imperative to align the strategies of business units with the overarching corporate strategy and outline recommendations to gage their anticipated economic impact. Emphasizing the necessity of bridging the gap between high-level strategy and day-to-day management, we propose the implementation of annual strategic projects to operationalize objectives. We delve into the use of strategic planning as a leadership intervention and situate the process within a more comprehensive, systemic understanding of the organization.