Strategies and Execution in Management

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STRATEGY FORMULATION EXECUTION AND GOVERNANCE
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Strategies in management
Introduction
Success in any business or industry is the most important thing to all stake holders. It
largely depends on the strategies in place and how their implementation is done.
Although formulating strategies is among the easiest things to do in most of the
organizations, executing them is the biggest challenges the management face. Coming
up with a brilliant strategy document is much easier compared to implementing them to
get the desired results. The execution of the strategies r is achieved via a disciplined
process with logically arranged set of events. A number of factors potentially determine
the process through which the organization can convert the strategic plans into action.
In every organization the implementation of the strategies is more of art than
science(Reitzig and Sorenson, 2013).
In future I look forward to work as a managing director in a health care organization. In
this paper I closely look at how one can apply the concepts learned in an actual ground
to manage an organization or a business and have consistent success. Health care
sector is a good business opportunity that can be capitalized on to get great
results(Simerson, 2011). The managing director in health industry must make choices
that make them competitive and better than rivals to remain strong in the business
(Mittal and Jain, 2012). The two topics discussed are “strategy formulation, execution
and governance” and “the five generic competitive strategies.”
Strategy formulation, execution and governance
A strategy is an action or decision made by the managers with the aim of achieving the
goals and objectives of an organization(Ocasio and Joseph, 2008). Strategy execution
is a process of getting action taken to achieve goals and objectives(Brauer and

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Schmidt, 2008). Governance is the process of developing strategies and policies and
making sure they era well implemented to achieve organizational goals(Galpin and
Whittington, 2012). Some key concepts are essential in making the entire process
successful. They include evaluating the environment of operation, proper interpersonal
communication within an organization, business policies, SWOT analysis and corporate
governance(Brenes, Metzger and Requena, 2011).
Developing strategies in an organization comes with very many advantages that propel
the company towards their main objectives. For example strategies gives the company
a sense of direction and helps them to focus a lot of attention depending on the vision
and mission statement of the institution. Good strategies help increase efficiency in an
organization hence expanding their market and consequently the profits goes
high(Ratnatunga and Alam, 2011).
Self reflection
Health sector is growing really fast with increase of population as well as health
awareness among the young generation. The sector is facing a lot of competition
therefore health-care organizations must be really creative and innovative in order to
succeed in the market. The top management must develop good strategies and ensure
they are excellently executed for the desired benefits. The managing director as a
responsibility to make a number decisions that lead to corporate action depending on
the context and the environment within which the organization is operating.The desire
and need to have improved health services through modern technology should drive the
manager s to develop competitive, competent and effective strategies.
Attention will be given towards improving the quality of services offered to our
customers by making sure the resources at the institution are continuously designed
and redesigned to offer fast and the best quality services in the competitive market.
Addition of value will be our main target because it is the best recommended
measurement of strategic success compared to all other methods like maximizing
profits.