Comprehensive Report: Strategy and Strategy Implementation Framework

This report delves into the critical aspects of strategy and its effective implementation within a corporate governance framework. It begins by defining strategy as the systematic measures a firm takes to gain and maintain a competitive edge, contrasting this with strategy implementation as the execution of the set strategy. The report highlights the importance of proper implementation, emphasizing that even the most unique strategies are rendered useless without it. Key elements of successful strategy implementation are identified as the management's ability to lead strategy work and the integration of the strategy into individual employee targets, coupled with follow-up mechanisms. The report also examines the challenges in strategy implementation, such as the failure of middle-level managers to effectively operationalize strategies and the limitations of short-term targets. Furthermore, it stresses the importance of commitment, simple strategies, and environmental analysis in ensuring a firm's operational strategy suits the current business environment. In conclusion, the report emphasizes the vital role of strategy formulation and implementation for business success, advocating for the selection and implementation of the most appropriate strategy for the firm's operations, supported by simple, well-executed actions.

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Strategy and strategy implementation under corporate governance are among the most
studied arts. Strategy relates to the systematic measures that a firm seeks to take in order to
attain and withstand a competitive edge in the field that a firm operates (Porter,1985). Strategy
implementation on the other hand is the process of execution of the set strategy. Several scholars
have tried to define strategy implementation. According to Favaro (2015), strategy
implementation simply is that act of converting the set strategy into a real world operation. It is
however clear to note that however much unique a strategy is, without proper implementation,
the strategy would be rendered useless (Lindroos & Lohivesi,2018). In setting up strategies for a
firm therefore, it is important to understand what aspects of the organization needs to be changed
in order to assist the firm in meeting its set goals and objectives.
The foundation of a successful business strategy implementation is made up of two
significant practices. These two practices are; the ability of the management to lead the strategy
work and that ability to inculcate the strategy into individual employee’s targets and creation of a
follow up medium to ensure that the s targets are met (Norton & Kaplan,2007). Studies show that
a well-structured strategy is much easier to be implemented as compared to a shoddy strategy.
According to Kamensky (2004), all these however are directly dependent on the dynamic
business environment.
Much as a strategy can be well set, at times its implementation is always a difficult
practice (Nassi& Aunola,2005). According to studies 57% of firms fail to implement their
strategies and about 11% can comfortably satisfy that their strategy was up and running. This is
mainly because of the different forms in which those responsible to implement it view the
strategy. Among the few reasons as to why implementation of a business strategy can be deemed

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difficult is the failure of the middle level managers to play their roles in strategy
implementation(Allio,2005). The middle level managers have that significant role of making the
strategies operational. This includes seeing to it that these strategies are put into real-time
business practice. However, these managers at times are always overwhelmed by their duties that
they fail to check if the set strategy is running in the firm. In addition to the failure on the part of
the business level managers is the fact that a long-term strategy cannot be fixed to fit in a short-
term target. Setting a short-term target will overwhelm and put pressure on the subordinates, an
action that in general would affect productivity.
Commitment to a strategy plays significant roles in its realization. As such, the parties
responsible for follow up procedures need to report to the seniors once the fruits of the strategy
begin to be felt. This will prevent the strategy from being overused or outdated and will invite
setting up of new strategies to ensure business success. According to CEO Jack Welsh (2005)
Creation of simple strategies is vital for every firm because, instead of the firm being stuck in
several analyses, the firm will directly get down to implementing the strategy. Firms need to
select the general direction they need to operate towards and use all its resources towards
working in that direction. However, when selecting a strategy to implement, its first wise to
study the business environment in order to ensure that the set strategy suits the firm within the
prevailing conditions of the business environment.
In summary, strategy formulation and implementation are very vital for business success.
As such, a firm needs to select and implement the most probable strategy that suits its business
operations. In order to ascertain that the strategy so selected suits the firm, the management nee
to formulate simple actions that will see to it that the strategies are properly implemented.