You will reply to one of your classmate’s thread.Minimum of 250 words in the bodyMinimum of 2 sources from the literature in addition to course textsCurrent APA format must be used.Content must include: Summary of the author’s Thread – no less than 125 wordsDiscuss the process of setting a company’s direction through the use of strategy, the advantages and disadvantages, and the different decision models that benefit or hinder the process. The post will include an in-depth look at the stages within the direction setting and implementation and the use of external and internal information in formulation and evaluation. Furthermore, the disadvantage of the failure to recognize there is such a thing as a bad strategy will be discussed and how different decision models can help and hinder the process.Process: Setting the Company’s DirectionLeadership and management must set a direction for the company to use strategy to drive the mission and vision. They do so by using a strategy execution process with five stages. The first stage is developing a strategic vision to set a long-term direction through charting, establishing a mission statement, and establishing core values that guide the company in pursuing the first two parts (Gamble et al., 2021). The second stage is setting objectives, in which benchmarks and specific performance targets are stated through quantifiable points and have a deadline in which these measurements are met (Gamble et al., 2021). The third stage is crafting a strategy, which includes answering the most central question “how?” as it pertains to increasing profitability, market share, and sustainability of the company, as they align with the first and second stage, as well as the marketplace (Gamble et al., 2021). In the crafting stage, there is a learning pattern in which experience and observation can draw conclusions while also considering the critical thinking pattern and the different strategies through a hierarchal approach (Gamble et al., 2021; Ott et al., 2017).The fourth stage is implementing and executing the chosen strategy (Gamble et al., 2021). This is the most demanding stage as it is the most extended and in-depth, with an increased risk for failure in comparison to other steps as failure to implement or execute part of the plan properly would cause the company to miss the direction set and potentially miss the objective or goal (Freedman, 2003). The final stage is the evaluation and corrective phase, which includes evaluating the company’s overall performance specific to the measurements previously determined and initiating adjustments if benchmarks are unmet to marketplace shifts occur (Gamble et al., 2021). This step happens on a repetitive basis, as continuous measurement and adjustment are necessary as the marketplace continuously shifts and different internal and external factors impact. Managing strategy and direction is a continuous and ongoing process.Strategic ThinkingSetting a direction with strategy has both advantages and disadvantages. One of the most significant disadvantages is recognizing that there is such a thing as a bad strategy. However, it often occurs and is caused by the avoidance of hard work needed to create a sound strategy (Rumelt, 2017). Even the most experienced and knowledgeable executives can create a bad strategy as strategy is often based on specific calculations, principles, and decisions. There becomes an error in the decision parts of strategy development as avoidance of crucial information or implications of choices occur (Rumelt, 2017). Notwithstanding erroneous calculations or relevance of the information used for strategy development, this is the number one pitfall for executives.Executives must be aware of their own biases and the impact of all decisions being made. While one experience or self-identity may cause executives to lean towards a decision or a belief, using others’ input and consideration for both experiences of action and cognitive or critical thinking is crucial to strategy development (Ott et al., 2017). Executives must recognize this to avoid failure of strategy. Strategy failure means overall failure to meet objectives and mission, which can hinder the company from being profitable, making progress, or cost more to revise and recreate a new strategy considering the previously avoided information (Freedman, 2003).Decision ModelThe SWOT analysis, which I primarily use in both professional and personal matters, is valuable in preventing the avoidance of critical information. The SWOT analysis considers both internal and external factors, as well as can be used to assess decisions and what advantages or disadvantages they could produce based upon both internal and external factors. Due to this, it can help prevent avoidance of key information, so long as being used properly and reviewed by a second person or the rest of the executive team in the instance of strategy development.Secondly, the personal potential trap could hinder the process of strategy direction as well. Failure to recognize that letting the view of self-expectations and third-party expectations can create problems with clear and successful strategy development. Views of potential can be askew and thus realistic visions can be clouded by the idea of expectations versus reality. These hinder the process to create a strategy that is realistic and achievable.Another model to be considered is the project management triangle. The project management triangle considers the resources, timeline, mission-oriented factors, and shows that there are really multiple ways that a company has to sacrifice to make itself competitive in the market. It considers what is most important to a company in almost a three-section view: fast, cheap, or good. Essentially stating that a product, project, or company, can only really fall into one category, though it can overlap in other ways with the other two types. This can consider the different strategies from an analytical perspective, as it would consider the strategy in alignment with the mission while also having realistic expectations.ConclusionThe strategy guides and sets the direction of the company through a five-stage process: developing strategic vision, setting objectives, crafting a strategy, implementation and execution of strategy, and evaluating and analyzing the environment and performance (Gamble et al., 2021). The last two stages are the longest parts and occur on a regular and consistent basis. All of the stages must consider the external and internal environment and how to best measure the strategy’s success through benchmarking and measurements. However, executives need to be aware that there is such a bad strategy that can be acknowledged by considering if there is an avoidance of factors or relevant information or data. Using the SWOT analysis or the project management triangle can help address this, while the personal potential trap may be of use to show the significance of the disadvantage.
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