TABLE OF CONTENTS We are all aware that there are different levels of management (don t say asleep or awake) and that these operate on different time scales. Figure 2.1 shows a classic representation of these management levels as a hierarchical structure.
Each level is described in the following sections.
Most people have heard the term strategy. In business, a strategy is a high-level future objective simple vision of what we, the firm, will be doing in the future. How far into the future? That depends on the volatility of the business environment. Typically a business will set a strategy to be enacted over a five- to seven-year period. You ve heard of a seven-year plan, right? This period isn t set in stone, but three to seven years is representative of most businesses.
An example strategy, sometimes known as a mission statement, for a hypothetical software business might be To become a top-five in-category accounting package provider for the Windows/Intel platform targeting FTSE 1000 customers (but excluding FTSE 250) based in the United Kingdom and Europe.
As mission statements go, this one is fairly elegant. It describes the customer, the suppliers, and the market segments. But you could not drive through any large-scale project (let alone the future of a large corporation) with this bare-bones information. You need a plan the strategic plan .
The strategic-planning process expands and illustrates all key areas that...
