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Selecting Effective Strategies

Strategists must develop a manageable set of the most attractive alternative strategies by determining their advantages, disadvantages, trade-offs, costs and benefits. Identifying and evaluating alternative strategies should involve managers and employees from across the organization. All participants should have the organization's audit information and mission/vision statements to help propose strategies. Proposed strategies are discussed, listed, and individually ranked by participants on their attractiveness. Strategies are then prioritized based on the sums of these rankings, resulting in a list that reflects the collective views of the group.

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354 views1 page

Selecting Effective Strategies

Strategists must develop a manageable set of the most attractive alternative strategies by determining their advantages, disadvantages, trade-offs, costs and benefits. Identifying and evaluating alternative strategies should involve managers and employees from across the organization. All participants should have the organization's audit information and mission/vision statements to help propose strategies. Proposed strategies are discussed, listed, and individually ranked by participants on their attractiveness. Strategies are then prioritized based on the sums of these rankings, resulting in a list that reflects the collective views of the group.

Uploaded by

dailydoseoflaw
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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The Process of Generating and Selecting Strategies

Strategists never consider all feasible alternatives that could benefit the firm
because there are an infinite number of possible actions and an infinite number of
ways to implement those actions. Therefore, a manageable set of the most attractive
alternative strategies must be developed, examined, prioritized, and selected. The
advantages, disadvantages, trade-offs, costs and benefits of these strategies should
be determined. Recommendations (strategies selected to pursue) come from
alternative strategies formulated.
Identifying and evaluating alternative strategies should involve many of the
managers and employees who previously assembled the organizational vision and
mission statements, performed the external audit, and conducted the internal audit.
Representatives from each department and division of the firm should be included in
this process, as was the case in the previous strategy-formulation activities.
Involvement provides the best opportunity for managers and employees to gain an
understanding of what the firm is doing and why and to become committed to helping
the firm accomplish its objectives.
All participants in the strategy analysis and choice activity should have the
firm’s external and internal audit information available. This information, coupled with
the firm’s vision and mission statements, will help participants crystallize in their own
minds particular strategies that they believe could benefit the firm most. Creativity
should be encouraged in this thought process.
Alternative strategies proposed by participants should be considered and
discussed in a meeting or series of meetings. Proposed strategies should be listed in
writing. When all feasible strategies identified by participants are given and
understood, the strategies should be individually ranked in order of attractiveness by
each participant, with 1= should not be implemented, 2 = possible should be
implemented, 3 = probably should be implemented, and 4 = definitely should
be implemented. Then collect all the participants’ ranking sheets and sum the
ratings given for each strategy. Strategies with the highest sums are deemed the
best, so this process results in a prioritized list of best strategies that reflects the
collective wisdom of the group.

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