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STRATEGY IMPLEMENTATION: KEY FACTORS, CHALLENGES AND SOLUTIONS
ABSTRACT
There is a difference between having a strategy in mind and actually executing this strategy. A lot of strategic considerations never make it into the real business operations. Effective strategy implementation is the topic of this paper, therefore the paper is concerned with the composition of successful implementation and what needs to be considered. Despite is shows challenges that can occur during the process and eventually how to solve them. Here literature from various other researchers gets connected to build a universal depiction of strategy implementation and to give managers useful implications regardless of their industry. Additional to the theoretical part the paper also connects theory and practice through interviews with business people.
Keywords
strategy implementation, challenges, strategic consensus, resource allocation, leadership, vertical communication