Managing Research, Development, and Innovation: Managing the Unmanageable, Third Edition

16.3. STRATEGY FORMULATION AND IMPLEMENTATION

There is no one way to formulate and implement strategy—the approach depends on the organization, the situation, and individuals involved. A rich variety of concepts and tools have been developed that can facilitate the process.

Strategy formulation may be viewed as a well-thought-out and disciplined effort to establish a mission, define long-term goals, and develop an action plan for achieving those goals. A strategy process can serve many useful purposes. It can:

• Help provide a unity of direction and a cohesive framework for action

• Assist in coordinating disparate organizational goals and resources from a total organizational vantage point

• Provide an assessment of both the internal and external organizational ...