Coined in the 1980's by Frederick W. Gluck and his McKinsey Consulting firm colleagues Stephen P. Kaufman and Steven Walleck, strategic management has four basic elements: finance-related planning, forecast-based planning and externally-focused planning. endobj 6 0 obj The most effective tool to develop your strategic thinking skills is that you are led by someone who is highly strategic. Elements of a Strategic Plan A plan spells out where an organization is going over the next year or more and how it is going to get there. 1. In order to advance in your career, you need to demonstrate them. These are the five elements that make up strategic thinking as described by Dr. Jeanne M. Liedtka, a faculty member at the University of Virginia's Darden Graduate School of Business and former chief learning officer at United Technologies Corporation. What goal do you want your business to accomplish that seem far fetched, but can still be achieved? Planning is an important aspect of strategic thinking and management. In order to understand what the strategic framework looks like in action, you need to dissect it. Our findings show that the most important cognitive elements of strategic thinking are creative, visionary, rule oriented and quick insight learning. endobj Planning and Strategic Thinking Practitioners learn to think in terms of a formula of steps. Skills for leading at the strategic level are more complex than those for leading at the tactical and operational levels, with skills blurring at the seams between those levels. This essentially means looking at the definition of strategy and how it can be linked to leadership. %PDF-1.7 (These may also be referred to as stretch goals.) endobj A tactical thinker avoids complexity. 4 0 obj %%EOF Print. endobj The Strategic Thinking Framework is a good place to start when deciding on a common approach to strategy. endobj kv�1\M'�_�G u��q���8�3���� ������5FI�aq��1�G�����M8>�`�7�V%6 ��J? Key Elements of a Strategic Plan. These steps capture the essence of the strategic thinking public relations managers use to make their organization or unit more effective. It includes the goals you want to accomplish and an outline of how you intend to fulfill them. Instead of doing what seems like the next best thing, you can stop and take the time to develop a strategy. Implement the plan, and so forth. <> 2 0 obj endobj Research. Strategic management represents an effort to realize the fruits of strategic thinking. STRATEGY, STRATEGIC PLANNING, STRATEGIC Six common components include: 1) tools for analysis; 2) strategic purpose; 3) values; 4) … Buy Copies. This group of elements, which are central to the strategic management process outlined in Figure 10.6 "The Strategy Diamond", makes up the strategy diamond The constellation of business, corporate, and international strategy elements in terms of arenas, differentiators, vehicles, staging and pacing, and economic logic.. More recently, Poister and Streib (1999) added performance management —pro-viding direction and control over the work of managers and employees to ensure their efforts focused on achiev- stream �B�P( [ 13 0 R] Dr. Liedtka says: “Strategic intent provides the focus that allows individuals within an … x�͘]k�H�� ���ϧ4*���ni�@�z�:[4��ָ4���=#���F뎫@ �G�d���zG�˝��ӥ���ѥ��rm��vtUX[l>��[3�IWY�ڬ�G��G�n�. 58 0 obj <>/Filter/FlateDecode/ID[<58F60333B6C7074D79476795D90F03E7><37C55ED4F7C2874293063CA6458CF9CE>]/Index[53 15]/Info 52 0 R/Length 49/Prev 38107/Root 54 0 R/Size 68/Type/XRef/W[1 2 1]>>stream ]���n0� �w����߃��`t��'o�@�8pu�$#,�(Q$��*?����$�����u��D�`�!�qN � 䁼�$���"2j��_�ҝ�60)VC9�3�}60{0����v�Z�ʖ��C�8qIRJ�����:�?e��\²�lSwD���=Bq_*�4�늈1L(Ϊ�;"��{S��6�UB&��ǵ����K�% �1� J܃#�Y���1;L�P��<=�1%QԦyj����"B�a�I�/Αc�V,�������TL��N���I7%���i�o����|S���EM��T�N�� Implement the plan. 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