Management techniques
There are no favourable winds
for those who do not know where to go.
SENECA
Once a Strategy has been elaborated and agreed, it will get executed (i.e. implemented). In other words, the firm will work toward putting the strategic recommendations into effect. More often than not, this includes launching specific projects (aka strategic initiatives), possibly acquiring other companies and creating new products/services to conquer new markets.
However, strategy elaboration is also a project, in its own right: it is a temporary endeavour (possibly managed by an ad-hoc organisation), having a defined beginning and end (usually characterised by calendar dates), undertaken to meet a specific, non-repetitive goal (produce well educated strategic recommendations).
This section considers some management techniques that while not being speicif to Strategic management, can be successfully leveraged for strategy formulation.
