Strategy development and implementation – process and factors influencing the result: Case study of Latvian organizations

Arturs Zeps

Abstract


Purpose. The purpose of the paper is to analyse and observe the best way of how to develop and implement strategy and to avoid casual mistakes and problems made in the process. Paper analyses the research results collected through survey done among managers of Latvian organizations, providing the general conclusions of strategy development and implementation process made by management of middle and large size companies.

Methodology. Paper provides theoretical overview of strategy development and implementation process contrasting it against the results of the survey gained through mathematical analysis of the responses.

Results. Paper presents analysis of the management survey data, identifying the factors that influence strategy development and implementation. Most common way of developing the strategy is given, indicating the most commonly used counterparts of strategy for Latvian companies. Paper describes significance of employee involvement in the strategy development process, creation of tactical plan, regular overview of achieved results and necessity of revision of the strategy - contrasting the usage of such approaches to overall success of the strategy implementation. Analytical part also provides a management-performed self-evaluation of strategy implementation process and indicates what were the key factors influencing reaching the desired goals set in strategy.

Second part of the article analyses the factors that hinder or promote the strategy development and implementation processes and provides a graphical overview of steps management should take to create and implement strategy.

The theoretical contribution. Paper analysing the strategy development and implementation process talks on such issues as - employee involvement, adjusting financial incentives and creating appropriate organizational structure – factors that should be taken into account when strategy is implemented and shows how management should address them.

Practical implications. Based on lessons learned in the paper and through the analysis of survey data - managers will be able to observe what approaches have proven to be effective for strategy implementation and understand what improvements are needed in their own practice of strategic planning.

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