Crafting Strategy

Crafting strategy means choosing among the various strategic alternatives and proactively searching for opportunities to do new things or to do existing things in new or better ways. In most companies, crafting strategy is a collaborative team effort that includes managers in various positions and at various organizational levels. Crafting strategy is rarely something only high-level executives do.

In choosing among opportunities and addressing the hows of strategy, strategists must embrace the risks of uncertainty and the discomfort that naturally accompanies such risks. Bold strategies involve making difficult choices and placing bets on the future.

Good strategic planning is not about eliminating risks, but increasing the odds of success. A company’s overall strategy is a collection of strategic initiatives and actions devised by managers up and down the whole organizational hierarchy.

The larger and more diverse the operations of an enterprise, the more points of strategic initiative it will have and the more managers at different organizational levels will have a relevant strategy-making role.

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Crafting a strategy is not a one time event because strategy is partly proactive and partly reactive
Explain the statement in the context of strategic management gives real life examples