Strategic Management: Formulation and Implementation

The Thompson And Strickland Model

Thompson and Strickland developed several models of strategic management.

According to Thompson and Strickland strategic management is an ongoing process: "nothing is final and all prior actions and decisions are subject to future modification."

This process consists of five major five ever-present tasks:

1. Developing a concept of the business and forming a vision of where the organization needs to be headed.

2. Converting the mission into specific performance objectives.

3. Crafting a strategy to achieve the targeted performance.

4. Implementing and executing the chosen strategy efficiently and effectively.

5. Evaluating performance, reviewing the situation, and initiating corrective adjustments in mission, objectives, strategy, or implementation in light of actual experience, changing conditions, new ideas, and new opportunities.

Thompson and Strickland suggest that the firm's mission and objectives combine to define "What is our business and what will it be?" and "what to do now" to achieve organization's goals. How the objectives will be achieved refers to the strategy of firm.

In general, this model highlights the relationships between the organization's mission, its long- and short-range objectives, and its strategy.