Strategy execution is how to plan and control the firm’s performance. It includes concepts like strategic planning, budgeting, resource allocation, performance measurement, evaluation and reward, responsibility centre allocation, transfer pricing, etc. It ensure strategies are carried out to attain organisation’s objectives. Management control, organisation structure, human resource management, culture are the tools. Strategic planning is the process of deciding on new strategies and how to implement them. How the strategic decision is to be implemented is the strategic plan.
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