strategic-management

254 PART 3 • STRATEGY IMPLEMENTATION
FIGURE 8-1
A Comprehensive Strategic-Management Model
Develop Vision
and Mission
Statements
Chapter 2
Perform
External Audit
Chapter 3
Perform
Internal Audit
Chapter 4
Chapter 10: Business Ethics, Social Responsibility, and Environmental Sustainability
Establish
Long-Term
Objectives
Chapter 5
Strategy
Formulation
Generate,
Evaluate,
and Select
Strategies
Chapter 6
Implement
Strategies—
Management
Issues
Chapter 7
Chapter 11: Global/International Issues
Strategy
Implementation
Source: Fred R. David, “How Companies Define Their Mission,” Long Range Planning 22, no. 3 (June 1988): 40.
Implement
Strategies—
Marketing,
Finance,
Accounting, R&D,
and MIS Issues
Chapter 8
Measure
and Evaluate
Performance
Chapter 9
Strategy
Evaluation
and information across the firm’s whole value chain of activities. The most common wiki
is Wikipedia, but think of wikis as user-generated content. Know that anyone can change
the content in a wiki but the group and other editors can change the content or changes that
you submit.
Firms should provide incentives to consumers to share their thoughts, opinions, and
experiences on the company Web site. Encourage consumers to network among themselves
on topics of their choosing on the company Web site. So the company Web site must
not be all about the company—it must be all about the customer too. Perhaps offer points
or discounts for customers who provide ideas and suggestions. This practice will not only
encourage participation but will allow both the company and other customers to interact
with “experts.”
New Principles of Marketing
Today a business or organization’s Web site must provide clear and simple instructions for
customers to set up a blog and/or contribute to a wiki. Customers trust each others’ opinions
more than a company’s marketing pitch, and the more they talk freely, the more the
firm can learn how to improve its product, service, and marketing. Marketers today