Is it worth setting strategic goals?

Limits and possibilities of strategy formation and implementation




strategy formation, strategy implementation, strategic management, strategy research


To identify whether it is worth setting strategic goals, the authors conducted a literature review primarily focusing on the problems of prescriptive strategy formation, but also on the non-prescriptive possibilities. They conclude that strategy formation and implementation are not outdated concepts since: 1) implementing the pre-defined strategy can be interpreted as rational organisational behaviour, 2) the failure rate of strategy implementation does not disprove the validity of prescriptive thinking, 3) there is a moderate positive relationship between strategy (planning and implementation) and organisational performance, and, finally, 4) the strategy implementation variable was not treated as per its proper significance. When considering the present and future of strategy formation, the literature review concludes by highlighting several contemporary approaches such as foresight, or principles known from physical science (chaos, entropy), as well as the strategy-related applications of data-driven solutions and “big data”, and the appearance of “shaping” organisations.


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Author Biographies

István Csendes, John von Neumann University

associate professor

Ákos Bocskor, Centre for Social Sciences

research fellow


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How to Cite

Csendes, I., & Bocskor, Ákos. (2023). Is it worth setting strategic goals? Limits and possibilities of strategy formation and implementation. Vezetéstudomány Budapest Management Review, 54(7-8), 92–104.