It might be tough to effectively lead an organization.

A strategy is a set of tactics used

to guide an organization toward accomplishing a certain goal. The following plans are
basic in nature and may be characterized as such: policies and resourcing techniques for
putting the vision into action and attaining the goals; mission, vision, or shorter-term
objectives. Starting with strategy, strategic management may be defined as the process
of building capacity in order to provide value for customers, internal and external
shareholders, and the community as they compete in competitive markets. The way
strategic management is implemented differs every company and is governed by the
size of the company and its tolerance for internal change (Corporate Finance Institute,
2020a).

Leaders utilize strategic management to coordinate all functional aspects of a company

in order to optimize efficiency while meeting their goals. To ensure that everyone agrees
on the proposed course of action, the plans produced to achieve objectives are
presented to the board of directors, and occasionally to other stakeholders (Corporate
Finance Institute, 2020a). Once approved, strategies and plans should be communicated
across the organization to ensure that everyone is aware of the company's objectives
and goals. I've chosen to talk about Pfizer's approach to strategic management. It is a
large, worldwide business with a multi-tiered digitization and transformation strategy.

Pfizer's mission, according to its senior vice president, is to produce breakthroughs that
enhance people's lives (Pfizer’s Digital Strategy and Transformation, 2021). They are
redesigning its business model to be leaner, evidence-based, and patient-centric in
order to achieve this goal, and they will measure their success against the goal they
have set - to commercialize twenty-five innovative drugs by 2025 (Pfizer’s Digital
Strategy and Transformation, 2021).

They've identified three key strategies for accomplishing their goals: 1. greater customer
engagement/focus; 2. enhanced automation; and 3. integration of newer, faster
development procedures, such as those used to produce the COVID-19 vaccine. The
following sections go through the strategies in further detail:

• Quickness. They aim to expand more quickly by using more Agile methods and
streamlining core processes. They will revamp the way education and training are given
inside the firm to aid with change management. They also want to develop their data
and insights infrastructure so that they can give data-enhanced performance statistics
that will allow them to make adjustments.

• Recruiting/mobilizing resources to aid in the development of new medications. To

achieve momentum, they want to 'power the core,' which involves advocating for better
manufacturing and supply chain procedures, as well as utilizing real-world proof and
data.

• Changes inside the organization. Several initiatives, such as employing automation to

increase patient engagement or using virtual technology to conduct clinical trials or
product launches, are now underway (Pfizer’s Digital Strategy and Transformation, 2021).

Pfizer intends to do all of these things at the same time, using a multi-method strategy
to communicate their intentions and goals to their employees. Change

Training sessions and question-and-answer sessions are among the

management/communication activities meant to promote employee understanding of
the strategy's desired benefits and the road to achieving them (Pfizer’s Digital Strategy
and Transformation, 2021).

Furthermore, communication campaigns may aid in the development of grassroots

support for the approach as well as the employees' sense of ownership.

The most major adjustment Pfizer is making is a shift in focus away from activity and
toward outcomes and effect, which is a huge shift in business culture. Pfizer has made a
series of important business changes in the recent year to streamline its portfolio,
including selling its flagship product (Viagra) to concentrate resources on developing or
purchasing other drugs.

Pfizer is a clearly ambitious company that requires CEOs with strategic management
skills to propel them forward. In the previous 18 months, they've taken a lot of
calculated risks and accomplished a number of key milestones, including the
commercialization of the COVID-19 vaccine and progress toward human trials of an oral
antiviral (Pfizer Inc. (PFE), n.d.).They are an outstanding example of a contemporary
company that must maintain its competitive edge by investing heavily in new
technology and technology-enhanced operations in order to carry out their strategy
and, hopefully, accomplish its goals.

References
Pfizer’s Digital Strategy and Transformation. (2021). Bio-IT World. https://www.bio-
itworld.com/news/2021/07/20/pfizer-s-digital-strategy-and-transformation

Corporate Finance Institute. (2020a). Strategic

Management. https://corporatefinanceinstitute.com/resources/knowledge/
strategy/strategic-management/

Pfizer Inc. (PFE). (n.d.). Yahoo

Finance. https://finance.yahoo.com/quote/PFE/community?guccounter=1