Which of the following is essential for the implementation phase in strategic management?

The Balanced Scorecard is essential for the implementation phase in strategic management because it serves as a strategic planning and management system that aligns business activities to the vision and strategy of the organization. By translating an organization’s strategic objectives into a set of performance measures, the Balanced Scorecard helps ensure that all parts of the organization are working toward common goals.

During implementation, managers can use the Balanced Scorecard to track progress against these objectives, thereby facilitating performance management and strategic feedback. This allows the organization to assess whether its strategic initiatives are yielding the desired results and to make necessary adjustments. Unlike other options, such as SWOT Analysis, which is primarily used for strategic planning, or Mission Statements, which articulate the organization's purpose and values, the Balanced Scorecard provides a practical framework for executing and monitoring strategy. Market Research is also important but typically plays a bigger role in informing strategy rather than in the actual implementation of strategic plans.