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What project managers need to know about business strategy
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LO 4.1. Plans to Implement the Strategy
Birnbaum (n.d) argues that managers are often too late in implementation of the strategies that they have. According to Birnbaum, managers should start the implementation of the strategies as soon as they start making them, in the process of making them and finally they should complete the process of implementing the strategy as they finish to plan. A plan for the implementation of the Sony Ericson strategies develops from this line of thought.
Pre-planning Implementation Steps
The groundwork for the implementation of the strategies must be laid before the actual strategies are identified. In order to affirm both to the public, customers, employees and stakeholders that it is possible to achieve the strategies to be put in place, it is important for the management of the Sony Ericson to demonstrate his commitment towards the management of the organization. Furthermore, the management must show a commitment in the planning process and finally have a free will to implement the strategies. This can not only be possible by the word of mouth but the management must act according to whatever they say (Birnbaum, n.d).
The next step for the managers would be to make a good selection depending on qualifications and good-will of individuals who can help in the planning process. This would also include the top managers of the organization, executive directors and the shareholders so that it would be laid-back for them to implement what they passed as individuals. Additionally, the administration of the Sony Ericson must have researched on the market so as to develop the best strategies in relation to the market demand. Involving the employees to input their ideas before planning is also the best if...
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Kaplan, R. S., & Norton, D. P. (1996). The balanced scorecard: translating strategy into action. New york: Havard Business Review.
Root III, G. N. (n.d.). Business Implementation Strategies. Small Business. Retrieved March 25, 2014, from http://smallbusiness.chron.com/business-implementation-strategies-4638.html
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Arthur, A., Thompson, Margaret, A., Peteraf, John, E. Gamble, A., J., Strickland III. (2014). Crafting & Executing Strategy: The Quest for Competitive Advantage 19e: Concepts & Cases. C6-C25.
Dess, G. G., Lumpkin, G. T., Eisner, A. B., & McNamara, G. (2012). Strategic Management: Text & Cases (6th Ed.). New York, NY: McGraw-Hill.
The balanced scorecard (BSC) is a strategy used in organizations to determine their performance measures (Meredith & Shafer, 2016). The BSC provides knowledge into four perspectives of an organization; financial performance, customer performance, internal business process performance, and organizational learning and growth (Meredith & Shafer, 2016). There are many elements of the BSC, including the strategy map which displays the cause and effect relationships between the four perspectives to achieve a specific organizational goal (Meredith & Shafer, 2016). Along with implementing the usage of the BSC, Tyson Food will also be utilizing a strategy map.
Will management successfully establish a strategic plan and KPI’s? Many companies will get stuck in the implementation phase and not be able to get out of it and end up abandoning this method. In the end, most companies find it too complex. (Outcomes, 2012)
A Balanced Scorecard can be defined as a “performance management tool which began as a concept for measuring whether the smaller-scale operational activities of a company are aligned with its larger-scale objectives in terms of vision and strategy” (Wikipedia 2009, ¶ 1). Scents & Things will need to develop a balanced scorecard that will assist in meeting and help define the company’s values, mission, vision, and SWOT analysis. The balance scorecard is made up of four perspectives; financial, customer, learning and growing, and internal process. This paper will define each of the four perspectives objectives, performance measures, targets, and initiatives. The paper will also show how the perspectives relate to Scents & Things vision, mission, values, and SWOTT analysis.
Strategic management is the ongoing process of ensuring a competitively superior fit between the organization and its ever-changing environment (Kreitner, G13). Strategic management serves as the competitive edge for the entire management process. It effectively blends strategic planning, implementation, and control. Organizations that are guided by a coherent strategic framework tend to execute even the smallest details of their mission in a coordinated fashion. The strategic management process includes the formulation of a strategy/strategic plans, implementation of the strategy, and strategic control. A clear statement of the organizational mission serves as the focal point for the entire planning process. People inside and outside the organization are given a general idea of why the organization exists and where it is headed. Working from the mission statement, management formulates the organization's strategy, a general explanation of how the organization's mission is to be accomplished. Then general intentions are translated into more concrete and measurable plans, policies, and budget allocations. Implementation is the most important part of the strategy. Strategic plans must be filtered down to lower levels to be success. Strategic plans can go astray, but a formal control system helps keep strategic plans on track. In the strategic management process general managers who adopt a strategic management perspective appreciate that strategic plans require updating and fine-tuning as conditions change. Given today's competitive pressures, management cannot afford to let strategic plans sit as is. A strategic orientation encourages farsightedness. Sun Microsystems Inc. is one company that developed a strategy to become the competitive leader and become the most reliable in the net business. I will explain how Sun's strategy integrates their marketing, management, technology, and service functions into one effective strategy. First I'll discuss who Sun is and what encouraged them to develop their strategy.
The first portion of the novel is centered on understanding the essence of strategy. The understanding strategy, according to the author, is derived from truly comprehending what strategy
Strategy Development and Initiatives 1) The history, development, and growth of the company over time = == == ==
Thompson, A., Peteraf, M., Gamble, J., & Strickland, III. (2012). Crafting and executing strategy: The quest for competitive advantage (18th ed., pp. C243-C256). New York, NY: McGraw-Hill Irwin.
The balanced scorecard was introduced by Robert Kaplan, a professor at Harvard University, and David Norton in 1990. The concept was later adopted for a study on new methods to measure performance involving multiple organizations. The balanced scorecard enables organizations to measure performance by providing balance to the financial perspective. Organizations used to measure performance by measuring only the financial measurements and this did not reflect the true performance of the organization. The BSC methodology includes information about the operational measures which gives the management a clearer picture that makes it easier for organizations to plan for short and long term goals.
There are different types of strategic planning that are currently in use, since this is a widely debated area of management. However, it is concluded that there are two main schools of thought, the prescriptive approach or the emergent approach (Lynch, 2012). As defined by Lynch, (2012) prescriptive strategic planning is the term given to a strategy whereby the objective of the strategy is defined in advance and the main elements are designed and develop...
Without a successful business strategy put in place the company would fail and be unable to compete with competitors. There would be on way of knowing what resources are required. No planning for the future of the business. If there are no targets set out to achieve there would be no way of measuring how successful the company has been.
Strategic implementation is a critical factor when making decisions regarding issues that affect the vision, mission, or objectives of an organization. Strategies are often implemented in accordance to the culture of the organization, the nature of control systems, the stakeholders, and the nature of the organizational design. In order to achieve success in the implementation of strategies, the structure of these factors must work in coordination with one another. For instance, the strategic vision of CPK lies in the creation of a globally recognized brand name and therefore, all of the goals and objectives of CPK must be directed in realizing that the company achieves this objective (California Pizza Kitchen 2011). Furthermore, the vision statement is inclusive in itself in that it communicates the message in a directional, flexible, and focused manner.
There are various schools of strategy that have been vigorously debated on and after a consolidated effort; three schools of strategy were produced. They are the planning school, the positional school, and the resource based school of strategy (Ritson, 2013). All these strategies will be described with examples to buttress each.
Additionally, understood the strategy implementation, actions made by firms that carry out the formulated strategy, including strategic controls, organizational design, and leadership. environmental