...1.0 INTRODUCTION: Strategy implementation is also referred to as strategy execution or strategy actualization. There is no universally accepted definition of strategy implementation. Reading through various scholarly works, one is able to identify three broad distinct conceptions of the term. Some authors view it as a sequence of carefully planned consecutive steps, a perspective which can be labeled a process perspective. The second approach treats strategy implementation as a series of concerted (but often parallel) actions and examines these actions from a behavior perspective. Some authors combine the process perspective and behavior or action perspective and form a third approach, which we label as a hybrid perspective. Under the process perspective, implementation is the process that turns plans into action assignments and ensures that such assignments are executed in a manner that accomplishes the plan’s stated objectives (Kotler, 1984). Strategy implementation is an iterative process of implementing strategies, policies, programs and action plans that allows a firm to utilize its resources to take advantage of opportunities in the competitive environment (Harrington, 2006). Under the behaviour perspective, implementation is the actions initiated within the organization and its relationships with external constituencies to realize the strategy (Varadarajan, 1999). Implementation is operationally defined as those senior-level leadership behaviors and activities that...
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...& Grand Strategies Short Term Objectives Functional Tactics Policies Organizational Structure, Leadership and Culture Strategic Control and Innovation IMPLEMENTATION OF STRATEGY TOPIC: STRATEGY IMPLEMENTATION WAMBUGU JOHN KAMAU STRATEGY IMPLEMENTATION THROUGH SHORT-TERM OBJECTIVES, FUNCTIONAL TACTICS, REWARD SYSTEMS, AND EMPLOYEE EMPOWERMENT Introduction Strategy implementation is the manner in which an organization should develop, utilize, and amalgamate organizational structure, control systems, and culture to follow strategies that lead to competitive advantage and a better performance. Steps in Implementing the Firms Strategies Managers shift focus from strategy formulation to implementation successfully by doing the following right: * Identify short-term objectives: * Initiate specific functional tactics. * Outsourcing nonessential functions * Communicate policies that empower people in the organization. * Design effective rewards. How are Short-Term objectives used in Strategy Implementation? Short-term objectives are measurable outcomes achievable in one year or less. Short-term objectives provide much more specific guidance for what is to be done, a clear delineation of impending actions needed, which help translate vision into action. Short-term objectives are usually accompanied by action plans. Action plans enhance these objectives in three ways. * Specificity: Identify functional tactics and activities...
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...philosophy C) retail tactics D) retail strategy 2) A major advantage of a firm's developing a retail plan is that it ________. A) focuses on short-run tactics B) anticipates and may avoid a crisis C) balances sales forecasts with inventory requirements D) shows likely competitor reactions 3) Each of the steps in a retail strategy is ________. A) interdependent with other steps B) independent of each other C) organized on the basis of strategy and tactics D) organized by company, geographic region, and store units 4) The candid evaluation of the opportunities and potential problems facing a prospective or existing retailer is referred to as ________. A) situation analysis B) implementation and analysis C) philosophy of business D) strategy determination MKT 310 WK 3 QUIZ 2 CHAPTER 3 & 4 To purchase this visit here: http://www.activitymode.com/product/mkt-310-wk-3-quiz-2-chapter-3-4/ Contact us at: SUPPORT@ACTIVITYMODE.COM MKT 310 WK 3 QUIZ 2 CHAPTER 3 & 4 MKT 310 WK 3 Quiz 2 Chapter 3,4 1) An overall framework of action that guides a retailer is its ________. A) mission statement B) corporate philosophy C) retail tactics D) retail strategy 2) A major advantage of a firm's developing a retail plan is that it ________. A) focuses on short-run tactics B) anticipates and may avoid a crisis C) balances sales forecasts with inventory requirements D) shows likely competitor reactions 3) Each of the steps in a retail strategy is ________. A) interdependent...
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...Assessment 3 1. Briefly overview the marketing activities This section about implement marketing strategies and tactics, briefing stakeholder on their roles and responsibilities, identify marketing and non-marketing personnel on the objectives of the plan, performance measures, and their role and responsibilities. Prioritising marketing strategies and identify resources for their implementation, communicating and team building strategies to ensure that personnel responsible for each element of the marketing mix work together to meet marketing objectives and implement strategies for monitoring marketing activities and analysing marketing performance, in according with the marketing plan. 2. Describe the marketing strategies and tactics Deciding what to do is important, the actual implement of the strategies and tactics is equally as important. This means that a systematic approach is required to identify the marketing strategies of the organisation and they implement the tactics and activities required for each strategy. This initial information can typically be typically be obtained by looking at the organisation’s marketing plan. The action plan should outline the tactics or activities required for each strategy. For example, action purchase top placement in internet searches for relevant commonly searched terms, run an advertising campaign on radio and tv, establish a loyalty program to increase repeat business and referrals. As with all action plan...
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...Student ID: 000296377 Date: July 18, 2015 Student Mentor Name: Janie Cromcack Table of Contents Introduction 3 Product Description and Classification 3 Product Support of Mission Statement……………………………………………………………………………………………….….3 Consumer Product Classification 3 Target Market 3 Competitive Situation Analysis 4 Analysis of Competition using Porter’s Five Forces Model 4 SWOT Analysis 4 Strengths and Core Competencies 5 Weaknesses 5 Opportunities 6 Threats 6 Market Objectives 6 Product Objective 7 Price Objective 7 Place Objective 7 Promotion Objective 7 Marketing Strategies and Implementation 7 Product Strategies 7 Price Strategies 8 Place Strategies 8 Promotion Strategies 8 Explanation of Strategies………………………..……………………………………………………………………………………………….7 Implementation Plan Error! Bookmark not defined. Product Tactics 8 Price Tactics 9 Place Tactics 9 Promotion Tactics 9 Monitoring Procedures 9 Introduction Capital Brands, LLC is committed to creating unique and easy to use products that fulfill a need for a healthy way of life.. Product Description and Classification Capital Brands LLC introduced the NutiBullet Pro to achieve a healthy lifestyle not by blending or juicing, but by actually extracting the nutrients and fibers needed on a daily bases for people with an active lifestyle NutriBullet Pro is ideal for pro and non pro athletes that are competing and in training. The compact and unique style allows athletes to enjoy their required...
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...Table of Contents Introduction 3 Product Description and Classification 3 Product Support of Mission Statement……………………………………………………………………………………………….….3 Consumer Product Classification 3 Target Market 3 Competitive Situation Analysis 3 Analysis of Competition using Porter’s Five Forces Model 3 SWOT Analysis 4 Strengths and Core Competencies 5 Weaknesses 5 Opportunities 5 Threats 5 Market Objectives 6 Product Objective 6 Price Objective 6 Place Objective 6 Promotion Objective 6 Marketing Strategies and Implementation 7 Product Strategies 7 Price Strategies 7 Place Strategies 7 Promotion Strategies 7 Explanation of Strategies………………………..……………………………………………………………………………………………….7 Implementation Plan 7 Product Tactics 8 Price Tactics 8 Place Tactics 8 Promotion Tactics 8 Monitoring Procedures 8 Introduction While this section is not expressly requested in the task instructions, it is usually helpful to write a paragraph that introduces Company G and the product that you are writing this marketing plan about. Company G is an electronics computer. This is a marketing plan for the new product, the Company G: Mixed Drink Maker. Company G is a Product Description and Classification Product Description and Support of the Mission Company G Mission Statement “We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronics solutions.” The Company G Cocktail Maker is a countertop kitchen appliance...
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...Company G 1-Year Marketing Plan Student Name: Student ID: Date: Student Mentor Name: Table of Contents Introduction 3 Product Description and Classification 3 Product Support of Mission Statement……………………………………………………………………………………………….….3 Consumer Product Classification 3 Target Market 3 Competitive Situation Analysis 3 Analysis of Competition using Porter’s Five Forces Model 3 SWOT Analysis 4 Strengths and Core Competencies 5 Weaknesses 5 Opportunities 5 Threats 5 Market Objectives 6 Product Objective 6 Price Objective 6 Place Objective 6 Promotion Objective 6 Marketing Strategies and Implementation 7 Product Strategies 7 Price Strategies 7 Place Strategies 7 Promotion Strategies 7 Explanation of Strategies………………………..……………………………………………………………………………………………….7 Implementation Plan 7 Product Tactics 8 Price Tactics 8 Place Tactics 8 Promotion Tactics 8 Monitoring Procedures 8 Introduction While this section is not expressly requested in the task instructions, it is usually helpful to write a paragraph that introduces Company G and the product that you are writing this marketing plan about. Product Description and Classification Product Description and Support of the Mission Company G Mission Statement “We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronics solutions.” The task instruction is to describe your product and explain how it supports the mission statement,...
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...must adopt new strategies which will enable them to become a product leader in the restaurant industry. This implementation plan will include all objectives, functional tactics, action items, milestones, tasks and resource allocations which Chuy's must implement to succeed. Other key success factors such as Chuy's budgets and forecasted financials would be perused to determine what would be the best new strategies to ensure that Chuy's attain sustainable growth. Chuy's will rely on a strategy of differentiation; which is a grand strategy that constitute "a master long-term plan that provides basic direction for major actions for achieving long-term business objectives" (Pearce & Robinson, 2011). Implementation Plan This implementation plan consists of all activities related to the achievement of Chuy's goals for sustainable growth via innovative product development. Activities listed and explained further below. I. Objectives Chuy's has potential for growth and based on that potential, the following objectives have been set for the business. • 10% increase in market share • 20% increase in revenue over the next three (3) years • Mass production of 'Green Sauce' II. Functional Tactics According to Pearce & Robinson, 2013 "Functional tactics translate business strategy into daily activities people need to execute". They are functions that will determine how well the plan is implemented; and are instrumental to the outcome of the plan. "Tactics are the specific...
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...emphasis on marketing as a value-management process. It incorporates the relevant aspects of the business, such as the financial, operational, technological and organizational aspects. Chernev states that marketing plans do not have to be lengthy but should contain need-to-know information and not so much nice-to-know information which is not directly related to the decision at hand and is rarely actionable. He breaks down the marketing plan in eight parts: executive summary, situation analysis, goal, strategy, tactics, implementation, control and exhibits. The executive summary is an overview of the company stating its goals and proposed actions. The executive summary consists of five parts: an introduction, situation overview, goals, action overview and conclusion. It will present the product or service being marketed and the primary purpose of the plan. It will also identify any opportunities or threats in a company’s performance. It will outline the strategy, tactics, implementation and control of the plan and conclude with a short summary. The situation analysis is the evaluation of the company and the environment that it operates in. The situation analysis consists of the company overview, market overview and target selection. It will define the goals, current performance of the company, its assets and core competencies. It will also identify its customers, collaborators and competitors. It will focus on its target as well as those that will not be targeted. The goals...
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...promote organizational goals form alliances exclude undesirable peers secure limited resources Correct 3 In convergent periods, the role of executive management is to develop new strategies for the problems at hand shift middle managers to promote new views reemphasize the mission and core values challenge middle managers to reinvent their departments Correct 4 Political behavior in the workplace works only in an upward or lateral influence direction https://newclassroom3.phoenix.edu/Classroom/#/contextid/OSIRIS:47954803/context/co/view/activityDetails/activity/36bbc35d50034c108c6793bfffe303e7/ex… 2/5 3/15/2015 attempts to influence decision making works only in a lateral influence direction is unlikely in a wellrun organization Week 6 Quiz Assessment Activity Week6 LDR/531 eCampus Correct 5 Organizational momentum relates to patterns of behavior, norms, and values growth in sales, profits, and so forth willingness to move beyond incremental change the rate of change to make improvements Correct 6 Organizational change relies on a balance of change and strategy vision continuity planning Correct 7 Central to managing a successful organizational strategy implementation are/is tracking progress formal models of implementation competitive teams coalition management Correct 8 Hard power tactics best influence those with which following characteristic? Intrinsically motivated High selfesteem Action oriented Reflective orientation Correct 9 Impress...
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...Implementation, Strategic Controls, and Contingency Plans Tamicka Wilson STR/581 November 10, 2014 Kenneth Kobus Implementation, Strategic Controls, and Contingency Plans Baby boomers are starting to overpower the world today with their growth of having to change their lives by moving into an assisted living, independent living, or memory care facility. Atria Senior Living, Inc. is well known for taking care of elderly adults when they are needing around the clock care. In addition, Atria Senior Living, Inc. is continuing to grow even when other assisted living, memory care, and independent living facilities are being build all over the United States. However, today the implementation plan, strategic controls, and contingency plan of Atria Senior Living will be discussed. Along with financial support of Atria Senior Living, a break-even chart will show how Atria Senior Living will continue to grow over the years. Nevertheless, the implementation will include management changes that will enhance successful implementation, and contingency risk management planning. Implementation Plan Atria Senior Living, Inc. was formerly known as Atria, Inc. the company was incorporated in 1996 and is headquartered in Louisville, Kentucky with various communities in the United States. (Businessweek, 2014). In all of the Atria Senior Living facilities, they provide independent living, assisted living, memory care, and short-term retreat stays. At Atria Senior Living, we offer just the...
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...Paper: What Is Strategy? K36 What makes strategy different from operational effectiveness (OE)? Is OE necessary to effective strategy formulation and implementation? Why? Porter (1996) describes strategy as the creation of unique and valuable positioning that requires a set of different activities to make competitive trade-offs and strategic fit that creates competitive advantage and superior profitability. Operational effectiveness, on the other hand, refers to performing similar activities better than the rivals through benchmarking and incorporating best industry practices (Michael E. Porter, 1996). Porter (1996) discusses that strategy aims to position the company in performing different activities from its competitors or perform similar operational activities in different ways; whereas operational effectiveness presents how the company compares, acquires, and improves similar operational functions of its competitors. Although operational effectiveness may have its benefits of building efficiency and productivity, it is insufficient and unnecessary to the formulation and implementation of strategy. This is because it drives competitive convergence (Michael E. Porter, 1996) that makes the company homogenous to the other companies in the same playing field for incorporating same operational activities (despite making them “better”). With this, competitors can and may imitate certain management practices, technologies, and other tactics to have more efficient...
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...Company G 1-Year Marketing Plan Table of Contents Introduction 3 Product Description and Classification 3 Product Support of Mission Statement……………………………………………………………………………………………….….3 Consumer Product Classification 3 Target Market 3 Competitive Situation Analysis 4 Analysis of Competition using Porter’s Five Forces Model 4 SWOT Analysis 4 Strengths and Core Competencies 5 Weaknesses 5 Opportunities 5 Threats 5 Market Objectives 6 Product Objective 6 Price Objective 6 Place Objective 6 Promotion Objective 6 Marketing Strategies and Implementation 6 Product Strategies 6 Price Strategies 6 Place Strategies 6 Promotion Strategies 6 Explanation of Strategies………………………..……………………………………………………………………………………………….7 Implementation Plan Error! Bookmark not defined. Product Tactics 7 Price Tactics 7 Place Tactics 8 Promotion Tactics 8 Monitoring Procedures 8 Introduction Company’s G latest innovative product is a combined smoke/carbon monoxide detector. Our smoke/carbon monoxide detector will have smart capabilities. It will also be available in colors other than the standard white and beige. Product Description and Classification Product Description and Support of the Mission Company G Mission Statement “We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronics solutions.” Our smoke/carbon monoxide detector supports Company G’s mission statement because it is a battery operated, smart...
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...Implementation of the strategic goals of Nucor Corporation must be performed in an organized manner. Creating a detailed implementation plan will help the company maintain an approach that is aligned with its mission, vision, and corporate values. The goal of the following implementation plan is to educate employees on their role within the grand strategy and define the most important action items and functional tactics that will produce the strategic success. The most important aspect of the implementation plan is communication. Nucor Corporation employs over 200, 000 employees between all the Nucor mills, plants, service centers, recycling centers, and all other subsidiaries. . The large disbursement of employees requires the company to create a solid communication system to ensure that every person is on the same page. This will create synergy within the organization and will allow employees at all levels to work towards a common goal. The objective is to keep employees focused on functional tactics and make sure they are rewarded for their contribution towards strategic success. Employee compensation, such as raises and bonuses, will be restructured to directly correlate with strategic objectives. This will give employees specific action items that will provide an explicit set of instructions for working towards the success of the strategic plan. Functional tactics can be defined as the short-term choices that will move the company towards its mission. Setting a precise...
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...STRATEGY AND PLANNING This week’s Management class discussion has been on Strategic planning in organizations. This paper will explain 3 types of goals, which are important to an organization as we as explanations and elements involved in created strategy of an organization. Organizations are built with the goal of the profitability through process in mind. The organization control approach incorporates goals and strategy used to reach them. (Boundless.com Jul 2015) Using their mission statements, top managers do strategic planning to determine what the organization long-term goals should be for the next 1-5 years with the resources they expect to have available. Strategic management is a level of managerial activity bellowing setting goals and above tactics. (Boundless.com 2015). Strategic management provides overall direct to an enterprise. Strategic planning requires visionary and directional thinking. It should communicate general and profit goals and ways to achieve them. Strategic management provides overall direction to the enterprise. Objectives are determined by the results of the strategic assessment. These objectives should run parallel on a timeline, some short-term and others long-term. (Kincki & Williams 2015) Tactical Planning’s by done by middle management, they are normally given a 6-25 month time frame. The strategic priorities and policies are passed down to middle managers that determine what contribution their departments or similar work...
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