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STRATEGY IMPLEMENTATION

Transcript: it outlines... (1) the major steps required to reach an objective, (2) the organization unit or member responsible for each step (3) the order and timing of each step. 1. They interpret strategy, acting as final judges when managers disagree on implementation. 2. CEOs enact through their words and actions the seriousness of an organization’s commitment to a strategy. 3.CEOs motivate, providing intangible incentives beyond pay or bonuses. By appealing to members’ values, beliefs, and loyalties, CEOs can mobilize support for a strategy. Institutionalizing Strategy - McKinsey & Co. (1) Commitment to the programs (2) Top level goal setting (3) Individual goals (4) Participants (5) Autonomy in implementation of plans (6) Performance review Operationalizing Strategy Projects - smaller, separate portions of programs; they are limited in scope and contain distinct directives concerning assignments and time. Reward System Thank you! THE SEVEN-S MODEL The role of the CEO Many employees are motivated by two goals: earning a paycheck and doing work that makes them proud. -detailed courses of action that probably will not be repeated in the same form in the future SINGLE-USE PLANS MANAGEMENT BY OBJECTIVE When is a strategy institutionalized? -if it is connected to the culture, the quality system, and the other driving forces in the organization. Standard Operating Procedures or Standard Methods -detailed procedures that accompany policies -detailed set of instructions for performing a sequence of actions that occurs often or regularly. Rules - statements of specific actions to be taken in a given situation first outlined by Peter Drucker and then developed by George Odiorne, his student, was popular in the 1960s and 1970s. Management:James Arthur Finch Stoner, R. Edward Freeman The Connection Between Strategy and Structure: Stanley Kavale http://www.ijbcnet.com/1-6/ijbc-12-1606.pdf http://smallbusiness.chron.com/role-reward-employee-motivation-18814.html STRATEGY IMPLEMENTATION -are specific, measurable statements of what an organization subunit is expected to achieve in contributing to the accomplishment of the business's grand strategy. -a systematic and organized approach that allows management to focus on achievable goals and to attain the best possible results from available resources References operational plans provide the details needed to incorporate strategic plans into the organization’s day to day operations. The role of the CEO: -Chief Executive Officers (CEOs) spend most of their time developing and guiding strategy, -their personal goals and values inevitably shape organizational strategy -their role in strategy formulation makes CEOs especially important to strategy implementation. Budgets - statements of financial resources set aside for specific activities in a given period of time; -they are primarily devices to control an organization’s activities, and thus are important components of programs and projects. STANDING PLANS 1. represent the basis for allocating resources, 2. are a primary mechanism for evaluating managers, 3. are the major instrument for monitoring progress towards achieving long-term objectives, and 4. establish organizational, divisional and departmental priorities. -Alfred Chandler -a pre-established single decision or set of decisions can effectively guide those orgabizational activitis that occur repeatedly. -once established such standing plans help managers conserve time because similar situations are handled in a pre-determined, consistent manner. Elements of MBO System Annual Objectives Institution -collection of values, norms, roles, and groups that develops to accomplish a certain goal. Policy - a general guideline for decision making. - it sets up boundaries around decisions. - it channels the thinking of organization members so that it is consistent with organizational objectives. CHANDLER'S THESIS The offer of an additional reward gives an employee that extra motivation to go above and beyond. Program - covers a relatively large set of activities. -implies that every organizational structure is mainly developed based on the strategy of the organization and therefore successful implementation of an organization‘s strategy will depend on the firm‘s primary organizational structure. "Structure follows Strategy" Incentive According to Microsoft's Business website, a policy that offers incentives in exchange for achievement can motivate all employees to prove their worth. Uniting the Team Employees are motivated by a workplace atmosphere of mutual respect. Employee Retention An employee who has been rewarded is often more motivated to remain with the company. Self-Motivation According to Carter McNamara, writing for the Free Management Library, the most effective rewards are tailored to an employee's needs. When deciding what kind of rewards to give to employees, think of their needs.

Strategy Implementation

Transcript: Enter Collaboration with an established jewery designer, with a unique design that will create a new market. Thank you for your attention! A new collaboration with 10 new designs by 2013 Objective though 1) # of designs 2) # of design categories 3) Sales from new designs Target Expanding the number of designs, creating a diversified market Initiative Measure Expand the market through differentiation in jewery design.

Strategy Implementation

Transcript: Strategy Implementation Purpose, Vision, Goals Strategy Tactics Actions Results "To think is easy. To act is hard. But the hardest thing in the world is to act in accordance with your thinking.” - Johann Goethe Review on Variety of approaches towards these Tasks. Submitted by:- Ajay Pratap singh Anshul Kumar Hardeep Banger lokesh Jaiswal Piyush Kumar Jain Functional Fit Which functional policies need to be implemented to achieve the strategy? Define key implementation tasks. Control System When there is a chance of frequent change. Where there is a need of several strategic options. What Is Strategy? Adoption and execution of Business Policies that consistent with business Strategies. These functional groups should adopt policies thatreinforce the corporate strategy. Sequence of actions What is the mix of Strategic, organizational, and interpersonal considerations that impact the implementation of strategy? What strategy is the general manager trying to achieve? The Degree of Involvement Attention to Administrative Constraint Manufacturing Thanking You "Solar India" Attention to Administrative Constraint Problems Organization Structure Incentives Control Transition Administrative Skill What should the timing be of implementation plan? Interpersonal CERC Regulations Tariff Setting Strategic planning system Key human & Organizational issues Deeply Involved. Cognizant of the administrative implication of plan, Communication & Timing To identify most affected people Commitment to purpose Business and ethical Standards Engineering Which management system and organization process need to be implemented to achieve the strategy? What implementation plan should manager should follow? “Strategies most often fail because they aren’t executed well.” Larry Bossidy and Ram Charan Political Management Entrepreneurial Mangement Administrative & Leadership skills Utilties : RPO Generators Consumers Which group or individual will be effected by the implementation of Strategy and how should there concern be managed? Won't specify action. Will quickly put right people in key jobs. Low Management Selection and Development Deeply involved. Pay Little attention to constraints. Usually settle for trade offs. Trust of Subordinates The Implementation task: Creating “Fits” Key skills of Organization Key skill of Individual Unstable environment, stable strategy. System seldom change fast enough to keep pace with strategic change. People and organization shaker Organization processes Strategy Formation High Identification Of key skills. Land acquisition Policy Currency Fluctuation Communications Corporate culture Entrepreneurial Management Vision Mission objectives Analytical Skill Finance High Low Finance Engineering Commissioning Operation Marketing Identify Individual Affected Administrative Fit Today Organization Structure IMPLEMENTATION SKILLS Strategy Results Strategic intent Administrative & Leadership Skill manager need to implement? Functions Administrative Fit The Degree of Involvement Implementation Modes Tomorrow What “misfits” exist in the company? What are Key implementation Task? Where an organization should Focus Pro To spell out functional and administrative Fits Identify Strategy Strategic Situation After Long time To identify Crucial Fits Are the objectives of implementation plan realistic? ow much is being accomplished over what period of time? Framework For Implementing strategy Motivating The Investors Technological Support Central and State Policies Promotion Of Solar Energy Strategy Should be embodied in everything the organization does. Two Types of Fits: "Solar India" Implementing rapid growth Consolidation Strategic change Turnarounds Integration of new acquisition Evaluation of strategy High Installation Cost Low level of Technological Maturity Grid stability Power Evacuation Resource Assessment Land Acquisition Transition Set of alternative actions Timing Leadership skills Organization Structure/Processes/ Systems Commitment to Purpose Bad Causes Decision Making Strategy Implementation Numerous approaches available Marketing Technical Should the Manager make key implementation decision alone or they should be delegated or result of collaborative process? Seldom does a strategy is embodied in all functional policies. Although many Misfits indicate poor performance. some are there due to a legitimate purpose Information System Analyze Control More concerned with Admin. fall outs Limited involvement with real time planning People & Organization Shaker Incentive System Implementing strategy Administrative Management Fuctional Policies Organizational Application to Cases Tariff : Grid Parity Incentives Financing Commissioning Intermittent source of Energy Development of Implementation Plan "we must pioneer a graduated shift from economic activity based on fossil fuels to one based on non-fossil fuels and from reliance on no-renewable and depleting sources of energy to renewable source of energy........" Reasons

Implementation Strategy

Transcript: Real-world projects = higher quality products Creates awareness of skills they need to succeed in the "real-world" Organizational, analytical, and communication skills Need to be problem solvers, critical thinkers, and team players Most students understand and can state the value of doing practical group projects Group projects are not for everyone Allowing an option for equal work to be done on one's own (undergraduate level) Best Practices Continued Professor of Marketing at Cal State Authors Victoria Seitz - Ph.D., Oklahoma State University Professor of Marketing at Cal State 1. Provide relevant hands-on experience 2. Students have more buy in if they have a say in their group *Selecting a partner, then you match partners for a group 3. Every student participate in every phase of project - not assign roles 4. Team meetings with the teacher Nabil Y. Razzouk - Ph.D., Arizona State University Razzouk, N., Seitz, V., & Rizkallah, E. (2003). Learning by doing: Using experiential projects in the undergraduate marketing strategy course. Marketing Education Review, 13(2), 35-41. Learning Together Analyzing Research Student Surveys Project experimentation in multiple marketing courses Context Experiential Projects Challenges Reference 5. Have them do at least one presentation rehearsal 6. Confidential peer-evaluation forms 7. Have a solid plan and follow it Elias Rizkallah - Ph.D., Northwestern University Professor of Marketing at La Sierra University Undergraduate Marketing Course Around 30 students What is an ideal real-life group project situation Pros and cons What are students' perceptions of these real-world projects How to set up successful projects Real-World Projects Best Practices Methods Results 1. Finding meaningful projects 2. Grading - Assigning value to individuals, group as a whole, etc 3. Student complaints about group members 4. Time to work on the project

Implementation Strategy

Transcript: PROJECT TEAM PROJECT TEAM Director of Information Technology Project Owner 19 Years within AKA IT Responsible for Oversight of Project Dewey Morris Dewey Morris IT Operations Project Manager & Developer 15 Years in IT, ~10 Years with AKA Manages Development Project for public site Develops Members Only site and Reporting Site Darold Fletcher Darold Fletcher Systems Administrator 14 Years in IT, 3.5 Years in AKA Responsible for Hardware and Infrastructure Needs Desmond Christie Desmond Christie Web Developer X Years in IT, 1.5 Years with AKA Assist in Development of the public and Members Only sites Daniel Quinones Daniel Quinones netFORUM Business Analyst Consultant Project Management and Business Analyst Resource 16 Years with AKA Assist with Project Management Testing Susan Darrow Susan Darrow SITES SITES AKA1908.COM AKA1908.COM http://www.aka1908.com Public Web Presence of the Sorority Craft CMS Amazon Web Services (AWS) Server MEMBERS ONLY MEMBERS ONLY https://akawebnet.aka1908.net/eweb Member Portal for sensitive information and membership profile netFORUM Built-In CMS eWeb Server (premise-based) REPORTING REPORTING Used to input reporting data Programs Finance Conference Planning End-of-Year Reports (Regions) Backend PHP (No CMS) Internal Server REGIONAL SITES http://www.aka1908.com/{region name} Far Western, Great Lakes, International, South Central, South Eastern Public Web Presence for the regions Members Only Access Craft CMS (Same Instance as International Public Site) REGIONAL SITES EVENT MICROSITES https://events.aka1908.net/{event name} Event Information and Access to Registration Craft CMS Amazon Web Services (AWS) Server EVENT MICROSITES OTHER SITES Centennial Site http://aka1908.com/centennial/ Unsung Heroes http://unsungsorors.aka1908.com/ AKA Pioneers http://akapioneers.aka1908.com/ OTHER SITES PROJECT PLAN Milestone Dates Next Steps PROJECT PLAN MILESTONE DATES Administration Project Team Site Requirements List Theme Logo Graphics and Design Concepts Program Overview Site Developers Develop Statement of Work (SOW) Develop Wireframes for public site and Members Only site NEXT STEPS

Strategy Implementation

Transcript: Valerie Jansen January 10, 2018 MGT/498 Rich Arriaga Strategy Implementation, Evaluation and Control Introduction Introduction Strategic Implementation Governance & Ethics Social Value Innovation Legal Limitations & Diversification Evaluation & Control Summary Summary "If we are going to grow and we are going to diversify we have to take risks." Alex Taylor, CEO of Cox Enterprises, INC. 3 3 1 5 3 Years Years Exsisting Customer Base New Customer Growth Strategic Implementation Strategic Implementation Alignment Alignment McKinsey 7 S's Model Outsourcing International Strategy Governance & Ethics Governance & Ethics Social Value Social Value Innovation Innovation Incremental Innovation Reconfigure the Value Chain Competitive Advantage Legal Limitations & Diversification Legal Limitations & Diversification Evalutation & Control Strategic Metrics Key Financial Ratios Evalutation & Control Strategic Metrics Balanced Scorecard Strategic Metrics Financial Results Customer Goals Learning & Growth Business Process Strategic Metrics Key Financial Ratios - Strategic Performance Net Profit Margin = Net Income Sales How profitable is the company? Return on Assets = Net Income Total Assets Shows how efficently the company uses it assets Sales Productivity = Sales # of Employees Outlines efficiency of human capital in gaining sales Earnings Productivity = Net Income # of Employees The amount of profit earned per employee Gross Margin = Sales – Cost of Goods Sold Sales Helps understand how variable costs influence profitability Key Financial Ratios - Strategic Slack Times Interest Earned = Net Income+Interest Expense +Tax Expense/Interest Expense The ability to meet commitments to bondholders EBITDA = Net Income + Interest Expense + Tax Expense + Depreciation + Amorttizaton Operating performance net financing, tax, and accounting practices Debt to Equity = Total Debt Total Equity The higher Debt to Equity ratio banks are less willing to issue loans Free Cash Flow = Net Income + Interest Expense + Depreciation – Capital Expenditures – Dividends Cash flows generated net future investments and payments to shareholders Long-Term Debt to Equity = Long Term Debt Total Equity Similar to Debt Equity, when comparing the two shows how the company mets long and short-term commitments Key Financial Ratios - Operating Efficiency carcog Current Ratio Current Assets Current Liablities Its ability to meet its short term obligations Acid Test Current Assets – Inventory Current Liabilities The ability to meet obligations without selling inventory Inventory Turns Net Sales Inventory How fast the firm sells its existing stock of goods Average Collection Period 365 × Sales / Average Accounts Receivable How fast the firm turns sales into cash Days Payables 365 / Annual Purchases × Average Trade Payable How fast the firm sells its existing stock of goods Strategic Implementation Governance & Ethics Social Value Innovation Legal Limitations & Diversification Evaluation & Control Conclusion Conclusion References References Dryer, Jeff. (2016). Strategic Management Concepts and Cases. John Wiley & Sons: Hoboken. NetMBA. (2010). Financial Ratios. Retrieved from http://www.netmba.com/finance/financial/ratios/ Cox Conserves. (2018). Cox Enterprises. Retrieved from https://www.coxenterprises.com/cox-conserves

Strategy Implementation

Transcript: GRAND THORNTON DO IMPLEMENTATION PLAN OF THE GLOBAL STRATEGY 2020 FEEDBACK DISCUSSION TABLE OF CONTENTS Global Strategy 2020 Execution Plan Timeline Feedback Discussion TABLE OF CONTENTS Growing Together GLOBAL STRATEGY 2020 Unlock the potential for growth in: OUR PEOPLE OUR CLIENTS OUR COMMUNITY GLOBAL STRATEGY PROGRESS We will measure the progress of the execution of this strategy through the following: NPS eNPS Quality Scores Profitability International Revenue PROGRESS PURPOSE The implementation of the Global Strategy for 2020 in Grant Thornton Dominican Republic. PURPOSE GOAL To be the leading advisor to dynamic organizations by improving our people and client satisfaction, as well as improving the community around us. GOAL AREAS TO COVER Our People Our Clients Our Community Company Profitability AREAS TO COVER 1. Obtain a clear view of the status quo of Grant Thornton DO. 2. Identify our weak points and areas of growth, taking into account the global strategy. 3. Elaborate a plan in order to implement the strategy guidelines to the necessary areas. 4. Maintain open and recurring channels of communication in all areas. EXECUTION PLAN EXECUTION PLAN TIMELINE OF EVENTS APRIL-MAY 2018 JUNE 01-15 2018 JUNE 16- JULY 30 2018 OCTOBER 2018 TIMELINE Asssessment of the level of satisfaction or discontent with the current state of the firm, which is essential to increasing and maintaining the success of the organisation. FEEDBACK LET'S DISCUSS

Strategy Implementation

Transcript: Pro - The strategies should be shared and coordinated to all the employees The first is customer analysis Corporate Strategy Functional Strategy Conclusion - a set of decisions that provides ways on how the organization compete in the industry it chooses to be in and eventually sustains a competitive advantage. To be able to define the target market, analyze the personalities, economic status, gender and other demographic aspectsthat would be essential in setting up overall company goals. ACCESS TO COMPETITION Con STRATEGY - a battle plan, a technique or a tactic in the art of war Describe the next steps - It decides how the employees are to be governed in the achievement of corporate objectives in the company The second function is the selling of products services The third function is product or service planning Functional Strategies in Marketing Idea 2 Pro Pro 1. The capacity of the consumer to buy. 2. The price of raw materials in producing the product. It is not just selling the product or service but it also includes other tasks that help in selling product. This includes locations of retil sites, sales territories and channels, transportation carriers, wholesaling and retailing. Con Con The fifth function is distribution - It comprises of decisions that give the organizations what industry it will be and not be in and how it will allocate specific resources. Business Strategy Refer back to the pros and cons Idea 1 - It predicts future sales of new products and services. It also includes brand positioning and packaging. Pro - Identifying and defining where the company should be accessible. Describe the idea you think is best Strategy Implementation What if we do nothing? SCOPE MANAGEMENT OF RELATIONSHIPS - Identifying the overall goals of the corporation and the types of business in which the companies should get in The fourth function in marketing is that of pricing Explain how it will help MANAGEMENT PRACTICES Considerations to be followed in Corporate Level Strategy Based on Jim Harvey's speech structures To able to define the target market, analyze the personalities, economic status, gender, and other demographical aspects to come up with strategies that would be essential insetting up overall company goals, objectives as well as its mission and vision statements. - comprises of decisions in the different functions of the organization that support the business strategy. Con Major Considerations with regard of pricing

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