A key maxim in business is: never acquire a business you don’t understand how to run. Equally, it would be true to say: never adopt a strategy you don’t understand how to implement.
We cannot implement what we don’t know. "If a man takes no thought about what is distant, he will find sorrow near at hand. He who will not worry about what is far off will soon find something worse than worry."—Confucius. Jim Skinner, CEO of McDonald’s, says, “We do so well because our strategies have been so well planned out.” And let me say here that, just as a football team needs a good game plan to have a chance for success, a company must have a good strategic plan to compete successfully.
Strategic management is the sustained planning, analysis, monitoring, and assessment of all the stuff that is necessary for an organization to meet its goals and objectives.
Overview of Strategic Management– Nature & Scope- Defining Strategy- Concept of Strategic Management – Characteristics of Strategic Management- Approaches to Strategic Decision-making - Elements in Strategic Management Process.
Strategic management is the sustained planning, analysis, monitoring, and assessment of all the stuff that is necessary for an organization to meet its goals and objectives.
Overview of Strategic Management– Nature & Scope- Defining Strategy- Concept of Strategic Management – Characteristics of Strategic Management- Approaches to Strategic Decision-making - Elements in Strategic Management Process.
Educaterer India is an unique combination of passion driven into a hobby which makes an awesome profession. We carve the lives of enthusiastic candidates to a perfect professional who can impress upon the mindsets of the industry, while following the established traditions, can dare to set new standards to follow. We don't want you to be the part of the crowd, rather we like to make you the reason of the crowd. Today's Effort For A Better Tomorrow
Even the best strategy is worthless without successful strategy implementation. However, most strategy implementations fail. This presentation helps organizations plan and implement and manage their strategy but also monitor, learn and adapt their strategy implementation to achieve sustainable organizational success. This way, organizations can achieve succesful strategy implementation.
Business success is highly dependent on competent managerial and strategic leadership. Strategic
processes of managing and leading are people oriented and require strategic skills to ensure that there is proper
motivation in the work environment so as to achieve increased stakeholders value. In the present global
environment the need to cope with competition and other critical environmental challenges of business and
management underscores the essence of strategic management and business success. The exploratory research
design was employed for the study to assess the effect of strategic management on business success in Nigeria.
Data generated were analyzed through the regression statistical technique, and it was found that with 1 percent
increase in strategic management business success increases by 7.31 percent.
UNIT - III: PLANNING AND CONTROL: Concept- Process and Types; Decision making
concept and process; Bounded rationality; Management by objectives; Corporate Planning;
Environment analysis and Diagnosis; Strategy Formulations; Managerial Control- Concept
and process - Designing an Effective Control System - Techniques - Traditional and Modern
(PERT and CPM).
Educaterer India is an unique combination of passion driven into a hobby which makes an awesome profession. We carve the lives of enthusiastic candidates to a perfect professional who can impress upon the mindsets of the industry, while following the established traditions, can dare to set new standards to follow. We don't want you to be the part of the crowd, rather we like to make you the reason of the crowd. Today's Effort For A Better Tomorrow
Even the best strategy is worthless without successful strategy implementation. However, most strategy implementations fail. This presentation helps organizations plan and implement and manage their strategy but also monitor, learn and adapt their strategy implementation to achieve sustainable organizational success. This way, organizations can achieve succesful strategy implementation.
Business success is highly dependent on competent managerial and strategic leadership. Strategic
processes of managing and leading are people oriented and require strategic skills to ensure that there is proper
motivation in the work environment so as to achieve increased stakeholders value. In the present global
environment the need to cope with competition and other critical environmental challenges of business and
management underscores the essence of strategic management and business success. The exploratory research
design was employed for the study to assess the effect of strategic management on business success in Nigeria.
Data generated were analyzed through the regression statistical technique, and it was found that with 1 percent
increase in strategic management business success increases by 7.31 percent.
UNIT - III: PLANNING AND CONTROL: Concept- Process and Types; Decision making
concept and process; Bounded rationality; Management by objectives; Corporate Planning;
Environment analysis and Diagnosis; Strategy Formulations; Managerial Control- Concept
and process - Designing an Effective Control System - Techniques - Traditional and Modern
(PERT and CPM).
CHARTER 1 EVOLUTION OF BUSINESS POLICY AND STRATEGY (1).pptxDanielDeGuzman23
Strategy and strategic plans: How they are different and why it matters
Strategy creates a common understanding of what an organization wants to achieve and what it needs to do to meet its goals. Strategic plans bridge the gap from overall direction to specific projects and day-to-day actions that ultimately execute the strategy. Job No. 1 is to know the difference between strategy and strategic plans — and why it matters.
Strategy defines the long-term direction of the enterprise. It articulates what the enterprise will do to compete and succeed in its chosen markets or, for the public sector, what the agency will do to achieve its mission.
Strategic planning defines how the enterprise will realize its strategic ambitions in the midterm. Too often, strategic plans are created and then forgotten until the next planning cycle begins. A well-done strategic plan turns an enterprise strategy into a clear roadmap of initiatives, actions and investments required to execute the strategy and meet business goals.
Functional strategic plans document the choices and actions needed for the function to move from the current state to the desired end state, and contribute effectively to the enterprise business model and goals.
Strategic Thinking and Repositioning Day1Timothy Wooi
This 2 day hand-on practical program consisting of 5 parts is specially designed to focus on creating stretch and inter-connectedness
PART A: INTRODUCTION TO STRATEGIC THINKING
Strategic Thinking Versus Strategic Planning
Strategic Management Process
The Purpose of Vision and Mission
(Team Activity)
PART B: THE BEGINNING OF THE STRATEGIC FORMULATION JOURNEY
Auditing General Environmental Influences
Thinking Tool for External Evaluation
(Team Activity)
PART C: EXPLORING THE INTERNAL ENVIRONMENT
Resources, Capabilities and Competencies
Thinking Tool for Internal Evaluation
(Team Activity)
PART D: EXPLORING CURRENT STRATEGIES
Value Chain and Activity Chain Analysis
Using SWOT - How comprehensive are our
current strategies?
Relevancy of Structural Analysis
Customer Intelligences
(Team Activity)
PART E: LATERAL THINKING WITH STRATEGIC POSSIBILITIES
Concept of Value Pioneering
Lack of strategic thinking by management staffs has been identified as a major shortcoming in organisations. Concepts in management and psychology had been drawn and used to remedy this situation.
Strategic thinking needs to be addressed at two different levels:
the individual level and
the organisational level.
Organisations that successfully integrate strategic thinking at these two levels will create a critical core competency that forms the basis of an enduring competitive advantage.
HOW TO ANSWER AN INVESTOR “WHY DO YOU WANT TO RAISE CAPITAL?”NGANG PEREZ
This is indeed a very simple question but for some entrepreneurs who are raising capital, they find it difficult to give an honest, correct and logical answer to the investor. To many, it may sound simple, however the response is not in its simplicity but rather in its logicality. How logical and rational and convincing is your response to that simple question if asked? I have come to the realization that, many entrepreneurs take for granted certain things considering they already know the answer whereas, they have a limited knowledge on what could either merit or demerit their opportunity to receiving funding.
Success in raising capital for your business is very practical and easy. It often leaves clues, and if you look closely you will find a trail. There are a number of simple rules you can follow to significantly improve your chances of raising capital. Some of these rules are based on plain, old common sense. Some have been validated by the bitter experiences of other entrepreneurs. If you follow the golden rules in this lesson, you will avoid some of the most common mistakes and roadblocks people face when they try to raise funding.
One thing the entrepreneur often forgets to understand is the fact that, Investors take a risk by investing in their businesses. These are the risks that influence how investors think and react to the business opportunities, that entrepreneurs engage in. All business opportunities are surrounded by a certain amount of risks, which in the eyes of the entrepreneur are minimal, usually because they neglect them or did not see them. That’s why, for investors, rigorous risk analysis lies at the heart of making every investment decision. Many entrepreneurs just don’t understand how to analyze their business from an investor’s perspective. And only those entrepreneurs who know how to do this can improve their chances of raising funding. This paper gives you an understanding on the 7 critical risks entrepreneurs should identify and address in their business before approaching a potential investor. The knowledge and insights you gain from this lesson will surely serve you throughout your journey as an entrepreneur.
The principal goal of this lesson, is to provide participants with knowledge and techniques on how to find and target the right investors, avoid costly mistakes, and craft convincing proposals that will make investors want to give you money. There are certain things you need know about investors as an entrepreneur before approaching them for funding. Don’t you think so? This lesson will make you see from a broader perspective how to position the concept of raising funds within the confines of your business. Whether you want to raise $5,000 or $10 million to kick-start your business idea, grow an existing business, or turn around a failing one, this lesson is the foundation that will significantly increase your ability to find, approach, engage and convince potential investors to give you funding. Most investors complain that it’s hard to find good businesses to invest in. Entrepreneurs, on the other hand, complain that it's hard to find investors who are willing to invest in their business. The big reason for this mismatch and confusion is most entrepreneurs who are looking to raise funds are flying blind. Their businesses just don’t meet the requirements that potential investors are looking for. The truth is funding is Available and Abundant for those who know how to access it! Many entrepreneurs often give the common excuse that funding is scarce. This is not only false, it's actually very misleading. If capital is really scarce, how come the volume of investments and loans to entrepreneurs and businesses continue to grow every year?
UNDERSTANDING THE THEORIES AND TYPES OF ENTERPRISE NETWORKSNGANG PEREZ
To begin, Casson and Giusta (2007) said a network refers to a set of elements or members that are connected to each other. Seibert, Kraimer, and Liden (2001) defined a network as “the pattern of ties linking a defined set of persons or social actors”. Before I go any further, to you, what do you think a network is all about? What opinion do you hold in your mind about this concept? From the two definitions I just presented, you will realize that connections or ties are the fundamental features of all networks. The connections are the results of relationships between the members. In addition, all members of a network are either directly or indirectly linked to each other (Casson & Giusta 2007). Thus, networks consist of a set of elements or members that are connected to each other as a result of the relationships of the members. Therefore, your class is made up of a network of individual members called students. Also, your church is made up of a network of Indi dual people called brethren as well as your family is made of a network of individual persons called family members. Almost in every situation in normal life and business, a network is bound to exist. This makes me tempted to say Man cannot live without a network, so also do businesses need networks to survive. I find it challenging when I hear people say, “I don’t need another man in this life” or “I can succeed without the help of any man” and there are many examples of such comment’s rights? I’m sure you too often hear people make statements. It's funny, and yes truly funny because such statements are made may be from ignorance or usually from nonsense pride. Hear me and hear me well! Even to go to heaven, you need God’s network if not you lie yourself. One famous Cameroonian politician once said, “you scratch my back, I scratch your back”. Therefore, the importance of networks cannot be overemphasized in business.
The main objective of this course is to provide students with knowledge and techniques in developing networks and clusters of SMEs. But before we delve into details of such techniques, it is imperative we understand how these SMEs came about. There are certain things you need know about SMEs. Don’t you think so? This will trigger the student to reflect from a broader perspective how to position the concept of networks and clustering within the confines of SMEs. For example, what are SMEs and what contributions do they bring to society? Are SMEs in America different from those in Cameroon? If so, what makes them different and are there similarities between them? A discussion on SMEs is relevant due to the role they play in employment creation and economic growth worldwide (Fan, 2003; Tambunan, 2008; Wattanapruttipaisan, 2003). We need to know, enterprises of this category are attributed as backbones to economic development.
ACTS OF GENDER BASED VIOLENCE, CAUSES AND CONSEQUENCESNGANG PEREZ
In the 24 developing countries studied in a recent survey, a combined total of only 7% of survivors of gender-based violence, including physical and sexual acts, formally reported their attacks to police, medical or social services.
In India, less than 1% of survivors reported gender-based violence to formal sources.
In the same 24 developing countries, the surveyors explored whether women told their friends, family members or neighbors about their attacks and found that the rates of this “informal reporting” ranged from 15% in Honduras to 60% in Ukraine.
In Papua New Guinea, 59.1% of men admit to forcing an unwilling intimate partner into having sex.
According to the UN, there were 15,654 cases of sexual violence in the Democratic Republic of the Congo in 2012.
CORPORATE STRATEGY AND GOVERNANCE a must readNGANG PEREZ
The modern business world now recognizes the importance of strategic issues and the contribution of strategic management to business success. While this has many benefits it also brings many problems. It could be argued that ‘strategy’ (or ‘strategic’) is the most overused/misused phrase in business today. Everybody seems to have a ‘strategy’ for everything. By attaching the term ‘strategy’ to an activity, it somehow becomes more important – “more grand” – but in reality very little actually gets done! To illustrate this, the lecturer recalls the recent experience of sitting through a seemingly endless meeting, listening to people talking on-and-on about ‘strategy’ or the need for a strategic view. Finally, someone said something sensible; ‘… there’s too much strategy and not enough people doing things!’ This blunt comment is memorable for two reasons. Firstly, it ended a tedious meeting. Secondly, and more importantly, it illustrated a key point: strategy must lead to action, not be a substitute for it. Ultimately, all organizations need ‘people doing things’. The goal of strategy is to ensure that they are doing the right things. These actions need to be coordinated, efficiently executed and focused on meeting customer need.
GLOBALIZATION, INTERNET AND MARKET POSSIBILITIESNGANG PEREZ
Globalization is the process of interaction and integration among people, companies, and governments worldwide. As a complex and multifaceted phenomenon, globalization is considered by some as a form of capitalist expansion which entails the integration of local and national economies into a global, unregulated market economy. Globalization has grown due to advances in transportation and communication technology. With the increased global interactions comes the growth of international trade, ideas, and culture. Globalization is primarily an economic process of interaction and integration that's associated with social and cultural aspects. However, conflicts and diplomacy are also large parts of the history of globalization, and modern globalization.
ENTREPRENEURIAL CULTURING IN THE 21st CENTURYNGANG PEREZ
For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it? Lest haply, after he hath laid the foundation, and is not able to finish it, all that behold it begin to mock him,
Until we can manage time, we can manage nothing else. Until you value yourself, you will not value your time. Until you value your time, you will not anything with it. Lost wealth my be replaced by industry, lost knowledge by study, lost health by temperance or medicine but lost time is gone forever.
INTRODUCTION TO THE CONCEPT OF SOURCINGNGANG PEREZ
Emphasis on sourcing is not something new within the business environment. A research institute conducted a study on strategic sourcing for 25 senior operation managers in the United States of America, and concluded that “the one dictum that would still be valid a half-a-century from now is the policy of buy low, sell high”. Strategic sourcing is not necessarily the act of buying low and selling high, rather it looks in to the sustainability of what was bought low and equally the sustainability of what was sold high. Majority of today’s businesses, only look for opportunities to make fast cash without having a second thought on the consequences of their operations in the future. Strategic sourcing is primarily about the first part of this lecture.
Let me begin this chapter by saying that, the purpose of business is to create and retain a customer. Value in one’s product or service should be and almost always is defined on customers’ terms. Hope you know that? Value is a customer’s opinion and never a manufacturer’s opinion. If your product or service is perceived by the customer as having value then that perception will result in a purchase. If the customer uses your product consistently and is satisfied with the results, then it will result in creation of customer value.
MARKET SEGMENTATION, POSITIONING AND TARGETINGNGANG PEREZ
Modern companies understand the fact that they cannot appeal to all buyers in the market or at least not to all buyers in the same way. Do you know why? The Christians say Jesus Christ died for the World, yet not everyone in the same World believes in him. Then what more of Companies? See! Let me you tell the truth, not every distraction requires your attention. When you understand this as a marketing management student your perception about appealing to customers will change. The reason is because you cannot satisfy everybody. In pidgin we say “you born pikin but you no born yi heart”. Meaning people will always have their own way of reasoning and you cannot control them. Believe me when I say so. As a business man, you will need to find your own share (market segment) and satisfy them. Not everybody will like your product. Just take it like that.
Therefore, you should be able to understand that there are numerous buyers in the market and they are too widely scattered. These buyers are varied in their needs and buying practices. Also, the companies themselves vary widely in their abilities to serve different segments of the market. In such a scenario, the companies must design customer-driven marketing strategies that build the right relationships with the right customers.
As an introduction, I think it is necessary you understand that, in most of the markets, be it consumer market or organizational buying market, buyers differ enormously in terms of their buying dynamics. So the task for the marketing manager is not only to understand these differences in buying patterns but also to generalize them for better targeting and product offer. In consumer markets, for example, not only do buyers typically differ in terms of their age, income, educational levels and geographical location, but more fundamentally in terms of their personalities, lifestyles and their expectations from the products and services available in the market.
The marketing environment and the marketing information systemNGANG PEREZ
In this second chapter of our lecture we will begin with the environment and latter move to analyze the constituents in this environment regarding the market. You know, whether a business be carried online, or on air, or on land, or on waters, one thing is certain that it was conducted within an environment. Therefore understanding this environment becomes imperative for the success of the business always. Please take marketing students, the environment is one; but the conditions and the parameters are not always the same. Many people believe that organizations can survive if they are sure about the management of their internal systems like business processes, flow of goods and internal practices of quality and cost control. Most organizations devote a large part of their effort in managing the internal controllable elements, whereas they need to respond and adapt to the external environmental changes. Though they cannot significantly influence the external environment but they can be responsive to larger social and other environmental changes, which is likely to affect their business in both short run and long run. It is imperative for an organization to understand the market as well their consumers really well. I will not speak much before we get in to the details of the matter.
You are about to study (marketing), is as old as civilization. If this is true, then from where comes the idea that marketing is a 21st century concept? Study to discover the truth my students. Those who say that the concept of marketing is an emerging topic is business probably speak out of ignorance and do not understand that marketing has its roots right from the Garden of Eden. What could Eve had told Adam about the fruit that had to ability to make the man disobey God is called marketing. Till tomorrow only Eve alone knows what she told Adam that convinced him to eat the fruit. What she did is called word of mouth marketing. Hope you understand. Therefore although marketing is talked and discussed in business terms today, its origin goes back to the ancient civilization when man used symbols, signs and material artifacts to transact and communicate with others. Modern marketing revolves around the concepts, which are age old. The first signs that man made to communicate with others gave birth to the idea of marketing. The evolution of marketing has made it a structured discipline to study; otherwise marketing did exist in the ancient past.
In science and everyday life, we think a lot about causes and effects. This is called the law of causation. Yes! It is a law, which states that things don’t just happen. Many people think that in life and business and even in other aspects of nature, things just happen. No, they don’t. There is a cause for everything, and for every cause the is an effect. Recall that it is call the law of cause and effect or causation. However, the complexities of life at times may put someone under the effects which he/she did not cause. We will deal with that latter. All I want you to keep in mind now is the fact that, knowledge about causation allows us to understand the world, make predictions, and change things. Yes, I mean change things and you will understand how you can change things through this law. I guaranty you, after going through this lectures your life will experience a turnaround in the way you think and act. Remember #things don’t just happen. In this chapter we shall discuss some of the principles of causal reasoning. First we start with a set of rules known as "Mill's methods."
They were formulated by the famous English philosopher John Stuart Mill (1806-1873), who wrote on a wide range of topics from logic and language to political philosophy.
As humans we think all the time because we possess the ability and capacity to do so. However, it is not all types of thinking that is productive or relevant to our own very existence. Although we have the natural abilities to think as humans, this mental ability is an art and a craft. Consequently, the art of correct thinking can be acquired through learning.
There are several different types of thinking such as: creative thinking, design thinking, innovative thinking, positive thinking, and of course critical thinking. For the purpose of this course, we will concentrate on critical thinking.
Logical Reasoning: relevance, obstacles and structureNGANG PEREZ
The definition of logic could be stated as the science of reasoning, proof, thinking or inference (according to the Oxford Compact English Dictionary). It is the ability to reason that is central to logical thinking. For many of us, these reasoning skills are often put to the test during arguments. Being able to reason is clearly a valuable skill! But is it something that we should be "teaching"? Do students learn how to form logical arguments within the home? Do fellow teachers encourage their students to think logically? Or do we compel the students to “give back our notes (cram work)” during exams? To what extend do tutor facilitate students to think out of the box (class notes?). This is something very critical and we shall see its importance in this chapter as well as the obstacles and structure.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
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Strategy implementation / Execution
1. 1
DEPARTMENT OF BUSINESS AND
MANAGEMENT STUDIES
PROGRAMME: MBA MARKETING & STRATEGIC
MANAGEMENT
COURSE TITLE: COMPETITIVE MANAGEMENT STRATEGIES
COURSE CODE: STM713
TOTAL CREDITS: 3
BY
NGANG PEREZ (MAJOR 1)
PAN AFRICAN INSTITUTE FOR DEVELOPMENT
-WEST AFRICA (PAID-WA) BUEA
LECTURE NOTES FOR COMPETITIVE
MANAGEMENT STRATEGIES
2. 2
WEEK 5:
SESSION 5/ CHAPTER 5 STRATEGY IMPLEMENTATION/EXECUTION
5.0 Brief Introduction:
The development of organizational strategy is a complex and demanding process, and leaders who
have devoted time, effort and resources to the selection of a strategy they believe will secure the
ongoing success of their company may feel they have reason to be confident about the future.
Nonetheless, their chosen strategy stands little chance of success unless it is acted on. Effective
implementation is critical to the success of organizational strategy.
If strategy is to be more than an expression of hopes and aspirations for the future, the practical
implications for organizational operations and activities must be thought through and put into
practice. Strategy implementation requires organizations to put initiatives in place which are
focused and realizable. A strategic focus should encourage an organization to develop disciplined
processes for feeding strategic initiatives across the organization in a meaningful, realistic and
achievable way.
The implementation or execution of strategy, however, is often neglected and its results are
frequently unpredictable. Problems encountered with the implementation of strategy often lie not
with any flaws in the strategy itself, but rather in a failure to implement it effectively. Such failures
can mean that strategic initiatives are only partially successful and lead to frustration as the hoped
for strategic benefits are not realized. Ultimately, they can result in the decline or even, failure of
the business as a whole.
5.1 Learning Objectives
By the end of this session, students should be able to:
• Understanding the rationale for implementation
• Apply the ‘7S’ framework of implementation
• Consider the role of internal marketing in strategy implementation
5.2 Definition of Key Terms
(a) Mckinsey ‘Seven s’ Model: The McKinsey 7S Model is a framework for organizational
effectiveness that postulates that there are seven internal factors (strategy, structure, systems,
shared values, style, staff and skills,) of an organization that need to be aligned and reinforced in
order for it to be successful.
(b) Internal Marketing: Internal marketing is the promotion of a company's objectives, products
and services to employees within the organization. The purpose is to increase employee
engagement with the company's goals and fostering brand advocacy.
3. 3
(c) Strategy: A strategy refers to a method or plan chosen to bring about a desired future (Pearce
and Robinson, 2007).
(d) Strategy Implementation: Implementation is the process that turns strategies and plans into
actions in order to accomplish strategic objectives and goals. Implementing your strategic plan is
as important, or even more important, than your strategy.
5.3 Main Content
Translating strategies into actionable processes in an ordered fashion is, however, not easy. The
setting of priorities and the development of plans may present organizations with formidable
management challenges. The effective execution of strategy can be impeded by many and varied
difficulties including; weak or inconsistent senior-level commitment, a lack of support from
managers and employees, cross-departmental conflicts, ambiguity in roles and responsibilities or
a lack of accountability.
In this last chapter of our study on the competitive strategic management strategies, we shall be
focusing on the following subtopic; the rationale for implementation, the ‘7S’ framework of
implementation and internal marketing.
5.3.1 What is a Strategy-Brief Overview?
We cannot implement what we don’t know. "If a man takes no thought about what is distant, he
will find sorrow near at hand. He who will not worry about what is far off will soon find something
worse than worry."—Confucius. Jim Skinner, CEO of McDonald’s, says, “We do so well because
our strategies have been so well planned out.” And let me say here that, just as a football team
needs a good game plan to have a chance for success, a company must have a good strategic plan
to compete successfully.
A strategy refers to a method or plan chosen to bring about a desired future (Pearce and Robinson,
2007). Johnson, Scholes, and Whittington (2005) describe strategy as the direction and scope of
an organization over the long term, which achieves advantages in an ever changing environment
through its configuration of resources and competencies with the aim of fulfilling stakeholder
expectations. Strategy which is a fundamental management tool in any organization is a multi-
dimensional concept that various authors have defined in different ways. It is the match between
an organization's resources and skills and the environmental opportunities as well as the risks it
faces and the purposes it wishes to accomplish.
For a firm to survive and prosper a strategy is important. Strategy helps a firm create a fit between
the organization and its environment in an effort to enable the organization adapt to its turbulent
environment. How the strategy is planned formulated and implemented is therefore important.
Strategy formulation and implementation is a continuous and systematic process for making
decisions about the organization future, developing the necessary procedures and operations to
achieve that future and determine how success is to be measured (Simiyu, 2013). It is a systematic
process through which an organization argues on and builds on commitment among stakeholders
4. 4
to priorities which are essential to its vision and mission and to be responsive to the ever-changing
operating environment (Barney, 1991).
5.3.1.1 The Concept of Strategy Implementation
Karami (2005) defines strategy implementation as 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.
On the other hand, strategy implementation is defined as the process that turns strategies and plans
into actions in order to accomplish strategic objectives (John, 2005). According to Kaplan (2005)
the concept of successful strategy implementation requires the input and cooperation of all players
in the company. Pearce and Robinson (2007) describe five critical variables that are usually
considered for the successful implementation of strategy. These are: tasks, people, structures,
technologies, and reward systems. Successful strategy implementation calls for effective design
and management in order for these factors to be integrated.
Johnson, Scholes and Whittington (2005) define strategy implementation as a process revolving
around ensuring that strategies are working in practice. It involves various activities including
structuring an organization to achieve successful performance, enabling success through the way
in which the separate resources of people, information, finance and technology support strategy
and manage change. Whereas enabling success is important, the extent to which new strategies are
built on and given resources is also crucial. To effectively manage change, there will be need to
understand how the context of an organization should influence the approach to change, different
roles of people managing change, styles that can be adopted to manage change and the levers by
which change can be effected.
To operationalize strategy, an organization needs to identify short term objectives, initiate specific
functional tactics, and communicate policies that empower people in the organization and design
effective rewards (Pearce and Robinson, 2007). Short term objectives are necessary for translating
long range plans into yearly targets. Functional tactics on the other hand translate business strategy
into daily activities for people to execute. Policies are empowerment tools that simplify decision
making by empowering operating managers and their subordinates. Effective rewards for the
desired action and results are a powerful way of getting things done in an organization. To realize
strategy, people in the organization that actually do the work of the business need guidance on
exactly what needs to be done today and tomorrow to make the strategies realistic. This is achieved
by action plans and short term objectives, providing much more specific guidance for what is to
be done, and a clear delineation of impending actions needed, which translate vision into action
(Pearce and Robinson, 2007). Another important aspect to be considered is who is responsible for
each action in the plan. Accountability is necessary in order to ensure that plans are acted upon
(Pearce and Robinson, 2007).
5. 5
5.3.2 Rationale for Implementation
A key maxim in business is: never acquire a business you don’t understand how to run. Equally,
it would be true to say: never adopt a strategy you don’t understand how to implement.
Here is the fundamental problem: People think of implementation as the tactical side of business,
something leaders delegate while they focus on the perceived “bigger” issues. This idea is
completely wrong, and I strongly condemn it as business lecturer. Managers need to understand
that implementation is not just tactics—it is a discipline and a system. It has to be built into a
company’s strategy, its goals, and its culture. And the leader of the organization must be deeply
engaged in it. He can delegate its substance but not its entirety. Hope you understand!
It can be said that, in terms of strategy, planning is the easy part. With a basic grounding in
business, most managers could sit down with a blank sheet of paper and develop an outline
business plan. This plan may contain all the correct ‘buzz-words’. Ideas relating to market product
development, corporate expansion, market penetration, segmentation, globalization and
competitive advantage would fill the page and a clear concise way forward formulated. However,
it is not that simple. While many managers could produce such an outline – how many could
implement it? Without implementation, the plan remains some ideas on a piece of paper. In fact
talk is cheap! You usually hear many people say, this year I shall do “this and that and etc” but
how many people actually did what they said they will do by the end of the same year. This is a
mere justification of the fact that it is easy to talk or set objectives than implementing them. Even
the government fails in this.
In the context of marketing the goal will be to achieve and/or maintain a marketing orientation:
success by a process of understanding and meeting customer need. It is doubtful if a marketing
strategy can be implemented where this orientation does not exist. Achieving such a view is
dependent on the quality of the organization’s management and their understanding of marketing
as a business philosophy.
It is reasonable to suggest that implementation is often a key determinant in the success or failure
of any strategic activity. Therefore, it should be an integral part of any marketing strategy. This
view is supported by examining the history of corporate strategy. Recent times have seen a move
away from corporate planning to the concept of strategic management. The main difference is that
strategic management addresses the issue of implementation.
5.3.3 The Blame Game in Strategy Implementation
When an organization appears not to be achieving its objectives who should be held responsible?
Who should pay for the losses? And who should be replaced? This is called the blame game. But
at times it not necessary the “who” rather it could be that the strategy was not even understood by
the employees.
6. 6
Critical actions move a strategic plan from a document that sits on the shelf to actions that drive
business growth. Sadly, the majority of companies who have strategic plans fail to implement
them. According to Fortune Magazine, nine out of ten organizations fail to implement their
strategic plan for many reasons:
60% of organizations don’t link strategy to budgeting
75% of organizations don’t link employee incentives to strategy
86% of business owners and managers spend less than one hour per month discussing strategy
95% of the typical workforce doesn’t understand their organization’s strategy.
It can be explained that when a company appears to be failing or breaking down the blame is often
placed on the CEO. It’s assumed that the strategy the CEO had in place was wrong and is to blame.
However, Bossidy (2002) stresses that often the strategy itself wasn’t wrong, but it wasn’t executed
effectively. And this is where things start to fall apart. To be successful, you need more than just
an excellent strategy, you also need excellent execution.
5.3.3.1 Execution as a Discipline
Bossidy (2002) identifies execution as ‘the missing link between aspirations and results’. He
believes that if you can learn how to connect the two, then success will follow. It’s important to
note that execution is a discipline and needs to be practiced by company leaders at all levels. It’s
not just a single component but it needs to be part of all strategies and goals. Without this,
companies will fail to deliver. It’s so important that a business leader knows how to execute well.
You can be a leader full of ideas and aspirations but without the ability to execute well, these ideas
will amount to nothing.
Bossidy (2002) identifies three key points to consider when thinking about execution:
1. Execution is a discipline, it’s a critical component of the strategy.
2. The business leader is responsible for encouraging and promoting execution.
3. Execution needs to be at the core of an organizations culture.
a. Discipline: “Tactics are central to execution, but execution is not tactics. Execution is
fundamental to strategy and has to shape it. No worthwhile strategy can be planned without taking
into account the organization’s ability to execute it.”
It is important that you as a business student be thinking of execution as a process. Always be
asking how and what, ask questions and remain accountable. Part of executing means that you
need to be in a position to understand the business environment and the organizations capabilities.
You need to be able to make assumptions and forecasts.
Execution requires the ability to link strategy + operations + people who are going to execute the
strategy. If these links aren’t clear and synchronized then the execution won’t be streamlined or
7. 7
effective. Therefore, Bossidy (2002) explains that there are three processes that are critical to
effective execution: the people process, the strategy process, and the operations process.
b. Business Leaders: Bossidy (2002) stresses the importance of having a great business
leader who is totally committed to the company and has a clear understanding of the business and
the current business environment. Without this commitment, a leader will not be in a position to
execute strategies.
Bossidy (2002) explains that business leaders have three key roles when it comes to the execution.
They must select the people who will also be managing the strategy and execution. The leader is
responsible for setting the strategic direction and ensuring that everyone involved understands the
goals. They are also in charge of coordinating operations. Bossidy stressed the importance of
having the leader do these jobs, they are not something that should be delegated to a lower
colleague.
”Leading for execution is not about micromanaging, or being “hands-on,” or disempowering
people. Rather, it’s about active involvement—doing the things leaders should be doing in the first
place.”
c. Culture: Bossidy (2002), like many other authors, stressed the importance of culture
within a business. Execution needs to be a core part of this culture, it needs to be the norm and
something that all employees understand. A leader who executes is someone who is constantly
analyzing the gap between the actual results and the desired results of any strategic plan. By
learning from this gap they can take their knowledge onto the next project and make significant
improvements.
Although Bossidy (2002) has pointed out that execution is the responsibility of senior leaders, it
doesn’t mean that everyone in any organization should not practice the skills. By learning the skills
of execution at any level, you will be making strides in advancing your career and eventually
reaching that senior leadership role.
It’s the combination of people as individuals and as a collective that aid execution. If you can get
everyone moving in the same direction and at the same time then successful execution is much
more likely. Any leader that lacks the discipline of execution, isn’t really a leader at all. They must
strive to be rigorous and consistent with their actions and encourage all team members to practice
the discipline of execution.
5.3.4 The Pillars of Strategy Execution
5.3.4.1 Pillar One: Seven Essential behaviors of a Leader
1. The first essential behavior a leader needs it to know the people and the business. It’s so
important that a leader is in touch with who they work with and the current business climate.
8. 8
2. Realism is the second behavior that a leader needs. Rather than avoiding the truth a great leader
needs to embrace the truth. And if this means identifying and acknowledging weaknesses then be
as real as possible.
3. Leaders need to be setting goals and priorities. It’s a good idea to focus on a few key goals
that the entire team can focus on. Don’t overcomplicate things with too many goals or priorities.
4. Being someone that always follows through is important for a leader, it means that people will
believe what you say and take you seriously. Never be someone who has a lot to say but never puts
anything into action.
5. The fifth behavior a leader must have is the ability to reward people. In doing so you encourage
your team to work hard and achieve results. Consider bonuses, pay rises or stocks.
6. Pass on knowledge, always be expanding other people’s capabilities. Someone that you work
with may be the leader one day so it’s important to share as much knowledge as possible.
7. Leaders need to be strong characters who know themselves well. Accepting and
acknowledging your own weaknesses and working to improve these is a great trait for a leader.
It’s important that leaders are self-aware, have humility and are authentic.
5.3.4.1 Pillar Two: Cultural Change
Bossidy (2002) explains that companies often focus on changing their strategy and structures. But
they fail to work on the people, the beliefs, and behaviors of those that they work with. He
emphasizes that cultural change is just as important (if not more) as strategy and structure.
Companies who make an effort to change their culture often fail because they don’t find the direct
link between culture and business outcomes. When the changes are so disconnected, they are not
likely to succeed. A business needs to understand the deep connections between company culture
and business outcomes.
”To change a business’s culture, you need a set of processes— social operating mechanisms. These
will change the beliefs and behavior of people in ways that are directly linked to bottom-line
results.”
a. Change people’s behavior: By changing people’s behaviors, you are having a direct
impact on the results they produce. So it’s important to ensure that the behavioral changes you
encourage, promote a positive outcome. Bossidy (2002) explains that the first step is to clearly
identify and communicate what results you are after. Then have a discussion about how those
results are going to be reached. And finally, you reward people when the goals are reached. In the
scenario where you and your team do not reach the end goal adequately, assess what happened and
ask how you can learn for next time. It’s all about creating a culture of getting things done.
9. 9
b. Actions: Behaviors are the outcome of beliefs being turned into action. The results are a
direct result of the behaviors. When Bossidy (2009) talks about behavior, he’s not referring to it
on an individual level. He’s talking about collective behavior from groups in corporate settings.
”You cannot have an execution culture without robust dialogue. One that brings reality to the
surface through openness, candor, and informality. Robust dialogue makes an organization
effective in gathering information, understanding the information, and reshaping it to produce
decisions. It fosters creativity—most innovations and inventions are incubated through robust
dialogue. Ultimately, it creates a more competitive advantage and shareholder value.”
5.3.4.1 Pillar Three: The Job no Leader should Delegate
Bossidy (2009) explains that there is one job that no leader should ever delegate, and that’s
ensuring that the right people are in the right job. It’s absolutely critical that leaders fully
understand the importance of having the right people in the right roles. After all, it’s the people
that are responsible for generating the results and outcomes.
These are the people that make decisions every day and take actions towards either success or
failure. Consistently successful businesses always have a leader who is dedicated to selecting the
perfect people for the perfect roles. This isn’t a task that can be rushed or overlooked. It takes time
and dedication when selecting the right employees but it is always going to be worth it.
a. Development: Further to selecting the right people, one needs to emphasize the
importance of developing people within your company. Whether it be providing experiences,
learning opportunities, feedback, coaching education or training. It is critical that everyone is
always learning and developing. This encourages them to stay motivated, stay on track and better
themselves and their work.
”When you interview, you have to create a full picture of the person in your mind based on things
you can learn by probing them. Then you need to find out about their past and present
accomplishments, how they think, and what drives their ambitions.”
5.3.5 The Three Core Processes of Strategy Execution
Bossidy (2009) identified three processes that should be at the core of execution. The people
process, the strategy process, and the operation process. All are equally important.
5.3.5.1 The people process
This process is all about connecting the people to the strategy and operations. People are at the
core of any business, they are the ones that make decisions and create strategies. It’s absolutely
critical that the right people understand how to translate the strategy into an operational reality.
By having an effective people process you will achieve three different things:
1. You’ll be able to evaluate the people you work with.
10. 10
1.1. A framework will be provided to identify and develop leadership.
1.2. You’ll establish a leadership pipeline.
It’s important to create the links between the people and the strategy and operations. Establishing
this link will encourage people to remain focused and motivated and will keep everyone
accountable.
a. Leaders and those that don’t perform: We’ve already discussed the idea of having a
leadership pipeline, this should be dedicated to continuous improvement for the staff. By
identifying milestones (both medium and long-term) you will have a system by which you can
assess your staff. By assessing how quickly and effectively they meet their milestones you will be
in a better position to understand who is better equipped to take on more responsibility. It’s
inevitable that processes like this will bring attention to the non-performers. In some cases, people
who have been promoted will be underperforming in their new role and need to be shifted back or
eliminated altogether. This can be extremely difficult but it’s a necessary part of a leader’s job.
When the right people are in the right jobs it will become evidently clear. The way everyone works
together seamlessly and delivers the desired results will be a clear identifier. ”It’s the consistency
of practice that develops expertise in appraising and choosing the right people. The people process
begins with one-on-one assessments, but when developed and practiced as a total process, it
becomes incredibly effective as an execution tool.”
5.3.5.2 The strategy process:
Strategy process is all about linking the people to operations. Strategies all have a common,
ground-level goal: to win over the customers and establish a competitive advantage. And this needs
to be done within current financial restraints. So Bossidy asked the question, if it’s so
straightforward, then why do strategies often fail? A strategic plan needs to be essentially an action
plan. This plan needs to be clear and easily understood. Business leaders need to be able to
understand what needs to be done in order to reach their goals. In order to establish an effective
action plan, you first need to define and understand the critical issue. All good strategies have a
critical issue that is the driving force behind it. Once the plan has been established, you should
develop it further by asking the following questions:
- How good are the assumptions upon which the plan hinges?
- What are the pluses and minuses of the alternatives?
- Do you have the organizational capability to execute the plan?
- What do you need to do in the near and medium terms to make the plan work in the long run?
- Can you adapt the plan to rapid changes in the business environment?
c. Strategic planning: It’s absolutely essential that your strategy not only addresses “the
what” but also “the how”. Without understanding how the strategy will be implemented you will
11. 11
face almost certain failure. Bossidy (2009) stresses the importance of defining six or less key
concepts and actions behind any strategy. By being able to pinpoint these key concepts leaders
will be able to understand and implement the strategy better. Even though a comprehensive
strategy may be a lengthy document, you should be able to define the overall essence of the strategy
on a single page.
”To be effective, a strategy has to be constructed and owned by those who will execute it, namely
the line people. Staff people can help by collecting data and using analytical tools, but the business
leaders must be in charge of developing the substance of the strategic plan.”
Questions and reviews
Some key things that a strategic plan must address:
- Understanding existing customers and markets.
- Identifying the best way to grow the business and make a profit.
- What are some obstacles preventing growth?
- Identify the competition.
- Is the strategy realistic?
- Does the strategy have realistic short term and long term milestones?
- Identify each milestone.
- Are there any issues that the business will face?
- How is the business going to make money as a result of this strategy?
- Is the profit going to be sustainable?
Once the strategy has been finalized, the next step is to review it. Here’s what you consider for a
review:
- Raise any questions you have.
- Revisit questions that have been asked previously. Have these been adequately answered?
- Does the team understand the competition completely?
- Does the organization have the capability to carry this strategy out?
- Is there a clearly defined focus?
- Has the right idea been chosen?
- Can you clearly identify the link between people and operations?
12. 12
5.3.5.3 The operation process
The operations process is all about linking the strategy to the people. As we’ve discussed, the
strategy is designed to identify where the business is headed and how it’s getting there. The people
process defines who is going to help the business get there. The final piece of the puzzle is the
operation process, designed to define the road ahead, the path the people can follow.
”It breaks long-term output into short-term targets. Meeting those here-and now targets forces
decisions to be made and integrated across the organization, both initially and in response to
changes in business conditions. It puts reality behind the numbers.”
An operating plan includes the path to reaching objectives including earnings, sales, margins, and
cash flows. It also includes product launches, marketing plans, sales plans, manufacturing plans,
and productivity plans. Everyone involved needs to be responsible for constructing the operations
process. This isn’t purely the job of a leader. Bossidy (2009) identifies synchronization as a critical
part of the execution process. It’s important to ensure that all parts of the organization have a
common understanding and know who is responsible for what. By having synchronization within
the organization you are much more likely to execute the strategy and reach your goals.
a. Defining the operations process: Setting realistic goals is the first step, and in order to do
that, you need to make sound assumptions. This is a critical step and every manager is encouraged
to spend time debating the assumptions. Once you’ve come to a clear conclusion, you can then
move on to set realistic goals. The next step in the process is the building of the operations plan.
You begin by setting targets. Followed by developing the action plans, short-term and long-term
objectives. Also, spend time developing contingency plans. Finally, everyone needs to agree on
the plan and ensure that it’s clear and straightforward. Managers are encourage to have follow-up
measures in place to ensure that everyone is staying on track and working on the right steps and
the right time. Keep accountability going throughout the process.
”Quarterly reviews help keep plans up to date and reinforce synchronization. They also give a
leader a good idea about which people are on top of their businesses, which ones aren’t, and what
the latter need to do.”
5.3.6 McKinsey 7s Model
McKinsey 7s model is a tool that analyzes firm’s organizational design by looking at 7 key internal
elements: strategy, structure, systems, shared values, style, staff and skills, in order to identify if
they are effectively aligned and allow organization to achieve its objectives.
McKinsey 7s model was developed in 1980s by McKinsey consultants Tom Peters, Robert
Waterman and Julien Philips with a help from Richard Pascale and Anthony G. Athos. Since the
introduction, the model has been widely used by academics and practitioners and remains one of
the most popular strategic planning tools. It sought to present an emphasis on human resources
(Soft S), rather than the traditional mass production tangibles of capital, infrastructure and
13. 13
equipment, as a key to higher organizational performance. The goal of the model was to show how
7 elements of the company: Structure, Strategy, Skills, Staff, Style, Systems, and Shared values,
can be aligned together to achieve effectiveness in a company. The key point of the model is that
all the seven areas are interconnected and a change in one area requires change in the rest of a firm
for it to function effectively.
Below you can find the McKinsey model, which represents the connections between seven areas
and divides them into ‘Soft Ss’ and ‘Hard Ss’. The shape of the model emphasizes
interconnectedness of the elements.
Figure 5.1 McKinsey 7s Model
The model can be applied to many situations and is a valuable tool when organizational design is
at question. The most common uses of the framework are:
To facilitate organizational change.
To help implement new strategy.
To identify how each area may change in a future.
To facilitate the merger of organizations.
14. 14
5.3.7 Internal Marketing
No discussion relating to the ease, or otherwise, of implementation would be complete without
considering the potential use of internal marketing. Internal marketing focuses on the relationship
between the organization and its employees. Berry and Parasuraman (1991) define the process in
terms of viewing employees (or groups of employees) as internal customers.
Definitions of this type encompass the work traditionally within the remit of personnel/human
resource management function (e.g. recruitment, training, motivation, etc.). Few would argue with
the importance of staff in relation to implementation. Therefore, can marketing techniques be used
to motivate employees and ease the path of strategy implementation?
By applying the marketing concept internally, it may be possible to enhance the likely success of
a strategy. Factors such as internal segmentation and application of the ‘mix’ may well have a role
to play. Consider the following:
● Segmentation: The process of dividing groups into subgroups with similar characteristics. This
is perfectly feasible within any organization. For example, senior managers may have different
training needs from other staff. By grouping like types together more effective training and
communication is possible.
● Product: This may well be the strategy and accompanying process of change. Equally, the
individual’s job or function could be viewed as an ‘internal product’. The internal product, service
or task is a component in delivering the overall strategy.
● Promotion: Clear communication has a vital role to play in establishing success. The project
manager could design a ‘promotional campaign’, stressing the benefits of a new strategy. In all
cases, communication is an issue that must be considered when planning implementation.
Figure 5.2 Internal Marketing
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● Place: How to get the ‘product’ to the internal customer. Channels of distribution for
information, services and training can be developed and optimized. These could include team
briefings, seminars and day-to-day business interactions.
● Price: This is a complex issue. While it is relatively easy to cost factors like training,
communications vehicles and other associated tangible costs, it is worth remembering a price is
also paid by the group and/or individual. This ‘psychological’ price is difficult to measure, but
important. It takes the form of uncertainty, loss of status, stress and loss (hopefully short term) of
operational efficiency.
In its simplest form internal marketing offers a framework (the 4Ps) which can lay the foundations
of successful policy implementation. It offers the marketing concept as a way to achieve specific
strategic goals. Figure 2.5 illustrates how the concept could be applied to an organization. Here we
segment by level of support. However, other criteria (e.g. department or management level) could
be applied.
5.4 Conclusion
When companies fail to deliver on their promises, the most frequent explanation is that the CEO’s
strategy was wrong. But the strategy by itself is not often the cause, I tell you the truth students. It
is not often the real cause. Strategies most often fail because they aren’t implemented well. Things
that are supposed to happen don’t happen. Either the organizations aren’t capable of making them
happen, or the leaders of the business misjudge the challenges their companies face in the business
environment, or both.
The gap between promises and results is widespread and clear. The gap nobody knows is the gap
between what a company’s leaders want to achieve and the ability of their organization to achieve
it. Everybody talks about change. In recent years, a business consultants have preached revolution,
reinvention, quantum change, breakthrough thinking, audacious goals, learning organizations, and
the like. We’re not necessarily debunking this stuff. But unless you translate big thoughts into
concrete steps for action, they’re pointless. Without implementation, the breakthrough thinking
breaks down, learning adds no value, people don’t meet their stretch goals, and the revolution stops
dead in its tracks. What you get is change for the worse, because failure drains the energy from
your organization. Repeated failure destroys it.
No company can deliver on its commitments or adapt well to change unless all leaders practice the
discipline of execution at all levels. Implementation has to be a part of a company’s strategy and
its goals. If you don’t know how to execute, the whole of your effort as a leader will always be
less than the sum of its parts.
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5.5 Summary
Strategy implementation is defined as the process that turns strategies and plans into actions in
order to accomplish strategic objectives (John, 2005). According to Kaplan (2005) the concept of
successful strategy implementation requires the input and cooperation of all players in the
company. A key maxim in business is: never acquire a business you don’t understand how to run.
Equally, it would be true to say: never adopt a strategy you don’t understand how to implement.
Execution should be understood as ‘the missing link between aspirations and results’. It’s
important to note that execution is a discipline and needs to be practiced by company leaders at all
levels. According to Fortune Magazine, nine out of ten organizations fail to implement their
strategic plan for many reasons. It can be explained that when a company appears to be failing or
breaking down the blame is often placed on the CEO. But at times it not necessary the “who”
rather it could be that the strategy was not even understood by the employees.
The seven essential behaviors of a Leader are: know the people, Realism, setting goals and
priorities, always follow through, ability to reward people, Pass on knowledge and lastly leaders
need to be strong characters who know themselves well. Today, companies often focus on
changing their strategy and structures. But they fail to work on the people, the beliefs, and
behaviors of those that they work with. Bossidy (2009) explains that there is one job that no leader
should ever delegate, and that’s ensuring that the right people are in the right job.
The three core processes of strategy execution are: the people process, the strategy process and the
operation process. The people process is all about connecting the people to the strategy and
operations. The strategy process is all about linking the people to operations. The operations
process is all about linking the strategy to the people.
McKinsey 7s model is a tool that analyzes firm’s organizational design by looking at 7 key internal
elements: strategy, structure, systems, shared values, style, staff and skills, in order to identify if
they are effectively aligned and allow organization to achieve its objectives.
Internal marketing focuses on the relationship between the organization and its employees. By
applying the marketing concept internally, it may be possible to enhance the likely success of a
project. Factors such as internal segmentation and application of the ‘mix’ may well have a role to
play.
5.6 Review Questions
1) When an organization appears not to be achieving its objectives who should be held
responsible? With the aid of an example discuss the concept of the blame game in strategy
execution.
2) What are the pillars of strategy execution?
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3) According to Bossidy (2009) three processes are at the core of strategy execution. State
and explain these processes
4) With the aid of a diagram, discuss the McKinsey model and explain the most common uses
of the framework
5) Can marketing techniques be used to motivate employees and ease the path of strategy
implementation? Support your answers with examples
5.7 References
Pearce, J., & Robinson, R. (2007). Strategic management: formulation, implementation
control. 10th ed. London: Irwin Publishers.
Johnson, G., Scholes, K., & Whittington, R. (2005). Exploring corporate strategy. 7th ed.
New Jersey: Prentice Hall.
Simiyu, N. (2013). A study to investigate challenges affecting strategy implementation in
government corporations: A Case Study of Kenya Bureau of Standards (Unpublished MBA
Project). School of Business. Kenyatta University, Nairobi, Kenya.
Karami, A. (2005). An exploration of the chief executive officers' perception of strategic
management process. Corporate Ownership and Control, 2(4), 62-64.
John, N. (2005). Strategy is as good as a rest. Nairobi: A publication of Kenya Institute of
Management.
Kaplan, R. (2005). How the balanced scorecard complements the McKinsey 7‐S model.
Strategy & Leadership, Vol. 33 (3), 41 – 46.
Bossidy, L., Charan, R., & Burck, C. (2002). Execution: The discipline of getting things
done.
5.8 Task
Read the notes on unit 5.3.5 (The Three Core Processes of Strategy Execution) and make
a brief summary of not more than half a page
5.9 Reading Assignment/Suggested Readings
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Read the titled, “How the balanced scorecard complements the McKinsey 7‐S model.
Strategy & Leadership, Vol. 33 (3), 41 – 46,” by Kaplan, R. (2005). from google book, accessed
from https://books.google.com › business strategy › General=pdf, January 03, 2019
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5.10 Reading Assignment Supplementary Source
You Tube Video lecture: 3 The Secret to Strategic Implementation YouTube
Video highlights: - The video teaches a great way to learn how to take your implementation
to the next level
Note: To access the video, copy and paste this Playlist
URL: https://youtu.be/6mmPa6a48z8?t=22
Source: https://www.youtube.com/watch?v=6mmPa6a48z8. Retrieved 27 December 2018.
5.11 Written Assignment
According to Bossidy (2009) three processes are at the core of strategy execution. State
and explain these processes
5.12 Discussion Assignment
Can marketing techniques be used to motivate employees and ease the path of strategy
implementation? Support your answers with examples
5.13 Graded Quiz
Will be provided by the end of the lecture