MGT1FOM_ReviewQus_Week7

MGT1FOM_ReviewQus_Week7 - LaTrobe University Faculty of Law...

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LaTrobe University Faculty of Law and Management School of Management MGT1FOM: Foundations of Management Tutorial Review Questions: Answer Guide Topic 7: Strategy 2. Which is more important strategy formulation or strategy implementation? Do they depend on each other? Is it possible for strategy implementation to occur first? In the field of strategic management, as in this chapter, the primary emphasis is on strategy formulation rather than implementation. Most of the models and frameworks pertain to strategy formulation. However, strategy implementation is of equal importance. Great conceptual strategies are of no value unless they can be translated into organisational actions. On the other hand, the successful implementation of a poor strategy also has little value to the company. Strategy formulation and implementation are interdependent because the nature of the formulated strategy will impact on how it can be put into action. If line managers are involved in strategy formulation, for example, they will understand the strategy and are more likely to support implementation. Moreover, line managers may understand from previous efforts at implementation, which strategies are more likely to succeed, and can feed this information into the strategy formulation process. Strategy implementation can occur first in situations where management is indecisive and does not champion a clearly articulated strategy, or where employees respond to unforeseen changes in the environment. If top managers are in a state of drift, department level managers will have to make decisions and take actions on their own. Thus, marketing managers will define sales goals and undertake advertising campaigns, and the research department will have to decide which new products to develop. The point is that strategy implementation can occur first because the actions taken by organisational departments will add up to an emergent strategy for the company.
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4. Perform a situation (SWOT) analysis for the university or TAFE college you attend. Do you think university administrators consider these factors when devising their strategy? Performing a SWOT analysis enables managers to analyse their organisation’s competitive situation by assessing external environmental opportunities and threats, and internal organisational strengths and weaknesses. Students should be aware that a number of strategic management writers now refer to this type of situation analysis as TOWS rather than SWOT analysis. This name reversal recognises that the external analysis should be undertaken first so as to avoid potentially tailoring the evaluation of environmental factors to reflect the assessment of the organisation’s internal
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MGT1FOM_ReviewQus_Week7 - LaTrobe University Faculty of Law...

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