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49056186-Strategic-Mgmt-ch10 - Chapter 10 Implementation...

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Chapter 10 Implementation 0Chapter Summary The first concern in the implementation of business strategy is to translate that strategy into action throughout the organization. This chapter discusses five considerations for accomplishing this. Short-term objectives translate long-range aspirations into this year’s targets for action. Functional tactics translate business strategy into daily activities people need to execute. Outsourcing nonessential functions normally performed in-house frees up resources and the time of key people to concentrate on leveraging the functions and activities critical to the core competitive advantages around which the firm’s long range strategy is built. Policies are empowerment tools that simplify decision making by empowering operating managers and their subordinates. Rewards that align manager and employee priorities with organizational objectives and shareholder value provide very effective direction in strategy implementation. 0Learning Objectives 1. Understand how short-term objectives are used in strategy implementation. 2. Identify and apply the qualities of good short-term objectives to your own experiences. 3. Illustrate what is meant by functional tactics and understand how they are used in strategy implementation. 4. Gain a general sense of what outsourcing is and how it becomes a choice in functional tactics decisions for strategy implementation. 5. Understand what policies are and how to use policies to empower operating personnel in implementing business strategies and functional tactics. 6. Understand the use of financial reward in executive compensation. 7. Identify different types of executive compensation and when to use each in strategy implementation. 0Lecture Outline I0. Short-Term Objectives A0. To makes business strategies, grand strategies, and long-term objectives become a reality, the people in an organization who actually “do the work” of the business need guidance in exactly what they need to do. 10. Short-term objectives held do this. a) Short-term objectives are measurable outcomes achievable or intended to be achieved in one year or less. b) They are specific, usually quantitative, results operating managers set out to achieve in the immediate future. 2. Short-term objectives help implement strategy in at least three ways: 208
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a) Short-term objectives “operationalize” long-term objectives. b) Discussion about and agreement on short-term objectives help raise issues and potential conflicts within an organization that usually require coordination to avoid otherwise dysfunctional consequences. c) Exhibit 10.1, Potential Conflicting Objectives and Priorities , illustrates how objectives within marketing, manufacturing, and accounting units within the same firm can be very different even when created to pursue the same firm objective.
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49056186-Strategic-Mgmt-ch10 - Chapter 10 Implementation...

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