BUS 599 week 8 lecture script

BUS 599 week 8 lecture script - BUS 599 Week 8: Building an...

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BUS 599 Week 8: Building an Organization Capable of Good Strategy Execution Slide # Topic Narration
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1 Introduction Welcome to Strategic Management. In this lesson, we will discuss building an organization capable of good strategy execution. Please go to the next slide. 2 Objectives Upon completion of this lesson, you will be able to: Formulate, implement, and evaluate strategies for exerting the internal leadership needed to drive the implementation of strategic initiatives and improve operating excellence. Please go to the next slide.
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3 Core Competencies Good strategy execution requires a team effort. When strategies fail, it is normally because of poor execution. Putting together a talented management team with the right mix of experiences, skills, and abilities to get things done is one of the first strategy-implementing steps. The quality of an organization’s people is often an important ingredient of successful strategy execution. The best companies go the extra mile in recruiting and retaining the most talented employees to make the entire workforce a true competitive strength. Four essential traits regarding core competencies and competitive capabilities are: One. Core competencies and competitive capabilities are sets of skills and know-how that most often grow out of the combined efforts of cross-functional work groups and departments performing complementary activities at different locations in the value chain. Two. A core competence or capability normally results incrementally out of company efforts to boost skills and to respond to customer problems, new technologies and market opportunities, and the competitive actions of competitors. Three. The key to leveraging a core competence into a distinctive competence is concentrating more efforts and talents than rivals on deepening and strengthening competence and capability. And four. Changes in customers’ needs and competitive conditions normally call for tweaking and adjusting a company’s portfolio of competencies and intellectual capital to keep its capabilities freshly honed and on the cutting edge. Please go to the next slide.
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4 Core Competencies, continued The competencies and capabilities building process has three stages: One. The organization must develop the ability to do something, however imperfectly or inefficiently. Two. As experience grows and activity is performed consistently well at acceptable cost, ability develops into tested competence or capability. And three. Should a company outperform its competitors at any activity, the core competence evolves into distinctive competence to bring about competitive advantage. Please go to the next slide. 5 Intellectual Capital Intellectual capital is the knowledge, applied experience, organizational technology, relationships, and professional skills that create competitive advantage for an organization. It is knowledge that can be converted into value or profit. As
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BUS 599 week 8 lecture script - BUS 599 Week 8: Building an...

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