bus490_w8_ch7

bus490_w8_ch7 - BUS 490 Week 8: Implementing Strategies:...

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BUS 490 Week 8: Implementing Strategies: Management and Operations Issues Slide # Topic Narration Slide 1 Introduction Welcome to Business Policy. This lesson will focus on the management and operations issues in implementing strategies. Please go to slide # 2
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Slide 2 Objectives Upon completion of this lesson you will be able to: Explain why strategy implementation is more difficult than strategy formulation; Discuss the importance of annual objectives and policies in achieving organizational commitment for strategies to be implemented; Explain why organizational structure is so important in strategy implementation; Compare and contrast restructuring and reengineering; Describe the relationships between production/operations and strategy implementation; Explain how a firm can effectively link performance and pay to strategies; Discuss employee stock ownership plans as a strategic-management concept; and Describe how to modify an organizational culture to support new strategies. Please go to slide # 3 Slide 3 Overview The strategic-management process does not end when the firm decides what strategy or strategies to pursue. There must be a translation of strategic thought into strategic action. This lesson focuses on management issues most central to implementing strategies. Please go to slide # 4
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Slide 4 The Nature of Strategy Implementation Successful strategy formulation does not guarantee successful strategy implementation. Strategy-formulation concepts and tools do not differ greatly for small, large, forprofit, or nonprofit organizations. However, strategy implementation varies substantially among different types and sizes of organizations. In all but the smallest organizations, the transition from strategy formulation to strategy implementation requires a shift in responsibility from strategists to divisional and functional managers. Implementation problems can arise because of this shift in responsibility. Therefore, it is essential that divisional and functional managers be involved as much as possible in strategy-formulation activities. Also, strategists should be involved as much as possible in strategy-implementation activities. The manager’s and employee’s role in strategy implementation should build upon prior involvement in strategy-formulation activities. The rationale for objectives and strategies should be understood and clearly communicated throughout an organization. Top-down flow of communication is essential for developing bottom-up support. Firms need to develop a competitor focus at all hierarchical levels by gathering and widely distributing competitive intelligence. Every employee should be able to benchmark her or his efforts against best- in-class competitors so that the challenge becomes personal. Firms should provide training for both managers and employees to ensure that they have and maintain the skills necessary to be world-class performers. Please go to slide # 5
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This note was uploaded on 03/07/2012 for the course FIN 534 taught by Professor Nalla during the Spring '08 term at Strayer.

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bus490_w8_ch7 - BUS 490 Week 8: Implementing Strategies:...

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