Make it clear all employees are expected to act with

This preview shows page 110 - 117 out of 130 pages.

Make it clear all employees are expected to act with integrity Install organizational checks and balances to Monitor behavior Enforce ethical codes of conduct Provide guidance to employees in gray areas Display genuine commitment to conduct business activities ethically
Implementing and Executing Strategy Taking actions to put a freshly- chosen strategy into place Supervising the ongoing pursuit of strategy Improving the competence and efficiency with which the strategy is being executed Showing measurable progress in achieving the targeted results and objectives Tougher and more time-consuming than crafting strategy Fourth Task of Strategic Management
Strategy implementation and execution is an action-oriented, “make-it-happen” process involving people management, developing competencies and capabilities, budgeting, policy-making, motivating, culture-building, and leadership Strategy implementation and execution is an action-oriented, “make-it-happen” process involving people management, developing competencies and capabilities, budgeting, policy-making, motivating, culture-building, and leadership Strategy Implementation and Execution
What Does Strategy Implementation and Execution Include? Building a capable organization Allocating resources to strategy-critical activities Establishing strategy-supportive policies Motivating people to pursue the target objectives Tying rewards to achievement of results Creating a strategy-supportive corporate culture Installing needed information, communication, and operating systems Instituting best practices and programs for continuous improvement Exerting the leadership necessary to drive the process forward and keep improving
Characteristics of Good Strategy Execution Requires diligent pursuit of operating excellence Involves a company’s entire management team Hinges on skills and cooperation of operating managers who Push needed changes in their organizational units Consistently deliver good results Success involves Meeting or beating performance targets Showing progress in achieving the strategic vision
Monitoring, Evaluating, and Taking Corrective Actions as Needed The tasks of crafting, implementing, and executing a strategy are not a one-time exercise Customer needs and competitive conditions change New opportunities appear; technology advances; any number of other outside developments occur One or more aspects of executing the strategy may not be going well New managers with different ideas take over Organizational learning occurs All these trigger the need for corrective actions and adjustments Fifth Task of Strategic Management
Monitoring, Evaluating, and Adjusting as Needed Taking actions to adjust to the march of events tends to result in one or more of the following Altering long-term direction and/or redefining the mission/vision Raising, lowering, or changing performance objectives Modifying the strategy Improving strategy execution

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture