Strategy Implementation Process Paper

Week two gave us an inside look on what the six steps are during the planning process. These steps are situational analysis, alternative goals and plans, goal and plan evaluation, goal and plan selection, implementation, and finally monitor and control. The step that Tina, Joanne, and Chris thought was most important in the planning process was the role of setting up alternative goals and plans. They believe it is always a good idea to have an alternative plan just in case the original plan did not achieve the intended goal. We all were able to agree that having a backup plan was a great way of running a business.

Strategy is a set of complicated tactics formulated by the executives of a company directed towards the achievement of company’s goal (Salmela, 2002). It is about all the path ways that a company would follow to reach its ultimate goal. It is a company’s strategy which helps to identify what it does better than the other companies in the industries, which may be different from what it does best. For successful strategy formulation and implementation, a company should know the needs of customers and should have knowledge of its competitors. Through a good strategy a company would identify that opportunity which makes it different from the others (Thompson, 2005).

There are a gazillion companies out there, but some stand out. Whether it is because of their popularity, affiliations, history, profile or service, one factor simply makes or breaks a company; it’s strategy management process.

There has been a large amount of research into what strategy is, since Michael Porter’s perennial work in the 1980s. Studies done on the execution of strategy have been far less numerous. However, there is one major understanding about the execution of strategy. The execution of strategy is a vital part of success in business. A summary of many myths surrounding various strategic executions will be outlined, along with their subsequent analyses.

These activities include- Data, information, intelligence, evidence gathering, analysis, interpretation, and projections. Deliberation, or planning team discussion developing understanding, ideas, possibilities and options, as well as group discussion facilitation. Decision making aids, supports, and evaluation tools. Stage 1.  Start - engagement and commitment Data Before even embarking on the planning process it is worth checking out material on the strategic planning cycle.

Advancing to the final stage of the strategic planning model, illustrated in Figure 3.1, evolves from conceptual to reality as our prospect assembles a schedule from all of their prerequisite research applied heretofore. As a result, a logically simplified process produces a single execution model for each phase of the plan. The need for an effective, simplified method to organize all activities, dates, and critical deadlines in an easily maintained process rivals the requirement to retain consistency throughout this particular project life-cycle.

Change in one of the market risk may result in changes in another, which can affect how Walmart price the product for consumers and it also affect the value of the cost leadership initiatives. By using cost leadership to leverage operating expenses, increasing productivity and sourcing goods globally at low, low cost will maximize returns on capital invested. Walmart execute a tight financial expense control and a strong inventory management along with cost leadership and financial discipline will gives Walmart more profitable returns (Walmart 2010 annual report).

A strategy is said to be a plan that is made for the long term success of a product or brand. It is extremely important to have a strategy in order to figure out a direction towards which any company is able to focus all its resources efficiently and achieve desired outcomes. Formulating effective strategies is a considerably long process in itself that combines analysing several factors, situations and issues that are already present in a company and looking to improve on them alongside trying to implement various innovations and ideas to collectively create a direction towards which they can move and direct the resources available to them.

The Department of Human Resources (HR) is viewed by some organizations as an administrative function and they tend to overlook the need and opportunity to align them within the organizations strategic plans and goals (Kokemuller, 2015). The design and implementation of a set of consistent procedures will ensure a centralized human resources department that will meet University Hospital’s needs.

Action PlanningFirst, organizations successful at implementing strategy develop detailed action plans... chronological lists of action steps (tactics) which add the necessary detail to their strategies. And assign responsibility to a specific individual for accomplishing each of those action steps. Also, they set a due date and estimate the resources required to accomplish each of their

‘Strategic Management’ is a very complex term as many eminent researchers and scholars have had different views and conclusions on strategy. According to White (2004), “Strategic Management involves both systematically developing an idea together with its implications and testing the empirical validity & usefulness of that idea against the real world.” Thus strategy is not only about planning for future but also about confirming the validity of the hypothesis considered and implementing it successfully. Strategy formation may take various forms such as implicit, explicit or emergent. Implicit strategy is a strategy formed by intuitions of an individual. As per implicit strategists, strategic management is about reading the environment

The reasons for the framework in strategy implementations are obvious. it’s an extremely complex set of tasks and managers need to know what are the steps to follow, what is the sequence of those steps, why at all those steps are necessary, what is more critical in those steps, and so on. The frameworks are working as guide for managers to set the actions needed. In the absence of a framework, managers would still implement their strategies. But they would do so thinking of what they, as individuals, think is important resulting in disjointed and conflicting actions.

Strategic planning is central to management study. It defines the long term direction for the company and all other business functions orbit around their established strategies. This article studies how a company formulates business-level strategies, optimize their competitive positioning and obtain a competitive advantage over their rivals.

An Organization uses different types of Strategic Planning models which focus on strategy, planning, implementation and evaluation. However one common model involves the following six steps:

Strategic planning involves making decisions about the organization’s long-term goals and strategies and how the organization decides to implement their goals (Bateman, Snell, Konopaske, pg. 113). Strategies help organizations to have a clear perspective on how to go about accomplishing the goals they have in place. All organizations have a clear vision of what their mission and purpose as a company is, they know how to fulfill the mission, vision, and purpose and they know how to ensure that they accomplish all their goals. However, the route the organization takes to define these things determines how effective they will be.