S T R AT E GY
I M P LE M E N TAT I O N
WHAT IS STRATEGY?
STRATEGY IS A STRATEGIC GOAL, A BATTLE PLAN, A TECHNIQUE IN
THE ART OF WAR.
IT IS A METHOD OF FACING A COMPETITION.
IT IS A SET OF INTEGRATED DECISION.
A STRATEGY IS NOT REALIZED ALL THE TIME, 100% OF ITS
INTENTIONS. WHY?
LEVELS OF STRATEGY
CORPORATE STRATEGY. IT COMPRISES OF DECISIONS THAT GIVE
THE ORGANIZATION WHAT INDUSTRY IT WILL BE IN AND NOT BE
IN AND HOW IT WILL ALLOCATE SPECIFIC RESOURCES.
CORPORATE STRATEGY CONCERNS THE WHOLE ORGANIZATION, IT
USUALLY FULFILS THE MISSION AND VISION OF THE COMPANY.
THE CORPORATE STRATEGIES ESTABLISH THE FRAMEWORK BY
WHICH ALL OTHER STRATEGIES ARE FORMULATED AND
IMPLEMENTED.
LEVELS OF STRATEGY
BUSINESS STRATEGY . IT IS A SET OF DECISIONS THAT PROVIDE
WAYS ON HOW THE ORGANIZATION COMPETES IN THE INDUSTRY
IT CHOOSES TO BE IN AND EVENTUALLY SUSTAINS A COMPETITIVE
ADVANTAGE.
BUSINESS STRATEGIES ARE BASICALLY POSITIONING STRATEGIES,
MAKING THE COMPANIES SECURE FOOTHOLD IN THE MARKET. IT
BUS. STRAT. ALSO POSITIONS THE BRAND AND ENABLES BRAND
AWARENESS TO THE CUSTOMERS. IT ALSO INSTILS LOYALTY TO
THE BRAND.
LEVELS OF STRATEGY
FUNCTIONAL STRATEGY COMPRISES OF DECISIONS IN THE
DIFFERENT FUNCTIONS OF THE ORGANIZATION THAT SUPPORT
THE BUSINESS STRATEGY.
THESE FUNCTIONS ARE MARKETING, PRODUCTION, FINANCE
RESEARCH AND DEVELOPMENT AND HUMAN RESOURCES.
AKA OPERATIONAL STRATEGIES, THEY TRANSLATE CORPORATE
AND BUSINESS STRATEGIES TO DEPARTMENT OR FUNCTIONAL
UNITS.
FUNCTIONAL STRATEGIES IN MARKETING
1.CUSTOMER ANALYSIS.
2.SELLING OF PRODUCTS AND SERVICES.
3.PRODUCT OR SERVICE PLANNING.
4.PRICING.
5.DISTRIBUTION
FUNCTIONS IN FINANCE
THREE (3) IMPORTANT DECISIONS
1.INVESTMENT DECISIONS AKA CAPITAL BUDGETING INVOLVES
THE ALLOCATION OF RESOURCES TO PROJECTS, PRODUCTS OR
SERVICES.
2.FINANCING DECISION DETERMINES HOW THE FIRM CAN RAISE
CAPITAL SUCH AS SELLING OF ASSETS, ISSUING STOCK OR
OBTAINING DEBT FACILITY.
3.DIVIDEND DECISION CONCERNS THE RIGHT PERIOD BY WHICH
THE ORGANIZATION WILL ISSUE A PERCENTAGE OF INCOME TO
STOCKHOLDERS THROUGH DIVIDEND.
IT ALSO DETERMINES THE ISSUANCE OF STOCKS AND
THE EARNINGS RETAINED TO THE FIRM.
FUNCTIONS IN PRODUCTION
1.PROCESS INCLUDES VARIOUS ACTIVITIES SUCH AS THE USE OF
FACILITIES, PRODUCTION FLOW ANALYSIS AND PHYSICAL
DISTRIBUTION SYSTEM.
2.CAPACITY DECISIONS DETERMINE THE OPTIMAL OUTPUT
LEVELS OF THE FIRM.
3.INVENTORY DECISIONS MANAGE THE LEVEL OF RAW
MATERIALS, WORK IN PROCESS AND FINISHED GOODS
INVENTORY. THIS ALSO SUMMARIZES THE SIZE, QUANTITY, AND
PERIOD OF ORDERS.
.
FUNCTIONS IN PRODUCTION
1.WORKFORCE DECISIONS INCLUDES THE MANAGEMENT OF
SKILLED, UNSKILLED, CLERICAL AND MANAGEMENT
EMPLOYEES. THERE SHOULD BE APPROPRIATE MOTIVATION
TECHNIQUES,
2.QUALITY DENOTES THE PRODUCTION OF QUALITY GOODS AND
SERVICES. THIS INCLUDES TESTING, QUALITY ASSURANCE, AND
COST CONTROL.
.
STRATEGIES IN E-COMMERCE
1.PRODUCT BUNCH
2.NICHE PRODUCT
3.EXPANSION INTO RELATED PRODUCT LINES
4.PRICE LINING
5.SMART PRICING
.
THE 6 KEY STRATEGY IMPLEMENTATION STEPS
STEP 1: SET AND COMMUNICATE CLEAR, STRATEGIC GOALS
• TO IMPLEMENT A NEW STRATEGY, YOU FIRST MUST IDENTIFY
CLEAR AND ATTAINABLE GOALS. AS WITH ALL THINGS,
COMMUNICATION IS KEY. YOUR GOALS SHOULD INCLUDE YOUR
VISION AND MISSION STATEMENTS, LONG-TERM GOALS, AND KPIS.
• THE CLEARER THE PICTURE, THE EASIER THE REST OF YOUR
STRATEGY IMPLEMENTATION WILL BE FOR YOUR TEAM AND
ORGANIZATION—SIMPLY BECAUSE EVERYONE WILL BE WORKING
TOWARDS THE SAME GOALS.
STEP 2: ENGAGE YOUR TEAM
• DETERMINE ROLES AND RESPONSIBILITIES EARLY ON.
CLARIFY
YOUR TEAMMATE’S ROLES AND ENSURE THAT THERE ARE NO
RESPONSIBILITY GAPS.
• DELEGATE WORK EFFECTIVELY. WHILE IT CAN BE TEMPTING TO
HAVE YOUR EYES ON EVERYTHING, MICROMANAGEMENT WILL
ONLY HOLD YOU BACK. ONCE YOU’VE DEFINED EVERYONE’S
ROLES AND RESPONSIBILITIES, TRUST THAT YOUR TEAM WILL
EXECUTE THEIR TASKS ACCORDING TO THE IMPLEMENTATION
PLAN.
STEP 3: EXECUTE AND MONITOR
• IT’S TIME TO PUT YOUR STRATEGIC PLAN INTO ACTION. ALL
TEAM MEMBERS SHOULD HAVE THE RESOURCES THEY NEED TO
COMPLETE THE TASK AT HAND. REGULARLY CHECK IN WITH
YOUR TEAM TO MONITOR PROGRESS AND ADDRESS ANY
ROADBLOCKS THAT MAY ARISE.
STEP 4. ADJUST AND REVISE
THIS IS OFTEN THE MOST IMPORTANT STEP OF THE PROCESS. AS
ISSUES OR CHALLENGES ARISE, SHIFT YOUR APPROACH, AND
TAKE CORRECTIVE ACTION TO YOUR PROCESS AS NEEDED.
STEP 5. COMPLETE THE JOB
CONTINUE TO CHECK IN ON YOUR TEAM MEMBERS TO ENSURE
THE PROJECT IS ON TRACK AND THAT NO ADDITIONAL
RESOURCES ARE NEEDED TO ACHIEVE THE GOAL. UPDATE ALL
STAKEHOLDERS WITH ANY IMPORTANT DETAILS OF THE JOB OR
DELAYS IN YOUR TEAM’S PROGRESS.
STEP 6. REVIEW AND REFLECT
• REFLECT ON THE OVERALL PROCESS, AND REVIEW WHAT WENT
WELL AND WHAT DID NOT. USE THESE LEARNINGS TO IMPROVE
YOUR STRATEGY FOR FUTURE PROJECTS.
