additional questions.
iginal Question:
For this week’s Forum, respond to the following
(no citations/references are required).
Reply to the following response with *** 150 words minimum, including direct questions to the post ***. (please make response as if having a conversation, respond directly to some of the statements in below post. This is not providing an analysis of the original post. Respectfully address it and even ask clarifying or additional questions.)
** These responses are to be informative and contribute to advancing the knowledge of the topic **.
1.
Strategies are primarily implemented to govern and influence performance management through which policies and procedures are established. Policies and procedures are meant to systematically direct the performance and behavior of employees in the direction of satisfactory and allowable actions. These suitable actions are obtained by providing employees with constraints, limitations, and systematic procedures when implementing strategies. Strategies can be viewed as a blueprint where policies and procedures support the overall framework of an organization by identifying the plans of action in a detailed outline.Everett (2013) illustrates his analysis of the correlation between strategies and organizations by emphasizing that strategies are meant to provide an advantage, and the primary source of that advantage is the unique strategies that an organization implements within its policies and procedures (pg. 147). Anca-Ioana (2013) affirms that when an strategy is no longer presenting desired results or working in the best interest of an organization, a new strategy with viable alternatives must be implemented (pg. 1521). The tools and execution techniques utilized in organizational strategies permit management and personnel to direct daily organizational operations.
A coordinated marketing-operations strategy is heavily utilized both goods and service based operations because it focuses on customer engagement, co-production, and the alignment of marketing and operations strategy which is vital to the formulation, development, and effectiveness of managerial decisions (Dixon, Karniouchina, Van, Verma, & Victorino, 2014). Furthermore, marketing-operations strategy reflect that strategy execution is directly associated with formulation and performance. For customer-serviced based businesses, consumers essentially determine the rate of production, i.e, supply and demand and marketable output and input. Marketing integration and managerial priorities impact business performance (Dixon, Karniouchina, Van, Verma, & Victorino, 2014, pg. 282).
A Product Portfolio Management (PPM) business strategy emphasizes the importance of management in the decision-making process and allows businesses to get the most value by simply applying portfolio management principles to the product development process (Doorasamy, 2015, pg. 29). It essentially focuses on value creation in regards to product value and quality service, which will inevitably result in better value for consumers. The PPM strategy aims to identify value gaps and relies on the continuous assessment of productivity and projecting the value of said products. Doorasamy (2015) lists Creating, assessing, developing, and pursuing as the 4 steps associated with new product development which can lead to flexibility in strategies as far as changing strategic direction, improving a competitive advantage, and preventing stagnation (pg. 35).
My findings reveal that marketing decisions are based on managerial decisions and that the responsibilities of strategy execution heavily relies on the ability to accommodate the needs of employee’s as a means to provide consistent quality service for customers and consumers. Strategy execution is important to strategic success because they are based on the overall objectives of an organization and include a competitive stratagem to obtain and retain customers. In addition, there are multiple organizational policies and procedures that result from the inaction or implementation of appropriate strategies and they should be implemented in a manner in which subordinates can fully comprehend their responsibilities and obligations as employees.
References
Anca-Ioana, M. (2013). New approaches of the concepts of human resources, human resource management and strategic human resource management. Annals of the University of Oradea, economic science series, 22(1), 1520-1525.
Dixon, M., Karniouchina, E. V., van, d. R., Verma, R., & Victorino, L. (2014). The role of coordinated marketing-operations strategy in services. Journal of Service Management, 25(2), 275-294. doi:http://dx.doi.org.ezproxy2.apus.edu/10.1108/JOSM-02-2014-0060
Doorasamy, M. (2015). Product portfolio management: An important business strategy.Foundations of Management, 7(1), 29-36. doi:http://dx.doi.org.ezproxy1.apus.edu/10.1515/fman-2015-0023
Everett, K. (2013). Organization as strategy. Paper presented at the 147-150. Retrieved from http://search.proquest.com.ezproxy2.apus.edu/docview/1401478430?accountid=8289
2.
Strategic Performance Management is a conceptual framework for managing strategy, portfolios, projects, and performance. Management of strategy is achieved through the determination, communication, and implementation of vision and direction. Management of portfolios is key to ensuring that strategy execution runs smoothly, as it seeks to align the planning of projects toward consolidated end states. The project management process is where the rubber meets the road in strategy execution. This is where the planned products are executed through a series of steps involving assessment, initiation, planning, execution, monitoring and closing. All the while, performance management should be taking place to ensure that an effective feedback loop is established to facilitate the dynamic readjustment of strategy in real-time. While the project management process may appear to be where the true execution of strategy happens, it cannot be done without the subsequent steps of strategy management and portfolio management. It can also not be done effectively without performance management in place (Pennypacker, 2005).
The strategy-to-execution process is a process-based framework for clarifying, communicating, implementing, and managing a strategy. Within this process there are several steps that seek to optimize the execution of a strategy so as to mitigate unforeseen circumstances while leveraging the strengths that inherently reside within an organization. Those steps are (The Business Architect, 2016):
· Clarify strategy: Create high-level strategy statements and make them digestible to every participant in the execution of a strategy. Offer guidance to organizational leadership and employees as to how the strategy will be executed. The more detail, the better.
· Identify the organization’s capabilities: Every organization requires a set of specific capabilities to function. Identification of the organizations unique capability needs will ensure that these capabilities are deliberately managed and leveraged throughout the execution of the strategy.
· Assess capabilities: Rank, rate, and prioritize the capabilities that an organization needs.
· Determine gaps: Relative to the capabilities that an organization possesses or lacks, where are the gaps? Where are they most potentially harmful to the success of the strategy?
· Choose investments: With high-need capability gaps identified, determine which gaps are most dire and require the greatest investment of resources to fill. Determine which gaps are worth investing in and which can be mitigated for risk.
· Monitor strategy progress: Ensure and track the progress of the strategy against pre-established milestones and objectives. Adjust schedules as necessary.
After researching various strategy execution frameworks and processes, I found many similarities among the models. It appears that planning and continuous refinement of strategy is crucial, even while execution is ongoing. I also discovered that the monitoring of progress and performance is a common theme among execution strategies to ensure that the strategy is progressing toward an established end state via milestones and objectives. Regardless of the strategy that is chosen for execution, using a framework for the employment of a strategy is vital in ensuring that no stone is left unturned and that all of the progressive steps are met before progressing too quickly through the execution of a strategy.
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REFERENCES
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The Business Architect. (2016). A Strategy Execution Process. Accessed February 13, 2019. Retrieved from http://www.accelare.com/blog/a-strategy-execution-process
Pennypacker, James & Ritchie, Paul. (2005). The four Ps of strategy execution. Project Management Institute. Retrieved from https://www.pmi.org/learning/library/four-ps-strategy-execution-7472
3.
Executing strategy is a very key and vital lesson to learn about this week. As a person that has led teams professionally, I can attest to the fact that there are times that ideas are expressed upon the team, yet are slowly brought to fruition, due to the need of a well thought out strategy to be expressed. Upon research on the topic of strategic execution, I found two strategies that are essential to carrying out an idea. According to Higgins (2005), there are eighth S’s that ensure the positive execution of strategy. The S’s are: strategy and purposes, structure, systems and processes, style, staff, resources and shared values (Higgins, 2005). These seven S’s are all interlinked as a strategy for execution. Each individual strategy attribute is essential, and alignment is the key to successful execution (Higgins, 2005). The eight “S” that culminates the execution is strategic performance, which is tied to the results of the seven S’s (Higgins, 2005).
Another execution strategy that was researched was contributed by Sabourin (2015), which states that there are five drivers of strategic execution, which are: driver of rules; clarifying and aligning objectives; driver of emotions, obtaining a commitment by the development of real convictions; driver of initiatives, translating your objectives into concrete projects with your employees’ driver of immediate action, facing exigencies with immediate actions; and driver of integrity, executing your objectives in the integrity of your values.
The findings reveal the importance of alignment of each integral step within the strategy executions that were selected. In each strategy, a manager is given a strategy formula that if not fully linked then executed, then the strategy execution is improbable.
I can personally speak to why executing strategy is important to strategic success. In a previous role, I would find myself upset that the team didn’t carryout the mission, then I realized that everyone had teams of their own to manage, and different daily tasks; therefore, my ideas were well-respected, but based on priority, it fell to the bottom of the list. This is when I began to realize the importance of creating ad-hoc cross-functional teams.
With the cross-functional team, I broke down each execution component by both discipline and personality type. The staff buy-in came from the perspective that entry-level and mid-level staff worked collectively with a director to ensure organizational success. The integration of various levels of staff, also created for better organizational morale and fulfillment once the strategy was executed. Without question, I can attest that having an idea with no plan is grounds for frustration. Strategy execution, ensures that a measured outcome can be realized, actualized and placed into motion.
References
Higgins, J. (2005). The Eight “S”s of Successful Strategy Execution. Journal of Change Management, 5(1), 3–13. https://doi.org/10.1080/14697010500036064
Sabourin, V. (2015). Strategy execution: five drivers of performance. Journal of Strategy and Management, 8(2), 127–138. https://doi.org/10.1108/JSMA-06-2014-0048
** Please don’t just rephrase their info, but respond to it. Remember to answer question at the end if there is one. **
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