...5/14/2016 Strategy Implementation Meaning and Steps in Implementing a Strategy Search MSG Home (index.html) / Library (allsubjects.htm) / Marketing (allsubjects.htm#marketing) / Strategic Management (strategicmanagementarticles.htm) / Strategy Implementation Meaning and Steps in Implementing a Strategy Strategy Implementation Meaning and Steps in Implementing a Strategy Strategy implementation is the translation of chosen strategy into organizational action so as to achieve strategic goals and objectives. Strategy implementation is also defined as the manner in which an organization should develop, utilize, and amalgamate organizational structure, control systems, and culture to follow strategies that lead to competitive advantage and a better performance. Organizational structure allocates special value developing tasks and roles to the employees and states how these tasks and roles can be correlated so as maximize efficiency, quality, and customer satisfactionthe pillars of competitive advantage. But, organizational structure is not sufficient in itself to motivate the employees. An organizational control system is also required. This control system equips managers with motivational incentives for employees as well as feedback on employees and organizational performance. Organizational culture refers to the specialized collection of values, attitudes, norms and beliefs shared by organizational members and groups. ...
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...SWOT Analysis Guide The comprehensive guide to the SWOT analysis method In the following guide we will introduce you to several widely used strategic planning methods. They enable business executives and strategists to evaluate options, plan for the strategic goals and implement the changes necessary to achieve those goals. The evaluation version of the guide Distribution note: You may NOT distribute the original or modified version of the document. Check more information about licensing in license.txt BSCDesigner.com AKS-Labs SWOT Analysis Guide Copyright © AKS-Labs Page 2 SWOT analysis: introduction and use of the method in the business environment If you are even remotely familiar with a business world, you have certainly heard about the competitive environment, strategic planning and business analysis. There are several different methods currently used in the business world and one of the most popular st strategic evaluation tools is the SWOT analysis. SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths Weaknesses Opportunities Threats SWOT can be further classified in to internal and external factors. Strength and weaknesses belong to the internal factors, and the opportunities and strength are classified as external factors. Why use SWOT analysis you might ask? Well, it is a very useful and highly effective tool when useful planning for the strategic goals, when trying to analyze the environment the company operates...
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...small packages. Distance and time are wider. When customers need it now. 24hrs. 7 days a week, including nights, weekends and holidays. External Environment Household name Competitive environment Global Presence IT advances Strong market position in air freight Competitive Environment World wide presence Dominates ground services domestically High market share in the US Acquired full ownership of Mail Boxes, etc. Intense competition with FedEx Competitive Environment Recent acquire of ground services Specialize in air freight deliveries Global presence Other mergers, the effects. Competitive Environment Largest customer, but strong competitor Attempt injunction against the alliance Internal Evaluation Management Uses strategic management in planning and meeting goals Strong in its corporate structure with low absenteeism and low turn over rates at the corporate level, by paying well and...
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...600+ miles second day delivery. • • • Custom brokerage. Electronic custom clearance. Speed shipments across the border. External Environment Household name Competitive environment Global Presence IT advances Strong market position in air freight Competitive Environment World wide presence Dominates ground services domestically High market share in the US Acquired full ownership of Mail Boxes, etc. Intense competition with FedEx Competitive Environment Recent acquire of ground services Specialize in air freight deliveries Global presence Other mergers, the effects. Competitive Environment Largest customer, but strong competitor Attempt injunction against the alliance Internal Evaluation Management Uses strategic management in planning and meeting goals Marketing Major advantage by being a household name Strong in its corporate structure Able to respond to a with low absenteeism and low...
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...examine an organization with a solid process. The Elements The basic components or basic models of strategic management include four elements. These elements are environmental scanning, strategy formulation, strategy implementation, evaluation, and control. However, evaluation and control is actually element, and there are multiple steps within each element. Environmental scanning includes the process of monitoring, evaluating, and dissemination of information from both external and internal environments to the correct people within and organization (Wheelen & Hunger, p. 16, 2010). The easiest way to do this is to conduct a SWOT analysis. Strategy formulation involves developing long-range plans to manage environmental opportunities and threats properly. The long-range plans include defining the corporate mission, specifying achievable objectives, developing strategies, and setting policy guidelines (Wheelen & Hunger, p. 17, 2010). Strategy implementation is simply that, implementing strategies or policies within an organization. Evaluation and control is the process of monitoring actual performance versus desired performance. The purpose of planning out a strategic management process is to ensure an organizations success. This is achieved in multiple ways. The SWOT analysis for any organization is...
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...A h Tools esearc to R Guide SWOT Analysis Eva Chen Paul Bruneski SWOT Analysis Strengths, Weaknesses, Opportunities, Threats History of SWOT In the 1960’s and 70’s, Albert Humphrey is said to have developed this strategic planning tool using data from the top companies in America at the time. A SWOT Analysis looks at the strengths, weaknesses, opportunities and threats that are relevant to an organization in a new venture. A SWOT Analysis is a tool which allows users to look at the direction a company or organization may wish to move towards in the future. A SWOT Analysis is a useful tool, which in conjunction with others can help make informed decisions. Table of Contents History of SWOT Definition of SWOT 1 1 Internal and 2 External Factors Guides for using SWOT 2 Potential Uses of 3 SWOT Strengths & Weaknesses of the method 3 Example: SWOT 4 of British Airway Definition of SWOT By specifying clear objectives and identifying internal and external factors that are either helpful or not, a short and simple SWOT analysis is a useful resource which may be incorporated into an organizations strategic planning model. Strengths- Internal attributes that are helpful to the organization to achieving its objective Weaknesses – Internal attributes that are harmful to the organization to achieving its objective Opportunities – External factors that help the organization achieve its objective Threats - External factors that are harmful to the organization...
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...WHAT IS SWOT ANALYSIS? SWOT analysis (alternately SWOT Matrix) is a strategic planning method used to evaluate the Strengths, Weaknesses/Limitations, Opportunities, and Threats involved in a project or in abusiness venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective. The technique is credited to Albert Humphrey, who led a convention at the Stanford Research Institute (now SRI International) in the 1960s and 1970s using data from Fortune 500companies. Setting the objective should be done after the SWOT analysis has been performed. This would allow achievable goals or objectives to be set for the organization. Strengths: characteristics of the business, or project team that give it an advantage over others Weaknesses (or Limitations): are characteristics that place the team at a disadvantage relative to others Opportunities: external chances to improve performance (e.g. make greater profits) in the environment Threats: external elements in the environment that could cause trouble for the business or project Identification of SWOTs is essential because subsequent steps in the process of planning for achievement of the selected objective may be derived from the SWOTs. First, the decision makers have to determine whether the objective is attainable, given the SWOTs. If the objective is NOT attainable a different objective must...
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...Strategy development by using SWOT - AHP Dijana Oreski1 1 Faculty of Organization and Informatics, University of Zagreb, Pavlinska 2, Varazdin, Croatia Abstract –This paper employs combination of SWOT analysis and Analytic Hierarchy Process (AHP) in strategic planning for tourism of small mid-european city Varazdin, which is located in the north west of Croatia. SWOT analysis identifies internal and external factors which are prioritized by expert in tourism domain by means of AHP. The prioritized SWOT factors are used in strategies formulation using TOWS matrix. Results indicate that proactive communication strategy and isolation strategy with effective marketing promotional strategy were the best strategies that could have been implemented. Keywords – SWOT, AHP, strategy formulation. cases in the strategic management process. One of them is the SWOT analysis. This article explains the SWOT analysis, provides the theoretical background and an overview of the application of the SWOT analysis. As some authors have identified weaknesses of the SWOT, analysis is combined with a method for multi-criteria decision analytic hierarchy process (AHP) in order to avoid these disadvantages. Therefore, in the second part of the paper AHP method and SWOT AHP hybrid method are described. Following the basic steps method, SWOT AHP is applied to the example of the city of Varazdin strategic marketing plan definition. 2. SWOT analysis SWOT is an acronym of strength, weakness, opportunities...
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...The Advantages of SWOT Analysis Because of the constantly changing conditions in the monetary market, the quick response to challenges becomes more and more important to all companies. However, in order to survive in the economic battle, business owners should make the best use of the SWOT analysis to gain a thorough overview of their business. The SWOT analysis is a management tool that is mainly for observing the strengths, weaknesses, opportunities, and threats of business. It can be used on companies, as well as on persons, to identify their internal and external elements, evaluate the overall conditions, and make strategies and future plans according to the results. As Simoneaux, and Stroud (2011) state in their article “SWOT Analysis: The Annual Check-Up for a Business” that one of the main benefits of the SWOT analysis is that it makes people thinking and preparing in advance to challenges, not the late solution to the problems(2011, p75). However, some people point out that because of the simplicity of either conducting the analysis or the analysis itself, the results of the SWOT analysis may not be as accurate as people think. Although SWOT analysis may not generate specific solutions to the existing or approaching problems, it still has the advantages of low cost, clarity of business‘s overall conditions, and the unlimitedness of applying to any kind of business. The one main advantage of SWOT analysis is the low cost. In recent marketplaces, nearly everyone can run...
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...THE SIX-STEP CASE ANALYSIS FRAMEWORK STEP 1 : ANALYZING THE COMPANY’S HISTORY, DEVELOPMENT AND GROWTH • A list of company’s past strategy and structure • The most essential development in today business • Functional competencies to pursue new business and main lines of business STEP 2 : SITUATION ANALYSIS (SWOT) INTERNAL ANALYSIS • Outcome Analysis : sales analysis (brand; geographic area ; market segments ; specific of distribution ) • Input Analysis : track the cost and level of human resources; expenses and activity in all areas of the marketing mix to generate outcomes EXTERNAL ANALYSIS • General Analysis : environment analysis (take place at the corporate, business unit, long-term trend, product/market level, political/legal, regulation, cultural trends, economy) • Industry Analysis : (actual and potentia industry size; industy growth; industry structure; cost structure; distribution systems; industry trend and developments; identification pf key success factors) • Customer Analysis : (what are our customers ?; what do our customers do with our product(s) ?; Where do our customers make their purchase ; when do our customers make their purchase ?; Why do our customers select our products ?) • Competitive Analysis : (identifying primary (brand), secondary (product and generic), and potential competitors; understanding competitors by ascertaining their size, growth, profitability, objectives, and strategies; assesing competitor’s on marketing...
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...environmental scanning, strategy formulation, strategy implementation, and evaluation and control. The content of this paper will describe the components of a strategic management process and indicate why strategic management is needed in a company, furthermore, a description of how General Electric (GE) uses strategic management process in their company. Components of a Strategic Management Process The first component is environmental scanning, which is basically gathering information from external and internal environments to key people within the corporation. Its purpose is to identify strategic factors that will establish the future of a corporation. An easy way of predicting the future of a corporation is through a SWOT Analysis. SWOT is used to describe the strengths, weaknesses, opportunities, and threats for a specific company. The external environment consists of opportunities and threats (Wheelen & Hunger, 2008, p. 11). These variables happen outside the organization, which management has no control over. For instance, one company does not have the right to prevent another company of marketing the same product or service. Company A must strive to become better than other competitors. On the other hand, the internal environment consists of strengths and weaknesses—these variables measure the structure, cultures, and resources within an organization. It also can be used to gain a competitive advantage. Strategy Formulation Strategy formulation is the second...
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...marketing plan is about a Chiropractic Center in Fremont, Nebraska. The plan outlines market analysis, recommendations, strategies and evaluation controls to establish Chiropractic business for the client. The plan submitted is poor in nature and has some specific problems and improvements in the designated marketing strategy areas. Lot of sections mismatched or misplaced and there are many problems in the case analysis. We have identified seven areas and recommendations provided that will improve the case analysis drastically. Those areas include Executive Summary, Situation Analysis, SWOT Analysis, Marketing Goals and Objectives, Marketing Strategy, Marketing Implementation, Evaluation and Control. Executive summary is a summarized version of overall marketing plan and should contain an effective paragraph about goals/objectives, strategy elements, implementation issues and expected outcomes. The current executive summary has only background of the firm and an Introduction. Even if the marketing plan is excellent, without a proper and concise executive summary the plan will fail to catch the attention of target executive audience. First recommendation is to rewrite the whole executive summary section. Situation Analysis is the analysis of three components Internal environment, External environment and Customer environment. This 3 prong analysis will explain about the firm's goals, strategies, objectives and how these are going to be achieved keeping in mind about the external...
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...from Stage 1/ Input Stage to objectively evaluate feasible alternative strategies identified in Stage 2/Matching Stage. Stage 1 summarizes the basic input information needed to formulate strategies while Stage 2 or Matching Stage focuses upon generating feasible alternative strategies by aligning key external and internal factors. A QSPM reveals the relative attractiveness of alternative strategies and thus provides objective basis for selecting specific strategies. In order to understand the benefits and limitations of the QSPM tool, it is important to understand the essential attributes needed for a QSPM analysis to be effective and also the steps needed to develop a QSPM analysis. This essential attributes in a QSPM analysis include the development of External Factor Evaluation Matrix (EFE) and Internal Factor Evaluation Matrix (IFE) followed by a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis, BCG (The Boston Consulting Group) and finally QSPM. Attributes of QSPM External Factor Evaluation Matrix (EFE): EFE is a strategic tool used to evaluate the external environment of the firm which includes the economic, social, technological, government, political, legal and competitive information. External factors are obtained after an in-depth analysis of the external environment. External factors can be divided into two categories opportunities and threats. Internal Factor Evaluation Matrix (IFE): IFE is a strategic tool used to evaluate the internal environment...
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...Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis is a business management tool used to evaluate an organization’s strength’s, weaknesses, opportunities, and threats. The tool is used to produce a model that can serve to provide direction in the development, formulation, and evaluation of project management plans. Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis is an important step in the planing process that is often undervalued and omitted in constructing the project management plan. This basic management tool is straightforward and easy to use. Basically, factors are divided into internal and external issues. Based on the analysis of the information provided by the model, project management can better decide if the information gathered is something that will assist in accomplishing its objectives. Conversely, Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis can also identify potential obstacles to success, as well as faults in the plan that must be addressed, controlled, or eliminated if the desired results are to be achieved. In order for the Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis to be effective, project management must do more than simply identify the strengths, weaknesses, opportunities, and threats involved. Risk management demands that it is necessary to avoid, eliminate, or at the very least, minimize identified weaknesses and threats. Weaknesses should be closely scrutinized in order to determine...
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...Assignment 2: FedEx Strategic Options and Opportunities Anthony Anderson JWI 540: Strategy Dr. John Dorociak 8/3/2014 Executive Summary This paper will provide discussion and analysis concerning various strategic options and opportunities as they relate to the FedEx Corporation (FDX) in their current industry market. Competition will be assessed to create an understanding of the current landscape of the industry from the perspective of traditional, potential, and oblique competitors in FDX’s current industry. FDX will then be analyzed utilizing the SWOT model that will be utilized to identify three strategic options in the current market that will foster corporate growth in the future. Once identified, each strategic option will be evaluated via three criteria based on three simple questions as follows: Is it big? Is it us? Is it time? After this evaluation is complete there will be one strategic option selected that best meets the selection criteria in totality. FedEx Corporation: The Competition Competition in the transportation market is intense both domestically and globally and is the heart of every organizations strategy within this industry. Freight and courier services are at a high demand throughout the world due to growing distribution channels, technology, and a marked increase in demand. Market volume and value are...
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