Crafting and Execution Strategy
Crafting Executing Strategy Due Week 2 worth 280 points Assume a business owner business professional, a company industry choice, responsible creating executing company's strategic plan.
Crafting and Execution Strategy
Description of the company
Our company deals in distribution of imported tires for both trucks and small and medium sized motor vehicles. The company operates under the name Motor Tire Limited. In the region of operation, there are two other major suppliers who deal in imported tires only. One deals in imported tracks tires while, the other deals in imported small and medium size motor vehicles tires. In the market of tires, there are small companies who deal with supply of tires on demand basis but, they have slowly started expanding their operations with the realization that the two wheel motor vehicle industry is growing and, there are no key players in the industry.
Importance of Strategic Plan
A strategic plan is an outline of an organization's desired projection or direction Beasley M.S., Frigo M.L., & Litman J., 2007.
The understanding of the strategic plan as a guide emphasizes not only its importance but also the key role it plays. Setting up an organization means that an individual or group of individuals has a desired goal. Strategic management helps the management team to have a comprehensive perspective for each and every aspect touching on the organization. It will also guide, in the formulation of short-term goals and directing the employees and resources within the organization towards attainment of the goals.
In the case of a sale and distribution company such as Motor Tire Limited, the overall goal is to control at least over 60% of the market share in order to make desired profits and guarantee their future growth. This goal is more long-term than short-term and strategy needs to be devised on what should come first to yield the goals.
Strategic planning also helps in the coming up with identified measures of resources and input required. Setting up goals in an organization is not enough the capacity of the organization physical and human power needs to be assessed. Strategic management creates avenues for an overall evaluation of the resources in the organization and assessing their capacity. The assessment helps in the allocation of the resources according to their capacity. Where the capacities in these resources are inadequate,...
Strategy and Leadership: The Importance of Leadership in Strategy Implementation Strong leadership as Lussier and Achua (2009) point out is regarded one of the most critical strategy implementation tools. In that regard, therefore, the relevance of proper and sound leadership in organizational strategy implementation cannot be overstated. This is particularly the case given that the implementation of strategy remains one of the most critical components of the process of strategic management. From
Prevent Student Behavior Problems Strategies to Prevent Behavior Problems It is inevitable that some students will act up in class. However, using prevention strategies to curb bad behavior before it starts can provide a much better environment with less bad outbursts by distracted or frustrated students. Essentially, the educator must be proactive in strategy choice and execution in order to prevent bad behavior from starting and running out of control. There
Q1: What would you expect to happen if you made significant changes in all of the text’s components of execution, in pursuit of a changed strategy? According to Thompson (et al.) the first step of executing a strategy is ensuring that the organization has the necessary staff for execution. Quite simply, without enough numbers in terms of personnel and without personnel that possess the necessary skills to succeed, the strategy will
Strategy Mapping Performance Management and Establishing Value Propositions Successful performance management can create a competitive advantage in virtually any industry. Furthermore, the failure to manage performance can also make an organization vulnerable to external threats. As a result of the importance of implanting strategies and managing performance, many organizations have begun to understand the importance of using a wider array of metrics than just the traditional financial metrics to create value. Models
Budgeting as an Adequate Tool for Planning and Control in Organizations: A budget apart from being a coordinated and comprehensive financial plan for the resources and operations of a given future period is also intended to promote the managerial functions of control and planning. Over the years a budget has been perceived as a tool for forced planning as it constitutes the most important and basic management functions since other managerial
Strategic Business Unit of Publicly Traded Organization The objective of this study is to select any strategic business unit from a publicly traded multi-national corporation and to analyze the overall competitive environment including market conditions, evaluate the current growth and new business strategies, along with implications, analyze the organization's primary business model, evaluate the organization's competencies and resources, evaluate the leveraging of growth strategies through partnerships and alliances and identify future
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now