Case Study Of The Packard Electric Non Existent Business Strategy

How do we get there? (Strategy formulation – corporate level, business unit level, and functional level)

(2001). Are you sure you have a strategy?. The Academy of Management Executive. 15 (4), 53.

There are 10 basic tasks for “The action agenda for executing a strategy”. These 10 tasks are: Build the organizational capabilities required for successful strategy execution, establish a strategy supportive of organizational structure, and allocate sufficient resources to the strategy execution effort, Institute policies and procedures that facilitate strategy execution, adopt best practices and business processes that drive continuous improvement, install information and operating systems that support strategy execution activities, tie rewards and incentives directly to the achievement of strategic and financial targets, instill a corporate culture that promotes good strategy execution, exercise strong leadership to propel strategy execution forward, and staff the organization with the right people for executing this strategy. If managers execute these 10 tasks well, the company has a higher success rate.

(1) The management team must adopt a strategic management plan. First of all, they have to develop a clear vision and a mission statement to inspire and motivate all the frameworks for the company’s future strategic planning. According to “Mission Statements and Vision Statement” (2011), “by crafting a clear mission statement and vision statement, you can powerfully communicate your intentions and motivate your team or organization to realize an attractive and inspiring common vision of the future” (p.1). The management team should create a mission statement that describes the company’s purpose and primary objective. For the vision statement, it should include the company’s value and purpose of the company. With a clear vision and mission statement, management and employees would be able to follow the right direction as a team. They also need to define “who their customers are, what products and services it supplies, and how these products and services are provided” (BUSN 460 Week 1 video, slide 3).

Communication is a very intricate part of a successful strategic plan. Collaboration with the board, executive leaders, management team all the way to front-line staff must be informed what the strategic plan is and how it relates to the mission and vision. The mission, vision, values, goals and objectives of the organization must be organizational-wide dissemination. In order to have an effective and efficient strategic plan one must first select a strategic leader to help decide what their mission and vision will be. “Strategic leadership involves creating a vision and strategy that helps the organization succeed at its mission in both the short and the long term” (Spath, Abraham, 2014).

Therefore the strategy plan should process with a strong leadership. The organisation should be having a clear direction and good leadership to guide the organisation towards this direction. If everyone is waiting for someone else to make it happen, then it only causes to failure. Leadership set the clear direction for achieves goals. Leaders are ensure that communicating with stakeholders their vision and ideas. There for basically, leaders should have clear understand about vision and mission of organisation (Rainey, D, L 2010).

Execution of a strategy allows an organization to identify a strategic manager or management team who will be responsible for five key components: people, resources, structure, systems and culture. The role of the strategic manager or management team is to implement and monitor performance and report to company stakeholders on the status. Because strategy drives an organization’s success, the team should select managers who can aggressively drive the objectives to achieve desired results through three actions:

According Vermeulen, most new strategies are implemented. One of the chief reason for lack of implementation of these strategies is that ‘’ new strategies’’ are usually not strategies at all. A real strategy involves a clear set of choices which define what the organization is going to execute and those which isn’t going to execute. Therefore, most strategies are never put into actions despite the ample efforts of hard-working individuals since they doesn’t represent a set of clear choices (Vermeulen, 2017). To improve your strategy you must ensure that there is a clear communication of the strategy to the implementers who are the employees as well as all the people in the enterprise. Communicating your logic will be very important in answering some of the ‘’why’’ questions that your employees have. Answering such questions will help in persuading the employees that the new strategy is valuable. For effectiveness of the strategy, it should be issued from the top down and supported from the bottom up. This means that lower-level workers must be empowered so that they can think of their own initiatives to realize the

Some organisations can communicate their strategy very well. They manage to communicate what they want to achieve and how they will achieve it. They get people motivated and

It is important that the defined strategy, together with the reasoning behind it, be communicated to all levels of the organization. In large companies, it often happens that those that defined the strategy are not the ones that will see it through during the next step, therefore communicating well will ensure effective

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.

An absolutely essential factor in strategy implementation is making sure that all of the important stakeholders understand what the organization is trying to do, and how they will do it. Without the transmission of information, plans would only be understood by the small group who where involved in the decision-making process, leaving others isolated and uninformed, meaning there would be no movement and the strategic plan would be doomed. Effective communication is crucial to successful change. It occurs with the encoding of a message by the sender, a decoding by the receiver, and allows for feedback to clarify (Longest & Darr, 2014, p.674). Ginter, Duncan, and Swayne (2013) note that all members need to be engaged for successful implementation of strategic management, meaning information should be disseminated using top down, bottom up, and horizontal methods (p. 389). This essay discusses the use of a structured process to communicate the strategic plan to stakeholders.

Form strategic vision: Have the big picture in view along with roadmap to achieve the desired output. A clear pathway will help employees what is expected from them and what they need to do to achieve success. The directives and strategies will enable them to execute the vision.

When fulfilling a strategic planning the developing of plan is usually stressed; however, the most important component of it is the realization of this plan. This requires the creation of an organizational culture that makes it possible to realize the strategies chosen, forming a system of motivation, achieving certain flexibility within an organization, etc., that is using all the tools of strategic management.

Organizations successful at strategy implementation effectively manage six key supporting factors :     1.  Action Planning