Discuss importance of leadership team buy-in of the strategy

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Reference no: EM131740757

STRATEGIC MANAGEMENT Assignment -1

Introduction:

You will use the various analytical tools presented in the course to provide a SWOT (strengths, weaknesses, opportunities, threats) analysis for a company with which you are familiar and have not previously performed analysis on such as a competitor of your current employer. Once the SWOT analysis has been generated, you will discuss how this information might be used in terms of making strategic decisions for the company. You will also discuss what makes a strategy either successful or unsuccessful and how the SWOT analysis can affect the overall success or failure of the strategy. Finally, you will use your analysis to create a business strategy for the company in Assignment 2.

Requirements:
A. Evaluate what makes a strategy either successful or unsuccessful by doing the following:
1. Discuss how the creation of the vision, mission, and values statements are critical in the formation of the overall strategy.
- Chapter 2 discusses the development of a strategic vision, mission statement, and value statement.
- Provide an overview of the importance of each of these aspects of business planning and strategy.
- Discuss vision, mission statement, and value statements in detail and build a case for their strategic importance to a company.
- Tie each of the three components to the overall strategy of a business and explain how they provide a framework for future strategic planning.

2. Discuss the importance of leadership team buy-in of the strategy.
- Review Chapter 2 of the text as it relates to the corporate leadership team's role in developing and implementing a strategic vision.
- Provide a detailed discussion of the fact that it is important for the leadership of an organization to buy in to the strategic plans of the organization.
- Discuss the role that the leadership of an organization plays in crafting and implementing the strategic vision of an organization.

3. Discuss the use of at leasttwo analytical tools in performing a situational analysis.
- Chapter one discusses the three tests of a winning strategy (Fit Test, Competitive Advantage Test, and Strong Performance Test)
- Other examples for analyzing the internal and external business environment include resource & capability analysis (Chapter 4), Porters five forces (Chapter 3), PESTEL analysis (Chapter 3), and SWOT analysis (Chapter 4).
- Outline the definition of each of these tests and cite all work appropriately.
- Discuss, in detail, the importance of each test and its impact on crafting a successful strategy.

4. Discuss the importance of having the appropriate alignment between strategy, people, and corporate culture.
- Chapter 12 discusses corporate culture and the role that it play in an organization.
- Provide an in depth discussion, with examples, of the need to align the strategy, human resources, and corporate culture.
- Discuss the role of ethics, values, and norms and the way they impact results.

a. Discuss the role that this alignment plays in determining the success or failure of the business strategy.
- Provide examples of successful and unsuccessful alignment of corporate cultures, people, and strategy. Cite work appropriately and utilize details when building a case for the importance of alignment.

B. Perform a SWOT analysis for a company with which you are familiar or where you are presently employed by doing the following:
1. Analyze the strengths, weaknesses, opportunities, and threats of the company.
- Chapter 4 provides a great deal of information on performing a SWOT analysis
- Perform a SWOT analysis on a business that you are familiar with; preferably one for which you work or have worked for in the past.
- View these YouTube Videos
- Provide an in depth overview of the organization that allows the reader to grasp the company. Provide items such as size, products, services, market, and geographic scope.
- Place at least five to eight bullet points in each of the four quadrants and provide detailed analysis of why these items have been placed in the particular quadrant.
- Remember that Strengths and Weaknesses are internal to the company while Opportunities and Threats are external and somehow impact the entire industry.
- Remember that Strengths and Opportunities are good things while Weaknesses and Threats are bad things.

C. Discuss how the SWOT analysis from part B impacts your company's strategic decisions.
- Review Chapter 4 about the impact that a SWOT analysis has on strategic planning.
- Discuss, in detail, how the SWOT analysis that was completed in the previous section impacts a company's strategic plan.
- Provide facts to support your contentions.
- Discuss at least three changes that could be made based on the SWOT analysis and provide a basic plan for implementing these changes.

D. When you use sources, include all in-text citations and references in APA format.

- Refer to the Purdue OWL online resource for APA tips and tricks.

- Utilize the Center for Writing Excellence when needed in order to ensure the submission is APA compliant.

STRATEGIC MANAGEMENT - Assignment - 2

Introduction:

You will use your analysis from Assignment 1 to create a business strategy for the company you chose. While there is no minimum length, this business strategy should be concise while addressing all the topics listed in the prompts below.

Course Notes:
- Review Chapter One for a discussion on strategic planning.
- Develop a vision, mission statement, and value statement for the business that you chose to do a SWOT analysis on in Task One.
- Discuss how the strategy will be executed and provide a detailed plan of action for the implementation and execution of the strategy.

- Discuss the roles that the various departments and key personnel will play in the execution of the strategic plan.
- Refer to the SWOT analysis you completed in Paper 1 in order to develop a strategic plan
- Review Chapter 5 and determine which of the five generic competitive strategies would be most appropriate for the company you have chosen.
- Critically evaluate the financial position of the company in order to find additional strengths and weaknesses. Provide an in depth discussion. Utilize the key financial ratios in Chapter 4 to enhance understanding of the company's financial position.
- See the attached article for the important components of writing an executive summary. Remember that the executive Summary and the full Report are both stand-alone documents.

Requirements:
A. Create a business strategy in report format by doing the following:

1. Create an executive summary that includes the following points:
- the vision, mission, and value statement of the business (taken from A2)
- the execution of a strategy (taken from A9)
- the financial evaluation of the strategy (taken from A10)
- a conclusion or summary of the business strategy (taken from A11)

2. Discuss the vision, mission, and values statement completed in part A1.
- Begin with a brief overview of your company, industry and strategy. Review Chapter 2 as well as the discussion that was provided in Task 2, part A1.
- Discuss, in detail, the important concepts of the company's vision, mission statement, and values statement.
- Provide a detailed overview of the vision, mission statement, and values statement that you have created for your company in the previous section.
- Provide the rationale as to why your vision, mission statement, and values statement are superior and chart the preferred course for the company.

3. Justify the analytical tools used in developing your strategy.
-Using the analytical tools that were discussed in Task 1, part A3, provide the rationale behind each of the analytical tools you selected were critical in the development of your strategy.
-Review each of the analytical tools and apply them to the specific company you have chosen. Analyze the company using the tool.
-Demonstrate how your strategy will provide for the best chance at success based on the results of the analysis you conducted.

4. Include the detailed SWOT analysis from task 1.
- Copy and paste the SWOT analysis you completed in Paper 1 into this section of Task 2 including both B, B1, and C prompts

5. Discuss your plan for maintaining competitive advantage.
- Review Chapter 1 about the concept of sustainable competitive advantage
- Review Chapter 4 about assessing a company's resources and capabilities.
- Discuss your plan for developing and maintaining a sustainable competitive advantage.
- Employ the VRIN tests for sustainable competitive advantage to demonstrate
- Discuss each test in detail and show how the sustainable competitive advantage that your company has is tied into the strategic plan.

6. Discuss the implications of competing in international markets.
- Review chapter 7 on International Markets
- Discuss, in detail, the pros and cons of competing in international markets.
- Provide so rationale as to why or why your company should not compete internationally. Include a complete answer to all aspects of this prompt even if your answer is "no", you will not expand internationally.
- Discuss, in detail, the five strategic options for entering foreign markets and apply them to the business you have chosen.

7. Discuss a diversification strategy that should be considered in your business strategy.
- Review Chapter 8 on Corporate Strategy.
- Define, in detail, what a diversification strategy entails.
- Discuss, in detail, the impact that diversification strategies have on the value chain. Answer all aspects of this prompt correctly even if the answer is "no", we will not pursue a diversification strategy.
- Discuss, in detail, the diversification strategy that impacts your company. Be specific and provide ample examples.

8. Discuss at least one ethical consideration of your strategy.
- Review Chapter 9 about Ethics and Ethical Considerations.
- Talk, in detail, about the importance of social responsibility and the negative costs associated with ethical wrongdoing.
- Be specific as you discuss one or two of the main ethical considerations you considered when formulating your company's strategy

9. Discuss your planned execution of the strategy.
- Review Chapter 10 on Strategy Execution.
- Talk, in detail, about the ten basic tasks of the strategic execution process as well as building an organization capable of proficient strategy execution
- Staff the organization with managers and employees capable of executing the strategy well.
- Build the organizational capabilities required for successful strategy execution.
- Create a strategy-supportive organizational structure.
- Allocate sufficient resources (budgetary and otherwise) to the strategy execution effort.
- Institute policies and procedures that facilitate strategy execution.
- Adopt best practices and business processes that drive continuous improvement in strategy execution activities.
- Install information and operating systems that enable company personnel to carry out their strategic roles proficiently.
- Tie rewards and incentives directly to the achievement of strategic and financial targets.
- Instill a corporate culture that promotes good strategy execution.
- Exercise the internal leadership needed to propel strategy implementation forward.
- Talk about your company specifically. Provide a specific plan for executing your corporate strategy.
- How do your corporate structure, staffing, management, and management philosophy impact your strategic execution?

10. Discuss how you would use ROI (return on investments) and cost-benefit analysis as part of your business strategy.
- Discuss, in detail how cost-benefit analysis and ROI impact the development, execution, and analysis of your business strategy.

Review the following YouTube videos to gain a better understanding of Cost-Benefit Analysis

Review the following YouTube videos to gain a better understanding of ROI

There are two different strategies for approaching this prompt:
- The submission could provide the calculations for ROI and Cost-benefit analysis. The student does not have to define these...or
- A discussion of how the calculations would be used as a part of the business strategy could be provided.

11. Create a conclusion for your business strategy.
- Provide a detailed conclusion that summarizes the key components of your business strategy.
- Discuss the high points and ensure that your conclusion incorporated the major areas of a strategic plan as discussed in part A1 of this task.

B. When you use sources, include all in-text citations and references in APA format.
o Refer to the Purdue OWL online resource for APA tips and tricks.
o Utilize the Center for Writing Excellence when needed in order to ensure the submission is APA compliant.

Reference no: EM131740757

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Reviews

len1740757

11/28/2017 4:58:11 AM

The candidate provides a logical discussion, with no detail, of the importance of having the appropriate alignment between strategy, people, and corporate culture. The candidate provides a logical discussion, with limited detail, of the importance of having the appropriate alignment between strategy, people, and corporate culture. The candidate provides a logical discussion, with adequate detail, of the importance of having the appropriate alignment between strategy, people, and corporate culture. The candidate provides a logical discussion, with substantial detail, of the importance of having the appropriate alignment between strategy, people, and corporate culture. A4a. Success or Failure The candidate does not provide a logical discussion of the role that the alignment plays in determining the success or failure of the business strategy. The candidate provides a logical discussion, with no detail, of the role that the alignment plays in determining the success or failure of the business strategy. The candidate provides a logical discussion, with limited detail, of the role that the alignment plays in determining the success or failure of the business strategy.

11/28/2017 4:57:39 AM

A2. Leadership Team Buy-in The candidate does not provide a logical discussion of the importance of leadership team buy-in of the strategy. The candidate provides a logical discussion, with no detail, of the importance of leadership team buy-in of the strategy. The candidate provides a logical discussion, with limited detail, of the importance of leadership team buy-in of the strategy. The candidate provides a logical discussion, with adequate detail, of the importance of leadership team buy-in of the strategy. The candidate provides a logical discussion, with substantial detail, of the importance of leadership team buy-in of the strategy. A3. Analytical Tools The candidate does not provide a logical discussion of the use of at least 2 analytical tools in performing a situational analysis. The candidate provides a logical discussion, with no detail, of the use of at least 2 analytical tools in performing a situational analysis. The candidate provides a logical discussion, with limited detail, of the use of at least 2 analytical tools in performing a situational analysis.

11/28/2017 4:57:23 AM

Paper 1 Rubric value: 0.00 value: 1.00 value: 2.00 value: 3.00 value: 4.00 Score/Level Articulation of Response (Clarity, organization, mechanics) The candidate provides unsatisfactory articulation of response. The candidate provides weak articulation of response. The candidate provides limited articulation of response. A1. Vision, Mission, and Values Statements The candidate does not provide a logical discussion of how the creation of the vision, mission, and values statements are critical in the formation of the overall strategy. The candidate provides a logical discussion, with no detail, of how the creation of the vision, mission, and values statements are critical in the formation of the overall strategy. The candidate provides a logical discussion, with limited detail, of how the creation of the vision, mission, and values statements are critical in the formation of the overall strategy. The candidate provides a logical discussion, with adequate detail, of how the creation of the vision, mission, and values statements are critical in the formation of the overall strategy.

11/28/2017 4:54:38 AM

Note: For definitions of terms commonly used in the rubric, see the Rubric Terms web link included in the Evaluation Procedures section. Note: When using sources to support ideas and elements in an assessment, the submission MUST include APA formatted in-text citations with a corresponding reference list for any direct quotes or paraphrasing. It is not necessary to list sources that were consulted if they have not been quoted or paraphrased in the text of the assessment. Note: No more than a combined total of 30% of a submission can be directly quoted or closely paraphrased from outside sources, even if cited correctly. For tips on using APA style, please refer to the APA Handout web link included in the APA Guidelines section.

11/28/2017 4:54:20 AM

Competencies: Strategy As a Process - The Student identifies the strategic process and the execution of a strategic plan. Fundamental Perspectives on Strategy - The Student assesses the fundamental perspectives on strategic decision-making using analytical tools. Winning Strategies and Maximizing Strategic Power - The Student analyzes generic strategies for winning a competitive advantage and determines how to apply maximum strategic power. International and Multi-Business Strategies - The Student assesses the value of competing in international markets and determines the risks and rewards of diversification strategies. Ethics, Corporate Social Responsibility, Environmental Sustainability, and Strategy - The Student analyzes the concepts of ethics, corporate social responsibility, and environmental sustainability and assesses the impact these policies have on strategic decision-making. The Framework for Communicating and Executing Strategy - The Student evaluates the framework necessary to effectively execute strategy.

11/28/2017 4:54:06 AM

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