MNG3702 - Strategic Implementation And Control IIIB (MNG3702)
Resume
Summary Practising Strategy - MNG3702 - Strategic Implementation And Control IIIB (MNG3702)
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Cours
MNG3702 - Strategic Implementation And Control IIIB (MNG3702)
Établissement
University Of South Africa (Unisa)
Book
Practising Strategy
Summaries of all prescribed material for MNG3702 based on the new textbook, Practicing Strategy Third Edition (Venter & Botha) ISBN: 2646 & 2653. Chapters 08 - 14 covered, including Figures and page references to the textbook.
> setting direction for an organisation as a whole, setting goals and crafting a strategy
> implementing and executing strategy and over time through a controlling process, initiate any corrective adjustments where
needed
> 3 phases: planning, implementation, control * this is the traditional view of strategic management aka the Process
perspective of strategic management
- contemporary view on strategic management: strategic management is more iterative and does not follow the above process so
neatly
- purpose of strategic management is to ensure organisations apply the 4 key elements:
> a clear and consistent long-term strategic direction in terms of what the organisation wants to achieve in future
> a profound understanding of the external environment to ensure that the organisation is able to align itself with opportunities
and deal with threats as effective as possible
> an objective knowledge of the key resources, capabilities and weaknesses that the organisation possesses as well as their
value to allow the organisation to build on these and develop a distinct competitive advantage
> a proper alignment of organisational strategies, structure, systems, culture and functional and operational management
(collectively: organisational architecture) to ensure the effective implementation of strategic plans, portfolios, programs,
projects and initiatives
1.2 A contemporary strategic management framework:
Figure 1.1 A contemporary strategic management framework (6 SG)
Strategy formation:
- 3 components of strategy formation:
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Strategy implementation:
- strategies are implemented through various elements: (indicated in F1.1 in the organisational architecture block) leadership,
governance, capabilities, structure, technology and culture
- organisational architecture infuences future strategic direction
Strategic control:
- continuous environmental scanning helps ensure monitoring and control processes
> env scanning and control need to ensure that the strategy as planned is on track and to alert key decision makers if any
interventions are required
> market experts may pick up signals from the environment that could affect the strategy formation process
Organisational architecture:
- organisational architecture: a management tool that is used to describe the workings of an organisation, especially with regard to
the alignment of strategy and the organisation
> a model of the organisation that can be shared by everyone involved in managing change and aligning strategy with structure
- 3 main elements:
> culture
> responsible leadership
> structure
1.3 Strategy implementation and control:
- strategy implementation and control: refers to all the formal and informal practices and processes that embed the strategy in the
organisational architecture and make the strategy a part of the organisation's DNA
- organisational architecture: a holistic representation of the key subsystems of an organisation and their interaction with each other,
which can be used to align the operational aspect of an organisation with its strategic objectives
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,08/03/2023, 21:47 Chapter 08 - Strategy implementation as change management
Chapter 08: Strategy implementation as change
management:
8.1 Strategy implementation & how it differs from strategy formation: (231)
- strategic implementation: the process during which the organisation draws on both humand and non-human factors
to ensure that its strategy is executed in line with the plans devised during the strategy formation phase (the
action phase)
-- alternatively: strategic implementation is the process whereby selected strategies are turned into action in
order to realise the vision, mission and goals of the organisation
> strategy implementation deals primarily with change by translating organisational strategies into action
> management aligns strategic leadership, organisational culture, organisational structures, reward systems,
policies and resource allocation with its chosen strategies
Figure 8.2 The top-down and bottom-up approaches of strategic formation and -implementation (233)
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- portfolio: an investment fund aimed at managing and attaining strategic goals and plans
> funds various projects
- project: has a clear objective with an organised set of activities to be carried out in order to attain its objective
> projects are prioritised and activated based on its contribution to the strategic goals of the organisation
> projects are unique and not repeated exactly
> projects integrate various business functions, contractors and departments in the organisation
> projects consist of various deliverables, and these consist of activities
portfolio (has many)
|
> projects (consisting of many)
|
> deliverables (made up of several)
|
> activities
8.2 Barriers to successful strategy implementation: (234)
- balanced scorecard (BSC): a strategic management tool used in strategy formation
> benefits: it offers a balanced approach to setting strategic goals
> 4 perspectives
* financial
* customer
* learning and growth
* business processes
> enables organisations to clarify their vision and strategy, making it possible to translate them into action
4 main barriers to successful strategy execution:
- the people barrier: organisational reward & incentive systems must be linked to strategy implementation to assist
in overcoming natural resistance to change
- the vision barrier: execution of activities, deliverables, projects and portfolios must lead to the attainment of
strategic goals and the organisation's vision
> everyone must have a clear understanding of the vision and the strategy
- the management barrier: the strategic management process must be managed continuously
- the resource barrier: resources are needed for strategy formation, implementation and control, and budgeting plays
a pivotal role in strategic management
- in order to maximise value creation for all stakeholders, organisations need to overcome these barriers by
implementing a formal process
8.3 Principles of strategy implementation: (235)
P1: Translate the strategy into operational terms: (235)
- translating the corporate strategy into the logical architecture of a strategy map and BSC to specify the details of
the critical elements of the corporate strategy
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