Strategy Implementation

Start Date: 07/05/2020

Course Type: Common Course

Course Link:

About Course

Even a thoroughly developed business strategy may fail if you don't pay enough attention to its implementation. This rings particularly true with strategies based on innovation or implemented in complex or fast-changing environments. In the 20th century successful implementation leveraged stability and typically proceeded through hierarchy and control. Today the key is to stay vibrant and able to quickly respond to trends in competition and technology while not losing sight of the strategic objective. In this course we'll build a toolbox of techniques to execute today's business strategies to help them succeed. After completing this course, you'll be able to: - Create objectives and goals to guide strategy implementation - Identify organizational structures that fit particular strategies - Understand how to leverage company culture in implementation - Describe how to communicate the strategy so that the organization "gets" it - Detect and mitigate risks to implementation

Course Syllabus

In this module we set the scene in strategy implementation and take a bird's-eye view of the course. We then dive into formulating actionable goals based on the strategy, good practices in creating metrics and setting objectives, and learn about two specific tools for deriving actionable, measurable goals from a strategy.

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Course Introduction

Strategy Implementation Strategy Implementation is the final course in the specialization. In this course you will implement a business strategy using the tools you learned in the specialization. You will use the knowledge you’ve gained to create a strategy that is both profitable and sustainable. You’ll do this by analyzing the current state of the business and by drawing up a plan of action that includes the strategic alignment between the business and its financial stakeholders.Strategy implementation is a multiple choice essay problem solving exercise comprising of multiple choice questions, solutions, and alternatives. Failure to select an option provides no evidence of deficient knowledge, and in fact may be evidence of the opposite. This course is designed to be valuable to you both as a professional and as a student. Throughout this course you will work on a consistent basis on a variety of topics related to business strategy, economic theory, financial statement interpretation, business communication, and organizational behavior. You’ll also use the learning outcomes from this assignments and assessments to further develop your skills in strategy implementation.Strategy execution Strategy planning Strategy review and assessment Strategy implementation and evaluation Strategy Implementation Plan The course strategy implementation plan will guide you through the process of developing a strategy from scratch, in addition to covering topics such as the planning process, broad issues, and exercises. You’ll also learn how to effectively use tools and techniques to achieve your goals.

Course Tag

Strategic Management Strategy Implementation Performance Management Strategic Planning

Related Wiki Topic

Article Example
Strategy implementation The pace of the strategy implementation can affect its success:
Strategy implementation There is no universally accepted meaning of ‘strategy implementation’. Many definitions can be found:
Strategy implementation Multiple authors suggest that Strategy implementation relies upon the following activities:
Strategy implementation Communicate why the implementation is needed to organisational members with implementation responsibilities, and what they are required to do. Organisational members must be aware of the strategic goals of the firm (Kotter and Schlesinger,1979). Without this knowledge of the strategy, organisational members will not be able to place the strategy being implemented within a broader context and assess its importance.
Strategy implementation Communicating the strategy is an essential part of the implementation (Heide et al., 2002; Noble, 1999; Kotter, 1995; Reid, 1989; Hrebiniak and Joyce, 1984; Hambrick, 1981). This communication can be internal to the organisation or external. In addition, when implementing a strategy, the human aspect also needs to be considered. And an implementation can be done only if the organisational members are engaged.
Strategy implementation Strategy implementation is a term used to describe the activities within an organisation to manage the execution of a strategic plan.
Strategy implementation In other words, the business strategy must be translated into a set of clear short-term operating objectives (activities and outcomes) in order to execute the strategy. Key issues, elements, and needs of strategy must be translated into objectives, action plans, and “scorecards” and this translation is an integral and vital part of the execution process. Developing this set of clear objectives, that relates logically to the strategy and how the organisation plans to compete, is an important aspect of an effective implementation process (Owen, 1982). Having a concrete, detailed and comprehensive implementation plan can have a positive influence on the level of success of an implementation effort. In addition it helps identify what will be required in terms of resources, capabilities and time.
Strategy implementation Strategic implementation is often associated with performance management. Tools such as balanced scorecard and its derivatives such as the performance measurement, or the ACME (Articulate, Communicate, Monitor and Engage) framework can be practical and useful to successfully implement a strategy.
Strategy implementation Monitoring these measures will help the organisation members in controlling that the strategy is being implemented successfully and if not in making them take decisions that will allow them to achieve the strategy. Strategy control, in turn, provides timely and valid feedback about organisational performance so that change and adaptation become a routine part of the implementation effort. Controls allow for the revision of execution-related factors if desired goals are not being met.
Strategy implementation The process of strategy implementation remains largely unspecified. Only a few authors propose specific activities and systems (e.g. Hrebiniak and Joyce, 1984; Reed and Buckley, 1988; Wheelen and Hunger, 1992).
Strategy implementation As mentioned in the Strategy translation, each short-term operating objectives needs to be associated with a measure whether it be an action plan with milestones or a metric (Owen, 1982). These small number of high-level measures with associated targets will track the implementation activities being undertaken and their consequences .
Strategy implementation As mentioned previously, a slow implementation with small steps usually has a positive influence on engaging the management resulting in a better implementation performance.
Strategy implementation Implementation evaluation can have a positive influence on future implementation performance, increasing engagement using past successes or based on lessons learned.
Strategy implementation To achieve that there needs to be an agreed mechanism of intervention to enable the management to efficiently and effectively engage with their organisation to ensure the required actions are being carried out, and where these actions are not working as expected, to be able to change the actions as required (Amason 1996). For example a best practice for strategy implementation monitoring and control is to meet regularly in structured and time-limited sessions (Allio, 2005).
Strategy implementation The purpose of articulating the strategy is to translate the strategy into a form where managers and stakeholders agree consensually on what needs to be achieved, which is in line with research made by Keegan and Den Hartog (2004). The strategy articulation will describe the end goals, preferably, when possible, expressed with quantitative or qualitative goals (Reid, 1989). This strategy articulation can, for example, be expressed in the form of a Destination Statement (Lawrie and Cobbold, 2004).
Strategy dynamics According to many introductory strategy textbooks, strategic thinking can be divided into two segments : strategy formulation and strategy implementation. Strategy formulation is done first, followed by implementation.
Strategy implementation Monitoring or evaluation should begin early on in order to cut an errant strategy before losses or negative impacts become too costly or damaging.
Strategy implementation Part of this strategy translation is to assign responsibilities (Owen, 1982) across the organisations members, not only as to engage them but also to monitor and control that each of the operating objectives is being taken care of.
Strategy implementation To be usable, a strategic needs to be translated into a set of actionable operational steps. The concrete and clear strategic objectives should be translated into operational implementation sub-objectives (Reid, 1989), be linked to departmental and individual goals (Kaplan, 1995), and be measurable (Reid, 1989). An essential part is to make sure that people understand what is they need to do and why.
Strategy implementation Therefore to achieve strategic objectives, the short-term operating objectives need to be measurable. Performance appraisal and measurement of strategic progress simply cannot function without the existence of these critical metrics or measurable performance criteria. Progress measurement points or ‘milestones’ should be established (Owen, 1982). In addition, goal setting provides a sense of direction and pace setting for the implementation effort (Reid, 1989)