1- Developing effective implementation strategies is essential to achieving stated goals and objectives. How does linking short-term objectives to strategies and functional tactics help shape implementation plans? What is the role of policy development in framing enterprise performance?
2- Developing effective implementation strategies is essential to achieving stated goals and objectives. How does linking short-term objectives to strategies and functional tactics help shape implementation plans? What is the role of policy development in framing enterprise performance?
3- How is the balanced scorecard approach to strategic controls different from previous approaches? How does this help an organization in creating and implementing change?
4- Innovation is seen as a main component of developing competitive advantage in today's hyper-competitive environment. How is innovation developed and used to enhance enterprise performance? What factors help shape innovation strategies? How is innovation used as a tool by entrepreneurs?
1- Strategy versus Functional Tactics
There are some prominent differences between business strategies and functional tactics. Specificity is one fact that is different, and functional tactics are usually more specific whereas business strategies provide a more general direction. Functional tactics are specific in the clarification of what needs to be accomplished and the facilitation of coordination.
Time is also another factor that differs between strategies and tactics. Functional tactics are those activities that should be completed as priority, whereas strategies are elements that have a lengthier time frame, usually a couple of years.
Lastly, the type of participant is another differentiating factor. Business strategies are taken on by management and functional tactics are those activities that are delegated to different areas within a firm.
what are your thoughts?
2- Qualities of Short Term Objectives
There are three main qualities of short term objectives. The first is that short term objectives should be measurable; a clear indication of what is to be done, when and by who should be identified. This enables all participants to fully understand the goal and who is responsible. Likewise, misunderstandings are minimized between participants as well.
Another quality of short term objectives is that they display priorities in the overall accomplishment of a long term mission/goal. The short term goals are those achievements that should be accomplished within the most recent time, as they are critical to the success of the overall strategy.
Finally, the other important quality of short term objectives is that they should relate to long term objectives listed for the strategy. There should be a clear point of reference between the two objectives to ensure sound communication and guidance. This is also considered the cascading approach
what are your thoughts?
Strategic control is an important element in the implementation of a strategy as it tracks efforts and ensures that adjustments are made when needed toward the actions of the overall process. There are different types of strategic controls that can be implements to assist management:
· Premise control involves the continuous checking to ensure that the premise in which the vision is based upon is still valid.
· Environmental and industry factors are examined to determine if the underlying principle of the mission needs to be changed.
· Strategy surveillance monitors a large range of events that have the tendency to affect the outcome over the strategy. This ongoing monitoring ensures that daily activities are relevant.
· Special alert control is those actions taken when something unexpected occurs and when change needs to happen quickly. This is similar to a crisis plan and monitors the firm's initial response.
All of these controls are used in conjunction to balance the actions and responses of management and the employees when trying to achieve a strategy.
what are your thoughts?
There are different types of bonus compensation plans that assist in awarding employees for a job well done and maximizing shareholder profits. Stock opens are one type of plan that provides employees the right to purchase stock at a set price. This assists employees if the share price rises, as they are 'grandfathered' into a set price.
Another type of plan is called restricted stock in which share holders cannot sell their stock for a given period of time. This usually promotes longer tenure among executives.
Golden handcuffs refer to a series of installments of annual income. This provides executives an incentive to stay with a firm in order to receive all payments. However, the downside is that employees have to wait to receive their money.
Another type of incentive is the golden parachute that provides bonus compensation to employees if they quit or are fired. This is usually a large sum of money.
CLASS: What have you experienced in regards to compensation plans? What has or has not motivated you to perform "above and beyond?"
Explain your rationale.
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