Businesses' Implementation of Corporate/Organizational Strategy
Module 3 - Case
HARNESSING THE POWER OF OPERATIONS AND FINANCE
Assignment Overview
Strategic Management
As your final written case of class, it is time to complete all of the connections regarding how strategy is implemented in an organization and the roles of the stakeholders across functional areas.
Case 3 Resources
Corporate-Level Strategy Defined (2022)
Implementing Corporate Strategy (2022)
9 Steps to Successful Functional Strategic Planning (2022)
Strategic Vs. Operational Management (With Career Options) (2022)
Case Assignment
Strategic Management: A Team Approach
Do not focus on a single business or industry. Research how the business disciplines work together to ensure corporate/organizational strategy is implemented so the entity can move forward. Use quality research published within the last year. Articles from the library databases are a good choice. Library databases allow searching by date. In Google search, click “Tools” and enter the date range.
Role of Managers, Leaders, Human Resources. (1 page).
Role of Data Analysis. (1 page).
Role of Economics or economic analysis. (1 page).
Finance and Accounting’s parts. (1 page).
The Role of Operations. (1 page).
Marketing department’s involvement. (1 page).
Making Connections
Explain how Strategic Management provides a foundation for cross-functional teams to benefit the organization as it plans for the future. (1 page; research required).
No quotations are permitted in this paper. Since you are engaging in research, cite and reference the sources in APA format. NOTE: Failure to use research with accompanying citations to support content will result in reduced scoring “Level 2-Developing” across the grading rubric. This is a professional paper, not a personal one based on feelings. It must be written in the third person. This means words like “I,” “we,” and “you” are not appropriate.
Assignment Expectations
Use the attached APA-formatted template to create your submission.
The template is set up in APA 7: double-spacing, font, margins, headings, page breaks, APA help links.
MGT599 Case 3
Your Name
Trident University International
MGT599 Strategic Management
Due Date
MGT599 Case 3
Various business disciplines work together to implement corporate/ organizational strategy effectively. Each discipline plays a unique role that contributes to the overall well-being of the organization. Working with cross-functional teams ultimately helps consolidate the different perspectives for the organization's overall well-being.
Management and Strategy
Managers and leaders play a crucial and central role in the effective implementation of corporate/ organizational strategy. They mainly contribute to this implementation by overseeing and facilitating setting goals. They are also responsible for breaking down the set goals and setting strategic plans. Further, managers and leaders are responsible for the proper allocation of resources to be used in the achievement of the set goals. In addition, managers/ leaders provide the guidance and leadership necessary to guide various teams toward achieving organizational objectives.
Human resource managers also play a crucial role in helping achieve the strategic objectives and implementing the organization/ corporation strategy. There are several ways in which these managers contribute. One of the key roles that managers play is talent acquisition. They help ensure that the best talent is hired. The hiring process is important as it greatly determines the extent to which the implementation of the organizational objectives will be successful. Having the right human resources will play an optimal role in implementing the strategy (Hamid et al., 2022). In addition, human resource managers are tasked with ensuring that employees are constantly trained. The training aims to ensure that employees are up to date with the skills relevant to their tasks. With proper training, employees become more productive, further contributing to the strategy's achievement. In addition, human resource managers carry out performance evaluations to assess the extent to which employees are achieving the goals assigned to them. The performance evaluations help ensure that all employees are optimally working towards achieving business/ organizational goals (Hamid et al., 2022). Implementation of the strategy greatly relies on the achievement of set goals.
Data Analysis and Strategy
Data analysis plays a crucial role in implementing corporate strategy in the modern business environment. Modern businesses exist within an ecosystem and framework of big data (Shao et al., 2022). there is so much data a business/ corporate can analyze to help guide the corporate decision strategy. Through an analysis of historical and real-time data, it is possible to gain insights that will help in proper strategic decision-making. Collecting and analyzing essential data can help implement the corporate strategy by providing key insights on the best ways to manage existing resources, identifying the most appropriate target markets, and identifying areas for product and operational improvements. With the ability to make informed decisions concerning these factors, a business will have a smooth journey in implementing strategic objectives.
Data analysis also aids in the implementation of corporate strategy by enabling monitoring and evaluation. Most organizations use key performance indicators to monitor the progress made as far as proper implementation of corporate strategy is concerned. Data analysis can help monitor the extent to which these key performance indicators are being met (Shao et al., 2022). Corrective actions are taken if the analysis reveals that the key performance indicators are not being met as expected. Ultimately, data analysis will help the proper implementation of the corporate strategy in this regard. The analysis will also help the organization identify the strong areas. The strong areas should be maintained, while the weak areas should be improved. Therefore, data analysis plays a crucial role in ensuring the effectiveness of the strategy. Additionally, proper data analysis helps in the proper identification of new market trends helping businesses and corporates to adapt swiftly.
Economics and Strategy
Economics and consequent economic analysis help gain proper insight into the external environment of the business. There are three main ways in which economic analysis helps in the proper implementation of corporate strategy. The first way is through helping the organization assess the market conditions. Understanding the market is undoubtedly important as it helps a business target the right pool of customers. The second way economic analysis plays a role in the proper implementation of corporate strategy is by identifying opportunities and threats. Opportunities and threats are factors within the external business environment that greatly determine the success of the business (Shao et al., 2022). The third factor is combining market knowledge with opportunities and threats to develop informed strategic decisions.
In addition, analysis of economic factors helps organizations assess important factors such as demand and competition. It is important for the organization to ensure that they increase the demand for their products. One of the best ways to be competitive. If the economic analysis reveals that there is high competition, the organization must come up with innovative ways to beat the competition. Some methods of increasing competitiveness include lowering the price, adding value to products, and changing branding. Being competitive would help command a significant proportion of the market share, ensuring that the business effectively implements the corporate strategy. Proper economic analysis also helps an organization forecast industry trends and ensure the organization adapts. In the modern business environment, where trends change frequently, adaptability is a key factor in helping the proper implementation of the strategy.
Finance, Accounting, and Strategy
Finance and accounting are the backbone of the proper implementation of corporate strategy. The finance and accounting departments help provide proper financial information, analysis, and guidance. These factors are essential in the implementation of corporate strategy as they help in the allocation of proper financial resources for the implementation of the strategy. Undoubtedly, the successful implementation of the corporate strategy relies on the proper allocation of the existing resources to fund the strategy (MacIntosh et al., 2022). Therefore, the finance and accounting departments play a crucial role in ensuring that resources are optimally distributed to meet ...