Answer to Question #201944 in Management for Karabo

Question

B) After determining the development process of the new product, you have decided to engage with the key stakeholders of your company to evaluate the category strategy objective of the new product. Therefore, you are expected to practically detail how the following category strategic objectives will be employed by your organisation (20 marks):

• Supply base reduction objective (5 marks)

Answer 1

Implementation of Strategic Objectives in an Organization

Introduction

The technique for putting a strategy into action is one way for implementing management goals, regulations and methods throughout all development projects, monetary plans, and procedures. If such techniques are not adequately implemented, the company may swiftly fail. When an association aims to implement the required tactical plan, it ensures that it covers all of the issues that it may encounter, such as the danger of the risk of losing one's dignity or wasting insufficient capital if the firm fails. In essence, the conceptual research outlines the strategy execution method for achieving the company's goal and goal by providing high-quality products and services to a growing consumer base. As a result of the conclusions of the paper, the firm must develop an exceptional plan to attain the overall goal of meeting all of the organization's objectives.

The review and communication of the strategic plan is the first step in the strategy review process. The company now investigates inputs, performance, budgets, and additional component of the organization's aims or aims that were overlooked throughout the stage of policy design. Unexpected events frequently force a company's plan to be adjusted. For example, a marketing drive may demand a specific amount of time or multiple team members, according to the strategy. Various stages are followed during this procedure. For example, one should back up plans with ideas by ensuring that the plan's policy is in line with the company's objectives. The budget should also be aligned with the yearly goal at this point. A financial assessment should be completed and accepted in order to provide understanding into the finest ways to use the money. Budgetary difficulties should be addressed to ensure that the organization's goals are met. Furthermore, all members of the organization should be informed of and understand the organization's goals. Such an approach ensures that everyone has a same goal and is working towards it.

Future research

The lack of knowledge and communication between managers and employees may lead to a loss of trust, leaving a research gap. In the future, researchers will have a look at the long-term plans process and managerial act to see if there is a link amongst the two. Upcoming investigation will also concentrate on strategic planning and human resource management, as these are the most important variables to consider when it comes to strategic administration. It will too look at organizational performance and strategic planning, as well as how they effect a company directly. The research's final question will delve into strategic planning and business viability in depth. According to the findings, strategic planning has an impact on the viability and attractiveness of the trade to workers. It generates a conducive environment for corporate growth, and it should be properly addressed.

Conclusion

This study demonstrates that strategic application is a sensitive five stage procedure that includes strategy review, the creation of an application construction, the design of policies and programs to provide support to policy application, money distribution, and ultimately, function discharge. Lastly, the research identifies elements that lead to strategy implementation failure. By far the most major reason of failure is poor leadership and a lack of communication. Other issues include a perplexing plan, team members' lack of ownership of crucial project components, and a strategy gap. In the conclusion, this analysis reveals that strategy implementation is a significant part of the success of the organization.

References

Arzenšek, A., and K. Košmrlj. 2017. ‘Assessment of Relationship between Young Researchers and Mentors and Implications for Knowledge Transfer.’ Management 12 (3): 273–92.

Aspridis, G., and D. Kyriakou. 2012. ‘Human Resource Evaluation in Hotel Units.’ Management 7 (1): 17–34.

Basol, O., and I. Karatuna. 2017. ‘Entrepreneurial Self-Efficacy of University Students: A Cross-Cultural Study.’ Management 12 (1): 27–40.

Brinkschröder, N. 2014. ‘Strategy Implementation: Key Factors, Challenges and Solutions.’ Paper presented at the 4th iba Bachelor Thesis Conference, Enschede, 6 November.