Worksheet 14 Implementation Plan Confirm Your Chosen Strateg ✓ Solved

Worksheet 14implementation Planconfirm Your Chosen Strategic Alternati

Confirm your chosen strategic alternative: PART 1: GAP ANALYSIS & RESOURE/CAPABILITY DEVELOPMENT FOR NEW BUSINESS STRATEGY/DIRECTION FUNCTIONAL AREA Identify resource & capability gaps and development What activities need to take place to create new functional and operational resources & capabilities? KPIs & TARGETS Describe what kind of funding will be required and where the financial resources will come from… Finance Describe what kind of innovation will be required and how the resources for R&D will be transferred, developed or acquired… Research & Development Describe the staffing process, including restructuring of the organization if required …. Human Resources Procurement/Purchasing Operations Marketing Other PART 2: FUNCTIONAL & OPERATIONAL STRATEGY IMPROVEMENTS FOR EXISTING BUSINESS STRAGEY FRONT BURNER STRATEGIC ISSUE CRITERIA FUNCTIONAL & OPERATIONAL STRATEGIES (ACTION PLAN) KPIs TARGET Enter strategic issue 1 from worksheet 10 Please note this strategic issue have been partly resolved with the strategic alternative and capabilities developed in Part 1. You can simply refer to Part 1 but you can also still add other activities here. Please describe activities such as new marketing loyalty programs or advertising campaigns, a new software implementation to improve data or inventory management, etc More than one activity can be listed for one strategic issue. Be creative but also cognizant of the financial implications. Your activities cannot be at the scale of previous strategic alternatives! For example how many new members will be joining your new loyalty program in year 1, 2 and 3. Enter strategic issue 2 For example, when will the new inventory software be implemented and rolled out, and when will improvements be visible? Enter strategic issue 3 PART 3: CONSOLIDATED TIMELINE No new activities will be created in Part 3. The table below merely displays the activities from Part 1 & 2 in a time sequence and confirms the KPIs that will be achieved. Short term (specify time eg 1-2 years) Mid term (specify time) Long term ( specify time) Enter key activities (and KPIs) from Part 1 & 2 Conclusion: Refer back to the big problem and taking the KPIs from the table above, conclude how the company will have changed as a result of the new strategic alternative and functional changes that will address all previously identified strategic issues.

Sample Paper For Above instruction

Introduction

Developing a comprehensive strategic implementation plan is vital for guiding a company's transformation and ensuring the achievement of strategic objectives. This paper aims to demonstrate a structured approach to planning, focusing on a new business strategy, by conducting gap analysis, capability development, and strategic initiatives across various functional areas. The ultimate goal is to bridge identified gaps, foster innovation, and establish clear timelines with measurable KPIs to enable effective execution and monitor progress over time.

Part 1: Gap Analysis & Resource/Capability Development

The first step in implementing a new business strategy involves a detailed gap analysis of the existing resources and capabilities. For instance, a company aiming to expand its digital footprint might identify gaps in current technological infrastructure, digital marketing expertise, or R&D capabilities. Recognizing these gaps allows for targeted development activities, such as investing in new software tools, hiring specialized personnel, or forming strategic partnerships for innovation.

Financial considerations are paramount; the required funding could come from internal reserves, external investors, or strategic alliances. Establishing KPIs like investment ROI, cost reduction percentages, or technology deployment timelines guides resource allocation. For example, an estimated budget might allocate 60% for technology upgrades, sourced through venture capital, aiming for a 20% increase in operational efficiency within 12 months.

Innovation in R&D is equally critical, necessitating transferred or acquired resources, such as licensing agreements, joint ventures, or talent acquisition. Effective staffing processes include restructuring roles to support new initiatives, training existing staff, and recruiting specialists in data analytics or software development. Procurement activities involve sourcing new hardware/software vendors, ensuring cost-effective and scalable solutions. Operational improvements might include process automation in supply chain management, while marketing strategies could encompass new digital campaigns targeting niche customer segments.

Part 2: Functional & Operational Strategy Improvements

Addressing existing strategic issues requires specific activities aligned with operational strategies. For example, if one strategic issue involves poor customer retention, a targeted activity might include launching a new loyalty program. The timeline for this activity would be set over the first year, with KPIs such as membership growth rates, increased repeat purchase rates, or customer satisfaction scores.

Another issue, such as inefficient inventory management, could be addressed by implementing a new software system. Rolling out in the first quarter, with benefits visible by the third quarter, KPIs might include reduced stockouts or overstock levels, and improved inventory turnover ratios. Additional strategic issues might include streamlining procurement processes or enhancing website user experience, with corresponding initiatives and KPIs set for short, medium, and long-term objectives.

Part 3: Consolidated Timeline and Expected Outcomes

Creating a timeline consolidates activities over short, mid, and long-term periods. For example, in the short term (1-2 years), activities like launching the loyalty program and implementing inventory software occur, with KPIs such as 15% increase in repeat customers and 20% reduction in inventory costs. Mid-term goals (3-5 years) might involve expanding R&D capabilities and entering new markets, tracking progress via market share gains and revenue growth metrics. Long-term objectives focus on sustaining innovation, optimizing operations, and achieving strategic market positioning.

In conclusion, a well-structured implementation plan guided by clear KPIs and timelines can transform strategic intentions into tangible results. Addressing gaps, fostering innovation, and aligning activities across functional areas enable a company to adapt dynamically to market changes while achieving sustainable growth and competitive advantage.

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