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Create a company that is based in Orangeburg, SC.. The company choosen was Organic Coffee and Beverages in Orangeburg, SC.
Using the exercise for simulation participants on page 15 as well as table 2.1 on page 22 of your textbook, create a vision, a mission and workable objectives for your company.
EXERCISE FOR SIMULATION PARTICIPANTS
Three basic questions must be answered by managers of organizations of all sizes as they begin the process of crafting strategy:
What is our present situation?
Where do we want to go from here?
How are we going to get there?
After you have read the Participant’s Guide or Player’s Manual for the strategy simulation exercise that you will participate in during this academic term, you and your co-managers should come up with brief one- or two-paragraph answers to these three questions prior to entering your first set of decisions. While your answer to the first of the three questions can be developed from your reading of the manual, the page 16 second and third questions will require a collaborative discussion among the members of your company’s management team about how you intend to manage the company you have been assigned to run.
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What is our company’s current situation? A substantive answer to this question should cover the following issues:
Is your company in a good, average, or weak competitive position vis-à-vis rival companies?
Does your company appear to be in a sound financial condition?
Does it appear to have a competitive advantage, and is it likely to be sustainable?
What problems does your company have that need to be addressed?
LO 1, LO 2, LO 3
Where do we want to take the company during the time we are in charge? A complete answer to this question should say something about each of the following:
What goals or aspirations do you have for your company?
What do you want the company to be known for?
What market share would you like your company to have after the first five decision rounds?
By what amount or percentage would you like to increase total profits of the company by the end of the final decision round?
What kinds of performance outcomes will signal that you and your co-managers are managing the company in a successful manner?
LO 4, LO 6
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How are we going to get there? Your answer should cover these issues:
Which one of the basic strategic and competitive approaches discussed in this chapter do you think makes the most sense to pursue?
What kind of competitive advantage over rivals will you try to achieve?
How would you describe the company’s business model?
What kind of actions will support these objectives?
LO 4, LO 5
Next, using stage 4 and 5 on page 36 and 37 as well as the Exercise for simulation participants on page 43 of your textbook to create workable objectives for your company.
STAGE 4: EXECUTING THE STRATEGY
LO 4
What a company must do to achieve operating excellence and to execute its strategy proficiently.
Managing the implementation of a strategy is easily the most demanding and time-consuming part of the strategy management process. Converting strategic plans into actions and results tests a manager’s ability to direct organizational change, motivate company personnel, build and strengthen competitive capabilities, create and nurture a strategy-supportive work climate, and meet or beat performance targets. Initiatives to put the strategy in place and execute it proficiently must be launched and managed on many organizational fronts.
Management’s action agenda for executing the chosen strategy emerges from assessing what the company will have to do to achieve the targeted financial and strategic performance. Each company manager has to think through the answer to the question “What needs to be done in my area to execute my piece of the strategic plan, and what actions should I take to get the process under way?” How much internal change is needed depends on how much of the strategy is new, how far internal practices and competencies deviate from what the strategy requires, and how well the present work culture supports good strategy execution. Depending on the amount of internal change involved, full implementation and proficient execution of the company strategy (or important new pieces thereof) can take several months to several years.
In most situations, managing the strategy execution process includes the following principal aspects:
Creating a strategy-supporting structure.
Staffing the organization to obtain needed skills and expertise.
Developing and strengthening strategy-supporting resources and capabilities.
Allocating ample resources to the activities critical to strategic success.
Ensuring that policies and procedures facilitate effective strategy execution.
Organizing the work effort along the lines of best practice.
Installing information and operating systems that enable company personnel to perform essential activities.
Motivating people and tying rewards directly to the achievement of performance objectives.
Creating a company culture conducive to successful strategy execution.
Exerting the internal leadership needed to propel implementation forward.
Good strategy execution requires diligent pursuit of operating excellence. It is a job for a company’s whole management team. Success hinges on the skills and cooperation of operating managers who can push for needed changes in their organizational units and consistently deliver good results. Management’s handling of the strategypage 37 implementation process can be considered successful if things go smoothly enough that the company meets or beats its strategic and financial performance targets and shows good progress in achieving management’s strategic vision.