BBA VIII Semester. Strategic Management. POST RAJ POKHAREL M.Phil. (TU) 01/2010), Ph.D. in Progress
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1 BBA VIII Semester Strategic Management POST RAJ POKHAREL M.Phil. (TU) 01/2010), Ph.D. in Progress 1
2 Institutionalizing Strategy Institutionalizing Strategy Concepts, Structuring an effective organization, Organizational leadership, Organizational Culture, Matching structure with strategy, Building resource strengths and organizational capabilities, Managing the internal organization to promote better strategic execution, Installing support systems and supportive reward system.
3 Institutionalizing Strategy Concepts Implementing a strategy is the institutionalization of the strategy so it permeates(infuse) daily decisions and actions in a manner consistent with long-term strategic success. The "recipe" that binds strategy and organization involves three key ingredients: organizational structure, leadership, and culture. Institutionalizing a strategy requires a good strategystructure fit. 3
4 Institutionalizing Strategy Concepts Process which translates an organization's code of conduct, mission, policies, vision, and strategic plans into action guidelines applicable to the daily activities of its officers and other employees. It aims at integrating fundamental values and objectives into the organization's culture and structure To institutionalize a business strategy, business leaders must develop a system of values, norms, roles and groups that will support the accomplishment of strategic goals. So, strategy is institutionalized if it is connected to the culture, the quality system, and the other driving forces in the organization. 4
5 Structuring an Effective Organization Successful strategy implementation depends in large part on a firm's "primary organizational structure." This refers to the way work is "organized" within an organization or business entity. There are five basic primary structures. Functional Organizational Structure Geographic Organizational Structure Divisional or Strategic Business Unit Structure Matrix Organization Product-Team Structure 5
6 Organizational Leadership Organizational leadership is essential to effective strategy implementation. The CEO plays a critical role in this regard. Assignment of key managers, particularly within the top-management team, is an important aspect of organizational leadership. Deciding whether to promote insiders or hire outsiders is often a central leadership issue in strategy implementation. 6
7 Organizational Leadership Organizational leadership involves two considerations: strategic leadership, and the management skill to cope with uncertainty. Strategic leadership: Leaders galvanize commitment to embrace change through three interrelated activities: clarifying strategic intent, building an organization, and shaping organizational culture. Clarifying strategic intent: Strategic intent is an articulation of a simple criterion or characterization of what the company must become to establish and sustain global leadership. Building an organization: Since leaders are attempting to embrace change, they are often rebuilding or remaking their organization to align it with the ever-changing environment and the needs of strategy. Shaping organizational culture: Leaders know well that the values and beliefs shared throughout their organization will shape how the work 7 of the organization is done.
8 Organizational Culture Organizational culture has been recognized as a pervasive influence on organizational life. Organizational culture, which is the shared beliefs and values of an organization's members, may be a major help or hindrance to strategy implementation. Leaders typically attempt to manage and create distinct cultures through a variety of ways 8
9 Managing organizational culture in a global organization The reality of today's global organizations is that organizational culture must recognize cultural diversity. Social norms create differences across national boundaries that influence how people interact, read personal signs, and otherwise interrelate socially. Values and attitudes about similar circumstances also vary from country to country. Religion is yet another source of cultural differences. 9
10 Matching structure with strategy Changes in strategy often require changes in the way an organization is structured for two major reasons. First, structure largely dictates how objectives and policies will be established. For example, objectives and policies established under a geographic organizational structure are couched in geographic terms. The second; structure dictates how resources will be allocated. If an organization s structure is based on customer groups, then resources will be allocated in that manner. Similarly, if an organization s structure is set up along functional business lines, then resources are allocated by functional areas. 10
11 Changes in strategy lead to changes in organizational structure. Structure should be designed to facilitate the strategic pursuit of a firm and, therefore, follow strategy. Without a strategy or reasons for being (mission), companies find it difficult to design an effective structure. Chandler found a particular structure sequence to be repeated often as organizations grow and change strategy over time 11
12 Building resource strengths and organizational capabilities 12
13 The Three Components of Building a Capable Organization
14 Putting Together a Strong Management Team Assembling a capable management team is a cornerstone of the organization-building task Find the right people to fill each slot Existing management team may be suitable Core executive group may need strengthening Promote from within Bring in skilled outsiders
15 Recruiting and Retaining Talented Employees: Implementation Issues Assemble needed human resources and knowledge base for effective strategy execution Biggest challenge facing companies How to recruit and retain the best and brightest talent with strong skill sets and management potential Intellectual capital, not tangible assets, is increasingly being viewed as the most important investment Talented people are a prime source of competitive advantage
16 Building Core Competences and Competitive Capabilities Crafting the strategy involves Identifying the desired competences and capabilities to build into the strategy and help achieve competitive advantage Good strategy execution requires Putting desired competences and capabilities in place, Upgrading them as needed, and Modifying them as market conditions evolve
17 Strategically-Relevant Competences Greater proficiency in product development Better manufacturing know-how Capability to provide better after-sale service Faster response to changing customer needs Superior cost-cutting skills Capacity to speed new products to market Superior inventory management systems Better marketing and merchandising skills Specialized depth in unique technologies Greater effectiveness in promoting union-management cooperation
18 Three-Stage Process of Developing Competences and Capabilities 1. Develop ability to do something 2. As experience builds, ability can translate into a competence or capability 3. If ability continues to be polished and refined, it can become a distinctive competence, providing a potential competitive advantage!
19 Approaches to Developing Competencies Internal development involves either Strengthening the company s base of skills, knowledge, and intellect or Coordinating and networking the efforts of various work groups and departments Partnering with key suppliers, forming strategic alliances, or maybe even outsourcing certain activities to specialists Buying a company that has the required capabilities and integrating these competences into the firm s value chain
20 Matching Organization Structure to Strategy Few hard and fast rules for organizing One Big Rule: Role and purpose of organization structure is to support and facilitate good strategy execution! Each firm s structure is idiosyncratic, reflecting Prior arrangements and internal politics Executive judgments and preferences about how to arrange reporting relationships CEO How best to integrate and coordinate work effort of different work groups and departments Vice President Vice President Vice President
21 Fig. 11.3: Structuring the Work Effort to Promote Successful Strategy Execution
22 Step 1: Decide Which Value Chain Activities to Perform Internally and Which to Outsource Involves deciding which activities are essential to strategic success Most strategies entail certain crucial business processes or activities that must be performed exceedingly well or in closely coordinated fashion if the strategy is to be executed with real proficiency These processes/activities usually need to be performed internally Other activities, such as routine administrative housekeeping and some support functions, may be candidates for outsourcing Critical activities
23 Appeal of Outsourcing Outsourcing non-critical activities allows a firm to concentrate its energies and resources on those value-chain activities where it Can create unique value Can be best in the industry Needs direct control to Build core competences Achieve competitive advantage Manage key customer-supplier-distributor relationships
24 Potential Advantages of Partnering By building, improving, and then leveraging partnerships, a firm enhances its overall capabilities and builds resource strengths that Deliver value to customers Rivals can t quite match Consequently pave the way for competitive success Partnering makes strategic sense when the result is to enhance a company s competences and competitive capabilities.
25 Step 2: Make Strategy-Critical Activities the Main Building Blocks Assign managers of strategy-critical activities a visible, influential position Avoid fragmenting responsibility for strategycritical activities across many Assign departments Provide coordinating linkages between related work groups Primary activities managers key roles Support functions Meld into a valuable competitive capability Strategic relationships Coordination Valuable capability
26 Step 3: Determine How Much Authority to Delegate to Whom In a centralized structure Top managers retain authority for most decisions In a decentralized structure Managers and employees are empowered to make decisions Trend in most companies Shift from authoritarian to decentralized structures stressing empowerment
27
28 Step 4: Provide for Internal Cross-Unit Coordination Classic method of coordinating activities Have related units report to single manager Upper-level managers have clout to coordinate efforts of their units Support activities should be woven into structure to Maximize performance of primary activities Contain costs of support activities Formal reporting relationships often need to be supplemented to facilitate coordination
29 Coordinating Mechanisms to Supplement the Basic Organization Structure Cross-functional task forces Dual reporting relationships Informal networking Voluntary cooperation Incentive compensation tied to group performance Teamwork and crossdepartmental cooperation
30 Step 5: Provide for Collaboration With Outsiders Need multiple ties at multiple levels to ensure Communication Coordination and control Find ways to produce collaborative efforts to enhance firm s capabilities and resource strengths While collaborative relationships present opportunities, nothing valuable is realized until the relationship develops into an engine
31 Organizational Structures of the Future: Overall Themes Revolutionary changes in how work is organized have been triggered by New strategic priorities Rapidly shifting competitive conditions Tools of organizational designthe include future Empowered managers and workers Reengineered work processes Self-directed work teams Rapid incorporation of Internet technology Networking with outsiders structure will be...
32 Drawbacks of Centralized Authoritarian Structures Centralized or authoritarian structures have often turned out to be a liability where Customer preferences shift from standardized to customized products Product life-cycles grow shorter Flexible manufacturing replaces mass production Customers want to be treated as individuals Pace of technological change accelerates Market conditions are fluid
33 Characteristics of Organizations of the Future Fewer barriers between Different vertical ranks Functions and disciplines Change & Learning Units in different geographic locations Company and its suppliers, distributors, strategic allies, and customers Capacity for change and rapid learning Collaborative efforts among people in different functions and geographic locations Extensive use of Internet technology
34 Managing the internal organization to promote better strategic execution 1. Allocating resources to the drive for good strategy execution. 2. Instituting policies and procedures that facilitate strategy execution. Helping ensure consistency in how execution-critical activities are performed. Promoting the creation of a work climate that facilitates good strategy execution. 3. Using process management tools to drive continuous improvement in how value chain activities are performed. 4. Installing information and operating systems that enable personnel to carry out their strategic roles proficiently. 5. Using rewards and incentives to promote better strategy execution and the achievement of strategic and financial targets. 34
35 Installing support systems and supportive reward system Techniques for winning sustained, energetic commitment of employees to the strategy execution process Providing incentives and an engaging in motivational practices that facilitate good strategy execution. Striking the right balance between rewards and punishment for individual performance. Linking employee rewards to strategically relevant organizational performance outcomes. 35
36 Installing support systems and supportive reward system Nonmonetary Approaches to Enhancing Motivation Provide attractive perks and fringe benefits. Give awards and other forms of public recognition. Rely on promotion from within whenever possible. Invite and act on ideas and suggestions. Create a work atmosphere of caring and mutual respect. State the strategic vision in inspirational terms. Share the firm s critical information with employees. Maintain attractive office space and facilities. 36
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