Annual objectives are important for implementing strategies essential for strategy implementation because they perform the basis for allocating resources; they are considered as an essential technique for evaluating mangers; used as the main tools for observing and monitoring the progress towards fulfilling long-term objectives; and establishing organizational, divisional and departmental priorities. On the other hand, policies assist in generating consistency and co-ordination between different organizational departments, thus considered as the major component for the success of a strategy. The combination of annual objectives and policies, organizations can implement strategies successfully.
Q2: Describe how to modify an organizational culture to support new strategies.
There are specific methods followed to modify an organizational culture to support new strategies:
Educating the employees with the correct information.
Managers have to create a medium among the team members to comprehend change as an opportunity for improvement, and not to be considered as a threat. Managers have to foresee the alteration and change, and be the starter or originator of the change.
Transition from older to newer strategies necessitates a supportive system.
A rational change strategy should be embraced to give the chance for everyone to be involved in discussing the change needed for the new strategies and what it would be similar to in the future.
Q3: Discuss the nature and role of research and development in strategy implementation.
Research and Development (R&D) is the major force that defines the appropriate time for implementing strategies. Organizations depend on their R&D department for the creation of new products and the improvement of old products, to increase profitability and support the firms’ growth. Research and development helps in infiltrating the market; the divergence of products and services. In addition, R&D assists in connecting external opportunities to the internal strengths within the organization, which are linked with the objectives. Also, it helps in regulating the processes to the local raw materials and markets, and modifying the products to meet the requirements of specific taste and specifications, which are all a section of strategy implementation.
Q4: Explain how management information systems can determine the success of strategy-implementation efforts
Management Information Systems (MIS) is a fundamental factor to distinguish between a successful and an unsuccessful firm. The gathering, recovery and storage of information can be used to create competitive advantages. For example, monitoring supplies, cross-selling to customers, keeping managers and employees informed, assorting activities between divisions, and administering and managing possessions and funds. A valid Informational system allows the implementing of strategies, which result in minimizing the operation cost and expenditure. MIS helps in the market research, determining the current condition of the organization, and what is the possible future tendency of the market. All of these factors are the main stimuli for implementing strategies.
Q6: Discuss the role of auditing in strategy evaluation.
Auditing is an essential tool in evaluating strategies. It aids in estimating the existing strategies and inspects the possible ways available for the firm to put itself in a stronger position. Auditing examines the financial statement of the organization to decide if they were ready according to generally accepted accounting principles (GAAP), and if they represent the activities of the firm. Auditing helps in planning the strategy that complies with the present rule. An example would be the shifting from GAAP to IFRS in accounting, which