Strategic management – strategy formation and implementation
Write a 7500 word (Max) report, including 200 words of Executive Summary, but excluding references and appendix. You will use the findings from your first assignment of all your group members to propose one strategic initiative for the organization encompassing a three-year time horizon. Your focus should also be on integrating the findings and feedback from your first assignment and then building upon these to create an actionable strategy implementation plan. The plan has to be achievable and realistic. You have to clearly demonstrate what the strategic initiative is, why your plan can help the organization achieve and maintain a sustainable competitive advantage, and how this plan can be implemented. In this report, you are required to perform the following tasks:
1. Identify and discuss the current generic type of business strategy the organisation implements by examining its strategy statement and/or its value chain activities.
2. Propose ONE new strategic initiative for the organisation to implement. This initiative can be a major functional initiative, such as marketing, use of technology, product innovation, and M&A. Describe its contents in details. Justify why your initiative is strategic and how it can enhance the organisation’s competitive advantage.
3. Develop a strategy implementation plan that primarily focuses on the following areas:
a. What needs to be changed to implement the strategy?
b. Why the proposed changes should be made?
c. How will the changes proposed be managed and implemented?
4. Explain how the organization will measure and evaluate the strategic initiative you proposed. Focus specifically on:
a. A set of key success measures for the strategic initiative, using Balance Scorecard.
b. Draw a strategy map that indicates the key success measures and their hierarchical relationships.
c. The suitability of the strategic initiative you proposed in the light of the external environment, the organisation’s strategic capability, and its current business strategy.
References should be utilised within this Report to validate the information presented, and should be drawn from academic sources and organisational information such as the website and annual reports. The business press may be used sparingly to identify relevant issues.