Register to read the introduction…
Creating a Code of ethics ensures the company is on the same page and lists what is to be expected and what will not be tolerated. It may lead to some difficult situations if employees aren’t following it, however, why would one want an employee who isn’t following the proper code of ethics? Also having a code of ethics creates trust between the company and the customer because the customer can know what to expect. If a company follows it’s code of ethics properly it can lead to great
…show more content…
We can use JC-Penny as an example; they changed their corporate strategy too quickly. They went from coupons to everyday low pricing. This was a change customers didn’t understand and didn’t like. Because they didn’t do test markets and didn’t research how this new strategy will work they lost a ton of their market share. This goes to show that if a company is restructuring they should test market their new strategy to first see if customers will like it, and if they are receiving positive feedback, then try and implement the strategy …show more content…
In this chapter, the books discuss five additional managerial actions that promote good strategy execution. They are as follows: (1) Allocating resources to the drive for good strategy execution. (2) Instituting policies and procedures that facilitate 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 company 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 (Thomson. Crafting and Executing Strategy. 2010). I will apply the three I think are the most important out of the five actions to a hypothetical company because these ideas can be applied to any company.
1. (a) Allocate resources
(b)Early in the process of implementing a new strategy, managers need to determine what resources will be required for good strategy execution and how they should be distributed across the various organization units. Doing this is important because the ability to marshal the resources needed to support new strategic initiatives has a major impact on the strategy execution process (Thomson. Crafting and Executing Strategy. 2010). (c) The way to effectively do this is by empowering managers to look at the strategy budget, shift resources to higher priority items, and become
We can use JC-Penny as an example; they changed their corporate strategy too quickly. They went from coupons to everyday low pricing. This was a change customers didn’t understand and didn’t like. Because they didn’t do test markets and didn’t research how this new strategy will work they lost a ton of their market share. This goes to show that if a company is restructuring they should test market their new strategy to first see if customers will like it, and if they are receiving positive feedback, then try and implement the strategy …show more content…
In this chapter, the books discuss five additional managerial actions that promote good strategy execution. They are as follows: (1) Allocating resources to the drive for good strategy execution. (2) Instituting policies and procedures that facilitate 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 company 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 (Thomson. Crafting and Executing Strategy. 2010). I will apply the three I think are the most important out of the five actions to a hypothetical company because these ideas can be applied to any company.
1. (a) Allocate resources
(b)Early in the process of implementing a new strategy, managers need to determine what resources will be required for good strategy execution and how they should be distributed across the various organization units. Doing this is important because the ability to marshal the resources needed to support new strategic initiatives has a major impact on the strategy execution process (Thomson. Crafting and Executing Strategy. 2010). (c) The way to effectively do this is by empowering managers to look at the strategy budget, shift resources to higher priority items, and become