finance managers must find implementation approaches B u s i n e s s F i n a n c e
- Create a positioning map for an organization of your choice and analyze the results.
- A positioning map helps measure an organization against the competition on two dimensions that are important in the marketplace. Examples could be capacity, customer service, conservative versus edgy, price, convenience, or customer loyalty. Many organizations are increasingly using product positioning maps to look at how their products and services are positioned in comparison to competitors and to find ways to implement strategies. This information is especially useful for marketing managers.
- Toggle Drawer
Implementation is sometimes more difficult than strategy formulation. Annual objectives, the organizational chart, and organization culture can be used to increase the probability of implementation. A good strategy does not guarantee successful implementation. Although they are interdependent, they are different by nature. Strategy implementation means change. The real work begins after the strategies are created. Implementation requires the support and hard work of employees, and resistance can sabotage implementation. Managers and employees must be motivated to implement strategies. Implementation requires matching structure to strategy, linking performance to pay, creating a change climate, managing political relationships, creating a strategy-supportive culture, adapting key processes, and managing human resources. Establishing objectives and policies and allocating human resources are also important to implementation.
- Successful strategy implementation depends on the cooperation of all the functional managers:
- Marketing is frequently required to increase sales revenue with new products.
- Finance managers must find implementation approaches at low cost and minimum risk.
- Research and development has to transfer complex technologies or develop new technologies to implement strategies.
- Information systems is tasked to provide leadership and training for employees.
It is clear that these requirements, and more, determine an organization’s success.
Questions to Consider
To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.
- Consider the following terms: heroes or heroines, belief, metaphor, language, value, symbols, stories, legend, saga, folk talk, myth, ceremonial, rite, and ritual.
- Now, consider these terms in the context of an organization with which you are familiar. Do you see any potential connection or cultural influences in this organization’s culture?
The following resources are required to complete the assessment.
Click the links provided to view the following resources:
The following optional resources are provided to support you in completing the assessment or to provide a helpful context. For additional resources, refer to the Research Resources and Supplemental Resources in the left navigation menu of your courseroom.
The following e-books or articles from the University Library are linked directly in this course:
- McDonald, Malcolm. (2008). Malcolm McDonald on marketing planning: Understanding marketing plans and strategy. London, GBR: Kogan Page Ltd.
- David, F. R., & David, F. R. (2017). Strategic management: A competitive advantage approach, concepts & cases (16th ed.). Boston, MA: Pearson.
Create a positioning map for an organization of your choice. Select an organization to analyze. Ideally, the company you choose will be a familiar one and one to which you have easy access, such as your place of employment or a company close to where you live. You may use the same organization for other assessments in this course. Assess your chosen organization against potential competitors.
- Complete the following:
- Using the Positioning Map Template linked in the Resources under the Required Resources heading, determine two important factors and descriptors for the ends of the continuums, such as capacity, customer service, convenience, et cetera.
- Include your organization’s competitors in your map for the same two factors you chose for your selected company.
- Analyze the results.
- Discuss issues that leaders face when interpreting these results.
- Written communication: Written communication is free of errors that detract from the overall message.
- APA formatting: If you use sources, ensure that resources and citations are formatted according to APA (6th edition) style and formatting.
- Font and font size: Times New Roman, 12 point.
Positioning Map Scoring Guide
CRITERIA DISTINGUISHED Analyze an important factor for both the vertical and horizontal axes of the continuum. Evaluates an important factor for both the vertical and horizontal axes of the continuum. Compare an organization against the competition on the same two factors. Analyzes an organization against the competition on the same two factors. Analyze issues leaders face when interpreting the results of the positioning map. Evaluates issues leaders face when interpreting the results of the positioning map.