semi final - business and functional level Flashcards
Key elements to the implementation of business and functional level strategies
programs
budget
procedures
The programs, budgets, and procedures at the ____ must be anchored on the objectives of a business unit.
business level
The programs, budgets, and procedures at the ______ must be anchored on the objectives of the functional units.
functional level
who formulate and implement strategies
middle and lower level managers
activities needed to achieve the objective
programs
expected revenue and cost of the program
budget
steps to accomplish the program
procedures
a plan embodying the different activities that must be accomplished to achieve objectives of a company through the efficient utilization of resources
strategic program
all programs anchored on the general business objectives
strategic program
steps in preparing a program
- define the business or functional objective
- set the key performance indicator
- identify people involved, dates for program review and completion time
- prepare a program report
first step in setting the program
must be horizontally consistent
smart
define the business or functional objective
determine how a company effectively achieves its objectives
set the KPI
most KPIs fall under the following classifications
- increase customer value
- improved production processes
- reduced manufacturing cost
- increase sales revenue
requires people to execute the strategic activities to pinpoint responsibilities and accountabilities
must include probable dates for review
expected completion time must also be spelled out in the program
identify people involved, dates for program review and completion time
should include expected business risk, problems encountered, hindrances and limitations faced and reccomendations
prepare a program report
a plan expressed in quantitative, monetary value
budget
based on the business and functional level strategic objectives and program
budget
the budget may serve as a ____ in the implementation strategy
control mechanism
also standard operating procedures (SOP), specify the detailed step by step process to be carried out to achieve the completion of a program
procedures
formats of sop
simple step format
hierarchal step format
flowchart format
the procedures must be ___ to discourage finger pointing in times when results are not favorable or cannot be determined
documented
the drafting is influenced by the ___, ___, and the ____
strategy, objectives and program
the rapid changes in the environment ___ the effective administration of procedures
influence
business level key aspects
differentiation
cost leadership
customer focus
market segmentation
competitive analysis
agile and responsive structures
distinguish business from competitors, unique implementing strategy — marketing, product innovation & superior customer service
differentiation
focuses on operational efficiency, streamline the processes and optimize the value chain
cost leadership
meet the customer needs & preferences, develop customer centric process
customer focus
identifying a target specific segment
market segmentation
monitoring and analyzing your competitors to adapt strategies accordingly
competitive analysis
creating organizational structure that allows agility and quick response to market changes
agile and responsive structures
translating over arching strategies into specific actions and priorities
business level
requires alignment of individual functions to support and contribute to the overall strategies
functional level
ensures the operational processes aligned with the business strategy. involves process optimization, quality improvement and efficiency measures
operation
it is important to develop marketing strategies that will support the business level strategy. Includes the branding, promotion, pricing and distributions
marketing and sales
responsible in retaining employees with skills and competencies aligned in functional and business strategy
human resources
will support the functional strategies, adapting new tools. foster a culture of innovation that will improve your product
technology and innovation
allocate financial resources, includes budgeting, cost control, implement financial measures to track and evaluate functional performance
financial management
ensures cohesive approach strategic implementation – will develop communication channels
collaboration and communication
