semis 2nd reporter Flashcards
The __________ at the business level must be anchored on the objectives of a business unit.
programs, budgets, and procedures
they formulate and implement strategies
middle and lower-level managers
what to accomplish and when
Business and Functional Level Objectives
Activities needed to achieve the objective
Programs
Expected revenue and cost of the program
Budgets
Steps to accomplish the program
P r o c e d u r e s
a plan embodying the different activities that must be accomplished to achieve objectives of a company through the efficient utilization of resources.
strategic program
SMART stands for
Specific, Measurable, Attainable, Realistic, Time-bound
a plan expressed in quantitative, monetary value.
budget
specify the detailed or step-by-step process to be carried out to achieve the completion of a program
Procedures or standard operating procedures (SOP)
the procedures must be _______ to discourage finger-pointing in times when results are not favorable or cannot be determined
documented
vary in content and structure across business and functional units.
Programs
the setting of a program is spearhead by a business level manager. It is participated by different functional level managers and other key personnel of a particular division.
business level,
the setting of a program is spearhead by a functional level manager with the participation of important, lead employees of different subunits.
functional level,
is a quantifiable form of measurement used to determine how a company effectively achieves its objectives.
Key Performance Indicators (KPI)
may serve as the cap that will limit the setting of the budgeted amount.
Resources of a company
may serve as a control mechanism in the implementation of a strategy
Budget
- uses simple sentences in listing down the procedures to be carried out to accomplish a program
Simple-step Format
- is employed when there are several long procedures involved, and each major step contains several substeps
Hierarchichal-step Format
is adopted when there are infinite steps to be carried out since the results may be unpredictable.
Flowchart Format -
in this level, we need to consider important aspects in understanding how to implement the strategic implementation sa business level and how we are going to effectively discuss it with our people.
Strategy Implementation (BUSINESS LEVEL)
- the implement strategies to distinguish the business from competitors. This could involve marketing, product innovation, or superior customer service.
Differentiation
this will focus on operational efficiency in order for us to achieve cost advantages against our competitors.
Cost Leadership-
as entrepreneurs, we must align our organization to meet the customer’s needs and preferences. This involves tailoring your products, services, and customer’s experiences accordingly.
Customer Focus-
identifying a target specific market segment. it helps in marketing, sales and distribution efforts to effectively reach and serve these segments.
Market Segmentation-
monitoring and analyzing your competitors for us to adapt the strategies accordingly. This may involve adjusting pricing, adjusting your marketing, and adjusting the product features to respond to the market dynamic.
Competitive Analysis -
- creating organizational structures that allow the agility and quick response to market changes. This could involve a cross-functional team. Under ani is decentralization, decision-making, or flexible resource allocation.
Agile and Responsive Structures
- in this level, we need to be more knowledgeable about the operations, marketing and sales, human resources, technology and innovation, financial management, collaboration and
communication.
Strategy Implementation (FUNCTIONAL LEVEL):
- this is to ensure the operational processes are aligned with the overall business strategy. This will involve the process optimization, quality improvement, or the efficiency measures.
Operations
it is very important to develop marketing strategies that will support the business level strategy. That includes the branding, promotion, pricing, and distribution. It is also important to align sales efforts with target market segments and customer needs that identify at the business level.
Marketing and Sales-
is the one responsible to recruit, train, and retain employees with skills and competencies aligned with the functional and business strategies.
Human Resources-
this is the integrated technology that will support the functional strategies. This could involve adapting new tools, systems, and digital platforms. This will also help you foster a culture innovation that will continually improve your products, processes, and services.
Technology and Innovation-
will allocate financial resources in line with the functional priority. This will also involve budgeting, cost control, investment decisions that will surely support the overall business strategy. this is to implement financial measures to track and evaluate the functional performance.
financial management
This ensures a cohesive approach strategy implementation that will avoid siloed thinking sa different function areas. This will also develop communication channels that keep all the function areas to be informed about the strategic goals and progress.
Collaboration and Communication
serve as the roadmap in the implementation of business and functional level strategies.
programs, budgets, and guidelines
