Mng3702 Assignment 1- questions and answers

1 Comment on the importance of strategy implementation as a component of the strategic management process. (5) - Correct Answer The importance of strategy implementation in strategic management process is more about creating change that is timely and appropriate. Organisations could in the past make incremental changes to keep pace, but change is increasingly revolutionary and disruptive. Organisations have to deal with products being made obsolete in a very short space of time, and products have shorter life cycles. Moreover even if they are the leading competitor the disruption may come not from the competitors in the same industry, but from organisations in other industries that have a business model that is unexpected. Overall strategic change that is not managed well will have little value if plans are not implemented timely. As plans themselves may be obsolete by the time a strategic plan is implemented. Discuss five (5) reasons why strategy implementation in an organisation might fail. (5) - Correct Answer 9/10 organisations fail to implement strategy successfully. Vision Barrier. Only 5% of the workforce understands the vision and strategy. Management Barrier. 85% of top management teams spend less than an hour on strategy. People Barrier. Only 25% of managers have rewards linked to strategy. Resource Barrier. 60% of organisations do not link budgets to strategy. Other reasons why strategy implementation might fail include: Inadequate resources. Poorly communicated strategy. Implementation actions that are not clearly defined. Unclear accountability for implementation actions and initiatives. Inadequate performance targets. Inadequate rewards. Poor leadership Distinguish between strategic planning and strategy implementation. (10) - Correct Answer STRATEGIC PLANNING STRATEGY IMPLEMENTATION Takes place at top manage