Strategy Implementation, Evaluation and Control, management homework help

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Business Finance

Description

Weeks 3, 4 and 5 Individual Assignments are integrated to generate a Strategic Management Plan. This is part three of the three part Strategic Management Plan addressing strategy implementation, evaluation and control. The purpose of the Week 5 individual assignment is to allow the student to discuss and explain how the strategies discussed in prior weeks are converted into implementation activities both domestically and internationally, in alignment with legal, social and ethical considerations. Furthermore, the student has an opportunity to explain and discuss how the strategic plan and implementation activities will be monitored.

Weeks 3, 4, and 5 Individual Assignments are integrated to generate a Strategic Management Plan. This is Part 3 of the three part Strategic Management Plan.

Assignment Steps

Write a 1,050-word report on the company you selected in Week 3, following up on the Individual Assignment of Week 3 (Environmental Scanning), and address the following:

  • Strategy Implementation
    • Discuss International Strategy.
    • Discuss Strategic Implementation.
    • Explain the influence of Governance and Ethics.
    • Discuss the Company Social Value.
    • Discuss Innovation and Diversification.
    • Discuss Legal limitations.
  • Evaluation and Control
    • Explain Strategic Metrics.
    • Discuss Key Financial Ratios.

Cite at least 3 scholarly references.

Format your paper consistent with APA guidelines.


****ATTACHED is a copy of the first two parts from week 3, 4 and the grading rubric.


Unformatted Attachment Preview

Running Head: Strategic Management Plan (Coca-Cola Company) Strategic Management Plan (Coca-Cola Company) 1 Strategic Management Plan (Coca-Cola Company) 2 Introduction The leading manufacturer, distributor and marketer of beverage concentrates and syrups in the world, Coca-Cola Company owns and licences over 400 brands such as water, juice, diet and light beverages, teas, coffees, energy and sport drinks. In the beverage industry, the Coca-Cola Company faces competition from its prime competitor Pepsi. Therefore, for the Company to achieve its long-term goal, it has in its strategic planning to take into consideration factors and strategies that will be effective to give the company advantage over its competitors. The paper will discuss the internal and external environments, competitive advantages, strategies used to gain advantage and provide the effective measurement guidelines the company implements. An organization’s environment is split into two divisions, the internal and the external environment whereby the internal environment is composed of the elements directly involved within the company that is, the vision, mission and generally the corporate culture (strength and weaknesses) whereas the external environments involves evaluation of the market trends, patterns and events that aid in the company accessing the organization impact to its environment. The vision of the coca cola company is to: refresh the world in the body, mind and spirit, inspire moments of optimism through the brands and its actions and also create value and make a difference everywhere. The mission is creation of consumer product, service and communications and bottling system strategies, tools and processes that create a competitive advantage and deliver superior value to all its clients and customers. The company’s strength such as having a strong and reliable distribution network, having a strong brand image recognized worldwide and its low costs of operations ensure consistency of operations of the company and knowledge of its weaknesses such as low export levels and the limitations in its ability to invest and achieve economies of scale by the small scale sector Strategic Management Plan (Coca-Cola Company) 3 reservations that ensure ‘red- tapism’ by the government restricting the company to invest the company investing in technological advancements (Wheelen & Hunger, 2011). On the other hand the external environments deals with the opportunities such as the large domestic market that is adequately available for the Coca-Cola Company as compared to other soft drinks manufacturers, the export potential where the company can come up with new products and a gaining a higher income among people. Its threats include imports where consumers decide to rely on imported beverages rather than those manufactured within the country could pose as a threat to the beverage industry, the tax and regulatory sector where regulations are stipulated everywhere from production to consumption and slowdown in rural demands. The Coca-Cola Company in terms of its competitive advantages, which is the reason as to why customers buy from Coca-Cola and not their competitor, can be ascribed to the taste it has that makes it better than other cola drinks, the company’s continuity in developing new products and making the old ones better, possessing a better distribution system that ensures its accessibility to its worldwide consumers and finally its cost, as its costs is regulated in that it charges lower than its competitors gaining a competitive edge and that its production techniques ensures that it costs a fraction to manufacture their product ensuring high profit margins. To ensure its success and sustainability in the competitive market, the company’s market leadership, joint ventures and the flexible form of the organization structure ensure the Company attains a sustainable competitive advantage this is done through; ensuring the product is as per the consumers’ health preference and focusing on production of producing high quality drinks, brand recognition whereby the Coca-Cola logo is a timeless font and differentiates it from its competitors and become imprinted in the minds of people around the Strategic Management Plan (Coca-Cola Company) 4 world, brilliant product placement where the product is readily available in events such as the Olympics and national sporting events, the provision of other beverage choices such as water, juices and energy drinks and the creative advertisement campaigns (Epstein & Buhovac, 2014). The Coca-Cola Company sets measurement guidelines that direct it towards assured success in its strategic moves, as the guidelines play a crucial role in directing the employees, suppliers and associates to ensure achievement of ethical means of business and working per the set quality and safety standards. These measurement guidelines help in showing and analysing the strengths and weaknesses which helps the company in adjusting to its strategic plans to attain its current and future market needs and know their standings in the world market (David & David, 2012). The Coca-Cola Company undertakes the process of measuring each segment before taxes by operating income and corporate overhead as it believes taking count of the operating income is significantly important than net sales since it provides specification by creating new advances that will help in maintaining its competitive edge over its competitors (Porter, 2011). To ensure quality management, a program Coca-Cola Operating Requirement (KORE) was developed to enhance the Coca-Cola system address the ever transiting business market while providing support to its strategic growth plans through the creation of integrated quality and management program. Through KORE high standards in product safety and quality, organizational and environmental safety and health is achieved as the program outlines the requirements, specifications and state programs that will guide the Coca-Cola operations. In making sure the safety and quality of the products is essential to the Coca-Cola Company inspections from reliable, trusted sources are made to ensure that all ingredients Strategic Management Plan (Coca-Cola Company) 5 have been used effectively and sufficiently to either meet or exceed the set standards (Hill, Jones & Schilling, 2014). Conclusion In conclusion, employing and establishing high quality processes and standards guarantees production of products that are standardised meeting the expectations of consumers. Coca-Cola has its brand as the world’s most popular brand as it has implemented strategic management plans that have ensured its success in the worldwide market. To guarantee its success the Coca-Cola Company, first, it built a brand with reputation that is the trademark of Coca-Cola, it created an efficient chain of supply and a prudent delivery network which boosted the sales of the beverage firm, it ensured it had the appropriate human resource management procedure and it also adapted quickly internationally in foreign countries and local culture accepted its products which acted as a boost factor. The company has a self-determination that ensures its orientation is distinct and with all this strategies implemented, it affirms that the Coca-Cola Company beats down most of its competitors in the global market. Strategic Management Plan (Coca-Cola Company) 6 References: David, F. R., & David, F. R. (2012). Strategic management: A competitive advantage approach, concepts and cases. Epstein, M. J., & Buhovac, A. R. (2014). Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers. Hill, C. W., Jones, G. R., & Schilling, M. A. (2014). Strategic management: theory: an integrated approach. Cengage Learning. Porter, M. E. (2011). Competitive advantage of nations: creating and sustaining superior performance. Simon and Schuster. Wheelen, T. L., & Hunger, J. D. (2011). Concepts in strategic management and business policy. Pearson Education India. Running head: STRATEGY FORMULATION Strategy Formulation 1 STRATEGY FORMULATION 2 Introduction Coca cola is one the companies which have illustrated that it’s important to have a strategic plan. The company has been a master in vision and strategy formulation. Coca cola has developed its strategies in line with today’s globalized, technologically advanced, and lifestyle changing world. The world is constantly changing, and therefore the company’s management has positioned the company for success, by adjusting the industry’ rules and norms. Through its well thought strategies, the company establishes ways of coping with difficult environmental changes, meeting needs of changing customer needs and preferences, and responding to their competitors. These strategies have had a positive effect in the company’s performance, which is reflected in its financial reports. Strategy Formulation Coca cola’s strategy is to be globally known by targeting different markets across the globe with preferred product for each market, so as to gain popularity, and maintain its brand name. Coca cola aims at being more than just a drink. The company’s strategy is to become the definitive global brand, and be a constant cherished symbol by cutting across all cultures. Even though the company’s drinks taste has not changed over the years, the company is constantly changing packaging and introducing new products, so as to meet needs, which might arise in future. The company plans on establishing new capabilities, innovations and models. The company will also change its management model to fit any new competition and evolving market, but without changing the identity of its drinks (Cola, 2014). STRATEGY FORMULATION Strategy Formulation People Attract and maintain the best talent Operate on low cost through economies of Profit scale Focus on flexible delivery methods, to ensure Partners availability and accessibility of products Ensure that customers prefer coca cola products due to branding, quality and Competition affordability. The markets that the company will pursue The company’s strategy has a clear market demographics to ensure that the needs of every market segment are met. The company will target a new middle class emerging market, which is hoped to deliver more that 800 million customers by year 2020. 60% of the double profit, which the company aims at achieving, is expected to come from new markets, which the company aims at reaching in the next four years. In addition to targeting the middle class, the company aims at maximizing its presence in an increasingly sophisticated teen population, which if properly approached, can enable the company to achieve its goals (Ulwick, 2012). Geographically, the company plans on reaching to more markets across Europe by advertising its entire brand range rather that separate brands. The company’s strategy also entails reaching more markets in Britain by increasing its investment in the region. By increasing sales in these regions, the company will increase its current sales, which average at 89 soft drinks per person annually across the globe. 3 STRATEGY FORMULATION 4 Unique value which will be offered, and the resources required The company plans on offering its new market, culturally and environment friendly drinks. Even though the company aims at staying culturally and technologically relevant, the company’s unique taste and ingredients will remain. However, the company will continue manufacturing new products, and also make the old ones better. Ina addition, the company’s strategy entails ensuring that its brands are available and accessible worldwide. In addition, the pricing for the drinks will be lower compared to that of competitors. In terms of quality, the company will offer the new markets products which match the consumer’s health preferences and of high quality. To achieve the set goals and strategies, the company ought to embrace technology so as to reach out to the diverse markets and ensuring that the company stays relevant in today’s fast changing market. In addition, entering new markets or increasing productivity in a market will require additional production and advertising resources. Capturing value and sustaining competitive advantage The company’s strategy entails ensuring that customers prefer its products over those offered by competitors. This will be ascribed to the unique taste, and the ability of the company to keep up with fast changing consumer preferences. To ensure that its drinks’ prices are lower than those of its competitors, and that the high profit margins remain, coca cola will ensure that its operating costs are minimized. Business Management Strategy Cost and Differentiation Advantages. In order to build growth momentum, the company will invest more on marketing, but at the same time, look for other areas to cut on cost. Therefore, the company will embrace the strategy of increasing its operation’s efficiency so as to reduce cost (NOTO, 2013). This STRATEGY FORMULATION 5 will be achieved by embracing a zero based budgeting where every item budgeted annually has to be justified. In addition, the company will cut cost by minimizing in store promotions, and embracing social media marketing which is currently relevant to over half of the target market. Corporate Strategy Coca cola’s strategy has clear definition of what the company’s corporate culture ought to focus on. The company aims at increasing knowledge of its employees. In addition, employees will be motivated and inspired to be ambassadors of coca cola’s brand. Management will also be keen during recruitment process, and employee development to ensure that diversity is achieved (cola, 2016). The company will also enhance employee experience so as to create a fun and fulfilling environment, with work place where people can grow. Vertical Integration& Strategic alliances The company will utilize more vertical integration approaches, so as to move closer to its customers. The company will therefore incur less cost, but will also be able to reach to consumers. Currently, the company does not own or control all its bottling companies. However, the company will continue using more of these platforms to ensure that the supply chain is controlled. Coca-Cola bottling company partners work closely with small businesses, and partners with them to ensure that the drinks are distributed at the retail level. Coca cola partners include grocery stores, street vendors, convenience stores and movie theatres. Company’s Competitive Advantage. Coca cola already has established brands, and established presence across the globe. The company’s strategy entails building on its current competitive advantage. The company is planning on cutting on production, which will make it possible to sell products at lower STRATEGY FORMULATION 6 prices compared to competitors. In addition, the company will invest more in marketing its brands by increasing quantity and quality of advertising, especially on modern modes of advertising, which include social media platforms. Organizational Chart CEO Manufacturing Corporate staff Finance Marketing Coca-cola International North&South America Europe Middle& Far East Africa Conclusion Coca cola continues adopting new strategies so as to maintain and build on its competitive advantage. The company’s strategy entails expanding its production and streamlining its operations. In addition, the company will be more people oriented, and the company will invest in its employees to ensure that the workplace is fun, and employees are the company’s brand ambassadors. STRATEGY FORMULATION 7 References Cola, C. (2014). Road Map for winning together. 2020 Vision, 1. cola, C. (2016, April 27). Five Strategic Actions. Retrieved from Coca cola Company: http://www.coca-colacompany.com/stories/five-strategic-actions NOTO, L. (2013). Analyzing Resources and Capabilities. THE TOOLS OF STRATEGY ANALYSIS. Ulwick, A. (2012). Business Strategy Formulation: Theory, Process, and the Intellectual Revolution. Business Strategy. Individual Assignment: Strategy Implementation, Evaluation and Control Purpose of Assignment Week 3, 4 and 5 Individual Assignments are integrated to generate a Strategic Management Plan. This is part three of the three part Strategic Management Plan addressing strategy implementation, evaluation and control. The Purpose of the Week 5 individual assignment is to allow the student to discuss and explain how the strategies discussed in prior weeks are converted into implementation activities both domestically and internationally, in alignment with legal, social and ethical considerations. Furthermore, the student has an opportunity to explain and discuss how the strategic plan and implementation activities will be monitored. Resources Required Textbook Chapters 9, 10, 12, 13 and 14 Grading Guide Content Met Partially Met Not Met Total Available Total Earned 6 #/6 Comments: Student addresses the following regarding strategy implementation: a. Discuss International Strategy. b. Discuss Strategic Implementation. c. Explain the influence of Governance and Ethics. d. Discuss the Company Social Value. e. Discuss Innovation and Diversification. f. Discuss Legal limitations. Student addresses the following regarding evaluation and control: a. Explain Strategic Metrics. b. Discuss Key Financial Ratios. The paper is 1,050 words in length. Writing Guidelines The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Met Partially Met Not Met Comments: Strategy Implementation, Evaluation and Control Grading Guide MGT/498 Version 4 Writing Guidelines Met Partially Met Not Met Total Available Total Earned 3 #/3 9 #/9 Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: 2
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Explanation & Answer

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Running head: STRATEGY IMPLEMENTATION

Strategy Implementation (Coca-Cola Company)
Name
Institution

1

STRATEGY IMPLEMENTATION

2
Introduction

Developing and creating a strategic management plan without proper strategic
implementation of the plan can render the whole process a failure since its main objectives
cannot be met if the plan is not practically tried out in a cautious manner. As Blankenship
(2012), notes in his work, strategy implementation entails a networked process and activities
carried out within an organization to control the final execution of a strategic plan already
existing. The process must also involve a final evaluation and control phase to ensure that the
implementation of the strategy conforms to the set standards of professional strategic
implementation (Lu, Chen, Fuhrman, & Sun, 2016).
Strategy Implementation
Coca-Cola’s international strategy is to ensure that it makes an impact on the global
platform by making present its brand in every part of the world today. This involves the adoption
of very sophisticated international marketing strategies to reach every part of the world to avail
the product to the people at affordable prices. The strategy also recognized that the process
includes discovering new markets and territories for its various Coca-Cola brands. Breaking
through to the top global companies offers Coca-Cola a unique opportunity to gain world
recognition to promote the consumption of its products throughout the world thus increasing its
overall output and income proportionately (Barkay, 2013).
Strategic implementation processes need...


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