Discuss about the Integrated Strategy Capstone for Porters Value Chain.
In accordance with the opinion of Budayan, Dikmen & Birgonul, (2015), strategic implementation refers to a set of actions within a workplace or business firms. From the perspective of Amara, Halilem & Traoré (2016) the main purpose is to effectively manage the set of actions related to the delivery of the strategic scheme. In this context, it can be stated that success of any kind of business depends on the proper implication of strategy. It has been noticed that after assessing the macro-environmental and micro-environmental factors, a strategy is created and implemented by the managers working at various organizations. In other words, it can be stated that implementation is a procedure which turns business strategies as well as schemes into activities with the intention of accomplishing the strategic goals or objectives.
The main purpose of the literature review is to understand the key factors responsible for creating an impact on the strategic implementation of the respective organization. Apart from this, significance of strategic implementation and Porter’s Value Chain are discussed in this particular study It is seen that inappropriate implication of business strategy has led huge financial loss to the respective organization. Moreover, it has been noticed that huge financial loss often led the business firms to lose market shares. Apart from this, strategic issues can be resolved if proper implementation is done by companies. In other words, it can be stated that strategic implementation helps the company to retain its comparative edge in the existing market.
According to Brewster (2017), strategy is an integral part of any business. Business strategy guides the business firms to get a clear idea about the current trends as well as opportunities in distant future. From the perspective of Koc & Bozdag (2017), a fruitful business strategy aids the business organizations to get an idea how it is conducting business internally. Additionally, the well-defined strategy enables the firms to understand its core competencies which make it to stay ahead from its close rivals.
As opined by Amara, Halilem & Traoré, (2016), business strategies enables the companies to formulate mission and vision of the company. On the other hand, it examines various changes occurring in the existing market like political changes, social changes, as well as technological changes. In addition to this, it examines the changes in the choices and perceptions of the customers towards the respective organization. It helps the business firms to create business tactics thereby aiding them to cope up with future changes.
There are many factors which are responsible for strategic implementation such as company’s structure as well as leadership, organizational resources, interaction, and reward system. Organizational structure determines how the procedures as well as relationships work thereby impacting on the strategy implication procedure. Mohajeri et al., (2014) commented that it is possible to implement strategy properly if the company possesses enough financial resources, physical resources, human resources and technological resources. Success of strategy depends on effective leadership. A good leader is capable of communicating the vision, mission to its employees and can undertake significant business decisions.
Communication across all departments is necessary for making the applied strategy and business tactics a success. It enables the employees understand what are their roles and how much effort they have to give to attain the targeted business objectives. Commitment and dedication from every level of the company is required for implying the business strategy properly. From the perspective of Sivula & Kantola (2014), rewards plays a vital role in boosting the confidence as well as morale of the employees, which encourages them to implement business strategies effectively.
In accordance with the opinion of da Silva Guabiroba et al., (2017), the value chain refers to the set of actions that the company carries out in order to add value to the existing of the respective company. However, Porter’s value chain concentrates on the systems and it also focuses on how the inputs are modified into outputs that are bought by clients. It has been observed that Michael Porter’s value chain can be categorized into primary activities as well as support doings (Chou, 2015).
In the opinion of Sivula & Kantola (2014), primary activities are connected with the physical creation and sale of the item or a service. In addition to this, primary activities remains connected with the maintainance as well as support of the goods or services. They are comprised of inbound logistics, outbound logistics, operations, marketing as well as sales and service.
In case of inbound logistics, every procedure is connected with receiving, storing as well as distributing the inputs internally (Amara, Halilem & Traoré, 2016). In this context, it can be stated that supplier relations plays a vital role in generating value in inbound logistics.
In case of operations, these are transformation actions, that modifies inputs into the outputs, which are sold to the consumers. In accordance with the opinion of Rohajawati et al., (2016), operational systems are responsible for generating value.
It is seen that the actions deliver the goods or service to the clients. In this regard, it can be stated that activities such as collection, storage along with distribution systems. These activities can be internal or the external for the respective business organization (Johnson, (2016).
In order to persuade the customers, it is important to use these processes. Moreover, Leonidou et al., (2017) commented that the sources of the value are highly dependent on the advantages that are offered by the company. In addition to this, good communication skills are considered as the sources of the value (Budayan, Dikmen & Birgonul, 2015). On the other hand, Scott, Cavana & Cameron (2015) asserted that it is very important for the business firms to do marketing properly because effective marketing enables the respective company to increase its brand image as well as brand equity.
These are actions which are connected with the maintenance of the product’s value after it is purchased by the existing customer base. According to Cândido & Santos (2015)post-service plays a vital role in increasing the effectiveness of word-of –mouth marketing of an item or a service, On the contrary, Ahearne, Lam & Kraus (2014) commented that ineffective post-sales service aids the respective business firm to lose its market share. As a result, it will stay behind in the growing competition whereas the company’s rivals will capture a larger market share.
It has been observed that support activities always give support to the primary activities.
According to Lewis (2018), management of the vendors as well as timely procurement of available resources creates value for the business organizations.
Human resource management refers to activities like recruitment and selection of individuals giving training to the employees, and offering rewards to the efficient employees of the company. As opined by Rohajawati et al., (2016) it is the responsibility of the company’s human resource managers to motivate the existing staffs as well as retain the existing employees. Individuals are considered as an important source of the value creation.
These are connected with managing as well as processing information. Technology also safeguards a firm’s knowledge base. In the opinion of reduction of costs in information technology adds value to the company. From the perspective of Chou (2015), maintaining the technical excellence, as well as remaining current with modern technologies are considered as sources of the value creation.
In accordance with da Silva Guabiroba et al., S(2017), these are the support systems of an organization. From the perspective of Budayan, Dikmen & Birgonul (2015), accounting, legal as well as administrative management, are instances of infrastructure, which the companies use to sustain their advantageous position in the existing market.
Conclusion
From the above discussion, it can be stated that strategic implementation enables the company to stay ahead from its competitors. In other words, an effective strategic implementation enables the business firms to capture a larger market share. It has been noticed that it is possible for the company to become successful in business if it considers to imply the created business strategies in a proper way. In this regard, it can be stated that strategy implementation facilitates growth of an organization not only in the domestic market, but also in the international market. It is seen that there are certain factors that are responsible for directly influencing the strategic implementation of the different business organizations. Factors like organizational structure, organizational leadership, interaction and resources creates a direct impact on the implementation of the business strategy. Apart from this, commitment from every department, and rewards as well as recognition plays a crucial role in implementing the formulated business tactics as well as business strategies within the working procedures of the respective company. In this regard, it can be stated that if strategies are implied within the premises of the organization properly, then it is possible to enhance the overall productivity and profitability of the respective organization.
References
Ahearne, M., Lam, S. K., & Kraus, F. (2014). Performance impact of middle managers’ adaptive strategy implementation: The role of social capital. Strategic Management Journal, 35(1), 68-87.
Amara, N., Halilem, N., & Traoré, N. (2016). Adding value to companies’ value chain: Role of business schools scholars. Journal of Business Research, 69(5), 1661-1668.
Brewster, C. (2017). The integration of human resource management and corporate strategy. In Policy and practice in European human resource management (pp. 22-35). Routledge.
Budayan, C., Dikmen, I. and Birgonul, M.T., 2015. Alignment of project management with business strategy in construction: evidence from the Turkish contractors. Journal of Civil Engineering and Management, 21(1), pp.94-106.
Cândido, C. J., & Santos, S. P. (2015). Strategy implementation: What is the failure rate?. Journal of Management & Organization, 21(2), 237-262.
Chou, D. C. (2015). Cloud computing: A value creation model. Computer Standards & Interfaces, 38, 72-77.
da Silva Guabiroba, R. C., da Silva, R. M., da Silva César, A., & da Silva, M. A. V. (2017). Value chain analysis of waste cooking oil for biodiesel production: Study case of one oil collection company in Rio de Janeiro-Brazil. Journal of cleaner production, 142, 3928-3937.
Johnson, G. (2016). Exploring strategy: text and cases. London: Pearson Education.
Koc, T., & Bozdag, E. (2017). Measuring the degree of novelty of innovation based on Porter’s value chain approach. European Journal of Operational Research, 257(2), 559-567.
Leonidou, L. C., Christodoulides, P., Kyrgidou, L. P., & Palihawadana, D. (2017). Internal drivers and performance consequences of small firm green business strategy: The moderating role of external forces. Journal of business ethics, 140(3), 585-606.
Lewis, C. C., Klasnja, P., Powell, B., Tuzzio, L., Jones, S., Walsh-Bailey, C., & Weiner, B. (2018). From Classification to Causality: Advancing Understanding of Mechanisms of Change in Implementation Science. Frontiers in Public Health, 6, 136.
Mohajeri, B., Nyberg, T., Karjalainen, J., Tukiainen, T., Nelson, M., Shang, X., & Xiong, G. (2014, October). The impact of social manufacturing on the value chain model in the apparel industry. In Service Operations and Logistics, and Informatics (SOLI), 2014 IEEE International Conference on (pp. 378-381). Ieee.
Rohajawati, S., Sensuse, D. I., Sucahyo, Y. G., & Arymurthy, A. M. (2016). Mental health knowledge management: critical success factors and strategy of implementation. Journal of Knowledge Management, 20(5), 980-1003.
Scott, R. J., Cavana, R. Y., & Cameron, D. (2015). Interpersonal success factors for strategy implementation: a case study using group model building. Journal of the Operational Research Society, 66(6), 1023-1034.
Sivula, A., & Kantola, J. (2014). Combining crowdsourcing and Porter’s value chain. International Journal of Advanced Logistics, 3(1-2), 17-26.
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