Review policies to ensure that they reflect any industry changes. Some of these models are briefly presented below. The firm must identify the areas of operational efficiency in terms of people, processes, productivity and pace. Evaluation of a Marketing Plan The evaluation step of a marketing plan focuses on analyzing quantitative and qualitative metrics associated with the implementation and strategy. Are the organisation and its managers doing things which ought to be done? Sorry, but copying text is forbidden on this website! Weeks 3, 4, and 5 Individual Assignments are integrated to generate a Strategic Management Plan. In the absence of such evaluation, managers would not know explicitly how to exercise such discretion.
Long-term and short-term controls should be used so that a balanced approach to evaluation can be adopted. The organization can use both quantitative and qualitative criteria for comprehensive assessment of performance. Its aim is to ensure that the company achieves the sales, profit and other goals established in the beginning of the year Annual-plan control The basis of annual-plan control is managerial objectives—that is to say, specific goals, such as and profitability, that are established on a monthly or quarterly basis. For example, adjusting the objectives is likely to require different strategies, standards, resources, activities, and perhaps organizational structure and systems. Strategic surveillance- It aims at generalized control. Strategies Often there is confusion and misunderstanding about the difference between goals and strategies. Companies can use two types of strategic control tools.
The implementation section outlines the exact steps the business will take to achieve the strategy. Explain the influence of Governance and Ethics. There has to be a way of finding out whether the strategy being implemented will guide the organization towards its intended objectives. It may take several tries to find the right strategy that fits the agency. Those building blocks may have to be torn down and rebuilt if the strategy is not working. The performance indicator that best identify and express the special requirements might then be determined to be used for evaluation. Controls established during the creation of the marketing plan provide benchmarks to assess how well the plan accomplished its goals.
Individual Assignment: Strategy Formulation Purpose of Assignment The Week 4 individual assignment is the second part of a three part strategic management plan for the company selected by the student in Week 3. The end result is adjustment of strategies reformulation of objectives or adoption of plans. Strategies are who, what, when, where and how the goals are going to be achieved. The strategic management model identifies concepts of strategy and the elements necessary for development of a strategy enabling the organization to satisfy its mission. The managers can also assess the appropriateness of the current strategy in todays dynamic world with socio-economic, political and technological innovations. Strategic evaluation and control Strategic evaluation and control is the process of determining the effectiveness of a given strategy in achieving the organizational objectives and taking corrective actions whenever required.
Furthermore, the student has an opportunity to explain and discuss how the strategic plan and implementation activities will be monitored. Please reference authorship of content used, including link s to ManagementStudyGuide. Evaluations must give a comprehensive and balanced presentation of strengths and weaknesses of the policy, program, project or organizational unit being evaluated, taking due account of the views of a diverse cross-section of stakeholders. It is generally handled by the corporate planning staff considering the environmental and organizational factors. Essentials of marketing: A marketing strategy planning approach.
About the Author Jeanne Grunert has been a writer since 1990. A special role in this process plays a function of organizing and directing people. For example, if a business discovers strategic technical objectives are not being met because employees do not have up-to-date qualifications, the business can design training programs that bring skillsets in line with technical objectives. Our dedication to quality and customer satisfaction makes us one of the best academic writing agencies in the world. It comprises at least five performance gauging tools: I. 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.
Control should monitor only managerial activities and results even if the evaluation is difficult to perform. Thus in this case the strategists must discover the causes of deviation and must take corrective action to overcome it. The four basic type of strategic control are- 1. Special Alert control- It is a rapid response or immediate reassessment of strategy in the light of sudden and unexpected events. The 80:20 principles, where 20 per cent of the activities result in 80 per cent of achievement, needs to be emphasized. B Measurement of performance — Standards of performance act as a benchmark in evaluating the actual performance. The use of this material is free for learning and education purpose.
The responsibility for premise control can be assigned to the corporate planning staff that can identify key assumptions and keep a regular check on their validity. Conflicts of interest shall be avoided as far as possible so that the credibility of the evaluation process and product shall not be undermined. Implementation Control Implementation control may be put into practice through the identification and monitoring of strategic thrusts such as an assessment of the marketing success of a new product after pre-testing, or checking the feasibility of a diversification program after making initial attempts at seeking technological collaboration. Crises are critical situations that occur unexpectedly and threaten the course of a strategy. What needs to be done to ensure that resources are utilised properly and objectives met? What are you trying to accomplish? The formulation of strategy lays down the strategic intent and the strategy required to achieve them.
Accurate and Technically Adequate Information on the Merit of Program Being Assessed is Provided: Evaluator can also use the evaluation report to share his suggestions or even suggest alternatives. This, in turn, enables groups to identify action steps and advocate for policy changes. It is designed to monitor a broad range of events inside and outside the organization that are likely to threaten the course of the firm. Management must remember that adjustments in any of the above areas may require adjustments in one or more of the other factors. 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. Is the strategy guiding the organisation towards its intended objectives? An ongoing process of evaluation would, in fact, provide feedback on the continued relevance of the strategic choice made during the formulation phase. Changing an established standard usually is necessary if the standards were set too high or to low are the outset.