BUSI770DB5

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Feb 20, 2024

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School of Business, Liberty University Faizan Malik Week 6 Discussion Assignment Author Note: Faizan Malik I have no known conflict of interest to disclose. Correspondence concerning this article should be addressed to Faizan Malik: Fmalik@Liberty.edu Introduction Once organizations have completed the process of developing a business strategy, they must then look into how it can be executed effectively to benefit the business. This process, which needs to be refined to meet specific business needs, begins with building a foundation for the organization through staffing and allocating the necessary funds to the respective resources. Organizations must then structure policies to facilitate the execution of business strategies that allow for continuous improvement, which also entails having the necessary information and operating systems. Once these steps are in place, organizations can then look to rewarding stakeholders once business objectives, which also align with the need to foster a culture that promotes the execution of business strategies. The entirety of this process is based on the proper management in place, who are concurrently responsible for utilizing the power of design and focus to build a competitive advantage. However, organizational leadership should also be cognizant of potential decision traps that impede the success of the business. Process: Effective Execution of Strategy To execute a strategy effectively, organizational leadership must formulate a plan that is tailored to meet the business’s nuances and needs. Although there is no template for a plan that can be carried across all businesses in all industries, Gamble et al. (2021) outline eight tenants of executing business strategy effectively that are often encountered by organizational leadership and must be addressed (Gamble et al., 2021). Beginning with the organization itself, Gamble et al. (2021) explain that to execute an effective business strategy, it must have the resources to do so. This includes staffing the organization, acquiring and strengthening resources and capabilities, and structuring the business to run effectively, as these are critical to establishing a foundation for the execution of business strategy (Gamble et al., 2021). Once an organization is adequately staffed, leadership must determine the amount of funding needed to execute the business strategy through the means of proper screening of resources and facilities (Gamble et al., 2021). Organizations must then develop and ensure policies that not only align with the business’s core values but also facilitate the execution of its business strategies. This also includes updating existing policies when changes occur to the existing business strategies, as it

allows for continuous improvement concerning how such strategies are executed. Gamble et al. (2021) highlight management tools such as Total Quality Management (TQM) and Six-Sigma quality control to facilitate business process reengineering which “can help members of organizations to rethink about their existing practices such as to introduce significant improvements to their business process.” (Zaini & Saad, 2019). Organizations should then look to utilize information and operation systems that allow internal stakeholders to perform their duties as they relate to the business strategy, with these systems covering areas of customer data, operational data, employee data, supplier/partner/collaborative ally data, and financial performance data (Gamble et al., 2021). The next tenants are closely related, as they involve using an incentive-based system to reward achieving organizational objectives and promoting an organizational culture that advocates the execution of business strategies. An incentive-based system serves to motivate stakeholders, while an organizational culture that advocates the execution of business strategies ensures that employees are working towards the overall goals of the organization, resulting in a more cohesive and focused workforce. Finally, organizations must put proper management in place that allows for the execution of business strategy. Although proper management can vary across organization and industries, Gamble et al. (2021) explains that the management must continually monitor organizational progress, create constructive pressure within the organization to achieve desired outcomes, and drive corrective actions that enhance strategy execution and assist in achieving the desired outcomes (Gamble et al., 2021). Strategic Thinking: Power of Design vs. Power of Focus The power of design and the power of focus, as described by Rumelt (2011), are two critical concepts in strategic development and management. The power of design, which refers to the ability to generate unique and creative strategies that are tailored to an organization’s needs, involves several key steps, including the identification of alternative options, careful evaluation of potential outcomes, and a rigorous assessment of the probabilities associated with each potential course of action. Rumelt (2011) further explains that the key to successful design involves understanding the interactions between available resources and their action, including they can be utilized to create a competitive advantage (Rumelt, 2011). Organizations that develop creative strategies do not focus on “what went wrong” per se, but rather understand the opportunities that are presented to those who lead industry transformation by shifting their approach to business (Browne et al., 2018). The power of focus, conversely, emphasizes the importance of aligning an organization's policies, culture, and activities with its overall business objectives and goals. According to Rumelt (2011), this involves a process of identifying the organization's strategy, improving its ability to analyze information, and exploring different policies and positioning that can help achieve its desired outcomes. By coordinating its various efforts in this way, an organization can create a more powerful and effective approach that produces synergistic effects and maximizes its chances of success. Collectively, the power of design and the power of focus can be utilized by organizations to build a competitive advantage by utilizing their available resources in the most effective way possible. Decision Model

The process of developing, executing, and maintaining business strategies is often complex and often results in organizational leadership falling into decision traps, or biases that can lead to flawed decision-making. Decision traps can occur in any stage of business, from new-product development to acquisition and divestiture strategy to succession planning (Raiffa et al., 2021). One of the potential decisions traps described by Krogerus & Tschäppeler (2017) is the personal potential trap, in which individuals focus too much on their potential and ignore the importance of external factors and relationships by overestimating their abilities and underestimating the importance of collaboration, networking, and building relationships with others (Krogerus & Tschäppeler, 2017). In the context of executing business strategy, this can equate to an over-reliance on individual strengths by overestimating one’s ability to execute a strategy, ignoring the significance of relationships, and neglecting the importance of teamwork. Conclusion Executing business strategies effectively is crucial for the success and sustainability of any organization, as it enables the organization to achieve its goals, adapt to changing market conditions, and remain competitive in a rapidly evolving business landscape. Beginning with staffing, which acts as a foundation for an organization, businesses have a multifaceted approach to executing business regardless of industry. Resource funding and policy adjustments, such as those that relate to the power of design and focus, to align allow businesses to ensure they have the necessary means in place to execute their business strategy, which then allows for an organizational culture that promotes the plan of execution including approaches such as incentive-based reward programs. While management is ultimately responsible for business strategy execution, they must avoid decision traps such as the personal potential trap that can be the result of overconfidence. References Browne, S., Sharkey Scott, P., Mangematin, V., & Gibbons, P. (2018). Shaking up business models with creative strategies: When tried and true stops working. Journal of Business Strategy , 39 (4), 19-27. Gamble, J., Peteraf, M., & Thompson, A. (2021), Essentials of strategic management , McGraw- Hill Course Content Delivery (7th ed.), New York, NY. ISBN: 9781260785791. Hammond, J. S., Keeney, R. L., & Raiffa, H. (1998). The hidden traps in decision making. Harvard business review , 76 (5), 47-58. Keller, T. (2014), Every good endeavor: Connecting your work to God's work , Riverhead Books, New York, NY. ISBN: 9781594632822. Krogerus, M., & Tschäppeler, R. (2017), The decision book: 50 models for strategic thinking., W.W. Norton & Co. (Revised ed.), New York, NY. ISBN: 9780393652376. Rumelt, R. (2011), Good strategy/bad strategy: The difference and why it matters ., Crown Business, New York, NY. ISBN: 9780307886231.

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Zaini, Z., & Saad, A. (2019). Business process reengineering as the current best methodology for improving the business process. Journal of ICT in Education , 6 , 66-85. School of Business, Liberty University Faizan Malik Week 6 Annotated Bibliography Assignment Author Note: Faizan Malik I have no known conflict of interest to disclose. Correspondence concerning this article should be addressed to Faizan Malik: Fmalik@Liberty.edu Browne, S., Sharkey Scott, P., Mangematin, V., & Gibbons, P. (2018). Shaking up business models with creative strategies: When tried and true stops working. Journal of Business Strategy, 39(4), 19-27. In this study, researchers sought to understand the potential challenges organizations may face when their existing business variables are no longer viable and then offer more creative strategies. The researchers provide that, to some degree, in every industry, some business models are no longer effective, and organizations must be willing to embrace new, creative ideas. By identifying both internal and external factors, such as changing markets and their business impacts, organizations are better suited to develop new strategies. The study then provided several creative strategies that encompass embracing innovation, leveraging ecosystems, focusing on customer value, and embracing agility. The study is included in the Journal of Business Strategy, which is peer-reviewed and is a reputable source in the field of business strategies. The researchers are well-versed in the field and have numerous related publications. The study is easy to follow, but the offered creative strategies were a bit vague. However, as included in the discussion, they require tailoring to meet business-specific needs. Effective execution of business strategy requires organizations to be agile and adaptable, able to respond to changes in the market and customer needs. This relates to the study, which included recommendations for embracing innovation, leveraging ecosystems, focusing on customer value, and building agility into their operations, so organizations can execute their strategies more effectively and position themselves for long-term success.

Zaini, Z., & Saad, A. (2019). Business process reengineering is the current best methodology for improving the business process. Journal of ICT in Education, 6, 66-85. In this study, the researchers explain that Business Process Reinterring (BPR) is the leading methodology for improving business processes, as it allows for the redesign and restructuring of processes with the intent of improvement in areas of cost, service, and speed. The study provides a history of BPR, including an emphasis on technologies that can streamlines processes, and a detailed explanation of the process itself, citing utilization by Ford and Xerox. The study was included in the Journal of ICT in Education, which is peer reviewed and covers the application of information and communication technologies within the contexts of education and training. The researchers are credentialed and have numerous publications within the industry. The study was well structured and also acknowledged the potential challenges of BPR. The study is related to the discussion of effectively executing business strategies because it focuses on the methodology of business process reengineering (BPR), which is a key strategy for improving the efficiency and effectiveness of organizational processes. The process includes redesign of existing processes, with a promise of achieving improvements in areas relating to cost, quality, service, and speed. School of Business, Liberty University Conclusion Executing business strategies effectively is crucial for the success and sustainability of any organization, as it enables the organization to achieve its goals, adapt to changing market conditions, and remain competitive in a rapidly evolving business landscape. Beginning with staffing, which acts as a foundation for an organization, businesses have a multifaceted approach to executing business regardless of industry. Resource funding and policy adjustments, such as those that relate to the power of design and focus, to align allow businesses to ensure they have the necessary means in place to execute their business strategy, which then allows for an organizational culture that promotes the plan of execution including approaches such as incentive-based reward programs. While management is ultimately responsible for business strategy execution, they must avoid decision traps such as the personal potential trap that can be the result of overconfidence. References Browne, S., Sharkey Scott, P., Mangematin, V., & Gibbons, P. (2018). Shaking up business models with creative strategies: When tried and true stops working. Journal of Business Strategy , 39 (4), 19-27. Gamble, J., Peteraf, M., & Thompson, A. (2021), Essentials of strategic management , McGraw- Hill Course Content Delivery (7th ed.), New York, NY. ISBN: 9781260785791. Hammond, J. S., Keeney, R. L., & Raiffa, H. (1998). The hidden traps in decision making. Harvard business review , 76 (5), 47-58.

Keller, T. (2014), Every good endeavor: Connecting your work to God's work , Riverhead Books, New York, NY. ISBN: 9781594632822. Krogerus, M., & Tschäppeler, R. (2017), The decision book: 50 models for strategic thinking., W.W. Norton & Co. (Revised ed.), New York, NY. ISBN: 9780393652376. Rumelt, R. (2011), Good strategy/bad strategy: The difference and why it matters ., Crown Business, New York, NY. ISBN: 9780307886231. Zaini, Z., & Saad, A. (2019). Business process reengineering as the current best methodology for improving the business process. Journal of ICT in Education , 6 , 66-85. School of Business, Liberty University Faizan Malik Week 6 Annotated Bibliography Assignment Author Note: Faizan Malik I have no known conflict of interest to disclose. Correspondence concerning this article should be addressed to Faizan Malik: Fmalik@Liberty.edu Browne, S., Sharkey Scott, P., Mangematin, V., & Gibbons, P. (2018). Shaking up business models with creative strategies: When tried and true stops working. Journal of Business Strategy, 39(4), 19-27. In this study, researchers sought to understand the potential challenges organizations may face when their existing business variables are no longer viable and then offer more creative strategies. The researchers provide that, to some degree, in every industry, some business models are no longer effective, and organizations must be willing to embrace new, creative ideas. By identifying both internal and external factors, such as changing markets and their business impacts, organizations are better suited to develop new strategies. The study then provided several creative strategies that encompass embracing innovation, leveraging ecosystems, focusing on customer value, and embracing agility. The study is included in the Journal of Business Strategy, which is peer-reviewed and is a reputable source in the field of business strategies. The researchers are well-versed in the field and have numerous related publications. The study is easy to follow, but the offered creative strategies were a bit vague. However, as included in the discussion, they require

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tailoring to meet business-specific needs. Effective execution of business strategy requires organizations to be agile and adaptable, able to respond to changes in the market and customer needs. This relates to the study, which included recommendations for embracing innovation, leveraging ecosystems, focusing on customer value, and building agility into their operations, so organizations can execute their strategies more effectively and position themselves for long-term success. Zaini, Z., & Saad, A. (2019). Business process reengineering is the current best methodology for improving the business process. Journal of ICT in Education, 6, 66-85. In this study, the researchers explain that Business Process Reinterring (BPR) is the leading methodology for improving business processes, as it allows for the redesign and restructuring of processes with the intent of improvement in areas of cost, service, and speed. The study provides a history of BPR, including an emphasis on technologies that can streamlines processes, and a detailed explanation of the process itself, citing utilization by Ford and Xerox. The study was included in the Journal of ICT in Education, which is peer reviewed and covers the application of information and communication technologies within the contexts of education and training. The researchers are credentialed and have numerous publications within the industry. The study was well structured and also acknowledged the potential challenges of BPR. The study is related to the discussion of effectively executing business strategies because it focuses on the methodology of business process reengineering (BPR), which is a key strategy for improving the efficiency and effectiveness of organizational processes. The process includes redesign of existing processes, with a promise of achieving improvements in areas relating to cost, quality, service, and speed. School of Business, Liberty University Faizan Malik Week 6 Student Reply Author Note: Faizan Malik I have no known conflict of interest to disclose. Correspondence concerning this article should be addressed to Faizan Malik: Fmalik@Liberty.edu Summary

Hey Malte, great post! You did a great job in discussing the importance of effective communication in the context of implementing organizational strategies, including how an organization’s strategy execution should follow certain principles to avoid decision traps and mismanagement. You highlighted the generic process for effective implementation of strategies, described by Gamble et. al (2021), which includes building an organization capable of good strategy execution, allocating resources to strategy-critical activities, instituting strategy- supportive policies and procedures, striving for continuous improvement in processes and activities, installing operating and information systems that align the communication and operations with the corporate strategy, using rewards and incentives to promote better strategy execution, creating an organizational culture that works toward strategy execution and leading the strategy execution process. Incentives, in particular, provide numerous additional benefits, as reported by Dobson & Chakraborty (2020), which include “can increase innovative effort to raise efficiency that benefits the whole industry supply chain, end consumers, and social welfare” (Dobson & Chakraborty, 2020), You then provided context on the focus of design and power focus, and how it relates effective strategy execution. The discussion concludes with a summary of the Four A approach as a recent model that considers changes in the business environment during strategy execution and how it requires continuous monitoring. Critique My only critique is that of the Four A approach, as I don’t believe it constitutes a decision trap. A decision trap refers to various thought processes that may have resulted from inherent biases and decision-makers unwilling to make a change (Korhonen et al., 2020), whereas the Four A Approach has a flexible decision-making process to provide a more deliberate approach to decision-making. References Dobson, P. W., & Chakraborty, R. (2020). Strategic incentives for complementary producers to innovate for efficiency and support sustainability. International journal of production economics , 219 , 431-439. Korhonen, P. J., Wallenius, J., Korhonen, P. J., & Wallenius, J. (2020). Beware of Decision Traps: The World of Certainty. Making Better Decisions: Balancing Conflicting Criteria , 31-38.

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