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Chapter 10
McGraw-Hill/Irwin Copyright 2009 by the McGraw-Hill Companies, Inc. All rights reserved.
Learning Objectives
1. Understand how short-term objectives are used in strategy implementation 2. Identify and apply the qualities of good short-term objectives as applied to your own experiences 3. Illustrate what is meant by functional tactics and how they are used in strategy implementation 4. Gain a general sense of what outsourcing is and how it becomes a choice in functional tactics decisions for strategy implementation 5. Understand what policies are and how to use them to empower operating personnel 6. Understand the use of financial reward in executive compensation 7. Identify different types of executive compensation and when to use each in strategy implementation
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Short-Term Objectives
Short-term objectives are measurable outcomes achievable in one year or less Discussion about short-term objectives helps raise issues and potential conflicts within an organization Short-term objectives assist strategy implementation by identifying measurable outcomes of action plans or functional activities, which can be used to make feedback, correction, and evaluation more relevant and acceptable
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Short-Term Objectives
Short-Term Objectives provide: Specificity
Time frame for completion Who is responsible Accountability
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Measurable
o Measurable o Measurable
activity outcomes
Priorities
o Simple ranking o Relative priority o Cascading
/ Weights
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Functional Tactics
Functional tactics are the key, routine activities that must be undertaken in each functional area to provide the businesss products and services
In a sense, functional tactics translate thought into action Every value chain activity in a company executes functional tactics that support the businesss strategy and help accomplish strategic objectives
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Functional Tactics
Functional tactics are different from business or corporate strategies in three fundamental ways:
1.Time horizon 2.Specificity 3.Participants who develop them
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Outsourcing Functional Activities Outsourcing is acquiring an activity, service, or product necessary to provide a companys products or services from outside the people or operations controlled by that acquiring company Outsourcing can save valuable time and money for many organizations
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Empowerment is the act of allowing an individual or team the right and flexibility to make decisions and initiate action
Policies are directives designed to guide the thinking, decisions, and actions of managers and their subordinates in implementing a firms strategy
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