a2 Milk Company (doing only question 6)6. Explain how the organization can measure the strategic initiative you proposed. Focus specifically on:a. A set of key success measures for the strategic initiative, using Balanced Scorecard.b. Draw a strategy map that indicates the key success measures and their hierarchical relationships.
Microsoft Word - BUSM3200 - Jan19 - Ass 2 Outline.docx 1 Assignment 2 (Group Assignment): Strategic Capability Analysis, Strategy Formation and Implementation Weighting This assignment accounts for 40% of the assessment in this Course. Due Date Monday, Week 12, (TBA) Due Time By 7.00pm Place via RMIT Canvas electronic submission Format Report Length 6,000 words (Maximum), 1.5 line spaced, 12 point Times New Roman. Note: The word count does not include references or appendices You will work in a group of four (4) with those in the same tutorial class to conduct strategic capability analysis of the organisation, propose one strategic initiative and develop its implementation plan built on the strategic analysis (external environment analysis) of the organisation from your first assignment (Assignment 1). You are responsible to form a group of 4 (FOUR) members from the same tutorial class for this assignment. Once you have formed your group of four, you must register your group membership on the course canvas. Otherwise, you will not be able to view your mark and the feedback and the Course Canvas will automatically record your mark as ZERO. Instructions on how to do so will be published on the course canvas. You must form your group by Week 7. It is your responsibility to inform your tutor if you are unable to form your group. 2 The assessment will be explained and discussed in Module 4. Write a 6,000 word (Max) report, including 200 words of Executive Summary, but excluding references and appendix. You are required to conduct strategic capability analysis, propose one strategic initiative for the organization encompassing a three-year time horizon. Your focus should also be on integrating the findings and feedback from your first assignment and then building upon them to create an actionable strategy implementation plan and its evaluation. The plan has to be achievable and realistic. You have to clearly demonstrate what the strategic initiative is, why your plan can help the organization achieve and maintain a sustainable competitive advantage, and how this plan can be implemented and evaluated. Specifically, you are required to perform the following tasks in this report: 1. Identify those resources and competences of the organization that are likely to provide sustainable competitive advantage. Justify why these resources and competences can be regarded as strategic capabilities using the four criteria (VRIO) covered in the textbook. 2. Identify and discuss the current generic type of business strategy the organisation implements by examining its strategy statement and/or its value chain activities. 3. Propose ONE new strategic initiative for the organisation to implement. This initiative can be a major functional initiative, such as marketing, use of technology, product (service) innovation/development, and M&A. Describe its contents in detail and justify why it is strategic. 4. Evaluate the suitability of your strategic initiative through referring to the findings of your assignment 1, particularly the external environment of a2 Milk, and its strategic capabilities and current business strategy as identified in this assignment. 3 5. Develop a strategy implementation plan that primarily focuses on the following areas: a. What needs to be changed to implement the strategy? and Why? b. How will the changes proposed be managed and implemented? 6. Explain how the organization can measure the strategic initiative you proposed. Focus specifically on: a. A set of key success measures for the strategic initiative, using Balanced Scorecard. b. Draw a strategy map that indicates the key success measures and their hierarchical relationships. References should be utilised within this Report to validate the information presented, and should be drawn from academic sources and organisational information such as the website and annual reports. The business press may be used sparingly to identify relevant issues. Learning outcome/s and capability development This assessment is deliberately designed not only to test what you know, but to also build lifelong learning skills. It has been developed to give you the best possible opportunity to help the organization to survive and thrive into the future. The skills that you will be developing include: • cognitive conceptualisation skills • critical thinking and analysis skills • creative application skills. All these are valuable skills you will need in future employment. How well you are able to demonstrate these skills and knowledges will impact not only on you and your group (in terms of a mark) but also has the potential to influence the future of the case study organisation. Your work matters. Advisory notes for this assignment • You should conduct an extensive information search on the organisation selected. 4 • Company websites, annual reports, and media reports are important sources of such information, but their objectives, and thus credibility, should be carefully analysed and evaluated. • You should use appropriate concepts and analytical tools in your report. • The report should be written in prose; however limited use of dot points is acceptable. • This advice should be read in conjunction with RMIT assessment policy and the course guide. Guide for assignment presentation Written assignments must be presented in a professional format. Quality of presentation, especially literacy, will be considered in the marking criteria. Written communication skills are an essential component of RMIT University’s courses. In line with RMIT policy, all sources of information must be fully referenced using standard Harvard or APA referencing systems. You are encouraged to use referencing software such as Endnote for referencing and formatting. The assignment should be in report format and use Times New Roman font size 12, 1.5 line spacing. Assignment submission You are required to submit your assignment online. It should be attached with a coversheet, which can be downloaded from the Course Canvas and signed. Please submit it via the course Canvas and note: • Use only ONE student log-in account for your group to submit the group assignment into the Turnitin, and then to the Course Canvas. Otherwise your Turnitin report will have a high similarity percentage. • Staff have access Turnitin information • Further submission instructions will be given in the seminars. Microsoft PowerPoint - BUSM3200 - Jan19 - Lecture 11 - Monitoring and Managing Performance.ppt [Compatibility Mode] Jeanette Ng © 2018 1 BUSM3200 – Strategy Lecture 11 Monitoring and Managing Performance LF02 – January 2019 Jeanette Ng
[email protected] Jeanette Ng © 2018 2 STRATEGY IN ACTION This set of slides focuses on how you can measure the success of your recommendations. Some common points to think about: 1. How are you going to measure the success of your recommendations in a balanced manner? 2. What other measures are important? 1. Where is the Company positioned? 2. What Options does/did the Company have? 1. Strategic Position of Company 3. Strategy in Action (Evaluate & Implement) 3. Is the Option right for the Company? 2. Strategic Choices of the Company How are you going to implement it? Jeanette Ng © 2018 3 Agenda 1. Balanced Score Card 2. Stakeholder Mapping 3. Corporate Social Responsibillity Jeanette Ng © 2018 4 BALANCED SCORE CARD • Managing Performance • What KPIs will you use to monitor the success of the Company’s strategy? Jeanette Ng © 2018 5 I have uploaded onto Dropbox examples of KPIs for the Balanced Score Card. Please use with discretion, as not all are applicable for the company. Remember to explain clearly why you chose that KPI and why you set that target for your strategy. ! Jeanette Ng © 2018 6 Aim of BSC • The aim of the Balanced Scorecard is to: o align business activities to the vision and strategy of the business, o improve internal and external communications, and o monitor business performance against strategic goals. • The balanced scorecard provides a relevant range of financial and non-financial information that supports effective business management. Jeanette Ng © 2018 7 Meaning of “Balanced” Balanced scorecards set performance targets according to a range of perspectives, not only financial. Typically there is a combination of four specific perspectives: • financial • customer • internal • innovation and learning Jeanette Ng © 2018 8 Evaluation Methods Balanced Scorecard – Four Perspectives Customer Perspective How should we appear to and serve our customers? Financial Perspective What financials indicate success of our strategy? Learning and Innovation Perspective How should we sustain our ability to change and improve? Internal Business Perspective At what business processes must we excel? Vision And Strategy Jeanette Ng © 2018 9 Main Benefits of BSC • Balanced view; goes beyond a focus on just financial perspective • Tries to strike a balance amongst different stakeholders >> • Helps companies focus on what has to be done in order to create a breakthrough performance o Looks at short-term versus long-term objectives and measures Jeanette Ng © 2018 10 Example of Balance between Stakeholders Investors Financial Perspective Lenders Financial Perspective Customers Customer Perspective Employees Internal / L&D Perspective Suppliers Internal Perspective Jeanette Ng © 2018 11 Main Benefits of BSC (cont’d) • Acts as an integrating device for a variety of corporate initiatives • Provides a comprehensive view of the entire organization o overturns the traditional idea of the organisation as a collection of isolated, independent functions and departments • Makes strategy become operational by translating it into performance measures and targets Jeanette Ng © 2018 12 Main Benefits of BSC (cont’d) • Helps break down corporate level measures o so that local managers and employees can see what they need to do well if they want to improve organisational effectiveness Jeanette Ng © 2018 13 Critique of BSC A danger that a business will have too many performance indicators Need to have balance between the four perspectives – not easy Senior management may still be too concerned with financial performance Needs to be regularly updated to be useful o External environment (PESTEL and P5) is changing, whereas BSC initiatives and KPIs tend to fixed Jeanette Ng © 2018 14 Translating Strategy Into Initiatives For each perspective: Performance Measures Targets (KPIs) Initiatives (Projects) Vision + Mission + Strategy BALANCED SCORE CARDCritical Success Factors Jeanette Ng © 2018 15 Vision Transforming society through provision of ultra-high speed mobile information services Strategy BLS (Differentiation) CSFs Strong pipeline of exclusive content; 24/7 multi-channel customer service, Mission To be the #1 provider of quality mobile content in United Kingdom Example of Strategy Map Jeanette Ng © 2018 16 CORPORATE SOCIAL RESPONSIBILITY (CSR) Jeanette Ng © 2018 17 Companies have