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In this unit, we discussed the concept of market segmentation, which is defined as product positioning that subdivides the market to target specific customers. Identify a product that you have seen with either effective or ineffective market segmentation. Explain what makes the market segmentation effective or ineffective.  500 Words BUS 4302, Business Policy & Strategy 1 Course Learning Outcomes for Unit V Upon completion of this unit, students should be able to: 8. Examine the process of implementing strategies across business operations. 8.1 Explore strategy implementation that focuses on efficiency. 10. Diagram the strategy review and control process. 10.1 Examine the guidelines in developing an organizational chart. Course/Unit Learning Outcomes Learning Activity 8.1 Unit Lesson Chapter 7 Unit V Assessment 10.1 Unit Lesson Chapter 8 Unit V Assessment Required Unit Resources Chapter 7: Implementing Strategies: Management and Marketing Issues Chapter 8: Implementing Strategies: Finance and Accounting Issues Unit Lesson Implementing Strategy Chapters 7 and 8 will focus on how to implement strategies. Within the discussion, there will be ways to effectively define an organizational structure and manage organizational culture, corporate wellness, and employee and executive compensation. Additionally, you will learn ways to handle resistance to change, human resource issues, and restructuring. Strategic formulation is the positioning of forces before an action is conducted, while strategy implementation is managing the forces during the action. For example, the formulation attempts to preempt a strategy based on many factors to include market conditions and structure. The strategy implementation is how to implement the strategy during the actual operational process. The chart below has been created to articulate the variances between the two strategies. Strategy Formulation Strategy Implementation Before an action occurs During the action Effectiveness Efficiency Intellectual process Operational process Good initiative and analytical skills Motivation and leadership skills Coordination among few Coordination among many UNIT V STUDY GUIDE Implementing Strategy BUS 4302, Business Policy & Strategy 2 UNIT x STUDY GUIDE Title Annual Objectives The annual objective process is a decentralized organization inclusive process that includes all managers and leaders within the organization. Annual objectives assist with the allocation of resources, evaluating managers, monitoring progress, and establishing organizational priorities. The textbook defines annual objectives as being measurable, consistent, challenging, and able to be clearly communicated throughout the organization (David et al., 2020). It is also noted that the objectives should be compatible with employees’ values system. These are generally revised on an annual basis in an effort to remain relevant to both the consumer and the employees. Policies In an effort to fully implement strategies, an organization may need to update or incorporate new policies to assist with achieving the organizational goals. Policy is defined as guidelines, rules, and administrative practices to support the organization to achieve their stated goal (David et al., 2020). For example, a policy for a fast food restaurant may be to offer their employees reduced cost meals, but not free meals. The thought process is that the employees may literally eat the profits of the restaurant. By requiring a policy of a reduced cost, the employer is able to break even while maintaining profit margins from their paying customers. The policy may also include provisions; for instance, if an employee does not pay for his or her meal, this is considered stealing and grounds for termination. Another policy may be a universal ban related to smoking on the organization’s property. This policy would potentially affect their customers, employees, and visitors. Managing Conflict Conflict has the potential to occur within any organization, regardless of facility type. Conflict can arise when there is a disagreement on an issue. Conflict can be as simple as rearranging employees’ schedules to better support the needs of customers. The rearrangement may cause personal issues for the employees; resolution (conflict approach) can be initiated to resolve any potential issues. Individuals may have different expectations based on required objectives, thus potentially creating conflict. Sometimes, conflict is healthy for an organization, as long as it can be resolved before it becomes dysfunctional or hostile. An example of healthy conflict could arise while deciphering where to place a product and how to produce the product. This type of product induces deeper thought and appreciation of the team effort. Conflict can promote values and increase outcomes if carried out in a way that is constructive to both entities. There are different types of approaches related to conflict, and these are articulated in the chart below: Conflict Approach Description Avoidance Ignoring the issue or problem Defusion Playing down or compromising Confrontation Exchange between entities so they can work through their problems Conflict is a fact of life whether within the organization or outside the system. Employers who recognize that conflict (internally and externally) exists and are willing to implement procedures and practices to defuse those instances are miles ahead of those who choose to ignore the conflict. Different employees deal with conflict in different ways (Cascio & Boudreau, 2011). An increase in absences and job related injuries, a decline in collaboration, and a reduction in the “family friendly” culture of the work place are all signs of unresolved conflict. There is not a “magic bullet” to create an environment where conflict is resolved in a positive way. While there is a wealth of “self-help” theories, the fact remains that the approach taken will be case specific. It is commonly accepted that the most efficient and effective way to deal with conflict is to design solidly facilitated focus groups within the work team where everyone’s voice is heard and everyone’s input is valued. When procedures are in place, the institution can reach consensus and successfully move beyond the conflict and actually may grow from the experience. Strategy Implementation During the past couple of units, we have focused extensively on strategy formulation. The next step is to take a look at strategy implementation, followed by the third step of strategy evaluation. Strategy implementation affects all levels of management and employees within an organization. Implementation includes marketing, BUS 4302, Business Policy & Strategy 3 UNIT x STUDY GUIDE Title finance, research and development, and information system(s) to effectively support strategic management. Marketing can play a large role in an organization’s success. Marketing issues can include social mobilization, TV versus online marketing, and consumer driven expectations to include pricing and warranties. Segmentation Market segmentation is defined as product positioning based on subdividing the market to target specific customers (David et al., 2020). For example, the cable-based television station MTV probably would not be the target channel to roll out a TV advertisement related to family-friendly caravans. These types of advertisements may be more favorable to a different demographic. Another example is to target a regional demographic. McDonald’s Corporation conducts extensive research to target sandwiches to support specific regional demographics. For example, in India, McDonald’s does not carry beef products in an effort to be culturally sensitive; instead, McDonald’s provides non-beef options, such as vegetarian, chicken, and fish. Facebook is another example that uses targeted marketing to encourage customers to purchase a product or service that they may be interested in. References Cascio, W., & Boudreau, J. (2011). Investing in people: financial impact of human resource initiatives. Pearson. David, F. R., David, F. R., & David, M. E. (2020). Strategic management: A competitive advantage approach, concepts and cases (17th ed.). Pearson. https://online.vitalsource.com/#/books/9780135203736 Suggested Unit Resources In order to access the following resources, click the links below. The chapter presentations below will provide you with additional information on this unit’s concepts. Access the Chapter 7 Presentation. Access the PDF version of the Chapter 7 Presentation. Access the Chapter 8 Presentation. Access the PDF version of the Chapter 8 Presentation. https://online.columbiasouthern.edu/bbcswebdav/xid-136194211_1 https://online.columbiasouthern.edu/bbcswebdav/xid-136174363_1 https://online.columbiasouthern.edu/bbcswebdav/xid-136194212_1 https://online.columbiasouthern.edu/bbcswebdav/xid-136174365_1 Course Learning Outcomes for Unit V Learning Activity Required Unit Resources Unit Lesson Implementing Strategy Annual Objectives Policies Managing Conflict Strategy Implementation Segmentation References Suggested Unit Resources