STRATEGIC IMPLEMENTATION

STRATEGIC IMPLEMENTATION

Introduction

Business strategy must be a highly prioritized zone for business organizations. The study will unfold the corporation life cycle, and the importance of the strategic culture of Michaels company will be evaluated precisely. Both adaptation and implementation of strategy are valuable parts of a business which are to be carefully handled by business entities.

Analysis

Corporation lifecycle is an effective way to acknowledge the current position of an organization. Corporation lifecycle has five stages-launch, growth, shake out, maturity and decline (Yang et al., 2017). The launch stage depicts the first part of the corporation. The business organizations start planning and prepare to implement planning in the scene. Growth stage signifies that the corporation has begun growing to gain a small amount of profit followed by shake out. The shakeout stage emphasizes the higher amount of growth with a good number of sales revenue. The maturity stage signs a small decrease in the sales growth due to lack of proper strategy and cash flow (Yang et al., 2017). The final stage is decline when the sales of the organization break down completely.

Out of all the five stages of corporation lifecycle, Michaels is in the maturity stage. Michaels has already completed the shakeout stage where it has gained a lumpsum amount of profit. However, the company is currently finding out a proper strategy to sustain in the market as it has witnessed a slight decrease in sales growth (Chang and James, 2017). Adapting a suitable plan with a positive approach to implementation can add a strategic advantage to the corporation.

Thus, the corporation lifecycle can be extended by adopting a suitable strategy and a positive approach to the implementation of the plan for the betterment of the corporation (Yang et al., 2017). Thus, strategic implementation should be highly prioritized by the business organization to achieve the required sales target. Strategic implementation is a real-life application of the organizational strategy (Chang and James, 2017). For example- if Michaels plans to adopt the six sigma strategy to improve its product quality, the company must plan to apply it in reality. However, the strategy makers need to refer several questions before implementing any strategy for a corporation (Chang and James, 2017). The questions are – availability of time, availability of the monetary resource, availability workforce, possible success factors of the strategy, parameter to measure the strategy and relevance of the plan. Thus, the strategy makers of Michaels must find out the suitable answer to each of the questions before implementing the approach into reality (Chang and James, 2017). The company should evaluate the existence of cultural prospects in strategy after getting a response to all of the problems. It must authenticate the importance of strategic culture.

Culture must be included in a corporation’s strategy. Here, culture signifies the respectful attitude for all the stakeholders and shareholders of the organization irrespective of their background and existence of diversity in the course of strategic implementation (Chang and James, 2017). Michaels currently requires a properly cultured strategy that can improve the quality of products and services. Thus, six sigma can be recommended to the company.

Six sigma is a data and statistics based strategic approach which is used to maintain consistency in the quality of products and services eliminating all the defects. Michaels should follow all the principles of six sigma, which includes recognizing, measure, analyze, control, standardize and product integration. Utilization of six sigma can increase the product quality reducing defects which can enhance the market share (Mason, Nicolay & Darzi, 2015).

Conclusion

The entire study has depicted the importance of strategy and strategic implementation. The corporation lifecycle has been described where Michaels is in the fourth stage.  The company has been recommended to adopt six sigma strategy to enhance quality to enhance market share.