Assignment

Running Head: IMPLEMENTING STRATEGIES

1

IMPLEMENTING STRATEGIES 3

Implementing Strategies

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Project management is a basic concept in running the business, whether small, medium-sized, or large. Firms keep on implementing the project, and thus to the project are successful, the firm will need a strategic plan. Chapter 8 of the book “Strategic management: A competitive advantage approach, concepts, and cases" discusses the basic concepts of implementing strategies in Marketing, Finance & Accounting, R&D, and MIS issues. The key concepts discussed in this chapter relate to the implementing strategies. The chapter analyzes the key strategic marketing issues essential for strategies implementation – social media, market segmentation product positioning. The chapter also focused on strategic finance and accounting issues – debts & stocks, projected financial statements, the business cash value, and research and development in the implementation of strategies. Finally, the chapter discussed how the management information system impacts the implementation of the strategy.

The concepts discussed in this chapter are essential for project management to ensure the project is implemented effectively. However, there some areas that carry more weight and are critical for strategic implementation. In this chapter, the key areas of focus are strategic marketing issues, development of projected financial statements and research, and development. In business, effective strategies implementation can only be achieved if the business raises enough capital to run the operation. Thus, this can only be achieved through addressing marketing issues to ensure there is enough capital flow (David, 2016). A projected financial statement is essential for effective strategies implementation as it ensures the money allocated for the project is used in accountable manners. Finally, effective strategies implementation will need the teams to keep researching and developing new approaches to ensure the project meets the required standards.

In this chapter, the essential concepts I have learned are how to use social media as a strategy implementation approach. The growth of information has enhanced the ability of people to interact and share ideas. As a result, business is shifting from selling products and services to selling experience, which people can share while interacting (David, 2016). Therefore, this concept will be used to enhance business product and service delivery and create connections with customers who will refer their friends to buy the product or use the services.

References

David, F., & David, F. R. (2016). Strategic management: A competitive advantage approach, concepts, and cases. Sixteenth edition.