Discuss how the concepts in this course can be applied to real-world situations and increase your chances of career or life success. Your journal entry must be at least 200 words in l

BUS 6320, Global Strategic Management 1

Course Learning Outcomes for Unit VIII Upon completion of this unit, students should be able to:

1. Compare global strategic business models.

2. Analyze the processes for formulating sustainable corporate business strategies.

3. Synthesize the role of leadership in strategic business planning.

4. Summarize the role of innovation and risk management in strategic business planning.

5. Explain implementation, control, and measurement in overall evaluation of business strategies.

6. Assess the ethical parameters of strategic business models.

7. Discuss an effective global business strategy for an organization. Required Unit Resources Chapter 11: Organizational Design: Structure, Culture, and Control Unit Lesson Implementation of the strategic plan through organizational design provides the final topic of this course. Rothaermel (2019) defines organizational design as “the process of creating, implementing, monitoring and modifying the structure, processes, and procedures of an organization” (p. 381). In looking at organizational design, structure, culture, and control will be examined. Throughout this course, we have analyzed and defined the process of strategic plan development. If a leader is unable to execute and implement the strategic plan, there is absolutely no worth to the plan. After significant resources are utilized to develop a strategic plan, why are so many organizations unable to implement? Chief executive officers (CEOs) are regularly fired from their positions due to the inability to execute a strategic plan. One of the most prevalent reasons is a strong organizational culture. Since culture is a unifying dynamic within organizations, change to the style of culture promotes significant resistance among employees. Employees tend to get comfortable with the overall culture and nuances of the company and simply do not want to deviate from it. Organizational structure is another reason for resistance as the structure of an organization tends to be imbedded in the overall operational aspects of an organization. Organizational structure is typically represented as one or a combination of the following aspects.

• Specialization: Tasks are divided into separate jobs ensuring that each employee is focused on their specialty.

• Formalization: The organization is run by strict rules and procedures followed by all employees. • Centralization: This refers to the degree of which decision-making is completed by a central authority. • Hierarchy: Formal reporting structure of an organization determines the span of control within each

area. Another reason for resistance is that of sunk costs. Organizational leadership would prefer to avoid sunk costs (costs already incurred in previous goals). Executive leadership will address this concern from the

UNIT VIII STUDY GUIDE Implementation Through Design and Control

BUS 6320, Global Strategic Management 2

UNIT x STUDY GUIDE Title

standpoint of not only the sunk costs, but also the overall costs associated with the change. A fourth reason for resistance is through specific interest groups within the organization. Sometimes these special interest groups within the organization develop a silo vision whereby they do not see the negative consequences of the status quo. Finally, contractual agreements can hinder changes in the strategic plan. Obviously, legalities need to be reviewed before implementation of new strategic plans. How do organizational leaders overcome this resistance to change? Since resistance to change can manifest itself in a host of employee behaviors ranging from passive aggressive behavior to outright defiance, hostility, and sabotage, the goal is to avoid or, at a minimum, manage this behavior. One of the best methods to overcome this resistance is to examine the potential resistance before even presenting the change. Think about what the specific changes include, who they will impact, and how each employee will be impacted. From there, think about how these employees will react. Employees may have a fear of the unknown or an adversity to surprises. There may be some level of mistrust and/or a feeling that their job will be eliminated or severely downgraded. Being prepared for a myriad of reactions will decrease the overall resistance and increase the level of acceptance of the changes. Additionally, including the advantages and opportunities that the change will provide in the initial presentation is important. Employees will need to understand the benefits, both short-term and long-term. Assuming the resistance to change has been mitigated, the actual implementation of the strategic plan is next. The first step in the process is communication and alignment. It is important for leadership to communicate the plan and its alignment to the company’s mission, vision, and overall objectives. The presentation of the advantages of the new strategic plan to both the company and individual employees is important. This could be supported using internal and external environmental analyses, competitive analysis, and/or financial analysis and projections. The second step in this process is driving accountability. Goals are created, and areas of responsibility are determined. These goals must be focused and clear with the ability to easily track performance. A best practice could be to share goals, creating a team atmosphere where employees work together to achieve all goals through their individual contributions. The third step is to promote an action-oriented culture that rewards employees for taking steps toward achieving their individual goals. Continuously tracking the progress of employees assures that they understand their personal expectations of the new strategic plan.

The use of key performance indicators (KPIs) is an effective organizational measurement tool that is typically tied to the measurement of a new strategic plan. Some examples of KPIs are included below. • Increase overall company profits from x to y by quarter 3. • Increase revenue by customer from a to b by quarter 4. • Acquire three new companies with at least $6 million in revenue by quarter 1. • Reduce expenses from xyz to abc by quarter 2. These type of KPIs are holistic in nature to the organization and can be drilled down to represent specific departmental and individual goals. Communicating these strategic goals can create that team atmosphere discussed earlier, aiding in the successful implementation of the strategic plan. Employee involvement or creation of an environment in which every employee is contributing is key. Empowering the employees toward this continuous improvement of the company creates a sense of ownership and commitment as well as higher levels of motivation. Additionally, it lends itself to higher employee retention rates. Through this process, it is important to note that full and active executive support is paramount. This should come in the form

of not only financial support but also verbal through leadership, follow-up, and actually living the results of the strategic planning and implementation process.

Steps in implementing a strategic plan

BUS 6320, Global Strategic Management 3

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As innovation is a key contributor to strategic growth and disruptive business models, it is important to include some commentary on how leaders within an organization execute and implement transformative growth through the implementation of business strategy plans. What this means is that in today’s very competitive global business world, it is imperative for businesses to develop new sources of growth in order to remain competitively advantaged. These sources need to have the ability of being incubated and scaled, and overall risk needs to be managed. Companies need to be able to manage their core business while at the same time participate in these innovative growth opportunities. We can include several well-known companies demonstrating these innovative and disruptive business models. One example is that of PayPal, which attempted to enter an industry that traditionally had been known to hold a significant amount of barriers to entry. These barriers included regulatory approvals, the need for customer trust (which usually involves time), and the simple fact that this industry necessitates a significant amount of cash outlay. PayPal was first to market as an internet market tool, which affords certain advantages, and they created significant partnerships that provided a successful business model. What about Toyota? How did they break through the big three automaker’s dominance of the U.S. market? The answer was by executing a higher level of efficiency within their production processes that was developed by studying American production facilities and doing it better. With both of these examples, research was conducted and a strategic plan developed that included disruptive business modeling. Monitoring the implementation of the strategic plan is important to ensure implementation is following the schedule. Several monitoring activities could include reviewing whether the goals and objectives are being achieved according to the timeline specified in the plan. Assess whether employees have the appropriate resources including financial support, equipment, facilities and training. At one point, leaders should reevaluate whether the goals and objectives remain realistic and whether they should be revised. The important point to remember within the scope of monitoring the implementation is that organizational leaders need to remain close to the plan and the employees executing the plan. The strategic plan should be looked at as a continuous work-in-progress with the flexibility of change with market and industry changes. In conclusion, implementation of the business strategy is the final phase of the strategic business planning process. Mitigating the resistance to change toward progressive and innovative thought processes sets the stage for strategic growth. Communication, accountability and, finally, institution of an action-oriented culture will pave the way for the implementation of a successful strategic plan. Through the management of the strategic plan, organizational leaders need to organize for innovation considering the open innovation model. This means employing innovative ideas internally from both the top down as well as the bottom-up process. Additionally, they must employ innovative ideas externally through licensing, strategic alliances, joint ventures, and acquisitions. Maintaining the competitive advantage with a differentiated product/service offering that is of value to the customer is the crux of a profitable business existence. Incorporating this into an efficient strategic business planning process leads to an effective strategic business plan.

Reference Rothaermel, F. T. (2019). Strategic management: Concepts (4th ed.). McGraw-Hill Education.

BUS 6320, Global Strategic Management 1

Course Learning Outcomes for Unit VII Upon completion of this unit, students should be able to:

5. Explain implementation, control, and measurement in overall evaluation of business strategies. 5.1 Discuss the importance of benchmarking and key performance indicators (KPIs).

6. Assess the ethical parameters of strategic business models.

6.1 Discuss the importance of ethics within the scope of corporate entrepreneurship and strategic planning.

7. Discuss an effective global business strategy for an organization.

7.1 Examine the relationship between strategic planning and business ethics. Required Unit Resources Chapter 12: Corporate Governance and Business Ethics MiniCase 12: Uber: Ethically Most Challenged Tech Company?, pp. 511–514 Unit Lesson Ethics is a topic that is discussed extensively in and out of the boardroom. Ferrell et al. (2019) define ethics as the behavior made within a group’s values. In the case of business ethics, the group’s values are represented by groups within the business organization. In order for businesses to survive, they must earn a profit, which does not need to compromise the ethical integrity of the organization. Case in point are Hilton, Hewlett-Packard Enterprise, Kimberly-Clark, Visa, and Allstate, which were rated as several of the 2019 World’s Most Ethical Companies. Each of these companies maintains a significant profit margin while advancing corporate citizenship, transparency, and the standards of equity (Ethisphere, n.d.). Take a look at The 2019 World’s Most Ethical Companies Honoree List to view all 128 global companies honored by Ethisphere.com. From your perspective, do you see any surprises? Is it important to you personally to deal with a company that represents ethical integrity? Generally speaking, business ethics have been scrutinized by a variety of stakeholders, not only by the employer, but also by consumers, employees, special interest groups, investors, and government regulators. Because of this concern, the Ethics Resource Center (ERC) has been established to examine risk and the promotion of workplace integrity. They use a survey called the Global Business Ethics Survey (GBES) that measures compliance on workplace integrity including observed misconduct, abusive behavior, lying to stakeholders, conflict of interest, and pressure to compromise standards. Leaders within organizations look to establish appropriate core values and conduct through an established set of ethics initiatives within the company. The goal of most organizations is to maintain an ethical culture throughout the organization without having to enforce compliance. At its very core, ethics contribute to a company in a variety of ways. Employee commitment tends to be stronger in organizations with higher levels of ethical integrity. The rationale behind this is that the employee feels a connection with an employer that is behaving ethically. The employee then connects their future to the organization and feels confident in the organization’s sustainability. This leads to a greater level of passion and personal sacrifice for the good of the organization. As an organization takes care of its employees, the employees are more willing to take care of the organization. Characteristics of an organization taking care of its employees include a safe work environment, strong organizational culture with work-life balance,

UNIT VII STUDY GUIDE Strategic Business Ethics

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competitive salaries and career development, strong leadership, and a reputation of following through with contractual obligations. Another contribution of ethics is that of investor loyalty. Investors are intrinsically interested in the financial performance of the organization. Because of this, investors realize that an ethical culture accomplishes greater returns through greater efficiencies, productivity, and profits. Looking at this from the negative side, unethical behavior produces fines and litigation that can lead to negative publicity that ultimately results in lower stock prices, reductions in customer loyalty, and a decrease in long-term sustainability. A third contribution is that of customer satisfaction. Through the learning in this course, it is clear that customer satisfaction is one of the most important factors in a successful business strategy. The development of a reputation of high ethical standards is preferred by most customers. This increases customer trust and respect, leading to a greater level of customer satisfaction. There are several areas of regulation that provide direction and protection for employees as well as the company with respect to ethical standards. The Sarbanes-Oxley Act of 2002 utilizes whistleblower protection that enables employees within an organization to report any unlawful acts they might witness. This protects the employee from having action taken against him or her by the employer. The Dodd-Frank Wall Street Reform and Consumer Protection Act reviews the financial regulatory system. This act was comprised of 16 provisions that provide for the accountability of financial institutions including regulation of complex derivatives that could potentially confuse consumers. It also attempts to educate consumers with respect to the financial industry and protect them from deceptive claims. Through these and other regulatory agencies, seven core best practices for ethical organizational development have been brought forward (Ferrell et al., 2019):

1. A code of conduct identifying ethical standards to be upheld within the organization should be compiled and communicated. Most companies today include this on their website to ensure that all stakeholders understand their diligence.

2. Oversight of the ethical standards should be supervised by high-ranking leaders within the organization. This demonstrates a sense of importance of the program and ethical standards.

3. All organizational leaders (particularly those in executive positions) should demonstrate the highest level of behavior. Role modeling and setting an example are some of the best methods of leadership.

4. A thorough communications method should be employed to distribute not only the code of ethics but also detailed expectations of ethical behavior. Additionally, a training session should be instituted and required for all employees within the organization ensuring a solid line of communication.

5. Corporate governance should include an easy method for employees to report violations. Organizational systems should also be in place to automatically detect violations.

6. If violations occur, the organization needs to take appropriate actions toward the individuals that were responsible. Appropriate internal communication needs to be conducted in order to ensure that all employees understand the actions taken. This will reinforce the expected ethical standards within the organization.

7. After violators have been reprimanded, systems need to be modified to ensure that the violation will not be repeated. Organization-wide communication of new and updated procedures and standards needs to reinforce the expected ethical culture.

BUS 6320, Global Strategic Management 3

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One issue affecting ethics that can arise is groupthink. Groupthink is an organizational issue that most companies have to overcome at some point in time. Groupthink happens when individuals within a group are discouraged from voicing thoughts that conflict with others and encouraged to conform to group thought. This sometimes leads to unpredictable and irrational behaviors potentially leading to unethical decision-making and behavior. Frequently, groupthink is fueled by the idea that the end justifies the means, which is many times tied to greed. Historically, groupthink has been used as a crutch for organizations that have been accused of unethical practices. For example, Walmart, Coca Cola, and Nike have all been accused at one point in time of unethical treatment of their employees. Volkswagen was accused of cheating on emissions tests. This is clearly an unethical action, but a significant number of employees

were involved with this unethical behavior. Toshiba was involved with an accounting fiasco when certain employees altered the financial results in order to meet financial targets. While these organizations have remained profitable, analysis of groupthink practices within each of these companies were inevitably a part of the reaction within the company after the accusations. Altering the culture away from groupthink practices is in the best interests of all concerned as it simply leads to bad decisions. Ethical leadership is of the utmost importance in maintaining an ethically sound culture within the organization. Beginning with solid character and competence, leaders also need the ability to lead and guide. Through honesty and integrity, as well as commitment and passion, ethical leadership will best be executed by leaders who have effective communication skills and the ability to inspire. Demonstrating strong ethical standards and practices everyday as a role model within the organization can be one of the most powerful influencers. The ability to model organizational values with a positive yet realistic view on the organization is a highly proactive characteristic of ethical leadership. Through the execution of ethical standards within an organization, corporate governance emergences. This can be defined as mechanisms to direct and control an enterprise in order to ensure that it pursues its strategic goals successfully, ethically, and legally (Rothaermel, 2019). In the most basic sense, this is a system to ensure that the organization is running effectively and ethically aligning with the strategic plan and mission of the organization. One method of checking the interests of the organization is a board of directors. Two unique types of boards can be implemented, including an internal board of directors consisting of the company’s senior management team. These individuals have a good understanding of the internal workings of the organization, which provides valuable insights into the challenges within the business environment. The other type of board would be an outside board consisting of senior executives from other organizations. While this group does not have the internal operations expertise, they provide a fresh perspective from outside the organization and are most likely to keep shareholder’s interests at the forefront. In conclusion, strong ethical leadership and corporate governance are absolutely critical in maintaining a competitive advantage and long-term sustainability of an organization. Having a strong allegiance to the code of conduct and organizational values will ensure an ethical culture aligns with the stakeholder’s preference. Through this, an effective global business strategy will be compiled and ultimately, a profitable business structure will be established.

With groupthink, employees feel pressure to act or think a certain way. (Andrewgenn, n.d.)

BUS 6320, Global Strategic Management 4

UNIT x STUDY GUIDE Title

References Andrewgenn. (n.d.). GroupThink (ID 71039997) [Image]. Dreamstime. https://www.dreamstime.com/stock-

photo-groupthink-business-cartoon-team-looks-thinks-exactly-alike-image71039997 Ethisphere. (n.d.). The 2019 world’s most ethical companies honoree list.

https://www.worldsmostethicalcompanies.com/honorees/ Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2019). Business ethics: Ethical decision making and cases (12th

ed.). Cengage Learning. Rothaermel, F. T. (2019). Strategic management: Concepts (4th ed.). McGraw-Hill Education.

BUS 6320, Global Strategic Management 1

Course Learning Outcomes for Unit VI Upon completion of this unit, students should be able to:

3. Synthesize the role of leadership in strategic business planning. 3.1 Compile a presentation of possible problems and solutions for an organization.

5. Explain implementation, control, and measurement in overall evaluation of business strategies.

5.1 Evaluate the implementation of solutions to organizational problems. 5.2 Analyze the processes that influence control and management of an organization.

6. Assess the ethical parameters of strategic business models.

6.1 Explore the issue of motivating organizational employees. 6.2 Explain how to implement recommended solutions with professional and ethical integrity.

Required Unit Resources Chapter 10: Global Strategy: Competing Around the World MiniCase 10: Hollywood Goes Global, pp. 503–507 Unit Lesson Today the topic of discussion surrounds globalization. What exactly is globalization? How does it affect all of us? Is it good or bad? Is it here to stay? Rothaermel (2019) defines globalization as the exchange between different countries and people worldwide. Globalization as a whole has increased over the years, primarily as a result of advancements in technology and reductions in transportation costs and trade barriers. Globalization has increased the standards of living for many countries, and interdependence amongst countries is significantly greater than ever before historically. Globalization surfaces through multinational enterprises (MNEs), which are depicted by a company that utilizes or sells goods and services in at least two countries. The second area globalization is demonstrated is through foreign direct investment (FDI), which involves any type of financial investment with at least two countries. At the most basic of levels, why do companies expand internationally or globally? According to Cateora et al. (2020), the foremost reason is to gain access to a larger market. These companies can gain access to markets to which they may have not otherwise been exposed. Their products and services may already be maximized in their home country; thus, a new country would afford new opportunities. Additionally, companies can take advantage of economies of scale and scope by providing greater production efficiencies leading to financially lucrative efficiencies. A second reason is to potentially gain access to low-cost input factors. This could be in the form of less expensive raw materials or lower labor costs. Countries like China have increased their manufacturing power because of low labor costs and an efficient infrastructure. A third reason is to develop new competencies, which suggests that a company might locate a facility in a geographical location that could provide communities of learning. What this entails is benefitting from being located near a hub of information or talent that could enhance the company (Cateora et al., 2020). Are there disadvantages of companies expanding internationally? There are several potential disadvantages with the first being the liability of foreignness. Unfamiliar cultural and economic environments, as well as the long geographic distances, can create complexities. There could also be some loss of reputation as a company loses some level of control when conducting business abroad. Another potential disadvantage is the

UNIT VI STUDY GUIDE Global Strategic Management

BUS 6320, Global Strategic Management 2

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loss of intellectual property because differences in business operations in different countries become apparent. Another potential disadvantage lies in the outsourcing of jobs through the hiring of lower paid workers from other countries. In the United States, this dilemma has been batted around the boardroom as Americans losing jobs to foreign workers contributed to the unemployment rate. In spite of this, it is hard to ask companies to pay significantly higher labor rates for U.S. labor. This leads to higher overall product costs, causing more expensive product prices for consumers. One area that clearly demonstrates this is technology and/or call center outsourcing where U.S. companies have outsourced information technology (IT) jobs to India and China. This might be an experience that we have all dealt with as we look for phone IT or customer service assistance. Four countries—Hong Kong, Singapore, South Korea, and Taiwan—are referred to as the Four Asian Tigers because of their exceptionally high growth and expansion rates (over 7% growth rate) during the period between 1960 to 1990 (Perreault et al., 2017). These countries experienced such rapid industrialization that they quickly moved to developed country status. Singapore and Hong Kong hold a significant competitive advantage in the financial area with Taiwan and South Korea leading in the electronic components area. With the idea of emulating this model and achieving similar growth patterns, the Tiger Cub Economies developed. Countries included in this movement are Indonesia, Malaysia, Philippines, Thailand, and Vietnam. Most scholars and business managers well-versed in the art of successful international trade will agree that collaboration and trade agreements leading to solid partnerships are the basis of efficient and effective strategic globalization efforts (Hill & Hult, 2018). There are a significant number of organizations and agreements that have been established over the years to encourage collaboration and partnerships between nations. This quick activity will help you to learn more about some of the most long-standing, impactful organizations. The alternative format for this activity is also available. Each of these collaborative organizations encourage economic growth and prosperity for its members through a joint partnership. Some apply to certain geographic areas (i.e. the Asia-Pacific Economic Cooperation [APEC]), which takes into consideration the specific needs of those within the Asia-Pacific area. The interesting characteristic about this region is that more than half the population of our entire planet resides in this area, and the economies of the countries in this region are growing at an incredible pace. Economic growth and prosperity have been linked to innovative thought and levels of technological advancement within an organization. Assuming this to be true, a report compiled by U.S. News & World Report is of great significance (Radu, 2019). This report suggested that technological expertise levels are highest in Sweden, Switzerland, Russia, Singapore, United Kingdom, Germany, China, South Korea, United States, and Japan. If someone was starting a new technology company or looking for a new branch of a technology company, he or she would probably consider one of these areas to ensure proximity to the highest level of talent. In dealing with these countries or any foreign countries, organizational leaders should think about inventive communication methods. Cultural diversities within countries should be embraced and stere

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