The paper "Business Policy and Strategic Management - Challenges and Opportunities in Strategy Implementation" is an outstanding example of coursework on business. In order to increase the effectiveness of new ideas in the business, an efficient business implementation strategy is required (Crandall & Crandall, 2008, p. 374). The formulation of creative business ideas is not beneficial if there is no plan in place for proper execution. Additionally, the organizational structure of the business can be strengthened when the management takes time to analyze various ways of implementing plans in an efficient manner.
Business ideas can originate from any member of staff but getting the company to accept the execution of these new ideas requires the involvement of the staff in some of the planning. It is not compulsory that all the individuals should give their ideas, but departmental managers can be involved in the process right from the start particularly concerning the manner in which key changes will have an impact on their respective departments. These managers may then be able to communicate with their staff in order to get the company involved in executing the implementation strategy as well as broadening the scope and outlook of the process.
Governance and stakeholdersCorporate governance is a connection between the stakeholders, which is employed in the determination and control of the performance and direction of companies (Hitt, Ireland and Hoskisson, 2011). It determines the manner in which the shareholders can make sure that managers develop and implement strategic decisions, which best serve the best interests of the shareholders and not the interests of the managers at the expense of the shareholders. When internal governance mechanisms are not present, markets for corporate controls, which are additional governance mechanisms are likely to be activated.
Corporations utilize several mechanisms to achieve governance in contemporary corporations including the Board of directors, executive compensation, ownership concentration, and market for corporate control. The main aim of governance mechanisms is the prevention of severe issues that may take place as a result of the separation of ownership as well as control in large organizations through positively impacting the behavior of managers.
Crandall, R. E., & Crandall, W. 2008, New methods of competing in the global marketplace: Critical success factors from service and manufacturing, CRC Press, Boca Raton.
Furrer, O. 2011, Corporate level strategy, Routledge, London.
Gospel, H. and Pendleton, A. 2005, Corporate governance and labor management, Oxford University Press, Oxford.
Hill, C. and Jones, G. 2013, Strategic management, South-Western, Cengage Learning, Mason, OH.
Hitt, M., Ireland, R. and Hoskisson, R. 2011, Strategic management, South-Western Cengage Learning, Mason, Ohio.
Jensen, P. and Bard, J. 2003, Operations research, Wiley, Hoboken, N.J.
Kozami, A. 2005, Business policy and strategic management, McGraw-Hill Published, New-Delhi.
Rao, C., Rao, B. and Sivaramakrishna, K. 2008, Strategic management and business policy, Excel, New Delhi, India.
Smith, A., & Graetz, F. 2011, Philosophies of Organizational Change, Edward Elgar Pub, Cheltenham.
Walker, R. 2011, Strategic management communication, South-Western Cengage Learning, Australia.