INTRODUCTION I.

MEANING

Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization. An organization is said to have competitive advantage if its profitability is higher than the average profitability for all companies in its industry. Strategic management can also be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firms performance. The manager must have a thorough knowledge and analysis of the general and competitive organizational environment so as to take right decisions. They should conduct a SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats), i.e., they should make best possible utilization of strengths, minimize the organizational weaknesses, make use of arising opportunities from the business environment and shouldnt ignore the threats. Strategic management is nothing but planning for both predictable as well as unfeasible contingencies. It is applicable to both small as well as large organizations as even the smallest organization face competition and, by formulating and implementing appropriate strategies, they can attain sustainable competitive advantage. Strategic Management is a way in which strategists set the objectives and proceed about attaining them. It deals with making and implementing decisions about future
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direction of an organization. It helps us to identify the direction in which an organization is moving. Strategic management is a continuous process that evaluates and controls the business and the industries in which an organization is involved; evaluates its competitors and sets goals and strategies to meet all existing and potential competitors; and then reevaluates strategies on a regular basis to determine how it has been implemented and whether it was successful or does it needs replacement. Strategic Management gives a broader perspective to the employees of an organization and they can better understand how their job fits into the entire organizational plan and how it is co-related to other organizational members. It is nothing but the art of managing employees in a manner which maximizes the ability of achieving business objectives. The employees become more trustworthy, more committed and more satisfied as they can co-relate themselves very well with each organizational task. They can understand the reaction of environmental changes on the organization and the probable response of the organization with the help of strategic management. Thus the employees can judge the impact of such changes on their own job and can effectively face the changes. The managers and employees must do appropriate things in appropriate manner. They need to be both effective as well as efficient. One of the major role of strategic management is to incorporate various functional areas of the organization completely, as well as, to ensure these functional areas

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harmonize and get together well. Another role of strategic management is to keep a continuous eye on the goals and objectives of the organization. II.DEFINITION The systematic analysis of the factors associated with customers and competitors (the external environment) and the organization itself (the internal environment) to provide the basis for maintaining optimum management practices. The objective of strategic management is to achieve better alignment of corporate policies and strategic priorities.

WHAT IS STARTEGY? Strategy is an action that managers take to attain one or more of the organizations goals. Strategy can also be defined as A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process. A strategy is all about integrating organizational activities and utilizing and allocating the scarce resources within the organizational environment so as to meet the present objectives. While planning a strategy it is essential to consider that decisions are not taken in a vacuum and that any act taken by a firm is likely to be met by a reaction from those affected, competitors, customers, employees or suppliers. Strategy can also be defined as knowledge of the goals, the uncertainty of events
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and the need to take into consideration the likely or actual behavior of others. Strategy is the blueprint of decisions in an organization that shows its objectives and goals, reduces the key policies, and plans for achieving these goals, and defines the business the company is to carry on, the type of economic and human organization it wants to be, and the contribution it plans to make to its shareholders, customers and society at large. Basically a strategy is a set of decision making rules for the the guidance of organizational behavior -Ansoff

Features of Strategy 1. Strategy is Significant because it is not possible to foresee the future. Without a perfect foresight, the firms must be ready to deal with the uncertain events which constitute the business environment. 2. Strategy deals with long term developments rather than routine operations, i.e. it deals with probability of innovations or new products, new methods of productions, or new markets to be developed in future. 3. Strategy is created to take into account the probable behavior of customers and competitors. Strategies dealing with employees will predict the employee behavior.

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Strategy is a well defined roadmap of an organization. It defines the overall mission, vision and direction of an organization. The objective of a strategy is to maximize an organizations strengths and to minimize the strengths of the competitors. Strategy, in short, bridges the gap between where we are and where we want to be. III.OBJCTIVES OF STUDY To understand the concept of Strategy, Strategic Management, Strategic Implementation. To study the different components of Strategic Management and Implementation.

IV.RESEARCH METHODOLOGY

METHOD OF DATA COLLECTION: The data used in this project is secondary. To collect the enough data for analysis websites and printed data is used and framed accordingly.

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STRATEGIC MANAGEMENT PROCESS I .Meaning Of Strategic Management Process

The strategic management process means defining the organizations strategy. It is also defined as the process by which managers make a choice of a set of strategies for the organization that will enable it to achieve better performance. Strategic management is a continuous process that appraises the business and industries in which the organization is involved; appraises its competitors; and fixes goals to meet all the present and future competitors and then reassesses each strategy. Strategic management process has following four steps:

1. Environmental Scanning- Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. It helps in analyzing the internal and external factors influencing an organization. After executing the environmental analysis process, management should evaluate it on a continuous basis and strive to improve it.

2. Strategy Formulation- Strategy formulation is the process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose. After conducting environment scanning, managers formulate corporate, business and functional strategies.

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3. Strategy Implementation- Strategy implementation implies making the strategy work as intended or putting the organizations chosen strategy into action. Strategy implementation includes designing the organizations structure, distributing resources, developing decision making process, and managing human resources.

4. Strategy Evaluation- Strategy evaluation is the final step of strategy management process. The key strategy evaluation activities are: appraising internal and external factors that are the root of present strategies, measuring performance, and taking remedial / corrective actions. Evaluation makes sure that the organizational strategy as well as its implementation meets the organizational objectives.

These components are steps that are carried, in chronological order, when creating a new strategic management plan. Present businesses that have already created a strategic management plan will revert to these steps as per the situations requirement, so as to make essential changes.

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STRATEGY IMPLEMENTATION

Strategy implementation is the translation of chosen strategy into organizational action so as to achieve strategic goals and objectives. Strategy implementation is also defined as the manner in which an organization should develop, utilize, and amalgamate organizational structure, control systems, and culture to follow strategies that lead to competitive advantage and a better performance. Organizational structure allocates special value developing tasks and roles to the employees and states how these tasks and roles can be correlated so as maximize efficiency, quality, and customer satisfaction-the pillars of competitive advantage. But, organizational structure is not sufficient in itself to motivate the employees. An organizational control system is also required. This control system equips managers with motivational incentives for employees as well as feedback on employees and organizational performance. Organizational culture refers to the specialized collection of values, attitudes, norms and beliefs shared by organizational members and groups.

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I. STEPS IN IMPLEMENTING A STRATEGY: Developing an organization having potential of carrying out strategy successfully.

Disbursement of abundant resources to strategy-essential activities.

Creating strategy-encouraging policies.

Employing best policies and programs for constant improvement.

Linking reward structure to accomplishment of results.

Making use of strategic leadership.

Excellently formulated strategies will fail if they are not properly implemented. Also, it is essential to note that strategy implementation is not possible unless there is stability between strategy and each organizational dimension such as organizational structure, reward structure, resource-allocation process, etc. Strategy implementation poses a threat to many managers and employees in an organization. New power relationships are predicted and achieved. New groups (formal as well as informal) are formed whose values, attitudes, beliefs and concerns may not be known. With the change in power and status roles, the managers and employees may employ confrontation behavior.

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II.ISSUES OF STRATEGY IMPLEMENTATION

Strategy implementation involves several issues in activating the strategy. The main issues relating to activating or implementing the strategy are as follows: 1. Institutionalization of strategy: Institutalization of strategy is the first activity involved in activating the strategy. Institutionalization of strategy involves two aspects: (a) Communication of Strategy: Once the strategy is formulated , it must be communicated to those persons who would implement it. Strategy communication is a process of transferring the strategy information from the formulators to implementers. The communication is normally in writing. The communication should include the purpose of strategy, and the activities required to implement the strategy. (b)Acceptance of Strategy: It is not enough to communicate the strategy to the members of the organizations, but it is equally important to secure their acceptance of the strategy, so that they implement the strategy effectively. 2. Formulation of action plans: Once the strategy is institutionalized through its communication and acceptance, the management proceeds to formulate action

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plans. The management has to frame action plans in respect of several activities required to implement a strategy. The action plans may be in respect of purchasing new machinery, appointing additional personnel, developing a new process, etc. The type of action plans depends upon nature of strategy. While framing action plans, the manager must consider the following factors: The internal and external environment. The objectives of the strategy. The activities required to undertake the strategy. The resources required to perform the activities. 3. Designing of organization structure: the organization structure needs to be designed to implement the strategy. A change in corporate strategy may require some changes in the organization structure. The management must consider certain factors in designing organization structure: Objectives of the organization. Specialization of activities. Coordination of activities. 4. Infusing values and ethics: business ethics is concerned with morality in business. In todaysworld, business community forms an important part of the society and its actions are bound to have a direct impact on the well being of the society.

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Business affects society in terms of what it does, i.e., what products it supplies. Therefore, it is necessary that business community conduct its activities with self-chek, and self-control keeping in mind the interest of community at large.

5. Motivation and Training: there is a need to motivate the employees to implement the strategy effectively. The company must design proper compensation policies to motivate the employees. The employees may be provided with adequate training, not only to develop knowledge and skills, but also to develop positive attitude towards the work, and the organization. The motivation and training would result in effective implementation of strategy. 6. Resource Allocation: for successful implementation of a strategy, there must be proper resource allocation to various units and activities. The resources can be broadly classified into three groups: financial, physical and human. The various resources are required for the conduct of strategic tasks so as to accomplish the organizational objectives. the managers need to answer several questions in recourse allocation, such as: What are the sources for obtaining resources? What factors affect resource allocation? What are the problems in resource allocation?

7. Procedural Requirements: after allocating resources, the managers must get the strategy implemented. An organization must follow various procedural
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requirements to implement the strategy. The various procedural requirements that may be followed, wherever required, Licensing requirements, if any. FEMA requirements. Provisions of Competition Act. Labour legislations. Provisions regarding joint ventures or collaborations. 8. Review of performance: the management must review the performance of the strategy. The performance must be reviewed periodically. If required, corrective measures need to be taken, so as to ensure the achievement ofdesired objectives. III.COMPONENTS OF STRATEGY IMPLEMENTATION 1. Creating Short-Term Objectives Short-term objectives turn business strategies into functioning operations. For example, a business strategy to raise revenue turns into a long-term objective of a 20 percent increase in sales, which turns into a daily increase of 1.5 extra sales per representative. Even employee-specific short-term goals need coordination with companywide objectives because conflicting goals could stagnate the strategy. This is why it's important to ensure that strategies are implemented with a comprehensive action plan outlining specifics and minimizing incompatible objectives.

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2. Measuring Short-Term Objectives The managers who craft short-term objective plans must ensure the goals are measurable. Measurable objectives state the goal along with when and how to achieve the goal. Measurable parameters help track both individual employee performance and collective advancement toward strategic goals. Conflicting objectives can be reconciled through this concentration on measurement. However, measuring productivity goals is easier than measuring performance goals. Issues with performance goal measurement can be overcome through an initial focus on the performance activity, followed by emphasis on the outcome of the performance. 3. Setting Priorities Part of crafting a strategy includes determining which objectives take precedence over the other objectives. If establishing measurements fails to work through conflicting goals, prioritizing should solve the issue. Business strategists set priorities by emphasizing the desired strategic outcomes solidified by the company's official statements. For example, a strategic commitment to customer service would result in objectives geared toward pleasing every customer. Other objectives such as speed and quality are also important to a degree, but have a different priority level. 4. Short-Term to Long-Term Goal Succession At some point during the strategic implementation process, employees reach enough short-term goals to claim strategic goal achievement. The link between short- and long-term strategic objectives is sometimes called cascading because the activity resembles a waterfall. Employee daily activities and goals add up to departmental
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weekly goals, then monthly objectives and so on until the activity pushes through the strategic objective. 5. Functional Tactics Functional tactics are the routine functional actions that help cascade the goals. Functional tactics include time horizon, specificity and participants. An activity's time horizon informs if an activity needs to be done "now" or soon, and describes how long the task should take. Specificity lists exactly how each task should be done. The participants lists who does what activity within the time horizon. IV.IMPORTANCE OF STRATEGY IMPLEMENTATION 1. Function Without strategic implementation, a project would not be able to get off the ground, since strategic implementation functions as a project's blueprint. The implementation process identifies what tasks need to be completed, and when. Strategic implementation is action-based and uses a variety of tools to keep the project team on track. 2. Work Breakdown Structure A work breakdown structure is an asset to any project team because it illustrates the order of operations for project implementation. Work breakdown structures identify all the steps that need to be taken to get from one implementation phase to the next. According to Net MBA, work breakdown structures are designed in a hierarchal structure, and break a project down into smaller, and more manageable, components.
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3. Implementation Schedule Another valuable application that strategic implementation is responsible for is developing an implementation schedule. Implementation schedules are similar to time lines in that they dictate start and end dates for when project tasks and phases should be completed. According to the U.S. Army Corps of Engineers, project implementation schedules are often broken down into charts that map out the duration of how long a task should be performed before it's on to the next phase. 4. Cost Allocation Strategic implementation is important because it evaluates project costs and determines cost allocation to fund the project from start to finish. By planning ahead, and conducting financial studies and projections, the strategic implementation process can save projects money in the end, because unforeseen costs can be reduced or eliminated. 5. Evaluation Methodology The strategic implementation process will determine the evaluation methodology for a project. Evaluations are done to study how close a project is to being completed, and if the project team has met important milestones. Evaluations consist of measuring a project's progress, and comparing that against what the targeted goal is. This will tell the project team whether or not they are on track with the projected time frames and projected funding.

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V. CHALLENGES OF STRATEGY IMPLEMENTATION

1. Insufficient partner buy-in: In conducting strategic planning, firm leaders and partners involved in the process develop a strong understanding of the business imperative behind the chosen strategy and the need for change in order to achieve partner goals. However, partners removed from the process may struggle to identify with the goals and strategies outlined by firm leaders. These partners may not see a need for change, and without understanding the background and rationale for the chosen strategy, these partners may never buy-in to strategic plan and, as a result, will passively or actively interfere with the implementation process. 2. Insufficient leadership attention: Too often, law firm leaders view the strategy development process as a linear or finite initiative. After undergoing a resource intensive strategic planning process, the firm's Managing Partner and Executive Committee members may find themselves jumping back into billable work or immersing themselves in other firm matters, mistakenly believing that writing the plan was the majority of the work involved. Within weeks of finalizing the plan, strategies start to collect dust, partners lose interest, and eventually, months pass with little or no reference to the plan or real action from firm leaders to move forward with implementation. 3. Ineffective leadership:

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Leading strategy implementation requires a balancing act - the ability to work closely with partners in order to build cohesion and support for the firm's strategy, while maintaining the objectivity required in order to make difficult decisions. Strategy implementation frequently fails due to weak leadership, evidenced by firm leaders unable or unwilling to carry out the difficult decisions agreed upon in the plan. To compound the problem, partners within the firm often fail to hold leaders accountable for driving implementation, which ultimately leads to a loss of both the firm's investment in the strategy development process as well as the opportunities associated with establishing differentiation in the market and gaining a competitive advantage.

4. Weak or inappropriate strategy: During the course of strategic planning, the lack of a realistic and honest assessment of the firm will lead to the development of a weak, inappropriate or potentially unachievable strategy. A weak strategy may also result from overly aspiration or unrealistic firm leaders or partners who adopt an ill-fitting strategy with respect to the firm's current position or market competition. Without a viable strategy, firms struggle to take actions to effectively implement the plan identified. 5. Resistance to change: The difficulty of driving significant change in an industry rooted in autonomy and individual lawyer behaviors is not to be underestimated. More often than not, executing on strategy requires adopting a change in approach and new ways of doing things. In the context of law firms, this translates to convincing members of the firm,

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and in particular partners, that change is needed and that the chosen approach is the right one. By developing an awareness of these hurdles and traps which lead to failure in implementation, firms can learn how to adapt their approach and develop tools to assist them in more successfully executing on their strategy

VI.TOOLS FOR SUCCESS IN STRATEGY IMPLEMENTATION

As a first step in ensuring the successful implementation of the firm's strategy, firm leaders must take early and aggressive action to institutionalize the strategy within the firm. The Managing Partner, Chair, and other key leaders must demonstrate visible ownership of the firm's strategy, communicating clearly with partners about the details, value and importance of the strategy to the firm. Members of management should also seek input and support from key opinion leaders and rainmakers early-on and request their help in championing the strategy to other partners within the firm. Over time, such actions will assist in generating buy-in among partners, leading to greater overall support for the strategic plan and the changes inherent in its execution.

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1. Implementation Support Structure: To support effective implementation, firm leaders should ask the question: does the firm have the right leadership, governance and operational structure required to support effective implementation? Are the right people serving in the right places? Very often, firm leaders demonstrate the behavior of dynamic and influential visionaries. However, such leaders may lack an attention to detail and the organizational skills required to effectively drive day to day action. By assessing whether the firm has the right people in the right places, a law firm can better ensure that visionary firm leaders are appropriately supported by individuals who can get the daily actions of implementation done.

2. Implementation Planning: A fundamental and critical step in moving forward with strategy execution involves planning. Implementation planning entails developing a detailed outline of the specific actions and sub-actions, responsibilities, deadlines, measurement tools, and follow-up required to achieve each of the firm's identified strategies. Implementation plans often take the form of detailed charts which map the course of action for firm leaders over a 24-36 month time period. Achieving a level of detail in these plans provides for a tangible and measurable guide by which both the firm and its leaders can asses progress in implementation over time.

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3. Alignment of Management Processes: Successful implementation of a law firm's strategy also requires alignment of the firm's partner compensation system, performance management approach, and other related practice group and client team management structures and processes with the firm's chosen strategy. The most common (and perhaps critical) example of a structure necessitating alignment is that of partner compensation. Very often firms adopt strategic plans which require partner collaboration and teamwork in order to achieve success, yet fail to modify the partner compensation system to reward such activities. Failure to align management processes and structures with a newly adopted strategy frequently results in a stall out of implementation efforts, as members of the firm direct individual behaviors to align with the firm's historic rewards system, and not the newly stated strategy.

4. Measurement, Follow up and Accountability: A key component of success in implementation involves holding firm leaders and partners accountable for actively driving and supporting execution. Whether individuals are assigned discreet implementation activities (e.g. hire lateral IP partner) or asked to participate in ongoing efforts to support strategic initiatives (e.g. expand existing Energy clients), measurement and follow up is required. What actions have been taken to expand work for existing Energy clients, and how much new business has been generated from these efforts? By following up and assessing progress in implementation at regular intervals (e.g. monthly or quarterly), firms can more
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effectively determine whether current implementation activities and assignments are working, or whether a different approach is needed. Such assessments are crucial in ensuring that action is taken and progress is made on strategy execution. 5. Incorporating Organizational Learning: As an evolving and recurring process, effective strategy creation and implementation necessitates ongoing review of the firm's chosen direction. The strategic planning process entails periodically evaluating the firm's strategy in light of internal and external changes and incorporating lessons learned into the implementation plan. This key component of strategy implementation ensures that the firm's strategy remains dynamic and drives ongoing competitiveness in the market. In the context of law firms, strategic planning represents a methodology for developing a shared organizational view of the desired direction for the firm and outlining the process by which the firm will move in that direction. For many firms, movement along the firm's chosen strategy can be intensely challenging, and too often, implementation efforts fail. In order to realize the potential and value in a firm's strategy, law firm leaders must dedicate themselves to driving successful implementation. This requires planning, resources, time, attention, leadership and courage. Yet, the investment in implementation is not without its rewards. By focusing the necessary energy on implementation, your firm's strategy will no longer be the one collecting dust. If implemented properly, your firm's strategy will be living and breathing inside your firm and driving your firm towards market differentiation and competitive advantage.

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CASE STUDY A Case study on strategy implementation of Virgin Group

Richard Branson, entrepreneurial owner and founder of Britains untraditional Virgin Group, has fused two dissimilar lines of work show business and commerce into a single, extremely profitable enterprise. Virgin Group comprises more than 100 companies in 15 countries. It includes Virgin Atlantic, a 12 plane long distance carrier, the Virgin Retail Group outlets that sell CDs, videos and games; Virgin Communications including a small publishing company a commercial AM radio station, and a television station; Virgin Interactive Communication a computer games software publisher, and the Voyager Group a collection of diverse assets ranging from a hotel chain to a model agency.

Bransons business strategy places him at the forefront as the companys most effective marketing tool. He has become the worlds greatest underdog commented a London analyst. He is great actor. In addition his strategy also involves making the most of publicity. If you have got an airline, Branson asserted, youve got to keep it in the public eye somehow. This he accomplishes through a variety of methods including headline grabbing adventures such as crossing the Atlantic Ocean by speedboat and balloon.

Such exploits have served to define Virgins organizational culture. In addition morale is boosted by the success of Virgin Atlantic which had humble beginning as an upstart airline and was vulnerable to allegedly unfair competitive tactics by rival British Airways (BA). Being around through the gulf war, the recession and BAs
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dirty tricks campaign has been particularly satisfying. The airline now holds 22 percent of the transatlantic market. This is less than BAs share, but more than American or United holds. And Virgin is still expanding.

The structure Branson relies on entails his heavy involvement. He believes in taking a hands-on approach particularly with airlines. At times, he even greets Virgin passengers at airports and asks them how they enjoyed their flights. Any time that he goes out to meet passengers he is always scribbling things he commented.

With the airline in an industry plagued by intense competition and price survival remains a constant goal. Branson is therefore cautious. There are a lot of big airlines in America that have gone belly-up. As airlines get bigger they sometimes get more vulnerable. Branson is determined not to let happen to his airline.

In recent years, Branson appears to have mellowed with regard to his ambitions. Before he wanted to build the biggest entertainment empire in the world.

Now, the man who has everything doesnt need more. There is also an element of social crusading in him that needs to be assuaged. Branson has now found at least a degree of contentment, He is now complacent that he has enough money to have three meals a day, to feed his children, clothe them, take holidays and build up and continue to run his companies. He has no more ambitions to build the biggest company in the world.

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Branson remain conservative in his lifestyle. He attributes this to his respect for employees. As a businessman he thinks its very important to set an example for his staff in the way you behave. You dont drive flashy cars and you choose a wife who isnt into diamond rings and expensive, glitzy clothes .This he implied leads to a staff with similar values.

In line with this, as Virgin has grown, Branson has broken operations down into smaller companies of between 50 and 100 people. He believes that each company should occupy separate offices and that employees should be able to take ownership of their company. A culture that emphasizes individual responsibility in this way enables drastic changes to take place quickly and easily.

The systems within the company are also very supportive of empowerment. For example, through the strong communication system, budgeting is explained to employees, with daily graphs that display performance by area in comparison to area budgets. The hiring system also relies on the empowerment of employees. At one point four junior employees were made responsible for hiring their own replacements when they were promoted.

Virgin offices are extremely informal. With 15-foot ceilings, working fire places and lavish gardens the building is more like a home than a place of business. Antiques are scattered around, along with plush sofas, intimate family pictures, various plaques and models of Virgin airplanes. And employees dress casually in line with the

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surroundings. The elements of Virgins strategy thus clinch the companys success. Under Bransons creative leader ship exciting twists promise to lay ahead.

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CONCLUSION

After studying the various aspects of the strategy implementation we can conclude that strategy implementation is one of the major part of the process of strategic management. It involves various steps to be followed. Strategic implementation its a process of activating the strategy, it should communicate properly.

BIBLIOGRAPHY

I. Text references: Strategic management: Michael vaz Strategic Management: Theory and Application written by Adrian Habergerg, Alison Rieple.

II.Websites and online portals: http://www.citeman.com/4749-a-case-study-on-strategy-implementation-ofvirgin-group.html http://www.legaltoday.com/the-challenge-of-strategy-implementation http://www.ehow.com/about_6453292_importance-strategicimplementation.html

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