Strategic control is important in the implementation process to avoid any problem occurring in future or present situations. It is necessary to cater because it causes the gap between the results generated from the implementation process and strategic objectives (Pearce, Robinson & Subramanian, 2000). In short, the fundamental concept of strategy making is to secure the future of the companies, which includes many uncertain risks and factors, for which strategic control helps in planning the process.
There are four types of strategic control: premise control, special alert control, implementation control, and strategic surveillance control.
Premise control allows a firm to examine the steps of action taken in controlling the process, whether true or false.
Strategic surveillance control is designed to examine the internal and external events occurring in the company, which can affect the overall plan of the company.
Special alert control is designed for a sudden or unexpected event occurring in a company, which provides a thorough and rapid response to the situation that is creating problems for the company.
Implementation control is designed to examine the overall plan and whether it should be modified with the results linked with the actions of the strategy or not.
The balanced scoreboard approach has gained popularity in recent years. What is this approach, and how does it integrate strategic and operational control?
A balanced scorecard is a strategy performance tool that is used by executives to keep a record of the employees’ implementation of activities that are within the control of the managers. It also helps in monitoring the consequences that come from different actions in a company (Pearce, Robinson & Subramanian, 2000). It helps the managers to analyze the company from four different perspectives, i.e., Financial, Customer, Internal business processes, and learning and growth. It also helps in integrating the operational and strategic control factors in the company by clarifying the company’s strategy, clearly communicating the firm’s objectives, planning and setting targets to achieve, getting strategic feedback, and implementing a learning environment from it.
Total quality management involves a continuous improvement approach. How is continuous improvement related to innovation? What is breakthrough innovation? What are the risks and rewards associated with innovation?
In a TQM approach, the company focuses on establishing continuous improvement in its products and services. As the company tends to improve its quality and standards, there is a clear chance that the company might end up making new products that are unique and create a competitive advantage (Benavides-Velasco, Quintana-García & Marchante-Lara, 2014). It clearly states that the company might be looking for new improvement plans and strategies, which might end up in innovation.
Breakthrough Innovation
It is a kind of innovation where a product or service has a unique characteristic that is beneficial for the company. It includes state-of-the-art modifications in a product/service, which creates a unique identity for the main company.
Risks and Rewards in Innovation
Risks involved in innovation are :
- Innovation involves introducing a new thing in a market that might not be adopted by customers.
- If the product/service fails, it might affect the reputation of the company.
- The market risk, i.e., whether the market will accept the product/service or not.
Rewards in innovation are:
- Increased efficiency for the company.
- Increased quality of a product.
- The strong base of competition in the market.
What is an entrepreneur? How is the entrepreneur different from the inventor, promoter, and administrator? What is intrapreneurship? How can it be enabled in an organization?
An entrepreneur can be defined as a person who starts a company with new ideas, products, services, and methods. In other words, the entrepreneur is the one who opens his/her own company with innovative products/services with the sole purpose of earning profit (Parker, 2018). An entrepreneur is different from inventors, promotors, and administrators because an entrepreneur works on making new methods and products. Meanwhile, inventors, promotors, and administrators might introduce a product/service that is already in the market with a different brand name or work on traditional things (Parker, 2018).
Entrepreneurship is the process of identifying, enabling, and assisting entrepreneurship into a large-scale company to develop innovative products/services, which in return provide adequate sales and revenues for the companies.
Work Cited
Benavides-Velasco, C. A., Quintana-García, C., & Marchante-Lara, M. (2014). Total quality management, corporate social responsibility and performance in the hotel industry. International Journal of Hospitality Management, 41, 77-87.
Parker, S. C. (2018). The economics of entrepreneurship. Cambridge University Press.
Pearce, J. A., Robinson, R. B., & Subramanian, R. (2000). Strategic management: Formulation, implementation, and control. Columbus, OH: Irwin/McGraw-Hill.
