Question

Look at a big box store, like Costco, how would you apply the seven rules for successful strategy execution to the organization’s strategic plan

Answer 1

Costco is multinational whole sale and retail organization. For the successful execution of the strategic plan of the organization Costco, the seven rules can be implemented.

• The strategy or the strategic plan can be kept simple. This can make the understanding level higher and can contribute to the desired outcome.
• The assumptions regarding the challenges would benefit the organization C to execute plan effectively. For example the economic conditions, sudden changes in the demand of the customers are the proposed external challenges to the organizations like Costco which should be forecasted effectively.
• Selection of the language which is common and understandable to the employees would add value to the effective communication of the plan.
• The discussion regarding the supply and the alignment of the resources relevant for the plan is essential. If the flow of the resources are hindered it can delay or can reduce the effectiveness of the plan.
• Providing priority to the important tasks are important. When considering the organization Costco the supply chain management, inventory management, customer relationship management are important which have to be given priority.
• Continuous monitoring by the supervisors and the managers can contribute to the effective implementation of the strategic plan
• The execution ability has to be enhanced.