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AnÂ organization identifies organization'sÂ directions and its course of action through a strategic planningÂ by using multiple resources to practice the strategy including capital and labor. Different business analysis techniques are used in this regard. By adopting these strategies businesses choose the best course of action for their organization. Such planning for an organization, which indicates the future strategy of an organization, is the perfect reflection of important elements, involves three basic questions; these questions mainly refer to nature of business that organization does, its stakeholders and its approaches. The most important question in this regard arise is how to beat existing competition (Bradford Duncan, 2000).Â
The development of this business strategy is of great importance for organization as the whole structure of organization depends on it. An authentic business strategy development needs an appropriate analysis of the organization and its environment. This analysis must be executed at an internal and external level in order to identify the strengths and weaknesses of internal environment (organization) as well as threats, opportunities of the external environment. Different factors are assessed in this regard including the economy markets, competition, supplier markets, labor markets, regulatory environment and Technology. Marketing plans and strategies are the tools that are used as helpful in understanding the goals of the business and to develop the activities to achieve them. Strategic Models and tools are employed by marketing participants to analyze marketing decisions. The 3Cs, the corporation, the customer and the competitors, can be employed when beginning a strategic analysis to understand the strategic situation. Different organizations often use it to convey strategic positioning of their market mix. In order to design a market strategy to practice an obvious strategy, 4Ps, the product, the price, the place and the promotion, can be used. Marketing theories provides the solution for achieving the marketing goals through procedure. The basic theory of marketing revolves around Target Audience, Proposition and Implementation. Organizations sum up their objective and goals into mission and vision statement. They are used to formulate objectives and goals. Every organization follows particular organizational ethics, which meant to show how ethically internal or external stimuli are responded by them. Organizational ethics also expresses the organizational values towards its staff or workforce and other units. Organizational Ethics is interdependent with Organizational Culture. Organizational Culture deals with the values and mainly cultural values of an organization, Psychology, attitudes and experiences. This culture is defined as a collection of norms and values shared by group of the people in the organization and the manner they adopt to interact with others and with the shareholder, investors and customer's outside organization (Hill and Jones, 2001). A core competency is definite factor that is seen as the foundation to the way by a business, and employees. It carries out three basic criterions; it presents benefits of consumer, difficult to duplicate the competitors, and it may be leveraged countless markets. Competitive advantage takes place when an organization acquires and develops an attribute and combination of attributes that allows it to outperform its competitors. A timetable for the implementation of the organization's strategy shows the timing for the each steps of the plan that is pursued to implement the strategies accordingly. The effectiveness, efficiency and economy have to be evaluated so that the success of the timetable can be estimated throughout the implementation of planning and strategy.
This paper examines and assesses the different business models, development of strategic planning, its implementation and evaluation of the efficiency and effectiveness of implementation of the timetable of strategic planning of an organization. The chosen organization is Marks & Spencer (M&S). Marks & Spencer is chosen because it is an important and major British retailer, with over 895 stores in more than 40 territories worldwide, over 600 domestic and 295 international stores (M&S - International Stores M&S website, February 2009). It is also the biggest clothing and food retailer in the United Kingdom and the 43rd largest retailer in the world in 2008. (Wal-Mart remains largest global retailer, according to Deloitte survey). Its domestic stores also sell both food and clothing; it has started the store expansion into other ranges including furniture, home ware and technology. In 1998 it was the first and only retailer to produce a pre-tax revenue of over £1Â billion ("BUSINESS | Marks & Spencer profits top expectations". BBC News, 1998).
The business assessments of such organization of such a big range and with glorious history will definitely be a remarkable addition in the study of business management and business strategic planning.
Task 1 b
In general terms provide examples (3 to 5) and briefly explain them of theories and principles that underlie strategic planning?
Every organization comes into being with a strategy, which is called an organizational strategy and aims to provide a guideline to guiding member of the organization. Since the future survival of an organization depends on its strategy, therefore, every organization is commenced with their own strategy. This strategy involves business strategy mainly focusing on development and progress of the organization including internal and external factors as well. An organization needs to analyze the strengths, weaknesses, threats and opportunities that the organization could face while developing strategy, political, economic, social, and technological environment other socio-cultural, ecological, and regulatory factors and environment, informatics, and legal matter are also as important to be analyzed as above factors. For this purpose, therefore, organizations summarize these strategies into their mission, vision and values, which illustrate their business strategy.
Task 1 c
Provide in outline form, using a diagram a framework which would enable your choice organization to develop its strategy in general terms?
The preparatory phase of a business strategic plan relies on planning. At the first, business plan includes investigation or assessment of the current situation as well as strategic marketing plan and objectives. Marks & Spencer requires having analysis of the present situation which also includes past year. This analysis includes business trends, market trends, competitor review, market and customer segmentations, SWOT analysis and Positioning. In this regard marketing Strategy and marketing objectives for the coming year should also be analyzed including marketing strategy, market segmentation, SWOT, Position and annual sales.
M&S is UK base retailer and every change in UK's M&S will surely affect the overall strategies of the organization. The framework to develop the organization's strategies will outline as followed: the entire focus on UK retailer, offering 100% own brand product, offering improved clothing range, improved food items, speed up renewal of store and improved supply chain.
Describe and critically evaluate a small range (3 to 5) of models tools and techniques that could be used to develop marketing for your chosen organization?
There are many marketing tools employed to assess marketing decisions. To understand this situation, the 3Cs can be used by Marks & Spencer. This model signifies the focus on three key elements for success. These three main players must be considered when planning a strategy for business such as corporation, competitors and customer. These 3Cs can sustain a competitive advantage in a strategic triangle. From a corporation point of view, strategies are needed to maximize the strengths of a corporation concerned to the opposition in the area of operation that are significant to gain the success. The organization is not obliged to exceed in every operation in order to succeed. If it is able to achieve influential edge at least in one crucial operation, it can ultimately progress other operations in which it s performance is standard. If wage cost swiftly increases, it is an important decision for the organization to contract out a important part of its joint functions. If the opponents cannot transfer production so swiftly to vendors and subcontractors, the outcomes dissimilarity in the structure of price and the company's ability to overcome ups and downs in demand can have integral strategic propositions. The price-effectiveness can be improved by adopting three ways. At first, reduction in the basic cost, exercise greater selectivity such as products offered, orders accepted and functions performed and share certain important functions with other business of corporation and other organization. Since clients and customers are the milestone of strategy consequently the basic objective is customers' concern rather than the shareholders. This segmentation appears from a transactional study of marketing prices against coverage. There is always a point of less return in the price against coverage relationship. Organization has to increase its range of market coverage geographically. Competitors will be scrutinizing the market in these ways. The efficiency and efficacy of a given first strategic segmentation will be likely to decline over an extended period of time. When the market forces affect the user-mix distribution over time it affects distribution channels and customer size, etc it brings about changes in market segment. This change is meant to be the distribution of organizational resources to be transferred and the ultimate resources devoted in the business to be changed. The strategy designed based on opponents are structured reviewing at different sources in operations including buying, sales and servicing. In capitalizing on the revenue and expenditure structure distinctions and dissimilarities, at first dissimilarities in source of revenue may be oppressed, from the sale of new products. In second dissimilarities in the share of unchangeable expenditures and changeable expenditures may also be tactically oppressed. Organization which has lower unchangeable expenditures proportionate can decrease prices in a lazy market and as a result achieve market.
Another strategic tool that can be useful for Mark & Spencer is Porters 5 Force's Model.
Porters 5 Force's Model is helpful to systematically analyze the market. Through this analysis the strengths and weaknesses of a market segment can be accessed. These weaknesses and strengths are analyzed through different threats and opportunities present in the market. It provides the organizations a framework for strategy development and analysis. These five forces of organizations help to decide the situation in the competitive market.
Porters 5 Force's Model Structureurl.png
The Threat from the potential new entrants
New firms are attracted by high revenue markets. As a result of it many new firms enter into market, and ultimately reduce profitability rate for all industries in the market. The profit rate will constantly fall unless the new entrants are not blocked. This environment is also identified as perfect competition. Economies of product dissimilarity also make an opportunity for small firms to enhance their businesses thus large firms who have their product out in the market in high price, products of low price can affect them. Marks & Spencer has been going through the same situation. Brand equity, which is the marketing influence or consequences that accumulate to a brand name products are comparable with products that increases in the case of that equal product had no brand name (Leuthesser, Kohli and Harich, 1995).
The threat of substitute products and services
Different variety in availability of common product boost the inclination of customers to shift to the substitute product and service including comparative substitute price performance, level of product differentiation, number of substitute products. There are many reason cause customers to switch to substitute of the product such as substandard product. Improvement in the features of the product develops the competitive market. Marks & Spencer by increasing the features of its products can make the customers stick with their product.
The Bargaining power of customers
The customers' bargaining power is the market of outputs and the efficiency of the customers that under pressurize the organization. This behavior affects the customers to price changes.
The factor that supports to bargaining power of customers are customers volume, information availability for customers, availability of existing substitute products, Large number of supermarkets will provide better opportunity for the potential customers to reach thus it will lower the bargaining power of the customers.
The Bargaining power of suppliers
The suppliers' bargaining power is the market of inputs. Those persons or firms supplies materials and services strengthen the productivity of the organization. As a result of the availability of few substitutes, suppliers can possibly charge excessively high prices for their products and services. If supplier increases the rates organization's expenditure will increase, and level of differentiation of inputs, its effects on cost, presence of substitute supplier. Number of suppliers across Britain will rather diminish this factor for Marks & Spencer.
The competitive rivalry within an industry
For most organizations, the foremost determinant of the competitiveness of the business is the concentration of competitive rivalry. A sustainable competitive advantage can be gained by improvement, standard of advertising, and strong competitive planning all these factor define the competitive rivalry within an industry (Rainer and Turban, 2009). The situation of competitive rivalry is high because there are majorly three rivals of Marks & Spencer that provide it a competitive advantage and change its strategic planning.
Task 1 a
State a variety 7 to 10 of general and marketing strategic options which have been used or are available to the organization of your choice and evaluate the advantages and disadvantages of four of these
Branded product helps in capturing market as it creates an identity of the firm with that brand. Marks & Spencer has been selling out branded product but there is no single of theirs, because owning the brand can exceed the sale of that product.
Price is another factor that is integral for Marks & Spencer. Determination of price that depends on the market situation very much affects the market situation for the firm. An affordable Price of the product can be more successful for the firm.
The place of selling also makes a difference in the marketing strategy of a firm. Since e-commerce has been so much in practice Marks & Spencer can start e-commerce through which it can sell out its products online. Besides this, variety of distribution outlets can also be an option for Marks & Spencer as it is a good promotion tool of the product.
Promotion of the products must be designed in the way Across the Line. Across the Line promotion of the product provide the opportunity to access the customers at any length. Promotion of the products Across the Line will cost the firm highly as promotion across the line requires in order meeting the promotion target.
Work force or staff must be well trained and professional because a well trained work force increase the productivity of an organization. Marks & Spencer is the 43rd largest retailer if it hires professional and trained work force it will definitely hit its economy.
The standard of the services offered must be of good and must be integrated with customer support.
Physical evidence of a firm especially like Marks & Spencer does matter. The overall environment of the firm can provide a pleasant impression on others and results in good sell.
Task 2 b, c ,d
Who are stakeholders in the organization of your choice and state the three major ones of these. What affect have or could the major stakeholders have on the strategy that the organization has or could introduce. What considerations should be taken into account to ensure that the three major stakeholders can contribute to the development of the organization strategy through some form of participation?
Stakeholders of Marks & Spencer
Marks & Spencer has internal and external stakeholders. Internal stakeholders are an important group for the welfare of the company. Internal stakeholders of Marks & Spencer include Staff and Management and owners and shareholders.
Staff and Management
Staff and Management of Marks & Spencer at all levels are vital stakeholders because they depend on their positions within the organization to earn a wage. It is their primary source to work for the organization.
Owners and shareholders
Owners and shareholders of Marks & Spencer are also an important stakeholder as they rely on the organization's profit for their income. Shareholders are those, who buy or invest company's share with the purpose of having profit of interest and increase in the value of shares. They are also internal stakeholders of Marks & Spencer because their money is used for the benefit of the organization by providing the expansion or investment of the company.
External Stakeholders of Marks and Spencer
There are external stakeholders of Marks & Spencer such as Customers, and Suppliers who are important for the success of the organization because they buy and sell from the company but do not directly work for the company.
Customers are the most important stakeholder of Marks & Spencer as they buy the company's products and benefit to company.
These direct stakeholders can affect the strategies of the organization. If employees are not satisfied or if feel that they are not enough benefits from the offered strategy they can strongly resist it by so many act of barriers such as resignation or boycott from service. Organization understands that in order to keep the customers stick with product it is important to provide them quality products and services in affordable rate. The customers who want quality product in affordable price with good services would also reject the strategy if found it not in their favor by rejecting the product or switching to another substitute. Shareholders, who are back bone in the economy of the Marks & Spencer, possess the shares of the company; organization will want them to have profit so that the stay with them in the business. Thus there will not be any strategy which in any way annoys the shareholders. The contribution of employees, customers and shareholders is equally important for organization's interest. This contribution by them can part in the organization's strategy through expressing their expectation from the organization. These expectations are not just to be of their favor but in the favor of the organization as well because their benefits and profits are interlinked with the success of the organization. The organization can involve the both internal and external stakeholders in the strategy of the company through communication, taking their feedback and dialogue.
Task 3 a
In a layman's language define the term vision, mission statement, objective and value and go to provide professional definitions of these giving the source of these.
Every organization comes into existence with a definite purpose which is called objective of the organization. This objective varies from organization to organization such as profitable organization and non-profitable organization. The organization expresses its objective through vision, mission statement.
Vision: Vision is intended and desired future statement of a company in relation to the elemental purpose and tactical direction. It refers to an organization's view, expressing the organization's way of seeing the world in which it will be working. A vision statement provides the organization with an inspiration that is the basis for all the organization's planning. It explains what an organization wants to do.
Mission: Mission is the primary purpose of a company, concise expressing the reason of existence and path to achieve its Vision. It also draws a future picture of the organization.
Values: Values can be defined as the beliefs of an organization shared amongst the stakeholders. Values are the means of driving the organization's culture, ethics and priorities.
The vision statement is a realistic, credible, and attractive future for an organization (http://www.au.af.mil/au/awc/awcgate/ndu/strat-ldr-dm/pt4ch18.html). Mission statement broadly describes the presence of an organization capabilities, customer focal point activities, and production framework (Glossary,Â Strategic Management: Concepts and CasesÂ by Fred David).
Task 3 b
Provide the vision and mission statements and strategy of your chosen organization and explain how the effectiveness of these can be measured.
Marks & Spencer has defined its Vision, Mission statement and Values as follows:
The Vision Statement
"The standard against which all others are measured".
The Mission Statement
"Making a spirational quality accessible to all".
"Quality, value, service, innovation and trust".
Strategy that Marks & Spencer followed
Marks and Spencer has adopted price strategy. Since Marks & Spencer has focused on middle class customers, along with the value pricing strategy. Although its most of suppliers are Britain, which highly charges on textile manufacturing comparatively to the developing countries, Marks & Spencer could have maintained its value by having good economic connections with its suppliers. However Marks & Spencer has economies of scale in buying, and it is to require firms to remain to high quality standards and to negotiate lower rates (De Nardi-Cole, 1998).
"The standard against which all others are measured", as a vision statement thoroughly conveys the objective of the organization, as the organization has set up the standard as an objective of the organization to achieve. It is promoting inspirational standard of the organization in term of products, service, and quality and price. This vision has greatly affected the organization output as a consequence of achieving its objective through this vision. The mission statement of Mark & Spencer revolves around its marketing strategy telling about the price of the products that are affordable enough to be accessed by everyone. Values of the organization describe the standard quality and value of products and services following innovation and trust of the customers.
Task 3 c
Define the term organizational g12 cultural and ethical values and explain the culture and ethical values of the organization of your choice.
Organizational culture is the concept explaining experiences, beliefs and values of an organization. It is defined as the set of values and norms shared by groups in an organization. The organizational culture as well as ethical values refers to values and thoughts about the different objective of the organization and the appropriate standards of members of the organization adopt to achieve these objectives. Organizational ethical values provide guidelines to organization, and anticipations suggesting kinds of employees' behavior in certain conditions and manage the behavior of members towards each other (Hill, and Jones, 2001). Organizational Ethics refers the way through which organizations deal with an internal or external motivation. Organizational ethics express the values of the organization to its employees and to others.
The organizational culture of Marks & Spencer is illustrated as a indication of approaches taken for granted. This manner is common in the all members of the organization. The basic assumptions and beliefs perform the unconscious function among the members. This assumption has taken its foundations of the success of organization.
Marks & Spencer strictly follow code of ethics, a detail document of the ethical codes, in order to get on with its internal matter. The document contains the responsibility of all belong to Marks & Spencer and Behavior for customers, colleagues, shareholders and environment have been explained. Besides, there are policies about workplace and Business (Marks&Spencer, Code of Ethics, 2010).
Task 3 d,
Explain the term core competencies and critical success factor and state whether these are necessary to the success of the organization of your choice. Has the organization of your choice amended its strategy in response to changes in the current business and economic climate?
Core competency is integral organizational dynamic on the way it works, and employees. It mainly performs three basic functions such as providing consumer benefits; competitors cannot be duplicated and can be leveraged to numerous markets products. Core competency can be of many varieties, such as technical know-how, a consistent process and great associations with stakeholders. Core competency is strength that is related to other organizations in the market which provides with the essentials for the supply of added value. Core competency is the organization's learning, and the way to organize different manufacturing skills and incorporate various technologies.
Core Competency of Marks & Spencer
The core competency is vital for the existence of Marks & Spencer; sourcing techniques of Marks & Spencer is empowered to provide high standard, quality, stakeholders have reliance in it, its management standard was graded high, as a result of feeling of what appropriate for Marks & Spencer was appropriate for the country. Since the revolutionary change in the business world, Marks & Spencer had to suffer a lot. After the crisis of 1999, Marks & Spencer has remarkably amended its strategies in terms of products, customers, price and marketing strategy. As a result of e-commerce revolution Marks & Spencer amended its strategy and started e-commerce which ultimately changed its marketing strategy. A large number of the same product in the market caused the Marks & Spencer to adopt a differentiation way such as own brand products and Premium brand appearance. Since there are millions of products out there in the market that is decreasing the sale of Marks & Spencer, due to the threat of the substitute product Marks & Spencer has reviewed its prices of the product in order to create competitive advantage.
UK's retailing industry has been featured by extreme competition in recent years. Awareness in customers increased about where and how to shop. They also realize the type of shopping they want to do. This current business and change in the economic environment has made it difficult for Marks & Spencer to survive and sustain its positions in the market.
As a result M&S has developed a new business strategy to deal with. This new business strategy has introduced period of change for the entire organization. This period of change has made focusing again on the basics of business. It includes business values like Quality, Value, and Service.
Marks & Spencer has launched a new promotional campaign that accentuated 'Your Marks & Spencer'. This promotional campaign will help the company to get connected with the customers by the heritage in the business. It has also made a link of the business in the customers' mindset with company's two values of Innovation and Trust. It comprises of three features of the process: Developing the products according to that customers' demand, investment in stores environment, and offering an effective customer's service. All these changes have developed a challenging business environment for employees. This new environment has made the management to make their staff ready to play their role in the environment.
Explain how your organization has responded to change in its environment and consider whether this response is effective.
New market trends in global market have made organizations to use unique techniques to attract the market share. M&S has responded to all these global and changes in the market trends by the means of adopting different strategies. These strategies aim to achieve sustainable and long term business for consistent and profitable growth. In 2007, Sir Stuart Rose, chief Executive of company stated in company report that company has aim to follow one key goal to focus on Product, Service and Environment. Great competitive market has provided opportunities for enhancing product quality and expanding stores display.
Moreover, to respond the changes in the business environment of Organization M&S has introduced a promotional campaign which aims to connect intimacy between organization and customers This promotional campaign has been launched as a result of change in the organization strategy to get its customer back and restore organizations' previous status. Key features of this promotional campaign have focused on the customers' choice and demands including change in the store environment and also offering a good customer service. Due to this change, business environment has become more challenging for employees in terms of their role in the effectiveness of new strategy (http://www.thetimes100.co.uk).
M&S has shown great concern for impact on environment and society. In this regard M&S has launched an 'eco plan'. M&S now offers well defined clothing brands, home furnishings, food by the means of its own stores and food products through franchises in motorway service stations, petrol forecourts, railway stations and at airports. Due to all these changes and advancement Group sales was up and an International sale was up 15.1% (http://www.digitallook.com/new). In 2009, another fashion retailer New Look claims to be winning market share from Marks & Spencer and reported a rise in annual sales and earnings. It has also analyzed that M&S has limited to a food store and earning no market share in clothing and footwear range in last few years (http://business.timesonline.co.uk).
2.8% in 2008.
List what you would consider to be the major functional area in generally and discuss the three major functional areas of organization of choice and why this is so.
Business have work within certain functional areas, among them there are few general major functions performed in all businesses including finance and accounts, production and operations, administration and IT support, human resource, sales and marketing, customer support services, and research. The major functional areas of Marks & Spencer are sales and marketing, human resource and administration and IT support. They are the major functional areas of the organization because Marks & Spencer is a retailer of goods, its business growth very much depends on the sales and marketing, human resource (the people and the staff serve the organization can make difference in the growth of the organization) Finance and accounts deal with the financial matter of the organization.
How have the three major functional areas in organization been developed to provide it with a competitive advantage?
Efficient and good sales and marketing strategy can play an important role to develop a competitive advantage for the organization. In order to develop its sales and marketing area, Marks & Spencer consistent to open new store and introducing new products so that it could attract more and more customers. Decrease in the price by change in the marketing strategy increases the competitive advantage for the organization. Therefore Marks and Spencer is attracting the customers with appealing, and superior quality products at attractive prices.
Human resource is such a function that works as a back bone for an organization, skilled and trained human resource of the Marks & Spencer can provide a competitive advantage through inputting the best to serve the organization. In the area of Human Resource, Marks & Spencer has developed a number of groups, which includes Pensions, Learning and HR Administration.
Together these teams provide Human Resource support to the 60,000 employees of the company. It also has developed a all-purpose recruitment group who supervises all the stores and head office.
Marks & Spencer has developed Finance Area into four teams: Financial Accounting and Banking, Accounts Payable, Accounts Receivable, and Financial Systems Operations. Together these all responsible for integrating company's balance sheet, control accounts, paying the suppliers, collecting outstanding monies and administering the financial system.
Discuss how a timetable for the implementation of a strategy could be developed around key milestones.
Sale of an organization principally depends on its marketing strategy and marketing strategy has to be planned according to market condition. In order to increase the sale of product it is important to bring certain changes in marketing and sales strategies as they both are interconnected. Implementation of marketing strategy is performed by marketing strategy department. Marketing strategy department will implement the strategy within 1-2 months. Sales strategy is responsible to implementation of strategy related to sales and will take 1-2 months for the implementation of new sales strategy.
Task 5 b
Provide a sample timetable for your organization which indicates the timings (rather than dates) associated with the key milestones and the resources' required for implementing this timetable.
Marks & Spencer has consumed a long time to develop brand equity and competitive edge is the ability to leverage the huge advantage of being a brand in the market.
The marketing strategy of Marks & Spencer seeks to communicate the idea that the products they offer are the best quality and in affordable rates which is accessible for everyone. By proactively purchasing Marks & Spencer's products, customers are able to get good products in market prices. Marks & Spencer will use several medium of communication for this marketing campaign such as through direct mail, website advertising and inserts in customers' bill.
Sales campaign of Marks & Spencer will emphasize the fact that in order to restore the sustainability of the organization change in the sales strategy will be vital. This change in the strategy of sales will be effectiveÂ to develop a competitive advantage.
Marks & Spencer has identified many measureable and reachable milestones that can serve as goals that the entire organization will work in order to make Marks & Spencer a sustainable business. The following table is the detail of the specific milestones as well provides a timetable for expected timings and resources.
Sample Time Table for Marks & Spencer Implementation of strategy
Business Strategy/ Strategy Planning
Strategy & Research Department
Marketing Strategy Department
Sales Strategy Department
Task5 c ,d
When a strategy has been developed and implemented how the effectiveness, efficiency and economy of this can be evaluated? Using examples explain why is it important to continually monitor the implantation of new strategy?
Developing and implementing an effective and productive strategic plan is only half war. And the integral part of strategy implementation is monitoring and feedback, taking a periodic look at how it is going. In order to estimate the effectiveness and efficiency of the implementation of strategy there are different tools used for monitoring it. After the strategy is implemented survey or researches are conducted to measure its success. Besides, expected outcomes or target that is set to achieve through the implementation is measured and monitored. A continuous monitoring of the implementation of the strategy is significant for a number of reasons. Firstly, it guarantees that the efforts match to the plan. The strategies planned is being followed and performed. It also shows that the organization is on right track. Second, it is important to be sure the results achieved align with the measureable goals. Monitoring provides the opportunity for remedial function for bringing the compulsory change. Monitoring is also control process, it provides better performance. Finally, monitoring provides the integral link between the written plan and the everyday function of the organization. It demonstrates to all that the business is being managed according to the plan. In order to evaluate the effectiveness, efficiency and economy of new implemented strategy is adopted against three key success criteria: Suitability, Feasibility and Acceptability. Suitability addresses the overall rationale of the strategy. It considers whether the strategy would deal with the key strategic issues specified by the organization's strategic position. It also deals with the economic sense of strategy, the organization economies of scale, economies of scope or experience economy, environment and capabilities suitability, equipments that can be applied to assess the suitability such as ranking strategic options, and decision trees. Feasibility considers availability of the resources required to implement the strategy, development or obtained of the resource. These resources are people, time, funding, and information. Tools that are used to evaluate feasibility are cash flow analysis and forecasting, break-even analysis and resource deployment analysis. Acceptability considers the prospects of the identified stakeholders with the anticipated performance outcome; it can be risky, return, and stakeholder reactions (Johnson, Scholes & Whittington, 2008).