Assignment (2) Version (1)

Task 1
A global firm is one that exports internationally or offers services to customers or clients
in other nations. The initial step in most organizations' global development plans is typically an
international strategy, which involves exporting or importing goods and services while keeping a
head office or offices in their home nation.

There is no one method that works for all business ventures that involve global expansion.
Companies may decide to invest more in their target markets as they expand and scale.

In reality, businesses can pick from a wide range of models, including:

- Transnational Strategy:

It is using a central office or head office in one nation to coordinate local subsidiaries in foreign
markets. By utilizing the power of scale, this organizational structure results in a single
overarching brand and operational hub that controls overall decision-making and supply chain
management.

- Multi-domestic strategy:

The adoption of entirely separate sales, marketing, and product strategies by corporations
according on the particular industries they are working in. There are numerous smaller, nation-
specific brands that are catered to regional tastes and local consumers as opposed to a single
global brand.

- Global strategy:

When companies create a single global brand and make minimal to no adjustments for different
countries. The technology is the same (with a few minor tweaks to keyboards) wherever you go.

For the company of my choice, Pfizer, is adopting Expanding Access as a Business Strategy.

In order to achieve this goal, Pfizer aims to increase access to medical care and medications in a
way that enhances Pfizer's reputation with the public and with governments, and that creates new
opportunities for everyone. Within their Emerging Markets Business Unit, Pfizer has launched a
global access strategy with the goal of creating new business models that will increase access to
high-quality medications in a way that is sustainable, affordable, and commercially viable for
patients who face barriers to receiving basic medical care.

The organization faces new challenges and opportunities as a result of working with these
cherished clients. Partnerships with governments, nongovernmental groups, commercial
companies, medical experts, and patients themselves will be a crucial facilitator. Pfizer is looking
into a number of frameworks, including fresh health care financing models. In order to examine
the requirements of patients, community health care providers, and others in Bangladesh, Pfizer
and Grameen Bank established a cooperation in 2008. The companies are still cooperating on
this project.

Pfizer and Grameen have started prioritizing how to effectively satisfy the most urgent unmet
requirements of these clients based on what we have learnt from this study. The business is now
creating a customized pilot program.

Additionally, Pfizer collaborates with international procurement organizations to offer more

cheap medications, increase access to cutting-edge goods, and carry out research and
development exclusively for underprivileged populations in developing countries.

A strategic leader is one who foresees future events to guarantee that an organization has
long-term goals and objectives as well as the plans necessary to achieve them. An effective
strategic leader also needs vision, intuition, perseverance, and persuasive communication
abilities in addition to the common leadership competencies you need to develop and motivate
people.

Pfizer’s Strategic Imperatives are described next:

- Improve Pfizer's capacity for innovation in biomedical R&D and create a new generation
of highly valuable, distinctive medicines and vaccines.
- Maximize value by investing and allocating Pfizer’s resources in ways that will give our
stockholders the best long-term returns.
- Gain more respect of society through developing novel treatments, extending access,
advancing the conversation about healthcare, and functioning as a good corporate citizen.
- Own our culture: Create and uphold an environment where employees see themselves as
owners, are responsible for coming up with new ideas, solving problems in an open-
 minded manner, engaging in frank discussions, and cooperating on opportunities and
difficulties as a team.

Existing, necessary, and prospective abilities must be related in a way that takes into account
the organization in question—in this case, Pfizer—as the determining factor. For instance, the
business may simply need to use its current skills to handle issues from the past. New skills
might be needed to meet current problems, such as a change in government or a growing demand
from the community to address environmental issues, but management wouldn't know this unless
they had a clear understanding of the organizational culture of the business.

However, once the culture has been evaluated, it will be possible to determine what future
leadership abilities need be acquired. The direction of the organization and its capacity to reach
its objectives depend on its leaders' capacity to recognize trends in the market, the global
environment, and domestic problems that will have an impact on stakeholders, much like the
COVID-19 pandemic that affected Pfizer's management.

To be able to account for these viewpoints by implementing a change strategy that takes into
account any potential obstacles or resistance to change that might arise, the leader must be able
to read and prepare for shifts, understand the perspective of stakeholders, and be able to
anticipate when changes are necessary.

Task 2

Investigation and introspection are encouraged in the context and setting that foster the
growth of strategic leadership. A company like Pfizer that has a system in place for getting
feedback from employees to managers and vice versa will have a steady stream of data flowing
that can be accessed and analyzed to help leaders make crucial decisions about their own
trajectory as a leader and the trajectory of the organization.

For leaders to grow in a positive way, the company culture must include a change-positive
atmosphere. A barrier that limits the implementation of meaningful action can be resistance to
change.

However, the identification of every strategic organizational goal will present possibilities for
strategic leadership growth. Each objective will have unique difficulties. In order to help the
business, accomplish its goals, a leader must be able to grow and adapt. Thus, every obstacle
presents a chance for development. The leader is the key to an organization's success since
everything passes through them, including the vision, messages sent up and down the ladder,
performance metrics, data analysis, and choices that need to be taken. Every step taken forward
creates the possibility of further moves in any direction, therefore leadership must understand
delegation and navigation. Each step creates a new chance for growth; therefore, a leader must
be able to discern where they will go and how to take them most effectively.

Goals that I want to accomplish must be specifically identified for the personal
development plan. They must be quantifiable and meaningful. To put it another way, I should be
able to prove that I learned the skills. They need to be realistic, timely, and relevant. Thus, this
personal development plan may be defined and made to work using the SMART framework.

SMART goals primarily differ from "regular" goals in how they are phrased. By using this
simple method, you may describe your objectives in a way that will enable you to accomplish
them and then look back on your accomplishments. Specific, measurable, achievable, relevant,
and time-bound are all abbreviations for SMART.

S - Specific

Be clear in my goal-setting as to what you hope to achieve. I need to consider this as my goal's
mission statement. This isn't a comprehensive list of steps I’ll take to accomplish a goal, but it
ought to address the following "w" questions:

Who – Taking into account who needs to be involved in order to accomplish the goal (this is
crucial when working on a group project).

What - Consider precisely what I want to achieve.

When - I should give a time frame for this question.

Where - This question might not always be applicable, particularly if I’m creating personal goals
like in this case.

Which - Identify any corresponding challenges or demands. The answer to this query will help
me determine whether my aim is doable.
Why- Why is the aim being pursued? The answer will probably be something along the lines of
career advancement or company advancement when it comes to adopting this strategy for
employees.

M- Measurable

What measurements will I employ to evaluate your progress toward the goal? Because it gives
me a tool to track my progress, this helps a goal become more real. Set certain milestones by
deciding on specific tasks to fulfill if the project will take several months to finish.

Milestones are a set of intermediate stages that, when taken together, will enable me to achieve
your main objective.

A - Attainable

This emphasizes the significance of a goal to me and what I can do to make it feasible, which
may call for learning new skills and adopting new attitudes. The objective is to promote
inspiration and not discouragement. I should consider how to achieve the goal, whether I have
the necessary tools or talents, and, if not, what it would take to acquire them.

R - Relevant

Focusing on something that aligns with the larger corporate objectives is referred to as being
relevant.

T- Time Bound

For instance, setting a target of development within six months provides my plan a measurable
time frame. After two months, I may check to see if an improvement is happening, and if not, I
can adjust my plan.

A document that describes the actions I should take to carry out a common objective or
endeavor is known as an implementation plan. A strategic plan's equivalent is implementation
planning. The implementation plan is the step-by-step manual for how those goals will be
accomplished if the strategic plan specifies the techniques I will employ to accomplish a certain
goal.
To start implementing the process, I must decide on my personal development objectives, collect
feedback, plan the measures to take to reach those objectives, track my progress, and regularly
evaluate my progress. Personally, I am currently attending various seminars related to personal
development in order to evolve on a professional and personal level.

I'm learning a lot of personal development-related books, generals, articles, journals, and
newspapers for this reason. All of this information really helps me develop myself and
implement new, cutting-edge techniques in my organization so that I may quickly realize my
organizational goals or desires.

Task 3

Every organizational strategy is regularly examined and updated. To support an

organization's survival and expansion, a company's corporate strategy must adapt as its internal
and external circumstances do. Therefore, it is crucial to have a standardized procedure for
assessing an organizational strategy's performance. It makes sure that the business is headed in
the proper direction and is continually adjusting to a changing marketplace.

The process by which management determines whether a given strategy has been successfully
implemented and is successful or not is known as strategy evaluation. Simply expressed, strategy
evaluation comprises assessing the method used to implement the plan and determining how well
the strategy is working.

The required corrective actions should be developed and put into place if the strategy's execution
is not going as intended, say because of strategy limitations that are preventing the attainment of
corporate goals.

You'll have acquired information at the conclusion of the evaluation that you can use to either
reformulate the strategy or to plan and develop new ones.

The strategy is improved by evaluation, which also helps to identify what works and what
doesn't. Evaluation also contributes to the strategy's continuing evolution and adaptation to the
industry's complicated conditions and changing situations.
The two levels of strategy evaluation are operational and strategic. The attention is placed on the
strategy's compatibility with the environment at the strategic level, and the effectiveness with
which the organization is implementing the strategy is evaluated at the operational level.

Strategists can ensure that the through the process of strategy evaluation that:

- The assumptions stated when developing a strategy are accurate.

- The organization's strategy directs it toward achieving its goals.
- Managers are acting as they should to successfully implement the strategy.
- The business is operating efficiently, sticking to its plans, and making good use of its
resources.
- Whether or not the approach needs to be reformulated

A thorough plan that assists you in directing your career toward senior management and
advanced leadership positions is known as a leadership development plan. It is a crucial
instrument for effectively directing your professional development and career growth.

A leadership development strategy will help you accomplish the following:

- total professional satisfaction that is higher

- higher-quality opportunities and challenges
- more significant career

When developing a leadership strategy, there are four key elements that must always be
included.

First, develop a career vision.

The most crucial element of a leadership development strategy is the career vision you set forth.

It will establish the general tone of voice for the techniques you must use for professional
advancement. You should take some time to reflect about your own career goals. Additionally,
you must reflect carefully on your prior successes and determine whether they aided in the
advancement of your career. You must be completely honest with yourself regarding your
leadership abilities, technical talents, and skill set, as well as your strengths and flaws.
Second, create goals for your leadership growth that include a timeline.

It is now essential to set leadership development goals with a clear schedule after developing a
professional vision.

Plan for Leadership Development making your concept a reality will depend on having a very
clear and detailed schedule for results. You'll be more motivated to take concrete steps toward
achieving your long-term professional development objectives. Additionally, this will inspire
you to take proactive, time-bound actions in support of your professional objective.

Include concrete actions that may be measured daily, weekly, or monthly in your third stage.

Your career vision cannot be realized in a relatively short period of time. This is why you need to
develop precise action steps that can be periodically measured. In addition to being explicit, they
must also be measurable and practical. Key performance indicators that can be evaluated daily,
weekly, or monthly must be used to gauge the success of the action steps.

The fourth recommendation is to regularly analyze and evaluate the overall leadership
development plan.

To keep your leadership development plan current, you must routinely review it. You can't
always count on having the ideal strategy. This is the main justification for the significance of
assessment and evaluation.

Such a strategy's application can result in a feedback mechanism. The leadership development
plan can then be simply adjusted in order to meet the shortcomings and issues found. When your
career vision changes, you can also make a swift change to it. Plans for leadership development
must be adaptable.

Task 4

The company's strategy plan is composed of organizational strategies. Similarly, the total
of the steps a business plans to take to meet its long-term goals (Mullins et al., 2010). A firm's
mission, which defines why a company is in business, must inform the organization's strategy.
The goal of the strategy is to successfully make a difference, or else. The plan that directs
business transactions between entities in different nations is known as an international
organizational strategy (Luthans and Doh, 2018). Adapted to strengthen operations, ensure that
employees and other stakeholders are working toward the standard target, focus energy and
resources, set priorities, and assess and modify the organization's direction in response to
changing environmental factors, strategic planning is an organizational management activity.

Existing resources

Here are some examples of the several categories that business resources are typically divided
into:

- Physical assets:

The physical resources include a variety of operational resources related to the ability to
physically implement a strategy (Zott andAmit, 2010).

These consist of:

 Market facilities: Because they deal with the marketing management process, they also
include the channels for distribution (Dees, 2017).
 Manufacturing facilities: The location of the current production facilities, their capacity,
and the amount of investment needed. Extend the capacity of current facilities to disperse
the strategy's production needs.
- Financial resources:
 The capacity of the advertisement to "fund" the strategy it has chosen (Surroca,2010).
 Possibility of obtaining new funding
 The strength of the connections with current lenders and investors, as well as the standing
and capabilities of the management and business teams.
 Funds now used for financing include cash on hand, bank and other loans, shareholder
capital, and bank overdraft.
 The strength of the connections with current lenders and investors, as well as the standing
and capabilities of the management and business teams.
 Present financial resources include cash on hand, bank and other loans, shareholder
equity, and bank overdraft.
- Human resources:
 The skill base of the company is at the core of the problems with human resources.
  Existing personnel resources, current staff turnover rates, and the number of employees
by location, experience, function, pay, grade, and qualification.

The creation of essential leadership resources, such as leadership development programs, will
be necessary for significant initiatives and significant expansions. When a business invests in the
training of its strategic leaders and cascades that training down to the workforce, it is preparing
those workers for upcoming strategic responsibilities. The employees might be made aware of
the possibility of becoming the strategic leaders of the future thanks to this leadership
development. This provides them control over the duties that will be expected of them whenever
they are promoted to senior roles and given the authority to manage the strategic operations of
the company. A strategic leader needs imagination as a strategic framework since it serves as the
foundation for the organization's leadership. The future policies and practices that will be used to
accomplish Pfizer's goals will be supported by this strategic framework. This resource structure
was developed with strategic leadership in mind, and it is thought to be the link between that
process and Pfizer's vision and mission statements. Strategic thinking contributes to
organizational vision by establishing a strategic culture in which everyone is aware of the
direction the organization is taking and the values it upholds. Using strategic leadership,
organizations can introduce the components of their beliefs and norms. The strategic culture of
the organization is created by this responsibility. It is the idea that the strategic leader who
establishes a foundation for developing strategies, and it is the leader's due diligence that
guarantees the organization's plan is implemented. Proposals can't be implemented without the
senior management team's support. The management team should contribute to the economy of
effort to effectively implement the organizational strategies since they are aware of the need for
organizational change. Employees can only be inspired and motivated to accept change through
smart leadership.

The profits and investments that Pfizer receives can be used to gauge the effectiveness of
strategic leadership. Strategic leaders are guided on what Pfizer requires and trained in best
practice practices, which helps them focus their vision and enable them to align with
organizational development and financial return maximization.

Importantly, good leadership techniques are necessary to maximize employees' productivity.

The world of technology is developing quickly, and the global markets are following suit. As a
result, strategic leaders must be aware of the situation of the market. This business acumen steers
Pfizer in the appropriate strategic direction, allowing the company to compete and thrive in a
developing market. Organizations frequently fail because their strategic leaders adopt obsolete,
traditional leadership paradigms and techniques.

References

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