The units should be multi-disciplinary, such that all elements are in place to build these two brands. In addition, the new units need to be allocated both human and fiscal resources in order to achieve their tasks. Support from the organizations highest levels is imperative to the success of any project.
The third step in this strategy is to identify specific tactics. For Smuckers to create superpremium brands in coffee and jam, they must identify tactics that will deliver that degree of differentiation. For example, Smuckers could determine that it will make organic jam and fair trade coffee. The company would then need to identify marketing tactics as well. Distribution would be through the companys usual channels, so they would need a specific plan to gain more SKUs from their retailers. A marketing plan would need to be devised for each project as well, with regard to the promotion. In addition, the Smuckers would need to identify ways in which to tie the new products back to their existing brands, developing marketing synergies in the process.
The fourth step is to monitor the execution of the strategy. Objectives for the project have already been set. Now that the strategy is under way, it is important that the firm devise a methodology for measuring the success of the tactics. As measures are recorded, they must then be evaluated against the stated objectives. The creation of this feedback gives managers not only a chance to see if their strategy is being implemented successfully, but also to see if they can determine ways to improve the strategy going forward.
The final phase of implementation is the adjustment phase.
This phase to an extent starts the process from the beginning. As feedback is received with regard to the success of the strategy, adjustments to the strategy can be made in order to improve it. Deviations from the objectives can be noted and analyzed. The adjustment phase keeps management oriented towards the ultimate objectives of the strategy, something that is necessary given that there is always the risk that the managers become focused on the tactics to the detriment of overall strategic vision.
Two other steps are conducted concurrently to the other steps. One is communication. At what point a strategy is communicated widely through an organization will vary depending on the situation, but at some point the strategy and the rationale for it must be communicated around the organization and to the external stakeholders. The second concurrent step is buy-in. Senior management must lend support and generate enthusiasm and buy-in among all of the relevant managers. It is not sufficient to merely set a team to a task — senior management must instill that team with enthusiasm and motivation in order that the team achieves success.
It was recommended that Smuckers develop and launch superpremium brands. A multi-step process is required for the implementation of this strategy. Broadly, the strategy consists of setting a vision, setting objectives, designing the organizational infrastructure and marshalling resources, identifying tactics, monitoring results and making adjustments to the tactics and strategies as needed. The development of superpremium lines of coffee and jam can be done with cross-functional teams, a strong marketing campaign, the strong brands the firm already has and the companys strong distribution.