1) As I so often do, I'd like to cite Elon Musk as the example of a leader who has transformed a strategic plan into a reality.  According to entrepreneur.com, there are 7 takeaways in the success of Elon Musk for young entrepreneurs:

1.  "Trust in your ideas,

2.  Start early and be aggressive,

3.  Always do your homework,

4.  Hire fresh talent and trust them,

5.  Change the conventional ways of working,

6.  Fight, fight and fight more,

7.  Keep enjoying life, celebrate success."

I admire Elon Musk, not only for his success but mostly for his innovation and ability to transform an industry. The power lies in his ability to translate his visions to clear strategies and execute them.  From Tesla, to SpaceX, to PayPal, to Solar City, to HyperLoop, and even GIga Factory, Musk has a knack for being able to seemingly easily make a difference in this world.  I like a lot of the takeaways above, and while they are all important, looking at number 5, "change the conventional ways of working" seems to always be on Musk's mind.  But how does he accomplish this.  Let's take a look at Tesla for example.

According to solartribune.com, regarding Tesla:

"His Master Plan for the nascent company was essentially as follows:

• Build sports car that runs on zero-emission electric power generation,
• Use the revenue to build an affordable electric car,
• Use that revenue to build an even more affordable electric car.

“The strategy of Tesla is to enter at the high end of the market, where customers are prepared to pay a premium, and then drive down market as fast as possible to higher unit volume and lower prices with each successive model."  And it appears that Tesla has been following this strategy ever since.  Sure, some models of Tesla's vehicles are still very expensive but there are more basic models that can compete with other every day cars.  I read that Tesla failed to achieve its production deadline for its first Tesla Roadster and so the company was at near bankruptcy, but Elon Musk refused to fail and took number 6 from above to heart.  He fought back, even putting all his stakes on the mortgage to avoid the bankruptcy and was able to survive.  

I believe in renewable energy and admire Tesla for being a champion of electric cars in the industry.  But Musk has not yet given up on delivering new ideas to the world, and I know we'll continue to see amazing things come from him.  I'd like to think that I can force myself to think like him and at least do so in the context of strategic planning.  And who knows, maybe I'll end up creating a company that changes the world as well.  Why not, right?

Ahmed, U. (2016, June 17). 7 Takeaways in the Success of Elon Musk for Young Entrepreneurs. Retrieved October 15, 2020, from https://www.entrepreneur.com/article/276386

Elon Musk's Complete Master Plan. (2020, September 29). Retrieved October 15, 2020, from https://solartribune.com/master-plan

2)

Market segmentation is defined as dividing a market into distinct subsets of customers that differ from one another in product needs and buying habits. The segments are created based on unique demographic, geographic, psychographic, or behavioral characteristics of consumers. Successful strategy implementation requires effective marketing (David, David, & David, 2019). One of the main reasons why it is so important to strategy implementation is because it allows an organization to provide products for a specific consumer based on needs or wants. For example, The Coca-Cola company recently created Power Water for athletes and exercisers who would like to be refueled without the carbohydrates or sugar that's in a typical sports drink such as Powerade (Kilgore, 2020). This allows the firm to target this demographic and fulfill their need. Secondly, market segmentation allows the company to analyze consumer similarities and differences. This stage is imperative when creating new products or flavors. A cucumber lime flavor may be profitable in Southern California but not as much in the south. Analyzing this data provides significant consumer insight for Coca-Cola that develops consumer group profiles. Marketing the right product in the right space will maximize profitability.

References

David, M. E., David, F. R., & David, F. R. (2019). Strategic management concepts and cases: A competitive advantage approach (17^th ed.). New York, NY: Pearson Education.

Kilgore, Tomi. (2020, January 16). Coca-Cola Unveils New Powerade Ultra, Power Water Sports Drink. Market Watch. Retrieved from https://www.marketwatch.com/story/coca-cola-unveils-new-powerade-ultra-powerade-power-water-sport-drinks-2020-01-16