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Strengths and weaknesses of strategic planning
Importance of strategic planning process
Strengths and weaknesses of strategic planning
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At the beginning of the Glo Bus simulation our team developed a strategy that would allow us to compete with the other seven teams and put us in a position to gain a competitive edge. During the first few phases we were able to give a strong showing, however as the game progressed it was clear that other teams were implementing a similar strategy and making headway into our space. Reacting to the market changes was showing negative effects on our growth so we developed a new strategy to set us apart and allow our company to compete.
This game was an important tool on showing how a business must adapt to new situations and react to market changes. We learned how difficult it is to pick a strategy and implement it into the dynamic market.
To determine all the possible weakness, they used the bottom-up approach and it was successful because they passed the SOX audit. I think this was the best option for their first year compliance because this was a new regulation and taking all precaution was necessary. One thing they could have done differently is, selected the areas in the BUs that had a material effect on the financial statements and controls. This would have decrease the cost and time used to test the process. After this approach, Trinity understood their company’s process and in the following year they could us the top-down risk approach to save cost and
Shmoop Editorial Team. "The Market Revolution Summary & Analysis." Shmoop University, Inc. Shmoop.com, 11 Nov. 2008. Web. 4 Nov. 2011. .
The simulation game empower me with great marketing skills. Many things were learned during the simulation. The game allowed me to apply basic marketing concept in realistic environment.
A great deal of information was covered this week such as, the necessity in which businesses need to effectively plan and set objectives, the strategies utilized and how they are executed to obtains results, and how managements decisions can potentially affect those results. Although each topic covered was found to be interesting and informational, there was something in particular that struck a chord, which was how business establishments have to be flexible and adaptable and in many instances plan and change their strategies of today, in order to keep up with the evolving technology of tomorrow. Something that one often thinks about is how individuals use technology today and how companies that provide that technology are adapting. For instance, author Richard Daft of the textbook, Management, 12th ed. brings to light the potential issues that Intel is facing explaining “As another example of an external threat, Intel, whose microprocessors power most PCs, is being hurt by the decline in demand for personal computers as more people turn to tablets and smartphones.” (Daft, 2016, pg. 259). After reading this, one wanted to take a deep look into what it is exactly that Intel intends to do to overcome this obstacle and found some
1. I believe one promise that can help improve my team is the concept of needing to improve production techniques and cut costs.
Arthur, A., Thompson, Margaret, A., Peteraf, John, E. Gamble, A., J., Strickland III. (2014). Crafting & Executing Strategy: The Quest for Competitive Advantage 19e: Concepts & Cases. C6-C25.
The protection enhances the ability of sustaining a business in a competitive marketplace for the long run. A firm should also undergo the DYB strategy to get rid of business units and other resources that do not add value to the company 's performance. It should adopt the GYB strategy, in which it would utilize the business opportunities lying at its disposal to its advantage. As a direct result of these two strategies, the company would gain a substantial competitive edge against rivals, as well as boost its profitability in the long run (Grimm, Lee & Smith, 2010). Knowing that today 's business environment is characterized by heightened competition that has led to extensive gaps between industry leaders and laggards, and that there are greater churns among the industry rivals, the GYB and DYB strategies are essential for any modern company. More importantly, the GYB strategy should be focused towards the increase of
“The only way to beat the competition is to stop trying to beat the competition.” (Kim and Mauborgne, 2005, 4). Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant by W. Chan Kim and Renee Mauborgne explains how to overcome competition by creating uncharted markets. The author, W. Chan Kim, is the professor of strategy and international, management at INSEAD, and the second author, Renée Mauborgne is the INSEAD Distinguished Fellow as well as a professor of strategy and management. The authors use the term “blue ocean” as a metaphor for undiscovered markets. This metaphor is juxtaposed to “red oceans” which signify saturated markets. Although the book contains a good foundation and is well-written, the overuse of anecdotes that trick readers into thinking the strategies are fool-proof, the flaws and self-evident content, and the redundancy of the steps and tools, prevent Blue Ocean Strategy from being a good read.
Discuss the concept of blue ocean strategy, and explain how innovation in business-level strategy can change the competitive game in an industry, giving the innovator a sustained competitive advantage
In writing the business plan, I determined our target market and our marketing strategy to gain a share of the market. I also had t...
To keep up with today’s volatile marketplace, an organization should be able to adapt to its environment so that it is able to stay competitive. In order to accomplish the often times difficult task of continuous growth, in all its facets an organization has to plan and be prepared to change in the ever evolving business world.
That reminded me from the case study the director how to plays round of the company to succeed this Colombian Memorial Hospital. External control view of leadership, situations in which external forces where the leader has limited influence determine the organization 's success. Strategy, the ideas, decisions, and actions that enable a firm to succeed. competitive advantage firm 's resources and capabilities that enable it to overcome the competitive forces in its industries. Operational effectiveness, Performing similar activities better than rivals. Intend strategy, strategy in which organizational decisions are determined only by analysis. Realize strategy, strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments, unanticipated resource limitations, and changes from managerial preferences. Strategy analysis studies of firms ' external and internal environments, and there with organizational vision and goals. Strategy formulation, decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain competitive advantage.
Organizations and individuals have to strategically position themselves in order to take advantage of the growing technology and achieve business competitive advantage while at it (DeHaven 2010 pg 1). Technology has enabled globalization; where ideas, products and services have been shared. This has promoted foreign businesses thus helping different economies all across the globe. Different organizations and individuals have realized that technology will keep growing and changing and the best strategy will be to adapt it other than holding to rigid ways of doin...
Markides, C. C. (2008) «Game-Changing Strategies: How to create new market space in established industries by breaking the rules», San Francisco, John Wiley and Sons.
“When technology changes, things happen fast, people do things differently, laws are changed, and whole markets appear.” - Stuart Greenfield