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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.
1. I believe one promise that can help improve my team is the concept of needing to improve production techniques and cut costs.
“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.
Alphabet Games changed strategy to overcome competitors in the market. Also the technology influence changes in strategic management. A latest technology which Alphabet games quickly realized the need for more than good looks to make great video games. Graphics must be compelling and engaging and fun. Video games have become more like life, the company has adopted the concept of the game worlds and must react in a realistic manner. This led to the development of the player created content. To help in improving the market ability and increase the number of customers. As new technologies are as a rule always acquainted with the business sector, pace is vital for staying focused and new markets must be spearheaded
Any good strategy requires choosing a strategic posture which can be defined as the intent of a strategy related to the future and current state of an industry. Shapers tend to lead their industries toward a new structure of their own devising. On the other hand, adapters use the current industry structure and its future evolution as givens. The reserving the right to play posture is a special form of adapting as it’s only relevant in levels 2 through 4. It involves making steady investments today that let the company be in a privileged position, through either cost structures, superior information, or relationships between suppliers and
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
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.
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...
Globalization and economic slowdown has made businesses subject to a great deal of uncertainty. In this time of rapid change, economies worldwide change rapidly, new markets open up and old ones change, and demand for products is often uncertain. As such, businesses must be flexible and adaptable in the types of methods that they use...
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.
“When technology changes, things happen fast, people do things differently, laws are changed, and whole markets appear.” - Stuart Greenfield
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...