Prepare a draft document for review by your professor that includes the following: · an auditing Plan/Balanced Scorecard that will define how objectives are going to be tracked over the next th
Running head: STRATEGY FORMULATION DRAFT Phase 1: Strategy Formulation Draft Gurleen Kaur 2019081614 BUSI 4153- Business Strategy Professor Michele Vincenti Sunday, August 7, 2022 An analysis of the current vision/mission and proposal for an updated vision/mission, The management of the company should emphasize the vision and mission statement to the company employees. The mission of the organization is for the workers and the management of the company. The strategic approach includes adjustment of the mission to reflect the updated purpose of the organization. These employees will adapt to the change by looking at the benefits of this move as well as a reduction in losses. By declaring the vision, it guides what is expected for the future of the company. It describes optimistic, long-term goals and what has to be accomplished, the person they are assisting as well as the perception of the company. The vision statement provides every person with a rundown concerning what they are working for. External Factor Evaluation Matrix and Porter’s 5-Forces Analysis This is a method in the management of the company often used in determining the trends in the markets. The matrix is a stronger instrument for imagining as well as evaluating of the risks plus opportunities of the company. This is the analytical technique that is synonymous with the application of the SWOT. According to Porter, the business should keep a close look at the competitors. He encouraged businesses to work beyond the actions of their rivals as well as consider variables which could affect the business. The five forces include: – Competitive rivalry: Business has to look at how much competition they are currently facing. The number of direct rivals has to be taken into consideration. The threat of substitutes: At this point, the customers will seek newer ways of doing what the business is doing. You have to design goods that are appealing to the customers. Bargaining power of the buyers: You have to ask are the buyers possessed over you. Through buying the commodity, strengths are stored in quantities. Nevertheless, if you are providing service, then consumers are going to be addressed. The threat of the new entrants: Organizations are controlled as well as involved in a significant amount of capital meaning the business will make them gain a footprint in the sector. Bargaining power of the suppliers: You have to look at your expenses the same way you look at your expenses. Evaluation of the vendors relied upon as well as possible controls over the services and products which are being received. Internal Factor Evaluation Matrix, This is a strategic instrument that is used in the evaluation of the internal climate of the company as well as exposing the pros and cons. SWOT Matrix This is divided into opportunities, threats, weaknesses, and strengths. This tool is used in the evaluation of the four aspects of the business. Strengths This is what the work is doing well which can make them be singled out from the competitors. Weaknesses These are areas where the company is doing badly. SWOT analysis is vital when you have got requisite information. Opportunities These are the prospects of having something positive to hang on to. Threats They comprise things that negatively impact the company from outside of business including manufacturing process issues, dynamics of the industry plus the shortage of applicants. BCG Matrix This is a tool that is used for business planning used for the reflection of business assets in the general area along the axis of the profits margins and axis of annual growth. Strategic direction choice and rationalization: choose one The chapter 5, it deals with the marketing framework which is a dimension for unification in marketing plan models that come among the strategies for advertising as well as functions of the business. The systems of marketing are designed for executing marketing campaigns as well as facilitating the task of marketing. For example, when a company stresses quality of products as a core competence in the strategy of marketing, the introduction of a complete management system for quality is an effective strategy for management. The structures of marketing involve leadership as well as the operational structures, communication plus scheduling, and the network for marketing. The systems for marketing are built to simplify the functions of marketing. The chapter, also addresses the dynamics which affect marketing. References https://open.oregonstate.education/strategicmarketing/chapter/chapter-5-marketing-structures/
Prepare a draft document for review by your professor that includes the following: · an auditing Plan/Balanced Scorecard that will define how objectives are going to be tracked over the next th
Running Head: STRATEGY IMPLEMENTATION DRAFT 0 Phase 2: Strategy Implementation Draft Gurleen Kaur 2019081614 BUSI 4153- Business Strategy Professor Michele Vincenti Sunday, August 14, 2022 Measurable goals that an organization or company can set for the next three years involve aligning plans with the corporate mission and values. Tawse & Tabesh (2021), an organization can allocate responsibilities, allocate budgetary resources, establish effective leadership, and structure all processes for effective strategy implementation. An organization can align employees based on their skills and organizational needs to ensure successful strategy implementation (Aladag et al., 2020). Organizational chart An organizational chart is a diagram that depicts relationships or a hierarchy of reports (Cândido & Santos 2018). The most common use of an organizational chart is to show other organizations, governments, and businesses. Organization charts have different uses and can be structured in different ways, and they can be used as a personnel directory, for planning purposes, and as a management tool (Tawse & Tabesh 2021). An organizational chart helps achieve the goal because it conveys the internal structure of the company. A structure defines the relationships, roles, and responsibilities that arise between individuals in a company, as shown in Figure 1.0 (Aladag et al., 2020). In addition, it stipulates the responsibility of each employee in the organization and their role in achieving the company’s goals. Figure 1.0: Organizational chart Product positioning map A positioning map is a diagram that allows a company, organization, or business to compare its products with competitors and identify opportunities for new products in the market (Cândido & Santos 2018). A positioning map displays the two main benefits of a product on the vertical and horizontal axes of the graph, and these products are based on what is important to the customer (Tawse & Tabesh 2021). Positioning is one of the most powerful marketing concepts for various organizations around the world. Product positioning is primarily the place a brand occupies in the minds of target consumers or customers. Often, the national positioning strategy is used or slightly modified as a tool to enter foreign markets when it comes to product globalization. In many cases, a product positioning map in strategy implementation includes a schematic visual representation of products relative to their competitors in the market, as shown in Figure 2.0 (Aladag et al., 2020). Therefore, the organization builds product positions based on competitors’ products available in the market. Positioning depends on the extent to which a product satisfies customer needs from different perspectives (Cândido & Santos 2018). In addition, the organization identifies an existing competitor to help implement the strategy. Figure 2.0: Product positioning map Projected income balance sheet Financial modeling involves a variety of predictions that help business managers make decisions in an attempt to monitor the future performance of organizations (Tawse & Tabesh 2021). The balance sheet forecast is always completed in tandem with the income statement forecast. Therefore, a thorough understanding of balance sheet forecasting is an important skill in improving financial modeling. Since the balance sheet reflects the financial position of the enterprise at a certain point in time, it is quite clear that the balance sheet forecast is an attempt to predict what the financial position of the enterprise will be in the future under certain circumstances. In simple words, the income statement for projected income shows the cost of goods, accrued income or revenue, and sales of the company as shown in Figure 3.0 (Aladag et al., 2020). It also helps determine operating costs and the cost of goods sold. Therefore, the impact of the strategy leads to sales that increase business profitability, customer satisfaction, and improved production (Cândido & Santos 2018). Figure 3.0: Projected balance sheet Tawse & Tabesh (2021), estimating the present value of an organization entails examining the return on investment based on the future and current state of the dollar. Present value gives the financial equity of a business in meeting future financial benefits and obligations (Aladag et al., 2020). Cândido & Santos (2018), value is calculated using methods such as book value calculation based on balance sheet information, market capitalization, and discounted cash flows. References Aladag, O. F., Köseoglu, M. A., King, B., & Mehraliyev, F. (2020). Strategy implementation research in hospitality and tourism: Current status and future potential. International Journal of Hospitality Management, 88, 102556. Cândido, C. J., & Santos, S. P. (2018). Implementation obstacles and strategy implementation failure. Baltic Journal of Management, 14(1), 39-57. Tawse, A., & Tabesh, P. (2021). Strategy implementation: A review and an introductory framework. European Management Journal, 39(1), 22-33.