Module Four Assignment Org strategy

docx

School

Jaramogi Oginga Odinga University Of Science And Technology School *

*We aren’t endorsed by this school

Course

410

Subject

Business

Date

Nov 24, 2024

Type

docx

Pages

Uploaded by jennifermaxtoto25

1 4-1 Assignment: Strategic Plan TaKesha Chaney Southern New Hampshire University MBA-540-Org Strategy in Global Environment Instructor: Richard Holland Date: May 10, 2023

2 Definition: Define the term business strategy in your own words A business strategy is a roadmap that outlines the decisions and actions an organization plans to take to reach its objectives and goals. It constitutes the specific strategic initiatives an organization pursues to gain a competitive advantage in the market and create value for its stakeholders and the organization. Therefore, a business strategy describes what an organization needs to do to achieve its goals, which helps guide the decision-making process. Formulation: Briefly outline the steps involved in formulating a business strategy. Formulating a strategy is an analytical process that involves selecting the best suitable course to reach the organizational goals and objectives. A business strategy needs to outline the organization's vision, define targets, and outline its plan to grow and remain competitive in the market. The strategy formulation process constitutes six steps; Determining the organization's objectives Setting long-term objectives is a key component of every strategy and involves defining the organization's goals (Juneja, 2021). When setting organizational objectives, factors that influence the selection of objectives ought to be analyzed before any objectives are selected. Inspecting the organizational environment This step involves evaluating the industrial and economic environment in which the company operates. Setting quantitate goals The purpose of describing targets is to meet the short-term and long-term goals of the company. Fixing the quantitative goal values for certain organizational objectives facilitates comparison with long-term customers enabling the company to assess the contribution made and develop trajectories of various operating departments, products, and services zones.

3 Setting objectives based on divisional plans This step constitutes identifying each department's contribution within the organization and conducting strategic planning and performance compliance. This facilitates coherence between departments and the organization (Juneja, 2021). Performance analysis Performance analysis is carried out to establish the variation and the gap between the current performance of the company and its desired effectiveness. This strategy formulation step estimates the company's probable future condition based on the current trends. Selection of strategy This step constitutes evaluating multiple alternatives and choosing the best plan of action (Juneja, 2021). Choosing a strategy necessitates critical analysis of the organization's possibilities, advantages, disadvantages, constraints, and internal and external opportunities. Responsibilities: Explain who is responsible for and who benefits from a good business strategy. Strategic leaders have the responsibility to implement a good business strategy. The top management or the board is responsible for developing a good business strategy and explaining the plan to the employees (Boyles, 2022). The company's stakeholders tend to benefit from a good business strategy. Corporate vs. business unit strategy: Describe at least two ways in which a corporate strategy is different from a business unit strategy.  The main focus of a business strategy is to compete in the marketplace, while the main focus of a corporate strategy is profits and business growth.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

4  A business unit strategy is usually created for short-term objectives and to solve routine or current operations. In contrast, a corporate strategy is developed to solve comprehensive issues impacting the company and achieve long-term goals like profit maximization based on the organization's vision.  A business strategy mainly guides the day-to-day activities and decisions of department heads as well as employees, while a corporate strategy guides decision-making among high-level executives (Messineo, 2020).  While business strategy applies to lower-level individual business units and departments, corporate strategy is applied to a higher level and the organization as a whole. 

5 References Boyles, B. (2022, October 20). What is business strategy & why is it important? Harvard Business School Online. https://online.hbs.edu/blog/post/what-is-business-strategy Juneja, P. (2021). Steps in strategy formulation process. https://www.managementstudyguide.com/strategy-formulation-process.htm Messineo, R. (2020). Business strategy vs. corporate strategy: What's the difference? indeed.com. https://www.indeed.com/career-advice/career-development/business- strategy-vs-corporate-strategy

Related Documents

iGrow+FAILING+FAST%2C+Assessment+3+Presentation+v2.2.docx

3. Project final.docx

ACT 10_EQ9.docx

Assignment which you are meant to do in your groups.docxsss.docx

Enterprise.docx

4. Assignment - Boom Beverage Business ExpansionProject Paper - NAME (1).docx

102939-144050 - Rajdeep Kaur Brar- Dec 24, 2020 1006 PM - Rajdep(A00117030).docx

SITXCCS014 Assessment 1 (Word Version)SITXCCS014-Assessment 1.docx

BUS610 Week 3 Assignment.docx

Examen Parcial 2 - [Unidad 3 Y Unidad 4]_ FUNDAMENTOS Y DISEÑO DE BASE DE DATOS.pdf

Mariana Pana.docx

MSTR 31111.docx

Recommended textbooks for you

Management, Loose-Leaf Version

Management

ISBN:9781305969308

Author:Richard L. Daft

Publisher:South-Western College Pub

MARKETING 2018

Marketing

ISBN:9780357033753

Author:Pride

Publisher:CENGAGE L

Marketing

ISBN:9780357033791

Author:Pride, William M

Publisher:South Western Educational Publishing

Principles of Management

Management

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax College

Purchasing and Supply Chain Management

Operations Management

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub
MARKETING 2018
Marketing
ISBN:9780357033753
Author:Pride
Publisher:CENGAGE L
Marketing
Marketing
ISBN:9780357033791
Author:Pride, William M
Publisher:South Western Educational Publishing
Principles of Management
Management
ISBN:9780998625768
Author:OpenStax
Publisher:OpenStax College
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning