MBA 540 Business Strategy

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Southern New Hampshire University *

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540

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Business

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Apr 3, 2024

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4-1 Assignment: Strategic Plan Aingeal Wilson Sothern New Hampshire University MBA 540: Org Strategy in a Global Environment Dr. Laura Aziz

Strategic Plan Definition To successfully complete a business strategy, we must first know what one is. To me, an effective business strategy is the strategic goal we the board and the stakeholders have agreed upon, based on the company’s mission and vision, to maximize profit and growth, all while maintaining a strong team. While profits and revenue are a key factor for any strategic planning, I believe regular check-ins with your team for feedback and any ideas or any problems that may be occurring and just making sure they know their hard work is appreciated is also very important for the success of a strategic plan and the company. In less words, it is how a company decides to present themselves while also successfully competing in a specific market. Formulation There are steps you can take to successfully build a business strategy. When completing a business strategy, I would:  Define our company’s purpose. For example, if we want to make more environmentally safe products, we will invest in more environmentally friendly products to make them.  Next, look at the market of the product you are selling, what will make your product differ from your competitors? What value can you give that others cannot?  Third, you need to make sure that are providing value to all stakeholders including employees, customers and suppliers. Make sure all employees can hit goals and are creating revenue and assets, but do not feel burned out or disconnected from the team.  Lastly, you keep track of your progress by setting key areas and performance indicators you want to be reached to succeed, then watch and track the data over time (Cote, 2022). Responsibilities

In terms of the responsibility of the development of the business strategy, there are a few key members that play a part. All upper leadership, such as CEO’s and COO’s, management, and the stakeholders (Brooks, 2023). Cote, C. (2022, October 25). How to develop a business Strategy: 6 steps | HBS Online . Business Insights Blog. Retrieved March 20, 2024, from https://online.hbs.edu/blog/post/how-to- develop-a-business-strategy Brooks, R. (2023, August 17). What is a business strategy? - University of York . University of York. https://online.york.ac.uk/what-is-a-business-strategy/

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