Strategic Management
Assign 1
Point 1: Question 1
Length: 600-800 words
Objective: Compose, prepare and recommend strategies to achieve and sustain a competitive market profile.
You are speaking on the phone with Mike when he asks about what sort of cultural aspects you are considering in this plan.
You think about this and say, “There may well be some considerable cultural differences that need addressing. I remember last year when there was a language mix-up with a doll. It was just saying ‘I love you’ in a different language, but it sounded like ‘kill mommy.’ It’s funny now, but imagine being the marketing team in that building!” Both of you laugh as you hang up the phone, but the memory does get you thinking seriously about cultural differences. Complete the following:
- What cultural considerations should you take into account for your strategy?
- Will this negatively impact your current strategy?
- Does this change your approach? Why or why not?
Question 2
Length: 2-3 Pages
Objective: Compose, prepare and recommend strategies to achieve and sustain a competitive market profile.
Formulate a balanced scorecard that translates a company’s strategic objectives into a coherent set of performance measures.
You, Mike, and Tiffany meet in a conference room to begin to assemble your final presentation.
This presentation will be the project deliverable, so you want to make sure you have provided all of the requirements.
Mike begins, “I think we’ve done some pretty good analysis on our strategy. We just have to put the pieces together before the final presentation.”
“We do have some solid information, but we have to look at all the parts to see if we can remain competitive,” Tiffany adds.
Complete the following:
- A balanced scorecard is used to align the business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. Based on your analysis of the company’s four perspectives in IP3, develop a complete balanced scorecard that helps put the pieces together for your final presentation. Once completed, answer the following questions.
- What are the considerations that you need to be aware of to remain competitive?
- Based on the research and analysis that you have done, can you compete in the market that you have chosen? Why or why not?
- What primary factors led you to this decision?
- What would you say to someone who would dispute your position?
- How do you plan on evaluating the global marketplace in the future?
Company’s four perspectives in IP3
See below IP3
Balanced scorecard
Particularly, a balanced scorecard entails strategic planning. With the utilization of a balanced scorecard, it aids in the alignment of an organization’s operations with its mission and vision. Specific profitability levels are essential to ensure growth and expansion. With this demand to achieve profitability, there is the need for strategic plans to achieve objectives and goals (Kunz, Siebert & Mütterlein, 2016).
Therefore, a balanced scorecard aids in the improvement of the goals and objectives as well as performance through considering the customers, the financial, internal business processes and learning and growth. The organizational management is critical to the strategizing of the resources available to achieve the set objectives. Being customer oriented, enhancing product quality and ensuring emphasis is on the achievement of long-term objectives is aided using a balanced scorecard (Kunz, Siebert & Mütterlein, 2016).
The financial perspective deals with the improvement of revenues. This could be through increasing the market share and the acquisition of new customers. Notably, when an organization experiences a growth in revenues, it is usually a good that it is doing well and will do well in the future. Here, the company sets the target for the growth in revenues. It could be a specific percentage such 10% annually. This indicates that profits are for business continuity. An organization must, thus, endeavor to stay profitable so that it is in a position offer quality products that meet the customers’ needs and expectations (Kunz, Siebert & Mütterlein, 2016).
On the other hand, the customer value perspective deals with ensuring customer loyalty. Provision of excellent customer services is key (Kunz, Siebert & Mütterlein, 2016). Customers must be come out of an organization satisfied die to excellent services. This is essential in enhancing customer retention. An organization’s mission is to be able to provide consumers with the best quality products in the most professional manner. An organization may plan to have loyalty programs and this encourages repeat purchases.
The internal operations perspective entails the enhancement of productivity. Part of this is inventory management. This ensures that inventory does not go to waste. Keeping up with the technological advancements is also key for enhancing the internal business operations (Kunz, Siebert & Mütterlein, 2016).
The learning and growth ensures that employee turnover is reduced. Increasing employee motivation is key to lowering of turnover levels (Kunz, Siebert & Mütterlein, 2016). Therefore, employee satisfaction is the main concern here. Satisfied employees work towards increasing an organization’s productivity since they are motivated to work in line with the organization’s goals and objectives.
Other strategies for the company profile
Another strategy includes the adoption of a clear product strategy. This will ensure that an organization has a leading edge in products. This way, an organization can expand and customize branding for the specific market entered. Also, taking a proactive rather than a reactive approach is essential in ensuring global expansion success. This can be done through the creation of a foreign subsidiary into the country. Adequate research is essential to align objectives with the long-term strategic plans.
Importance of having more than one global expansion strategy
Essentially, having more than one global strategy is critical to cater for both risks and uncertainties. The nature and the environment of the global market cannot be clearly defined. This way, pursuing more than one’s strategy helps in avoiding losses. It also helps in maintaining a competitive edge in the market. This is because even if one strategy fails, the other can support the achievement of the global strategies (Reardon, Coe & Miller, 2015).
It is important to have more than one strategy in mind when pursuing global
expansion because it will aid in ascertaining the nature and forces of the market. It will aid in
the identification and minimization of risk and in the event of a failed strategy, a second plan
to fall back on will be available. It is imperative that numerous strategies are available as it
will assist in ensuring that the company does not get kicked out of the market. Numerous
strategies offer a basis of growth and enhanced performance in a bid to garner competitive
advantage. Many strategies will offer operational flexibility, economies of scale and first
mover advantage. It will diversify operational risks, operating environments and will increase
quality. It will lead to a heightened distribution network, a mission and vision closely aligned
with and more applied research and development. It will also ensure that gains more financial
control of the business, enhanced coordination and offered large economies of scale. Having
more than one strategy in mind facilitates quickened thinking and enhanced concentration to
make a positive impact in the market arena. The strategies will make the company to
understand customer demand, competition for different markets especially since markets
beyond the home country differ (Linoff, & Berry, 2011). It will analyze the competitive strategies for different countries and what resources need to be applied to gain competitive advantage.
Kunz, R. E., Siebert, J., & Mütterlein, J. (2016). Combining Value‐focused Thinking and Balanced Scorecard to Improve Decision‐making in Strategic Management. Journal of Multi‐Criteria Decision Analysis, 23(5-6), 225-241.
Luo, Y., & Tung, R. L. (2007). International expansion of emerging market enterprises: A springboard perspective. Journal of international business studies, 38(4), 481-498.
Assign 2
12 hours ago
Assignment No 2
point 1
objective: Compose, prepare and recommend strategies to achieve and sustain a competitive market profile.
Demonstrate the ability to analyze emerging global marketplace for potential growth and opportunity.
600 – 800 words
Your team attends a trade conference on the subject of globalization. They have attended several seminars both advocating and dismissing implementing a global strategy. You return to the office and share some of what you have learned with the team.
“Globalization is a very interesting topic and can get very heated,” you explain. “There are some countries and companies who are fiercely loyal to their homes and would not consider going global. Others see it as a benefit to the company and their customers. Some people here in the states believe that American-made is best because we are contributing to our home country. But, is it? Is it always best to stay domestic? How does this impact pricing? Are you truly helping?”
As your team ponders these questions, you start to think about your position on the topic. Complete the following:
- Are you for or against globalization?
- Is your recommendation for your company to go global? Why or why not?
- How does globalization impact the marketplace as a whole?
- Has your opinion changed from the beginning of the course to now?
Point 2 7 to 8 pages
Objective:Compose, prepare and recommend strategies to achieve and sustain a competitive market profile.
Demonstrate the ability to analyze emerging global marketplace for potential growth and opportunity.
Question 2
Formulate and implement business-level corporate and global strategies.
Compose, prepare and recommend strategies to achieve and sustain a competitive market profile.
Demonstrate the ability to analyze emerging global marketplace for potential growth and opportunity.
Length : 7 to 8 page
“Hi, Deborah. What’s up?” you ask.
“I’d like you to present to the advisory board next week,” Deborah says. “They are very curious about your findings and would like to know if globalization is a good opportunity for the company. The board wants to finalize their strategic plan, and this may be a key part of it.”
After you hang up, you begin thinking through the different items that you will need to cover.
As you finalize the marketing plan, complete the following:
- Is globalization a good move for the company?
- What is your rationale behind this decision?
- What geographic location should be a target for global expansion?
- What background information can you provide to support this decision?
- How will this decision support the overall goal of growth and expansion?
- How would you refute someone with the opposing perspective?
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