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CST 617 Business Strategy And Consumer Behavior

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CST 617 Business Strategy And Consumer Behavior

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CST 617 Business Strategy And Consumer Behavior

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Course Code: CST 617
University: Geneva Business School is not sponsored or endorsed by this college or university

Country: Switzerland

1. How this can involve the stakeholders for a proper strategy implementation?2. describe how can you apply this matrix on your Business / work environment and provide your personal comments and interpretations on the result.

Activity one: BCG Matrix
BCG matrix is a perfect tool for marketers in order to assist them regarding the next best strategy for their growth ahead. The matrix marks the organization on the basis of the growth rate of the industry as well as the organization itself. The current workplace is in the Ecommerce industry. The industry has evolved in the recent years but now the level of competition offered by the industry is very high. The organization, Amazon Inc. has grown manifold and also had the first mover advantage. The biggest competitive advantage of Amazon is the wide variety of products sold by Amazon.
On the BCG matrix, the organization would be considered a Star owing to its dominant position in the market and the growing nature of the Ecommerce industry. The online retail industry is evolving and attracting several small players from across the globe. The BCG matrix recommends that the a growth strategy must be adopted by in order to sustain the industry dominance and develop the organization.
Amazon has already expanded into new markets and continues to introduce new products. Amazon’s Alexa and Prime Video area step towards venturing into the entertainment sector. New products could be launched in the artificial intelligence sector. This would result in improved growth and consistent dominance over other industries as well. Amazon can widen its horizons by also expanding to isolated geographical areas and gaining the first mover advantage in those countries. The firm must be vary of increasing competition and ensure that efforts are being put to fight this competition off in an effective manner.   
Integrated plan and control framework
Team leaders and team members must work in effective coordination in order to achieve better results. A lot of team members have often complained about being given unrealistic goals and targets. The Management by Objective’s integrated plan and control framework is a perfect strategy for team leaders and team members to enhance coordination and work in effective collaboration.
The foremost step to take is to bring leaders and members together while setting team targets. Once the targets have been mutually defined, leaders and members must work together to achieve these targets. It is important that members keep leaders in loop regarding their progress. Leaders must also be available to efficiently foresee the performance of members. Lastly, performance controlling step should also involve leaders and members to work because it can create a transparent feedback system.
The expected outcome of this process is setting of realistic goals and enhanced coordination between team leaders and team members. The overall productivity of the organization as well as individual employee would increase because it would be consistently monitored. For employee growth, it is important that leaders provide a transparent feedback. This mechanism would enable a feedback system wherein leaders and members can sit together and identify as well as work upon the flaws.
Strategic planning process
Strategic decision making is essential for the success of any business. Important business decisions and processes require strategic planning. The diagram explains how an organization is divided into strategic business units and what are the different levels of strategic planning that are required for business growth.
A corporation is divided into several SBUs also known as strategic business units. These business units may be addressed geographically or functionally. For example, Amazon Inc. is divided into Amazon US, Amazon UK, Amazon India and other such SBUs. Or Amazon Inc. can be divided into Amazon retail, Amazon entertainment and Amazon technology. Each of these units is further divided into functional units. For example, Amazon India would have its own marketing, human resources, production, PR and finance division. This kind of division helps in dividing responsibility throughout the firm.
These functional units devise strategies regarding how they can support business strategies. Each of these units would have their individual goals and targets which would be in line with organizational goals. The business strategy for any organization throws light on how each of the major businesses competently sustains the market. At the top most level, the corporate strategy highlights upon the businesses that an organization is a part of.
Stakeholder involvement for effective strategy implementation
Stakeholders are all the internal and external people who are directly or indirectly associated with the business. The functional units discussed have their own set of stakeholders. It is important that for long term and effective planning, all the stakeholders are a part of the planning process. When organization is strategically divided into SBUs, stakeholder involvement becomes easier. The roles and responsibilities of each stakeholder but be explicit and these stakeholders must be involved on a functional level.
Implementing A Stakeholder Strategy (2018) Harvard Business Review
Lawrence, Kenneth D and Ronald K Klimberg, Advances In Business And Management Forecasting (Emerald, 2010)
Øivind Madsen, Dag, “Not Dead Yet: The Rise, Fall And Persistence Of The BCG Matrix” (2017) 15(1) Problems and Perspectives in Management
Singhapakdi, A., “Is Small Business Better Than Big Business For Marketing Managers?” (2010) 26(10) Strategic Direction

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