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MGMT2998 Business Strategy

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MGMT2998 Business Strategy

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MGMT2998 Business Strategy

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Course Code: MGMT2998
University: Bow Valley College

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Country: Canada

Question:

The purpose of this assessment task is for you to reflect on your understanding of business strategy and its role in guiding businesses towards success1 in today’s complex and turbulent environments.
Assessment details
Reflect on what business strategy means and why it is important in today’s increasingly complex management of business activities. Your essay should be developed around the following question:
In addressing this question, you may want to consider the following points: 
What is the purpose/aim of business? ? What is your definition of strategy?
Explain and justify your choice, making explicit reference to previous research and/or your own experience. ?
How did the meaning of strategy change over time – for example, from shareholder capitalism to stakeholder capitalism? What factors influence these changes? ? How are strategic issues different from operational issues? What are the implications for managers? ? In your opinion, is strategy designed or emergent? Or is it a mix of both? 

Answer:

Business Strategy is defined as the plan of a firm that can help it in realizing the business objectives. It can be said that strategic plans have succeeded if the firm experience business growth and have strong financial performance (Hubbard, Rice and Galvin 2014). This essay focusses on the purpose of business strategy and how it has evolved with the passage of time. It has elaborated on how the strategic issues are different from that of the operational issues and its implication for the managers.
According to me, the primary aim of the business is adding value to the products or services that can help it in making a profit. The aim of the business is to expand and create market leadership. I think that the aim of a business can help in setting down the team along with individual objectives that can help in the creation of a framework in relation to the operational activity. These can be translated into that of target that can help in motivating staff so that they can reach the short-term goal of the business (Peng 2017). I think that the aim of the business can help in providing clear structure pertaining to the activities within the organisation. The business wants to generate profit and at the same time provide services to common people. The business aims at meeting the needs of the less privileged within the society and it can help in improving ability of economy of functioning.
I think that the business strategy is indicative of the high level plan of a firm that can help them in reaching business objective. According to me, the success of the strategic plans can pave the path for business growth and it can help a company in getting a strong competitive position. I think that strategy can help in bringing financial profit for a firm and I think that it can help a firm in achieving the vision (Leonidou et al. 2015). The strategy can prove to be useful in prioritizing of objectives and it can help them in competing successfully with the competitors. I think that the business strategy can help in explaining in practical terms how the firm has been able to differentiate itself from that of the competitors.
I think that cost leadership can prove to be an effective strategy for a business. According to me, pricing can be used as a competitive factor that can help a business in making enormous amount of profit. In the event of working for Arnott’s biscuits Limited I saw that that the company was able to make huge amount of profit owing to the process of cost leadership that was practised by the company (Leonidou et al. 2017). It emerged as the largest producer in relation to snack food with the help of its pricing strategy. According to me, the strategy of the company is successful as it purchases large quantity of good from the supplier that can help in keeping the prices low. According to me, this has helped in attracting more customers and the low cost strategy helped in targeting smaller audience having unique needs (Hubbard, Rice and Galvin 2014).
I think that the modern day business lays great amount of importance on the needs of the stakeholders that helps the organizations in making profit. The shareholder capitalism emphasizes on the fact that the philosophy of a business is to make the owners happy. It focussed on providing money to the shareholders. According to me, the modern age lays emphasis on the varying needs of stakeholders as the primary aim of the business is to provide the consumers with satisfaction (Galbraith 2014). Stakeholder capitalism has become greatly popular in present age as it treats the interest of the stakeholders on equal basis instead of explicitly favouring the investors. I think that the stakeholder approach helps in the driving of values of a business and it helps them in behaving in a more responsible manner.
The factors that have forced the company to change from shareholder capitalism to that of stakeholder capitalism is the stress laid on the interests of the consumers in the present age. According to me, the business in the present age focuses on the aspect of altruism that makes them rise above that of the profit motive (Neugebauer, Figge and Hahn 2016). The modern day business focusses on the aspect of utopian model and they lay stress on the interests of the public.
The strategic issues of a business relates to the areas that a business has to compete with in the future. It focusses on the areas that they should focus on so that they can compete in the long run. It talks about the activities that an organization should partake in that can help the company in rising above the competitors (Akter et al. 2016). The strategic issues helps in revealing about new sources that can help in putting a business at a superior position as compared to the rivals. The operational issues on the other hand refer to the chain of activity that can help in driving business objectives. It deals with the aspects of production, logistics, finance, marketing, sales and service.
The managers in the present age should be able to differentiate between operational side and that of strategy side of the business. The managers in the present age should evolve to become strategic leaders so that they can successfully bring together various aspects in relation to a business (Rees and Smith 2017). The managers should be able to know how strategy can work along with operations in a company that can help in driving better performance in relation to a firm.
According to me, strategy can be said to be both designed and emergent. There are certain strategies that are planned by an organization and the company makes various plans in relation to strategy. The strategies can be said to emerge on account of the conditions prevailing in the global environment (Peng 2017). The circumstances prevailing in the environment of a company give rise to the business strategies that can control the direction of the company.
A business should be able to provide clear structure in relation to the organizational activities. Business strategy can help in prioritization of objectives that can help an organization in competing in a successful manner with rivals. The managers should act like strategic leaders that can help an organization in its growth.
References:
Akter, S., Wamba, S.F., Gunasekaran, A., Dubey, R. and Childe, S.J., 2016. How to improve firm performance using big data analytics capability and business strategy alignment?. International Journal of Production Economics, 182, pp.113-131.
Galbraith, J.R., 2014. Designing organizations. Jossey-Bass & Pfeiffer Imprints, Wiley,.
Hubbard, G., Rice, J. and Galvin, P., 2014. Strategic managment: Thinking, analysis, action. Pearson.
Leonidou, L.C., Christodoulides, P., Kyrgidou, L.P. and Palihawadana, D., 2017. Internal drivers and performance consequences of small firm green business strategy: The moderating role of external forces. Journal of Business Ethics, 140(3), pp.585-606.
Leonidou, L.C., Fotiadis, T.A., Christodoulides, P., Spyropoulou, S. and Katsikeas, C.S., 2015. Environmentally friendly export business strategy: Its determinants and effects on competitive advantage and performance. International Business Review, 24(5), pp.798-811.
Neugebauer, F., Figge, F. and Hahn, T., 2016. Planned or emergent strategy making? Exploring the formation of corporate sustainability strategies. Business Strategy and the Environment, 25(5), pp.323-336.
Peng, M.W., 2017. Cultures, institutions, and strategic choices: Toward an institutional perspective on business strategy. The Blackwell handbook of cross?cultural management, pp.52-66.
Rees, G. and Smith, P. eds., 2017. Strategic human resource management: An international perspective. Sage.

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