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(solution) MBA685 - Strategic Management ASSIGNMENT 1 BRIEF TASK Develop a

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MBA685 - Strategic Management




Develop a Strategic Business Plan for a New Venture


Start-up companies are more important in bringing products and services to market. In


response to new technology, new and innovative businesses are taking over the


markets of those older companies too slow to move with changing customer demands.


Following this line of thought, for this task you are an administrative officer at the


corporate level of an offshore organization and, you are assigned to develop a


strategic business plan for a new venture in a sector of your choice. This Strategic


Management Process should contain whatever is necessary to start-up a company


from scratch, including the new company?s philosophy, mission, objectives, strategies


and tactics, CSR, an analysis of the firm?s internal and external environment,


organizational structure, leadership and, an one-page financial report justifying the


firm?s survival for at least a year. You should justify your choices in terms of the


chosen industry/sector on the grounds of innovation, competitive advantage and,


company?s sustained growth and survival. Your budged is £150,000 (BP). Assignment Specifics:




For the assignment?s requirements, if necessary contact local authorities for


licensing and/ or legal issues.


Your report should be grounded in relevant theory ? use the core and


recommended reading ? at the same time you should consider exploring a


new/ innovative idea/venture. 1 Reference all sources appropriately, using the Harvard Referencing




The word count of your report is 5000 words (-/+10%).


The assignment counts 50% against your final grade. DIRECTIONS AND HELP FOR YOUR ASSIGNMENT


You are expected to discuss a number of components that appear in the ?Strategic


Management Process? in relation to an innovative idea/ new venture. However, in the


same way that businesses vary in the processes they use to formulate and direct their


strategic management activities, you may include different components in your


strategic process. In other words, although the basic components of the models used


to analyze strategic management operations are very similar, you may develop an


eclectic strategic analysis. Despite the differences, nevertheless, your strategic


analysis should be representative of the foremost thought in the strategic management


area. Your strategic management process may include all, or most of the following


key components (source: Pearce and Robinson, 2010):


Company Mission


Form a company mission for your new venture. The mission of a company is the


unique purpose that sets it apart from other companies of its type and identifies the


scope of its operations. In short, the company mission describes the company?s


product, market, and technological areas of emphasis in a way that reflects the values


and priorities of the strategic decision makers.


Internal Analysis


The company analyzes the quantity and quality of the company?s financial, human,


and physical resources. It also assesses the strengths and weaknesses of the


company?s management and organizational structure. You are expected to proceed to a


similar analysis, using appropriate tools such as SWOT analysis.


External Environment


A firm?s external environment consists of all the conditions and forces that affect its


strategic options and define its competitive situation. The strategic management


model shows the external environment as three interactive segments: the remote,


industry, and operating environments. You should present and discuss a similar


analysis about the external environment of their new venture.


Strategic Analysis and Choice 2 Simultaneous assessment of the external environment and the company profile


enables a firm to identify a range of possibly attractive opportunities. These


opportunities are possible avenues for investment. However, you must be screened


through the criterion of the company mission to generate a set of possible and desired


opportunities. This screening process results in the selection of options from which a


strategic choice is made. The process is meant to provide the combination of longterm objectives and generic and grand strategies that optimally position the firm in its


external environment to achieve the company mission.


Long-Term Objectives


In your analysis, you are expected to emphasize the importance of long-term


objectives. The results that an organization seeks over a multiyear period are its longterm objectives. Such objectives typically involve some or all of the following areas:


profitability, return on investment, competitive position, technological leadership,


productivity, employee relations, public responsibility, and employee management.


Generic and Grand Strategies


Many businesses explicitly and all implicitly adopt one or more generic strategies


characterizing their competitive orientation in the marketplace. Low cost,


differentiation, or focus strategies define the three fundamental options. Although


every grand strategy is a unique package of long-term strategies, 15 basic approaches


can be identified. You are expected to present and discuss the generic and grand


strategy/ies that are suitable for their new venture, how are to be achieved, and their


roles towards achieving the organization?s long-term objectives.


Short-term objectives


Short-term objectives are the desired results that a company seeks over a period of one


year or less. They are logically consistent with the firm?s long-term objectives.


Companies typically have many short-term objectives to provide guidance for their


functional and operational activities. Thus there are, among others, short-term


marketing activity, raw material usage, employee turnover, and sales objectives. You


should discuss their short-term objectives, and their role in supporting generic and


grand strategies.


Functional tactics


You are expected to suggest a number of functional tactics and how these short-term


activities are used to achieve short-term objectives and establish competitive


advantage. Within the general framework created by the business?s generic and grand


strategies, each business function needs to undertake activities that help build a


sustainable competitive advantage. These short term, limited scope plans are called


tactics. A radio ad campaign, an inventory reduction, and an introductory loan rate ar


examples of tactics. Functional tactics are detailed statements of the ?means? or


activities that will be used to achieve short-term objectives.


3 Policies that empower action


Speed is a critical necessity for success is today?s competitive, global marketplace.


One way to enhance speed and responsiveness is to force/allow decisions to be made


whenever possible at the lower level in organizations. Policies are broad, precedentsetting decisions that guide or substitute for repetitive or time-sensitive managerial


decision-making. Creating policies that guide and ?preauthorize? the thinking,


decisions and actions of operating managers and their subordinates in implementing


the business?s strategy is essential for establishing and controlling the ongoing


operating process of the firm in a manner consistent with the firm?s strategic




Strategic Control and Continuous Improvement


Strategic control is concerned with tracking a strategy as it is being implemented,


detecting problems or changes it its underlying premises, and making necessary


adjustments. In contrast to post-action control, strategic control seeks to guide action


on behalf of the generic and grand strategies as they are taking place and when the


end results are still several years away. The rapid, accelerating change of the global


marketplace of the last 10 years has made continuous improvement another aspect of


strategic control.




As it has been mentioned earlier, you are expected to use all or a number of


components towards synthesizing a Strategic Management Process for their new


venture. Each component is a central theme in different chapters of their core


textbook. At the same time, students are expected to present a one-page analysis of


their financial highlights, illustrating expected money inflow/outflow for a year. Good Luck!!! 4


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Sep 13, 2020





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