DIscussion Board 1

User Generated

ywbeqna

Business Finance

Liberty University

Description

Overview

Each week of this course explores a core theme related to strategic thinking for decision making, and each Discussion Board Forum Main Thread is designed to help you analyze, evaluate, and synthesize what you have learned from the reading as well as your own research from the literature. In the week following your Main Thread, you will provide a critical Reply to at least one of your classmates.

Process vs. Strategic Thinking - It is important to differentiate between process (what to do, steps to take) and thinking (the thought process behind why you are doing what you are doing and what steps you take).

Be sure to use APA formatting for all elements of your Main Threads and your Replies. This should include Title Blocks, Headings, Citations, References, and general formatting.

You must paste your text directly into the message window in Blackboard and attach a word document (.docx) for each post.

Discussion Forum 1, Main Thread - Due Sunday of Week 1 by 11:59pm (Eastern Time)

Minimum of 500 words in the body Minimum of 2 sources from the literature in addition to course texts

Use the following outline:

 Introduction  Process: Business Strategy Development - no less than 200 words  Strategic Thinking: Key Decisions Necessary for making strategy decisions, why - no less than 150 words  Decision Model: What are my decision models and how do they aid / hinder this process, why - no less than 150 words  Conclusion

Include an Annotated Bibliography of the 2 additional Sources:

Minimum of 250 words in annotation Summary of Key Points Evaluation of the Quality of the Publication Evaluation of the Quality of the Author(s) Where this fits into the discussion

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

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Running Header: PROCESS AND STRATEGIC THINKING

PROCESS AND STRATEGIC THINKING
Student’s Name
Tutor’s Name
Course Title
Date

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PROCESS AND STRATEGIC THINKING

Introduction
Process thinking is referring to the philosophical stressing of working hard and early
preparation as one considers the result or the outcome in any business set up or activation. A
process thinker puts his entire mind and concentrates on what is to come or happen. On the other
hand, strategic thinking refers to the mental process that a person uses or implements to achieve
specific desired results, goals or targets in the business world. With a good business strategy,
proper strategic management and better processes involved in thinking, this propel any business
to its greatness in achieving its targets and goals. A company that is run under right thinking
processes and well stipulated thinking strategies are very productive, and it realizes considerable
profits in its daily business dealings.
Process and setting up of the Company’s Direction with Strategy
Having strategic direction pushes the company forward towards its vision and targets;
there are central forces that push the company toward its potential achievement; this is according
to Gamble, Peteraf, & Thompson (2019). Various contributing factors contribute to the
establishment of an organization's strategic directions, and these include the following:
Core values
Core values are fundamental when one is setting up an organization's direction and mission. Core
values comprise various cultures and beliefs of the organization, i.e. what the organization stands
for or represents these values help shape up the behaviour of employees towards the direction the
company or organization is moving. Core values help employees know what is right or wrong.
The vision of the business

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PROCESS AND STRATEGIC THINKING

A vision is mainly is the result or impact an organization or company wants to attain in the
future. In any organization, an idea is a vivid representative aspect or figure; it is always
comprehensive and transparent. Vision provides direction toward which the organization should
follow to achieve its goals. Things the business organization wants to take part in the future are
always laid down by the organizations' vision; it acts as a marking scheme or the organization.
Workable tactics
These are executable plans that the business organization uses to move forward toward its vision
attainment; they are also used in the daily running of the business. Workable business tactics
help the organization reduce losses and maximize profits .different business organizations use
different tactics. One tactic can work in one organization and fail in another mainly because they
have a different vision and various business dealings.
The mission of the organization
A task is a short explanation as to why the organization exist or why it was started .an
organization mission give the goal as to why the business organization exists. The mission can
show an individual in summary what they should expect when dealing with the organization, it
can provide the products with the business deals in and the geographical location.
Strategic Thinking
strategic thinking refers to the mental process that a person uses or implements to achieve
specific desired results, goals or targets in the business world.it has its advantages, the following
are the advantages of always using strategic thinking:
Establishment of Clear Strategy

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PROCESS AND STRATEGIC THINKING

Strategic thinking helps the management team of any business organization to stay focused as
they work toward making profits and expanding their business. Employees remain focused
because of strategic thinking. It is through strategic thinking that the management team analyzes
possible risks and their possible solutions. Strategic thinking helps the business plan and budget
its finances well.
It helps strengthen productive and proactive behaviour.
Any business organization that has a manager that has a clear mind and thinks
strategically, then the business is flexible and can adapt to any working environment change. In
any business organization, having a manager who can think strategically is essential because it
can reinforce proactive and productive behaviour in the organization’s working environment
(Rumelt, 2017).
It helps the company realize an outstanding turnover
Employee shif...


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