Indiana Wesleyan University Business Integration And Strategic Management Essays

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CPC Essays Jessica Zentmire 07/05/21 Foundations of Business Integration & Strategic Management Student Essays 2 Please respond thoroughly to each numbered prompt to demonstrate your understanding of the subject matter. Responses should be at least 175 words each per numbered prompt. Begin your response on the next full line after the prompt. 1. Understand and explain the basic concepts of strategy – competitive advantage, mission, vision, objectives, and core competencies. 2.Identify and appreciate the significance of the five-step strategic management process. 3.Explain the generic strategies of cost leadership and differentiation. 4.Analyze an organization using SWOT. 5.Analyze an industry using the five forces model. 6.Understand the significance of strategic groups. 7.Identify the various growth strategies available to firms. 8.Explain the importance of strategic leadership. 9.Identify the strategic leadership skills. 10.Explain the need for change and the role of strategic leadership in organizational change. 11.Develop an appreciation for the eight-stage change process. 12.Understand the distinction between internal and external customers. 13.Understand segmentation, targeting, and positioning concepts. 14.Understand the relationship between customer service and customer loyalty. 15. Identify the components of service quality. Foundations of Business Integration & Strategic Management Student Essays 16.Apply the elements of value to a given product or service. 17.Understand performance management and its role in organizational performance. 18.Understand balanced scorecard, strategy maps, and activity-based costing. 19.Develop an appreciation of the role of supply chains in organizational success. 20.Explain performance management from a system framework. 21.Understand the criticality of continuous improvement in achieving and sustaining competitive advantage. 22.Explain the PDCA model for continuous improvement. 23.Understand problem solving methodologies. 24.Develop an appreciation for after action reviews in continuous improvement initiatives. 25.Understand today’s tools of six sigma, lean, and poka-yoke. 26. Understand and interpret the components of the value chain. 27. Explain the importance of value chain integration. 28.Understand integrated business planning. 29.Define the role of ERP in business integration. 3
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Foundation Of Business Integration And Strategic Management
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Foundation Of Business Integration And Strategic Management
Understand And Explain The Basic Concepts Of Strategy – Competitive Advantage,
Mission, Vision, Objectives, And Core Competencies.
Business integration and strategic management are vital elements that the organization
uses to synchronize the technology and the business culture to achieve its goals and objectives
(Wenzel et al., 2020). For a business to be successful, strategy, competitive edge, mission,
vision, objectives and main competencies should be part of its daily and long-term reasoning.
The strategy involves a short-term and long-term blueprint or framework that the organization
intends to utilize to achieve its objectives. A well-established strategic statement will help
employees understand their roles in executing the company's strategy. Competitive advantage is
an essential element in an organization as it describes a condition that will put the organization in
a favourable situation over its competitors.
A mission statement describes the purpose for the business's presence or the relationship
between the organization and society. It should be clearer as possible as it's the basis of
awareness of the purpose and should fit the capabilities which the government offers. Vision lays
out what the organization would ultimately what to achieve. It is always in the top hierarchy of
strategic planning as it states the futuristic position of the organization. Objectives are the
ultimate results that the organization needs to achieve through following an overall blueprint
over a certain period. Core competencies entail a combination of several resources and skills that
differentiate an organization in the workplace.
Identify And Appreciate The Significance Of The Five-Step Strategic Management
Process.

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A strategic management process is a logical technique to a business organization. The
five-step management process is setting the objective, analyzing the strategy, formation,
implementation, and monitoring. The strategic management undertaking helps provide the
direction that the organization needs to follow to achieve its goals and objectives. An
organization with no plan of action is likely not to achieve its laid objectives. Also, the strategic
management process helps the organization to have a competitive edge over its competitors. An
organization with a well-established strategy ensures customers satisfaction and long-term
survival compared to competitors with no strategy (Wenzel et al., 2020).
Formulation of strategy will determine the resources available to the organization and
identify the areas that the business may seek to acquire external resources. In addition to that,
consistent evaluation of the internal and external resources and taking corrective measures helps
the organization utilize its scarce resource to the maximum. Resources within any organization
are always scarce, and therefore wastage should be limited by all costs. A strategic management
process should thus be established and implemented to increase the firm's productivity and
reduction of wastages.
Explain The Generic Strategies Of Cost Leadership And Differentiation.
Michael porter identified the generic strategies to classify the company's competitive
behaviour and what drives the behaviour. The two basic competitive advantages that an
organization can possess include cost leadership and differentiation. Cost leadership strategy is
where an organization put focus on the means of reducing the cost of delivering products and
services to its consumers and at the same time ensuring profitability to the organization. The
sources of cost advantage keep on changing and are usually dependent on the structure of the
market. An organization can achieve it through the pursuit of economies of scale and preferential

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access to raw materials. Therefore, an organization should strive to exploit all avenues of cost
reduction; by doing so, they will achieve and sustain the overall cost leadership, hence becoming
a performer in the market.
In differentiation strategy, an organization always seeks to be unique in their production
in several dimensions to what other organizations are offering. Organizations achieve this by
selecting one or more essential aspects for their consumers and adding unique qualities to the
product to satisfy the consumer's requirement uniquely. A well-done differentiation strategy
helps the organization grow its revenue streams, open up market channels, and build customer
loyalty towards the product and the organization.
Analyze An Organization Using SWOT.
SWOT analysis is a framework that an organization uses to analyze its strengths,
weaknesses, opportunities and threats. SWOT analysis assists company to improve on what it's
doing well, address what it's not doing well, minimizing the risks that may likely arise and take
advantage of the situations that put them in a more favourable condition to achieve its ultimate
goals (Wenzel et al., 2020). Strength in an organization refers to the internal factors or forces
within and organizations that separate it from its competitors. They can include advanced
technology, a strong brand image, a loyal customer base and enough workforce for production.
Conversely, weaknesses are internal forces within an organization that may hinder it from
achieving its objectives. These are the areas that the organization needs to improve to remain
competitive. They may include low resources such as capital, huge debts, and a weak brand.
Opportunities involve favourable situations or circumstances that could give an
organization a competitive edge over other competitor's. Opportunities are usually external
factors that are useful to the organization and help it to achieve its goal. They may include,

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advancement of new technology, unsatisfied consumer needs, favourable legal policies by the
state and favourable market forces. Threats entail external factors that can adversely affect the
successful operations of an organization. They include a negative public image, lack of suppliers,
unfavourable legal policies etc.
Analyze An Industry Using The Five Forces Model.
Michael porter advanced the five forces model, a business evaluation model that helps an
organization that seeks to explain why different industries can maintain different profitability
levels (Bruijl, 2018). The forces play a vital role in shaping the market and the world as they
gauge the profitability and intensity of the competition within a market. The first of five forces
model according to porter is competition in the industry. An organization has less power when
there are many competitors in the industry offering the same product. When the competition is
less, an organization has the power to charge a higher amount. The potential of new entrants into
the industry is another force model. The power of an organization is affected by the entrant of
new forces in the industry. If an organization enters a market with less time and cost, the position
of an established company will be weakened.
In addition to that, the power of suppliers is another force that can drive up the initial cost
of inputs. An industry with fewer suppliers gives suppliers more power, making them drive up
the cost of raw materials to their advantage. Fewer suppliers mean the organization has different
suppliers to choose from, keeping the low cost of inputs. The power of consumers can lower the
prices of products as a smaller consumer base means each consumer can negotiate for lower
prices. Threats of substitutes are the last of the five porter's models. Substitutes are products that
can be used in place of what the company is producing. When a substitute is available in the
industry, consumers will have various options to choose from (Bruijl, 2018).

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Understand The Significance Of Strategic Groups.
A strategic group refers to a set of companies within a specific industry that has a
homogeneous strategy and follows the same business strategy (Wenzel et al., 2020). The
companies within the same strategic groups have more competition within the same group than
those not within the same group. Strategic groups are essential in identifying the competitors
who are directly competing and the basis of the competition. A strategic group is also vital in
identifying opportunities that exist within the market. Companies within the same strategic group
compete between themselves and not outside the strategic group, which can help identify an
opportunity in the marketplace.
In addition to that, the strategic groups can also help to identify strategic problems. This
will help the company within the strategic group to make corrective measures to maintain its
competitive levels in the industry. Also,...


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