Description
This paper will be a free-flowing record of the student’s key learning points from the course. Such learning points could be the student’s insights about any of the concepts and topics covered in class. They could be based on the student’s critical reflection on one or more of the strategic management tools and frameworks, or about the readings. Equally, they could be about the student’s personal reflection about his/her preparation and development as a strategic management specialist getting to know the latest thinking in the field.
Students could indicate which of the topics covered in the course resonated the most with them, and why. They could summarize the questions and additional ideas that came to mind as they thought further on the topics. Finally, the learning points could indicate the possible inter-linkages the student found among concepts taught in this course with concepts taught in other courses in the MBA program, any additional insights that came to the student while reading the day’s business news in a business newspaper or magazine, or reflections that occurred while the student attempted to implement some of the concepts taught in the course to the case examples, the SAP project, or in their personal work situation.
While you do not have to cover everything that was discussed in our class readings and discussions, I expect you to write about at least seven to eight overarching concepts that together form the most important learning takeaways from the course for you.
The suggested length for this reflection paper is 5 pages (single spaced, Times New Roman 12 size font, with 1 inch margin on all sides, with page numbers), and with about 7-8 overarching (meta) learning takeaways, interwoven to tell a powerful and interesting story about the student’s own learning throughout the course.
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Explanation & Answer
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Key Factors to Successful Strategic Management in the Contemporary Business World
Name Affiliation
Course
Instructor
Date
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Key Factors to Successful Strategic Management in the Contemporary Business
World
1.0 Introduction
Over the years, the business environment has evolved significantly, requiring
organizations to incorporate strategies that match the corresponding management needs. The
challenges facing businesses today and the opportunities the contemporary business
environment present vary extensively from what was experienced a while ago. For instance,
technological advancements have minimized the barriers to entry to nearly all industries
increasing the level of competition. Besides, technological advances have changed customer
needs requiring firms to produce products and services that satisfy them as fast as possible or
lose customers and relevance. With these needs, the demand for strategic managers has
grown. As an individual with a passion for developing outstanding local and multinational
corporations, this strategic management course has equipped me with the necessary
knowledge and skills to help business organizations counter the challenges and efficiently
utilize the opportunities presented by the contemporary business environment. This report
reflects the knowledge and takeaways I have gained from the strategic management course.
2.0 The role of Strategic Management in the Contemporary Business World
Strategic management is a broad topic that covers diverse areas of life, including
business. I recently had a conversation with an English gentleman Marcus while in transit in
Toronto. This dialogue was more of a lesson than a conversation. I gained enormous
knowledge of history, current status, the future of business, Europe, and the British Isles. Not
surprisingly, Marcus is an iPhone enthusiast, just like me. At some point in our conversation,
Marcus said,”Apple reinvented the cellphone.” With that instrumental gear chat, he added
that the European Union is reinventing Europe, European, British, and nation-state concepts
initially associated with the Westphalian system witnessed in the Treaty of Westphalia 1648.
Initially, I did not feel like it was proper to compare an iPhone with established and emerging
regional political organizations such as the European Union. While the former seems like
only a big toy, the latter is such a big deal. However, as the conversation went on, I
comprehended the interlink more vividly. Marcus was talking about these two topics
simultaneously to show that the future of governments, organizations, and businesses is
primarily based on how well they can reinvent to match the corresponding demands or needs.
Although I had a basic foundation on the theoretical aspects of reinvention and business
strategies, this conversation clarified the practical approach to reinvention and the role of
strategic management.
3.0 Essence of a Business Strategy
Based on what I have learned in this course, a business strategy should be as simple as
a business is. The business strategy entails introducing value between customers and
suppliers and consistently gaining profit from these transactions while ensuring that your
products and services outshine the competitors. This approach to business strategy is honestly
the best one I have come across so far. In the contemporary business world, competition is
more challenging than ever as no firm or country can insulate itself against other counterparts
that can develop and implement better strategies. Science and technology have emerged as
the most powerful social and business change resource in the past few decades. It has led to
new needs and demands and diversified how companies operate. Consequently, firms must
incorporat...