Rasmussen College Business Strategic Mind Map Essay

User Generated

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Business Finance

Rasmussen University

Description

Scenario

You have decided to open a cupcake bakery and move your home-based business into a storefront. Recently, you met with SBA National, a non-profit, that focuses on helping entrepreneurs start their business with funding and guidance. The non-profit also hosts a business pitch competition to anyone who is a client. One of the requirements of the SBA business pitch competition is that each participant must fill out a Strategic Mind Map to capture the strategic plans for your business.

Instructions

Fill in the following details for your business using the Strategic Mind Map template:

Define your business model

  • Identify your strategic position in the market
  • Identify your internal factors effects and external factors effects (EFE & IFE)
  • Identify your short and long-term goals
  • Execution steps for your plan
  • Key performance metrics

In the same Word document as the template (or copy and paste the template into a new Word document) do the following:

  • Outline how the company will use the strategic planning process.
  • Based on your analysis and research, make a recommendation on how you could use this in your proposal.
  • Provide attribution for credible sources.

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Strategic Mind Map Strategic Positioning EFE & IFE Business Model Name Execution Steps Short & Longterm Goals Key Performance Metrics
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Explanation & Answer:
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Explanation & Answer

View attached explanation and answer. Let me know if you have any questions.

Outline
Strategic Mind Map
Business Model:


The business model is the pillar of the Strategic Mind Map. It lays out the basic purpose
and structure of the business.

Strategic Position:


The strategic positioning of the business model is necessary to ascertain the strategic
mind map of the business. It sets out the main objective and principles of the business.

External Factor Effects and Internal Factor Effects:


Every business has certain external and internal factors that are necessary to evaluate to
build the strategies accordingly.



The external factors include opportunities and threats.



Internal factors include the strengths and weaknesses.

Short-term and Long-term Goals:


All the businesses, whether new or old, have certain short-term and long-term goals that
they want to pursue and achieve.

Execution Steps:


The execution steps for the implementation of the above-mentioned business model
include developing a mission and vision statement, identifying objectives, implementing
plans, and performance management.

Key Performance Metrics:


The key performance metrics are the performance measure to evaluate the performance
of the business. Different companies have different performance metrics.

Application of Strategic Planning Process:


The strategic planning process guides through the steps involved in implementing the
business model from start to its end. It summarizes the execution steps in a more
meaningful way that is easier to understand and execute as well.

Recommendation based on Analysis and Research:
Attribution for Credible Sources


Strategic Mind Map

1

Strategic Mind Map

Name

Course
Instructor's Name
Date

Strategic Mind Map

2
Strategic Mind Map

Business Model:
The business model is the pillar of the Strat...

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