Minimum Of 250 Words In The Body And 2 Sources

Minimum Of 250 Words In The Body Minimum Of 2 Sources From The Literat

Developing a comprehensive business strategy is fundamental for organizations seeking a competitive edge in dynamic markets. According to Wirtz, Pistoia, Ullrich, and Gottel (2016), a business model is a simplified representation of an enterprise's core activities, outlining how value is created through marketable goods, services, and information flows. They emphasize that business models must evolve continuously to adapt to internal innovations and external environmental changes, ensuring long-term viability. Gamble, Peteraf, and Thompson (2019) articulate that a company's strategy encompasses a series of deliberate actions aimed at outperforming competitors and attaining superior profitability. These strategies are tailored to fit the particular context of each organization while maintaining differentiation from competitors. Crafting such strategic initiatives involves rigorous evaluation of key criteria, including alignment with organizational goals, sustainability, and the potential to generate a competitive advantage (Gamble et al., 2019). Sustainable development, in particular, is increasingly critical and must align with organizational mission and societal expectations, as highlighted by Geissdoerfer, Savaget, Bocken, and Hultink (2017), who connect the circular economy concept with sustainability goals. Effective strategy development also involves critical decision-making models, such as the consequence and decision tree models, to assess risks and benefits systematically (Krogerus & Tschäppeler, 2017). Leaders must consider the impact of their decisions on stakeholders, including employees and customers, recognizing that delayed or poor choices can be detrimental. As Keller (2012) emphasizes, aligning work with divine principles can also influence organizational outcomes positively. Overall, strategic development requires a balanced approach that accounts for internal capabilities, external market conditions, and ethical considerations.

Paper For Above instruction

Developing a robust business strategy is essential for organizations aiming to sustain a competitive advantage amidst evolving market conditions. Strategies guide organizational decision-making, help allocate resources efficiently, and shape the company's long-term vision. Wirtz, Pistoia, Ullrich, and Gottel (2016) define a business model as a simplified framework encapsulating core activities that generate revenue by delivering value to customers. They advocate for continuous evaluation and evolution of these models to adapt to internal innovations and external disruptions, emphasizing a dynamic perspective vital for sustained success. The evolution of business models ensures companies remain relevant and competitive in rapidly changing industries, fostering agility and resilience. Gamble, Peteraf, and Thompson (2019) describe strategy as a set of deliberate actions aimed at outperforming rivals and achieving superior profitability. Effective strategies are context-sensitive and differentiated, allowing organizations to carve out unique market positions. They involve rigorous analysis to ensure alignment with organizational strengths and external opportunities, with a focus on sustainability and competitive advantage. The integration of sustainability within strategic planning is increasingly recognized as impactful, especially within frameworks like the circular economy, which emphasizes resource efficiency and environmental impact (Geissdoerfer, Savaget, Bocken, & Hultink, 2017). Such integration supports long-term viability and societal acceptance, reinforcing the strategic position in the market. Decision-making models, such as scenario planning and consequence analysis, are crucial tools for evaluating potential outcomes and risks associated with strategic choices (Krogerus & Tschäppeler, 2017). Leaders must make informed decisions that consider stakeholder impacts, organizational mission, and ethical considerations, including aligning work practices with higher principles as advocated by Keller (2012). In conclusion, successful business development necessitates a comprehensive approach that balances innovation, environmental sustainability, stakeholder value, and disciplined decision-making to foster competitive advantage and organizational resilience.

References

• Geissdoerfer, M., Savaget, P., Bocken, N. M. P., & Hultink, E. J. (2017). The Circular Economy – A new sustainability paradigm? Journal of Cleaner Production, 143, 757-768.
• Keller, T. (2012). Every Good Endeavor: Connecting Your Work to God's Work. Dutton.
• Krogerus, M., & Tschäppeler, R. (2018). The Decision Book: 50 Models for Strategic Thinking. W. W. Norton & Company.
• Gamble, J., Peteraf, M., & Thompson, A. (2019). Essentials of Strategic Management: The Quest for Competitive Advantage (6th ed.). McGraw Hill Higher Education.
• Wirtz, B. W., Pistoia, A., Ullrich, S., & Gottel, V. (2016). Business Models: Origin, Development and Future Research Perspectives. Long Range Planning, 49, 36-54.
• Bruch, E., & Feinberg, F. (2017). Decision-Making Processes in Social Contexts. Annual Review of Sociology, 43, 503-525.
• Rumelt, R. (2011). Good Strategy/Bad Strategy: The Difference and Why It Matters. Crown Business.
• Alonso, J. M. (2017). Strategic Thinking and Decision Making: Concepts and Cases. Routledge.
• Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. Free Press.
• Prahalad, C. K., & Hamel, G. (1990). The Core Competence of the Corporation. Harvard Business Review, 68(3), 79-91.