Reflection Competency 2: Develop Business Strategies To Crea ✓ Solved
Reflectioncompetency 2 Develop Business Strategies To Create Sustaina
Reflection Competency 2 – Develop business strategies to create sustainable competitive advantage for an organization. This reflection activity is comprised of two sections, collectively totaling a minimum of 500 words. Complete your reflections by responding to all prompts. This competency focuses on external environment scanning and strategic choice and evaluation.
Factors Influencing Strategic Planning
Consider a company you are familiar with. Discuss what might be in the organization’s external, general, or industry environment that would influence strategic planning for that company.
Business Level Strategy vs. Corporate Level Strategy
Discuss the differences and relationship between a business-level strategy and a corporate-level strategy. Use examples from your own company (or a company you're familiar with) to illustrate these differences and the relationship. Submit your reflection.
Reflection Competency 3 – Justify an organization’s strategic plan to gain stakeholder support. This reflection activity is comprised of two sections, collectively totaling a minimum of 500 words.
Complete your reflections by responding to all prompts. This competency focuses on the creation of an implementation plan and associated change management.
Examining How Case Management Failed
Think of an example within a company where change was attempted but failed. Using the concepts presented in this module’s readings, discuss what contributed to the failure and what might have been done to prevent it.
Alleviating Stakeholder Concerns
Think of a change in a company you are familiar with. Who were the stakeholders in this change? Discuss what concerns different stakeholders might have and how communication is needed to address those concerns. Submit your reflection.
Sample Paper For Above instruction
Introduction
Strategic planning and change management are vital processes for organizational success, especially in dynamic and competitive environments. Effective external environment analysis, clear differentiation between strategic levels, stakeholder engagement, and well-executed change initiatives are crucial components of sustainable organizational growth. This paper explores these themes by analyzing a familiar company, addressing factors influencing strategic planning, differentiating business and corporate strategies, examining a failed change management initiative, and discussing stakeholder concerns during organizational change.
Factors Influencing Strategic Planning in a Familiar Company
A comprehensive strategic plan hinges on understanding external factors such as market trends, competitive forces, technological advancements, regulatory changes, and economic conditions. For example, Apple Inc., a technology giant I am familiar with, constantly monitors these external elements to tailor its strategic initiatives. The rapid pace of technological innovation necessitates adaptive strategies; for instance, to stay ahead, Apple invests heavily in research and development to cultivate innovative products like the iPhone and Apple Watch. Additionally, regulatory environments concerning data privacy and security influence Apple’s strategic commitments to user privacy and compliance. Market trends, such as the increasing demand for sustainable and eco-friendly products, prompt Apple to incorporate environmental considerations into its strategic planning, evidenced by its initiatives in renewable energy and recyclable materials. Economically, fluctuations in currency exchange rates affect Apple's pricing strategies across different markets. Overall, external environmental factors compel organizations like Apple to continually adapt and refine their strategies to maintain competitive advantage and resilience.
Differences and Relationship Between Business-Level and Corporate-Level Strategies
Business-level strategy pertains to how a company competes in a specific market or industry to gain a competitive advantage, while corporate-level strategy addresses the overall scope and direction of an organization across multiple markets or industries. For example, Amazon’s corporate-level strategy involves diversification into various sectors such as e-commerce, cloud computing (AWS), and digital entertainment. At the business level, Amazon employs competitive strategies like cost leadership in its online retail operations and differentiation in services like Prime membership and exclusive content. The relationship between these strategies is symbiotic; corporate-level decisions set the context within which business-level strategies operate. For instance, Amazon’s diversification into cloud computing (AWS) influences its retail business by providing technological infrastructure and cost efficiencies. Conversely, success at the business level in retail fuels Amazon's ability to invest further in other segments, exemplifying the interconnectedness of strategic levels. Understanding these distinctions enables companies to align their strategic initiatives to achieve sustainable growth.
Case Study: Failure in Change Management
One notable example of failed change management is Blockbuster’s inability to adapt to digital streaming. Despite the rise of services like Netflix, Blockbuster resisted transitioning from physical rentals to online streaming, largely due to entrenched business models and resistance to change. Contributing factors to this failure included a lack of strategic foresight, underestimating technological shifts, and poor change communication. The company's leadership failed to recognize the disruptive impact of streaming technology early enough and did not invest adequately in digital infrastructure. To prevent this failure, Blockbuster could have employed a proactive change management approach, including stakeholder engagement, clear communication of vision, and incremental changes to adapt their business model gradually. Leadership’s inability to anticipate and respond swiftly to market shifts exemplifies how strategic inflexibility can lead to decline.
Addressing Stakeholder Concerns During Change
In a recent organizational change at a retail company I am familiar with, an initiative to implement a new inventory management system was introduced. Stakeholders included employees, management, suppliers, and customers. Each group had unique concerns: employees worried about job security and adapting to new procedures; management was concerned about implementation costs and disruption; suppliers were concerned about increased transparency; and customers feared service delays. Effective communication was essential to address these concerns. The organization held town hall meetings, provided detailed training sessions, and maintained an open feedback channel. Transparent communication helped alleviate fears, fostered trust, and facilitated smoother adoption. Engaging stakeholders early and integrating their feedback proved instrumental in minimizing resistance and ensuring the success of the change initiative.
Conclusion
Strategic planning and change management are intricately linked processes that require thorough external analysis, strategic clarity, stakeholder engagement, and adaptive leadership. Understanding the external environment allows organizations to anticipate challenges and opportunities, while distinguishing strategic levels ensures alignment and cohesion in pursuit of competitive advantage. Learning from past failures underscores the importance of proactive change management and stakeholder communication. By implementing these principles, organizations can navigate complexities effectively and sustain long-term success.
References
- Johnson, G., Scholes, K., & Whittington, R. (2017). Exploring Corporate Strategy. Pearson Education.
- Porter, M. E. (1985). Competitive Advantage. Free Press.
- Barney, J. B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99-120.
- Kotter, J. P. (1996). Leading Change. Harvard Business Review Press.
- Hrebiniak, L. G. (2005). Making Strategy Work. Wharton School Publishing.
- Schein, E. H. (2010). Organizational Culture and Leadership. Jossey-Bass.
- Kim, W. C., & Mauborgne, R. (2004). Blue Ocean Strategy. Harvard Business Review.
- Nutt, P. C. (2002). Why Decisions Fail: Avoiding the Blunders and Traps that Lead to Debacles. Berrett-Koehler Publishers.
- Mento, A., et al. (2018). Change Management: A Literature Review and Implications for Future Research. International Journal of Management Reviews, 20(1), 61-86.
- Burnes, B. (2017). Management of Change. Pearson Education.