Reference no: EM133467750
Homework: Using Analytic Tools for Strategic Decision-Making
The following Course Outcomes are assessed in this homework:
1) Develop a strategic framework to increase the competitive advantage of a business.
2) Formulate innovative solutions for identified initiatives.
To start this homework, choose an organization from the list provided by your instructor.
1) Visit the MERGENT library database to conduct research on your chosen organization. Become very familiar with this library database. You will need it.
a) Analyze the details, latest annual report, latest news, review competitor information, etc. about your chosen organization.
b) You may also want to visit the websites for your chosen organization and its competitors for more information and observation.
Scenario:
You are the director of strategy and business intelligence for your chosen organization. You are developing a strategic plan for your chosen organization for an upcoming meeting with the C-level executives of your organization. They loved your idea for an innovative new product and would like you to develop a strategic plan for further consideration. Use the following criteria to develop the strategic plan for your innovative new product idea.
Task
In this homework, you will develop a strategic plan for your chosen organization. Address each of the following inquiries in your deliverable:
I. Product Offering Analysis
• Articulate the current state of your chosen organization and its competitive environment.
A. In a business letter, articulate the strategic position of your chosen organization within the industry in which it operates.
B. Provide a detailed overview of the product mix of your chosen organization.
C. Analyze the product mix of your chosen organization against its rivals.
II. Organizational Competencies
• Use the SOAR analysis framework to identify opportunities and set results-oriented aspirations based on the strengths of your chosen organization.
A. Analyze your chosen organization to identify a minimum of three strengths that may result in competitive advantages.
B. Based on your chosen organizations competitive advantages, determine a minimum of three business expansion opportunities.
C. Develop a minimum of three aspirational product ideas that may result from organizational expansion opportunities.
D. Explain any expected results from the successful implementation of each aspirational product idea that you propose.
III. Innovative New Product Idea
• Formulate an innovative new product idea to develop competitive advantages for your chosen organization.
A. Introduce the innovative new product idea that you developed in the Unit 5 Homework for your chosen organization.
B. Explain the problem or opportunity your innovative new product idea is intended to solve.
C. Explain how your product is intended to meet customer expectations.
D. Explain the strategic direction of your innovative new product.
E. Develop and tell a story about your new product idea.
F. Explain how the branding and new product idea will impact and/or interact with existing branding and product lines or items offered within the product mix of organization.
IV. Vision, Mission, & Values
• Formulate a vision, mission, and values statement for your innovative new product idea that increases the competitive advantage of your chosen organization.
A. Formulate a vision statement for your innovative new idea.
a. Explain how your vision statement increases the competitive advantage of your chosen organization.
B. Explain how the mission statement for your chosen organization will support the vision for your innovative new product idea that increases the competitive advantage of your chosen organization.
a. Revise the mission statement of your chosen organization if necessary.
C. Explain how the values statement of an organization supports the vision for a new idea that increases the competitive advantage of an organization.
a. Explain how the values statement of the organization supports the mission statement of the organization.
b. Revise the values statement of your chosen organization if necessary.
V. Strategic Approach
• Choose an appropriate strategic approach to support the vision for an innovative new product idea that increases the competitive advantage of your chosen organization.
A. Analyze various strategic approaches that can lead to the development of competitive advantages for an organization.
B. Choose one generic strategy to use in the launch of your innovative new product idea that will result in competitive advantages for your chosen organization.
C. Explain how employing your chosen strategic approach can lead to the development of competitive advantages for your chosen organization.
D. Explain whether implementing a strategic approach as a first mover, a fast follower, or a late mover is most advantageous for your organization.
VI. Strategic Goals, Objectives, & Initiatives
• Design one strategic goal and three strategic objectives that drive the implementation of a strategy for a new idea that increases the competitive advantage of an organization.
A. Identify critical success factors to ensure the success of organizational objectives.
B. Develop an objective that adheres to corporate social responsibility and environmental sustainability standards while balancing these duties with economic responsibilities to shareholders.
C. Develop innovative projects to drive the implementation of a strategy for a new idea that increases the competitive advantage of an organization.
VII. Strategic Alternatives & Contingencies
• Identify strategic alternatives that may increase efficiency, and contingency plans to mitigate risks.
A. Decide if an organization should consider outsourcing, mergers, or acquisitions to increase its competitive advantage.
B. Develop a contingency plan to counter or mitigate risks and threats to a strategic plan using the assumption-based planning technique.
VIII. Conclusive Remarks
• Produce a concise and persuasive pitch to convince the C-level executives of your chosen organization to fund the development of your innovative new product idea.