As a business student, I have learnt so much about the world of business. Among these disciplines that have been of much interest to me are, the market trends, economic policies, business analysis and emerging issues of the business world. I have gained knowledge in business analysis, and this knowledge has assisted me on a personal account as a business student. From the topic of business analysis, there is this chapter that is of interest to my course. I would like to talk about my personal understanding of the chapter that talks about strategy as one of the aspects of business analysis.
According to Johnson Scholes &Whittington (2008), “Strategy is the direction and scope of an organisation over long term, which achieves advantage in a changing environment through its configuration resources competencies with aim of fulfilling stakeholder’s expectations.” This definition describes strategy as a plan that is measurable and is set to be achieved. It is a long-term process and, therefore, the concept of time is included. Resources are also a major part in the achievement of the strategy. This is because resources, be it capital or human, is needed for such achievement to be gainful.
I also learnt that strategy development could be influenced by the decision made by the hierarchy in the business structure. Strategy could be formulated as a result of the decision of the business owner. In other cases, it could be the observation of the managers or it could emerge even from the workers themselves. According to my understanding, the primary objective of a strategy is to achieve a positive result, in the long run. Therefore, there is a need for the plan to be written down so as to be referred to by the workers. It will enable them to find ways to contribute to its achievement.
I also learnt that, prior to developing a strategy, it is always important to have a scrutiny of both the external and internal environments. This process helps a business to formulate a realistic plan that is going to be achievable. In analysing the external factors, there are tools used to make this possible. The tools include PESTEL, Five Force Model and SWOT. The internal factors are also important just as much as the external factors. In my understanding, this situation will cause the management to look at the performance of the business in relation to the future expectations. This position will also bring the need for knowledge management to avoid lack of innovation.
This chapter also talks about strategy execution which is a risky occurrence in that it involves significant changes from the norm. These changes are both from the inside and outside of the business. There are levels of change also that I learnt, the incremental change, the bumpy progressive change and also the discontinuous change. All in all, this chapter has helped me understand the business environment and how it is important to set a strategy in business for it to be successful.
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