Business Strategy: Reflective report | My Assignment Tutor

Business Strategy: Reflective report SID:Type SID hereWord count: (Excluding text in abstracts; data; tables; figures; diagrams; in-text citations; footnotes/endnotes used for reference purposes and kept within reasonable limits; references; appendices. Per ARU Academic Regulations 12, 2019, §6.83).Type word count hereAcademic honesty:[By submitting this assignment, I declare that] I understand that the piece of work submitted will be considered as the final and complete version of my assignment of which I am otherwise the sole author. I understand both the meaning and consequences of plagiarism and that my work has been appropriately attributed unless otherwise stated. I have not knowingly allowed another to copy my work.Assignment deadline:Assignment:011Module:Lecturer:Your lecturer’s name hereSemester/Trimester:1Academic year:2020-21 Executive summary DELETE TEXT BEFORE SUBMISSION An executive summary should introduce the contents of the report and stick to the report’s structure. It should not simply take the form of a general introduction. It does not count towards your word limit. Table of contents Executive summary 2 Table of contents 3 List of figures 5 List of tables 6 (1) Mission, vision and values 7 1.1 Mission 7 1.2. Vision 7 1.3. Values 7 (2) Corporate objectives 8 (3) Year-by-year evaluation 9 3.1. Year 11 9 3.2. Year 12 9 3.3. Year 13 10 3.4. Year 14 10 3.5. Year 15 10 3.6. Year 16 10 (4) Business environment analysis 11 4.1. Macro environment 11 4.2. Meso environment 11 4.3. Micro environment 12 (5) SWOT / Telescopic Observations 13 (6) Functional strategies 14 6.1 Marketing 14 6.2 Operations 14 6.3 Supply chain and logistics 14 6.4 Corporate social responsibility 15 6.5 Finance 15 (7) Overall performance review against investor expectations 16 (8) Recommendations for future strategy 17 References 18 List of figures No table of figures entries found. List of tables No table of figures entries found. (1) Mission, vision and values 1.1 Mission DELETE TEXT BEFORE SUBMISSION A mission statement is designed to inform and inspire the company’s stakeholders, primarily employees, the media and general public, about the company’s CURRENT purpose, strategy, and objectives. You may have more than one mission statement, especially if your company took different strategic positions in different markets, regions etc. 1.2. Vision DELETE TEXT BEFORE SUBMISSION A vision statement is designed to inform and inspire the company’s stakeholders, primarily shareholders, about the company’s FUTURE purpose, strategy, and objectives. Usually, a single vision statement will suffice. 1.3. Values DELETE TEXT BEFORE SUBMISSION A values statement is designed to inform all stakeholders about the company’s core beliefs. Usually, but not always, it communicates the company’s ethical stance, especially as regards corporate social responsibility, sustainable supply chains etc. (2) Corporate objectives DELETE TEXT BEFORE SUBMISSION Here you should state your corporate objectives. These should relate directly to the strategy/strategies you have adopted during the game. You can use market-based strategic models such as, but not limited to Porter’s Generic Strategies and the Ansoff Matrix to describe a fixed approach to competing in the market if you have adopted one. The same goes for the Balanced Scorecard, which many students have found useful as a means to set more granular and holistic objectives than the five Investor Expectation (IE) measures. Note that four of the IE measures are very top-level financial measures (RoE, EPS, credit rating and share price) which are useful to investors; but they are not much direct use in running your company and making strategic decisions. On the other hand, you may have played the game more inductively by setting strategy and objectives in relation to the competitive information reports produced after each round of the game. In this case, your objectives will have been more ‘emergent’ and will probably have changed more than once during the game. Objectives should be stated in the SMART (Specific, Measurable, Attainable, Relevant, and Time-Bound) format and should be completely unambiguous. For example: Achieve by Year 13 [timebound] a market share of [specific] not less than 15% [measurable] You do not at this stage need to address achievability and realism; you can do that in the year-by-year evaluation of strategic decision-making in the next section. (3)Year-by-year evaluation DELETE TEXT BEFORE SUBMISSION Remember that 50% of your marks for this assignment are available for a year-by-year evaluation of your company’s strategic decision-making process. The unit of analysis in this section is decisions taken by your team. You need to be disciplined here about how much you write. Pick what you believe to be the most important three to five decisions made in each round, and evaluate them from three perspectives: Why you took these decisions – how do they relate to corporate strategic objectives? Were you forced to make certain decisions owing to constraints rather than directly in pursuit of objectives?How did you make these decisions – for example, what was the process you went through in your team? Was there any conflict or disagreement; if so how was it resolved? Did you persuade each other or did you vote?What was the outcome of the decisions – were your strategic objectives helped or hindered by the decisions you took? Did you change your strategy as a result? You do not have to reflect on the practice rounds 11 and 12, but you may choose to do so if you feel that they were particularly important in terms of shaping your team’s approach to the game; team formation etc. It may be appropriate to use behavioural models such as Belbin’s team role theory, the Jung/MBTI personality types, or perhaps Tuckman’s theory of team formation, to evaluate team behaviours. 3.1. Year 11 3.2. Year 12 3.3. Year 13 3.4. Year 14 3.5. Year 15 3.6. Year 16 (4) Business environment analysis DELETE TEXT BEFORE SUBMISSION Here you should analyse and evaluate the business environment for your company. Remember that the assignment brief requires you to use around 8 different models and frameworks – by all means you could use more if you think it necessary, but really we would rather see depth and detail in application of a limited number of models rather than a superficial ‘scatter-gun’ approach. DELETE TEXT BEFORE SUBMISSION You need to be critical – you should explain why you are choosing a particular analysis model rather than others for a given purpose. You should also be clear about any weaknesses which a particular model has, in its specific application to the game. For example, Porter’s Five Forces addresses supplier power, but the game does not really simulate the supply chain and you have little information about this factor. DELETE TEXT BEFORE SUBMISSION. Remember above all else in this section that there is no ‘right way’ to conduct business environment analysis; at Level 6 we want you to use your critical judgment. Do not feel limited to the suggestions given below; for example, your lecturers will be super impressed if you find models and frameworks we have not covered in class and apply them correctly and critically. On this note, you may wish to explore https://www.toolshero.com for some inspiration. This site contains a wide range of strategy models – some fairly specialized and unusual – with examples of how they can be used and applied. Full access is free from mid-March to mid-April 2020. 4.1. Macro-environment DELETE TEXT BEFORE SUBMISSION Here you should address the macro environment for your company using techniques such as, but not limited to, PESTEL analysis (if you do use PESTEL, do it properly; i.e. BRIEF sentence describing each factor; quantitative rating of each factor in each global region; reference for each factor). See if you can find sector reports about the athletic footwear/ sports apparel industry as quality sources. Alternatives to PESTEL include Ohmae’s 3C model and Porter’s Diamond Model, which covers some aspects of the meso environment as well as the macro environment. 4.2. Competitive-environment DELETE TEXT BEFORE SUBMISSION Here you should address the meso environment, i.e. the immediate competitive and market environment for your company, using techniques such as, but not limited to, the Ansoff matrix; Porter’s Five Forces; Porter’s Value Chain; the GE-McKinsey matrix; Bowman’s strategy clock etc. DO NOT engage in lengthy definition/explanation of the models and vague, speculative statement. At Level 7 you can assume that your reader knows what (for example) Porter’s Five Forces is, and you can demonstrate you understand it by applying it rather than explaining in general terms what it is and what it does. DELETE TEXT BEFORE SUBMISSION Within reason, you can eke out your word count by presenting your analysis in diagrams – why not simply create, for example, a value chain diagram for your company in PowerPoint or draw.io and place this in your assignment to communicate your analysis. You will still need a short paragraph picking out the key learnings, but you will have saved many words. DELETE TEXT BEFORE SUBMISSION It is very important in your meso analysis that you make optimal use of the information contained within the intelligence reports produced by the game. Most of the data generated by the game will relate to the customer and competitive environment, so your meso analysis is by far the most important part of section 4 and you should devote time and attention to it. 4.3. Micro environment DELETE TEXT BEFORE SUBMISSION The micro-business environment is the internal environment of your company. Here the game is problematic because it does not provide meaningful feedback about the HR decision settings that you can change (pay and bonuses, training, managerial span of control etc). You are not given any information about important HR metrics such as staff satisfaction, staff turnover etc. Therefore you should do your best to work with what you have, critically acknowledging the weaknesses of the information produced by the game in this area. You definitely know about the interactions within your team, so you may wish to focus on this in your analysis of the micro environment of your company.Internal analysis techniques include (but are not limited to): McKinsey’s 7S framework, which is a thematic tool for evaluating different dimensions of the internal business environment in much the same way that PESTEL works for the external environment.Cultural typologies such as Handy’s four types, Schein’s model of organizational culture; Deal and Kennedy’s risk vs reward framework, etc. (5) SWOT / Telescopic Observations DELETE TEXT BEFORE SUBMISSION A SWOT analysis (strengths, weaknesses, opportunities and threats) is not designed to introduce new factors to the analysis of a company’s strategic environment. Rather, it is intended to draw out key points from the macro, competitive and micro analyses you have already undertaken, examined these in terms of their potential impact on your company. You have a choice here as to whether you use traditional SWOT analysis or Panagiotou’s Mckinsey 7s model – they serve the same purpose. (6) Functional strategies 6.1 Marketing DELETE TEXT BEFORE SUBMISSION For branded markets (internet and wholesale) you should consider your marketing strategy using a recognized model such as McCarthy’s Marketing Mix (4P/7P). Did you stick with a consistent marketing strategy across the globe or did you adopt different marketing mixes in different regions? If so why? How did your marketing strategy fit with your overall corporate strategy and how effective was it? You also need to address private label production, even if you ignored it and concentrated on branded markets. 6.2 Operations DELETE TEXT BEFORE SUBMISSION Here you should consider how you matched the production of shoes to demand – how did you manage your production capacity in different regions? Did you try to optimize cost or quality in production? What was your team’s approach to production decisions such as spending on TQM, buying special equipment etc? Did you have a managed approach to replacing older machinery? Note that these questions are not exhaustive; they are examples of the kinds of issues relevant to operations strategy within the game. 6.3 Supply chain and logistics DELETE TEXT BEFORE SUBMISSION Here you should consider your distribution arrangements. How did you optimize them – for example, did you prioritize favourable exchange rates and tariffs by exporting/importing strategically, or did you focus on saving shipping costs by manufacturing and distributing within each region separately? Did the sale of remaindered stock feature in your strategy? Note that these questions are not exhaustive; they are examples of the kinds of issues relevant to operations strategy within the game. 6.4 Corporate social responsibility DELETE TEXT BEFORE SUBMISSION Here you should evaluate your company’s strategic approach to CSR (even if you didn’t have one, there is scope for reflection on your CSR approach in relation to your company’s values statement). You may wish to take a stakeholder approach here; categorizing CSR stakeholders could be done using the Mendelow matrix or the stakeholder salience model. You could also apply Carroll’s CSR pyramid or the triple bottom line in order to substantively evaluate your company’s CSR actions. 6.5 Finance DELETE TEXT BEFORE SUBMISSION Here you should consider top-level financial issues such as funding your business – what approach did you take to debt (i.e. loans) versus equity (i.e. raising money by issuing more shares)? Did you pay dividends, and how did that relate to your approach to managing shareholder expectations? Did you set profitability targets for different markets/regions, and how did that pan out? Note that these questions are not exhaustive; they are examples of the kinds of issues relevant to operations strategy within the game. (7) Overall performance review against investor expectations DELETE TEXT BEFORE SUBMISSION In this section, you should offer an overall summary of your company’s performance against investor expectations set year by year. This does not need to be lengthy or detailed, just present the facts which you can refer to in the conclusion which is the next and final section. (8) Recommendations for future strategy DELETE TEXT BEFORE SUBMISSION In this section, you should project your learnings about the game forward. If you were going to continue to run your virtual business, what might you do differently? Focus on what you critically select as being important actions to improve your company’s performance. You can pick any perspectives that you feel are important (different corporate objectives, a different approach to the process of making and implementing decisions, a different approach to functional strategies, etc) and you should explain and justify this. References Insert Harvard bibliography here

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