Business strategy consult. Perform a business strategy consultation. List the business’s goals and how the organization measures performance relative to their goals. With the help of the business

Chapter 1. Strategic management

Strategic management is the underpinned plan by managers and how they gain an understanding of competitors, market, price, suppliers, distributors, government, creditors, shareholders, and customer globally (Litman 2018). The chapter describes strategic management as a method to exploit new and different opportunities for tomorrow's market. However, it has been cast out by corporates. This is done to a firm to significantly identify its opportunities and weaknesses as strategic formulation. In the process, resources allocation is carried to manipulate the effective performance of the business. Strategic management focuses on solving problems encountered by the organizations in the global market. Finally, decision making is the role performed by the strategic plan formulation (Litman 2018).

Chapter 2 & 3. Analysis of External Business Environment

The analysis of the external environment is carried out by identifying the threats a company may face such as the substitute for the bargaining power of suppliers and buyers, and the opportunities. Factors such as competitive position, dynamics, and history are analyzed (Litman 2018). On a macro scale, it includes global political, social, demographic, and technological analysis. The primary purpose of external is to determine the opportunity and threats in an industry or any segment that will drive profitability, growth, and volatility.

Chapter 4. Cost Advantage Strategy

The choices of price setting are upon the managers to decide. Some managers opt to cut the cost to minimize and pass their savings on to customers in lower prices (Noe et al. 2017). This helps them grab market share and ensure their products as competitive as possible. While on the other hand, those offering higher costs in their product focus on giving the best services with a lot of luxury droving cost high. These services are generic strategies because they can be applied to products and services in all industries, and organizations of all sizes (Noe et al. 2017). These are based on the competitive advantage and sustaining superior performance. This emphasizes on cost minimization.

Figure 1 below showing the source of competitive advantage (Noe et al. 2017)

Chapter 5 & 6. Differentiation Advantage

This is a marketing strategy the business uses to distinguish a product from a similar offering on the market. It is basically an existing feature to make a product or services superior and ephemerally quality than competitors (Noe et al. 2017). It, however, creates a perceived value to the product by saving the cost or durability as compared to other products.

Chapter 7, 8, & 10. Vertical Integration and Outsourcing

It is the adoption of the operations structured to enhance the competitive profile of the firm. Vertical integration and outsourcing are some of the viable approaches for advancing the competitive edge (Loertscher & Riordan 2019). Vertical integration expands the presence and influences the business while outsourcing involves contracting some of the business operations to external service providers. Their suitability depends on the nature of activity and industry of specialization.

Chapter 9 & 11. Competitive Strategy

A firm that operated in the global market sacrifices responsiveness to local requirements within each of its markets in favor of emphasizing efficiency. The global market strategy stresses the need to gain economies of scale by offering essentially the product the same products or services in each market.

Chapter 12, 13, and 14. Implementing Strategy

It is the process that turns strategies and plans into actions in order to accomplish strategic objectives and goals. This moves the plan from a document that sits on the shelf to action that drives business growth. They implemented for reason such that organization links strategy to budget, incentives, time, and workforce.

References

Litman, T. (2018). Parking Management Strategies. In Parking Management Best Practices (pp. 86-225). Routledge.

Loertscher, S., & Riordan, M. H. (2019). Make and Buy: Outsourcing, Vertical Integration, and Cost Reduction. American Economic Journal: Microeconomics, 11(1), 105-23.

Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education.