How do you plan to differentiate yourself from the competition? What will your strategy be?
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How do you plan to differentiate yourself from the competition? What will your strategy be?
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- what is the best strategy to maximize profits?Setting strategic objectives is important in your personal career as well. Identify and write down three or four important strategic objectives you want to accomplish in the next few years (finish your degree, find a better paying job, etc.). Are you allocating your resources (time, money, etc.) to enable you to achieve these objectives? Are your objectives measurable, timely, realistic, specific, and appropriate? Do you spend any time and energy in activities that do not contribute to your strategic objectives? Why do you think these activities are not productive? Then reflect and rewrite your objectives that are measurable, timely, realistic, specific, and appropriate.Strategy: a set of choices for how we will differentiate ourselves with customers and from competitors Assess the current strategy for your department, unit, or organization. How does the current strategy align with the contextual factors and vision you’ve identified for your business for the next three years? Use the following questions to guide your development of a strategy and think about your strategy as a set of choices. What set of key choices will define how your team, department, unit, or organization delivers on the vision and mission in the next three years? Think about how you will execute externally: What choices are you making about differentiating yourself in the marketplace? Think about how you will operate internally to make that execution possible. How does those set of choices differentiate your team, department, unit, or organization from others trying to deliver value for end users? What sensible and attractive options are you NOT going to pursue as an…
- What is a grand strategy, and how does it relate to strategic objectives and the three levels of strategy?What is competition, and what is the role of strategy in competition?Discuss the differences between an internal analysis and an external analysis with respect to strategic planning. What do organizations typically analyze as part of an internal analysis, and why? What do organizations typically analyze as part of an external analysis, and why? How do the results of each of these analyses inform an organization’s strategic plan?
- For the worst company, what is extraordinarily bad about the company? Does the company appear to have a clear strategy, and if so, what is it? What do you think they could do, if anything, to turn the company around? For the best company, what does the company do extraordinarily well? What do you think is the company's "positioning" strategy? What makes it different from the others in its industry?How can organizations develop a strategic vision that balances long-term goals with short-term objectives? What are the key elements of an effective strategic vision?What are the key components of an effective strategic planning process, and how do they contribute to the overall success of an organization?
- Why is strategy implementation often considered the most difficult stage in the strategic-management process?Describe the step-by-step process involved in creating a comprehensive strategic plan for a business. How does this process evolve, from environmental analysis and goal setting to implementation and evaluation?Who is Michael Porter? What is his argument as it relates to business strategy?