MT460M4-4:Develop a strategic framework to increase the competitive advantage of a business.

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.

Develop a strategic plan for Arthur Gallagher. Address each of the following inquiries in your deliverable:

Product Offering Analysis

• Articulate the current state of your chosen organization and its competitive environment.
  • In a business letter, articulate the strategic position of your chosen organization within the industry in which it operates.
  • Provide a detailed overview of the product mix of your chosen organization.
  • Analyze the product mix of your chosen organization against its rivals.

Organizational Competencies

• Use the SOAR analysis framework to identify opportunities and set results-oriented aspirations based on the strengths of your chosen organization.
  • Analyze your chosen organization to identify a minimum of three strengths that may result in competitive advantages.
  • Based on your chosen organization's competitive advantages, determine a minimum of three business expansion opportunities.
  • Develop a minimum of three aspirational product ideas that may result from organizational expansion opportunities.
  • Explain any expected results from the successful implementation of each aspirational product idea that you propose.

Innovative New Product Idea

• Formulate an innovative new product idea to develop competitive advantages for your chosen organization.
  • Introduce the innovative new product idea that you developed in your chosen organization.
  • Explain the problem or opportunity your innovative new product idea is intended to solve.
  • Explain how your product is intended to meet customer expectations.
  • Explain the strategic direction of your innovative new product.
  • Develop and tell a story about your new product idea.
    • 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.

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.
  • Formulate a vision statement for your innovative new idea.
    • Explain how your vision statement increases the competitive advantage of your chosen organization.
  • 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.
    • Revise the mission statement of your chosen organization if necessary.
  • Explain how the values statement of an organization supports the vision for a new idea that increases the competitive advantage of an organization.
    • Explain how the values statement of the organization supports the mission statement of the organization.
    • Revise the values statement of your chosen organization if necessary.

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.
  • Analyze various strategic approaches that can lead to the development of competitive advantages for an organization.
  • 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.
  • Explain how employing your chosen strategic approach can lead to the development of competitive advantages for your chosen organization.
  • Explain whether implementing a strategic approach as a first mover, a fast follower, or a late mover is most advantageous for your organization.

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.
  • Identify critical success factors to ensure the success of organizational objectives.
  • Develop an objective that adheres to corporate social responsibility and environmental sustainability standards while balancing these duties with economic responsibilities to shareholders.
  • Develop innovative projects to drive the implementation of a strategy for a new idea that increases the competitive advantage of an organization.

Strategic Alternatives & Contingencies

• Identify strategic alternatives that may increase efficiency, and contingency plans to mitigate risks.
  • Decide if an organization should consider outsourcing, mergers, or acquisitions to increase its competitive advantage.
  • Develop a contingency plan to counter or mitigate risks and threats to a strategic plan using the assumption-based planning technique.

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.