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C209-Strategic Management-Task Two Tip Sheet Rate This Article ARTICLE LINK (Average Rating: 3.13) BACK TO SEARCH Show Properties This Tip Sheet is available for download at the bottom of this page. C209-STRATEGIC MANAGEMENT-Task Two Tip Sheet Competencies: 3011.1.1: Strategy As a Process - The graduate identifies the strategic process and the execution of a strategic plan. 3011.1.2: Fundamental Perspectives on Strategy - The graduate assesses the fundamental perspectives on strategic decision-making using analytical tools. 3011.1.3: Winning Strategies and Maximizing Strategic Power - The graduate analyzes generic strategies for winning a competitive advantage and determines how to apply maximum strategic power. 3011.1.4: International and Multi-Business Strategies - The graduate assesses the value of competing in international markets and determines the risks and rewards of diversification strategies. 3011.1.5: Ethics, Corporate Social Responsibility, Environmental Sustainability, and Strategy - The graduate analyzes the concepts of ethics, corporate social responsibility, and environmental sustainability and assesses the impact these policies have on strategic decision-making. 3011.1.6: The Framework for Communicating and Executing Strategy - The graduate evaluates the framework necessary to effectively execute strategy. Introduction: You will use your analysis from task 1 to create a business strategy for the company you chose in task 1. While there is no minimum length, this business strategy should be concise while addressing all the topics listed in the prompts below. Course Mentor Notes: Review Chapter One for a discussion on strategic planning. Discuss how the strategy will be executed and provide a detailed plan of action for the implementation and execution of the strategy. Develop a vision, mission statement, and value statement for the business that you chose to do a SWOT analysis on in Task One. Discuss the roles that the various departments and key personnel will play in the execution of the strategic plan. Refer to the SWOT analysis you completed in Task One in order to develop a strategic plan Review Chapter 5 and determine which of the five generic competitive strategies would be most appropriate for the company you have chosen. Critically evaluate the financial position of the company in order to find additional strengths and weaknesses. Provide an in depth discussion. Utilize the key financial ratios in Chapter 4 to enhance understanding of the company's financial position. See the attached article for the important components of writing an executive summary. Remember that the executive Summary and the full Report are both stand alone documents. o http://www.brighthub.com/office/entrepreneurs/articles/87293.aspx Requirements: A. Create a business strategy in report format by doing the following: 1. Create an executive summary that includes the following points: the vision, mission, and value statement of the business (taken from A2) the execution of a strategy (taken from A9) the financial evaluation of the strategy (taken from A10) a conclusion or summary of the business strategy (taken from A11) 2. Discuss the vision, mission, and values statement completed in task 2, part A1. Begin with a brief overview of your company, industry and strategy. Review Chapter 2 as well as the discussion that was provided in Task 2, part A1. Discuss, in detail, the important concepts of the company's vision, mission statement, and values statement. Provide a detailed overview of the vision, mission statement, and values statement that you have created for your company in the previous section. Provide the rationale as to why your vision, mission statement, and values statement are superior and chart the preferred course for the company. 3. Justify the analytical tools used in developing your strategy. Using the analytical tools that were discussed in Task 1, part A3, provide the rationale behind why the three test of a good competitive strategy were critical in the development of your strategy. Review each of the three tests and apply them to the specific company you have chosen. Demonstrate how your strategy will provide for the best chance at success based on the three tests of a good strategy. 4. Include the detailed SWOT analysis from task 1. Copy and paste the SWOT analysis you completed in Task One into this section of Task 2 including both B, B1, and C prompts 5. Discuss your plan for maintaining competitive advantage. Review Chapter 1 about the concept of sustainable competitive advantage Discuss your plan for developing and maintaining a sustainable competitive advantage. Review Chapter 4 about assessing a company's resources and capabilities. Employ the VRIN tests for sustainable competitive advantage to demonstrate Discuss each test in detail and show how the sustainable competitive advantage that your company has is tied into the strategic plan. 6. Discuss the implications of competing in international markets. Review chapter 7 on International Markets Discuss, in detail, the pros and cons of competing in international markets. Provide so rationale as to why or why your company should not compete internationally. Include a complete answer to all apsects of this prompt even if your answer is "no", you will not expand internationally. Discuss, in detail, the five strategic options for entering foreign markets and apply them to the business you have chosen. 7. Discuss a diversification strategy that should be considered in your business strategy. Review Chapter 8 on Corporate Strategy. Define, in detail, what a diversification strategy entails. Discuss, in detail, the impact that diversification strategies have on the value chain. Answer all apsects of this prompt correctly even if the answer is "no", we will not puruse a diversification strategy. Discuss, in detail, the diversification strategy that impacts your company. Be specific and provide ample examples. 8. Discuss at least one ethical consideration of your strategy. Review Chapter 9 about Ethics and Ethical Considerations. Talk, in detail, about the importance of social responsibility and the negative costs associated with ethical wrongdoing. Be specific as you discuss one or two of the main ethical considerations you considered when formulating your company's strategy 9. Discuss your planned execution of the strategy. Review Chapter 10 on Strategy Execution. Talk, in detail, about the ten basic tasks of the strategic execution process as well as building an organization capable of proficient strategy execution Staff the organization with managers and employees capable of executing the strategy well. Build the organizational capabilities required for successful strategy execution. Create a strategy-supportive organizational structure. Allocate sufficient resources (budgetary and otherwise) to the strategy execution effort. Institute policies and procedures that facilitate strategy execution. Adopt best practices and business processes that drive continuous improvement in strategy execution activities. Install information and operating systems that enable company personnel to carry out their strategic roles proficiently. Tie rewards and incentives directly to the achievement of strategic and financial targets. Instill a corporate culture that promotes good strategy execution. Exercise the internal leadership needed to propel strategy implementation forward. Talk about your company specifically. Provide a specific plan for executing your corporate strategy. How do your corporate structure, staffing, management, and management philosophy impact your strategic execution? 10. Discuss how you would use ROI (return on investments) and cost-benefit analysis as part of your business strategy. Discuss, in detail how cost-benefit analysis and ROI impact the development, execution, and analysis of your business strategy. Review the following YouTube videos to gain a better understanding of Cost-Benefit Analysis o http://www.youtube.com/watch?v=Qt8HNNWIV-c o http://www.youtube.com/watch?v=PRmCHu55GrY o http://www.youtube.com/watch?v=3LeV98kPKFk Review the following YouTube videos to gain a better understanding of ROI o o http://www.youtube.com/watch?v=IjvfFLTrL8g http://www.youtube.com/watch?v=1vRx5TYTmYs There are two different strategies for approaching this prompt: The submission could provide the calculations for ROI and Cost-benefit analysis. The student does not have to define these...or A discussion of how the calculations would be used as a part of the business strategy could be provided. 11. Create a conclusion for your business strategy. Provide a detailed conclusion that summarizes the key components of your business strategy. Discuss the high points and ensure that your conclusion incorporated the major areas of a strategic plan as discussed in part A1 of this task. B. When you use sources, include all in-text citations and references in APA format. o Refer to the Purdue OWL online resource for APA tips and tricks. o Utilize the Center for Writing Excellence when needed in order to ensure the submission is APA compliant. https://owl.english.purdue.edu/owl/resource/560/01/ Note: For definitions of terms commonly used in the rubric, see the Rubric Terms web link included in the Evaluation Procedures section. Note: When using sources to support ideas and elements in an assessment, the submission MUST include APA formatted in-text citations with a corresponding reference list for any direct quotes or paraphrasing. It is not necessary to list sources that were consulted if they have not been quoted or paraphrased in the text of the assessment. Note: No more than a combined total of 30% of a submission can be directly quoted or closely paraphrased from outside sources, even if cited correctly. For tips on using APA style, please refer to the APA Handout web link included in the APA Guidelines section. VRT Task 2 Articulation of Response (clarity, organization, mechanics) Unsatisfactory/Not present Does Not Meet Standard Minimally Competent Competent Highly Competent The candidate provides unsatisfactory articulation of response. The candidate provides weak articulation of response. The candidate provides limited articulation of response. The candidate provides adequate articulation of response. The candidate provides substantial articulation of response The candidate does not provide an executive The candidate provides an executive summary The candidate provides an executive The candidate The candidate provides an Score/Level Unsatisfactory/Not present Does Not Meet Standard Minimally Competent Competent Highly Competent A1. Executive Summary summary that includes the given points. that includes the given points, with no detail. summary that includes the given points, with limited detail. provides an executive summary that includes the given points, with adequate detail. executive summary that includes the given points, with substantial detail. A2. Vision, Mission, and Values Statement The candidate does not provide a logical discussion of the vision, mission, and values statement completed in task 1, part A1. The candidate provides a logical discussion, with no detail, of the vision, mission, and values statement completed in task 1, part A1. The candidate provides a logical discussion, with limited detail, of the vision, mission, and values statement completed in task 1, part A1. The candidate provides a logical discussion, with adequate detail, of the vision, mission, and values statement completed in task 1, part A1. The candidate provides a logical discussion, with substantial detail, of the vision, mission, and values statement completed in task 1, part A1. A3. Justify Analytical Tools The candidate does not provide a logical justification of the analytical tools used in developing the strategy. The candidate provides a logical justification, with no support, of the analytical tools used in developing the strategy. The candidate provides a logical justification, with limited support, of the analytical tools used in developing the strategy. The candidate provides a logical justification, with adequate support, of the analytical tools used in developing the strategy. The candidate provides a logical justification, with substantial support, of the analytical tools used in developing the strategy. A4. Detailed SWOT Analysis The candidate does not provide the detailed SWOT analysis from task 1. Not applicable. Not applicable. Not applicable. The candidate provides the detailed SWOT analysis from task 1. A5. Maintaining Competitive Advantage The candidate does not provide a logical discussion of the plan for maintaining competitive advantage. The candidate provides a logical discussion, with no detail, of the plan for maintaining competitive advantage. The candidate provides a logical discussion, with limited detail, of the plan for maintaining competitive advantage. The candidate provides a logical discussion, with adequate detail, of the plan for maintaining competitive advantage. The candidate provides a logical discussion, with substantial detail, of the plan for maintaining competitive advantage. A6. Competing in International Markets The candidate does not provide a logical discussion of the implications of competing in international markets. The candidate provides a logical discussion, with no detail, of the implications of competing in international markets. The candidate provides a logical discussion, with limited detail, of the implications of competing in international markets. The candidate provides a logical discussion, with adequate detail, of the implications of competing in international markets. The candidate provides a logical discussion, with substantial detail, of the implications of competing in international markets. Score/Level Unsatisfactory/Not present Does Not Meet Standard Minimally Competent Competent Highly Competent A7. Diversification Strategy The candidate does not provide a logical discussion of a diversification strategy that should be considered in the business strategy. The candidate provides a logical discussion, with no detail, of a diversification strategy that should be considered in the business strategy. The candidate provides a logical discussion, with limited detail, of a diversification strategy that should be considered in the business strategy. The candidate provides a logical discussion, with adequate detail, of a diversification strategy that should be considered in the business strategy. The candidate provides a logical discussion, with substantial detail, of a diversification strategy that should be considered in the business strategy. A8. Ethical Consideration The candidate does not provide a logical discussion of at least 1 ethical consideration of the strategy. The candidate provides a logical discussion, with no detail, of at least 1 ethical consideration of the strategy. The candidate provides a logical discussion, with limited detail, of at least 1 ethical consideration of the strategy. The candidate provides a logical discussion, with adequate detail, of at least 1 ethical consideration of the strategy. The candidate provides a logical discussion, with substantial detail, of at least 1 ethical consideration of the strategy. A9. Planned Strategy Execution The candidate does not provide a logical discussion of the planned execution of the strategy. The candidate provides a logical discussion, with no detail, of the planned execution of the strategy. The candidate provides a logical discussion, with limited detail, of the planned execution of the strategy. The candidate provides a logical discussion, with adequate detail, of the planned execution of the strategy. The candidate provides a logical discussion, with substantial detail, of the planned execution of the strategy. A10. ROI and Cost-Benefit Analysis The candidate does not provide a logical discussion of how the candidate would use ROI (return on investments) and costbenefit analysis as part of the business strategy. The candidate provides a logical discussion, with no detail, of how the candidate would use ROI (return on investments) and cost-benefit analysis as part of the business strategy. The candidate provides a logical discussion, with limited detail, of how the candidate would use ROI (return on investments) and cost-benefit analysis as part of the business strategy. The candidate provides a logical discussion, with adequate detail, of how the candidate would use ROI and cost-benefit analysis as part of the business strategy. The candidate provides a logical discussion, with substantial detail, of how the candidate would use ROI (return on investments) and cost-benefit analysis as part of the business strategy. A11. Conclusion The candidate does not provide a conclusion for the business strategy. Not applicable. The candidate provides a conclusion, with insufficient detail, for the business strategy. Not applicable. The candidate provides a conclusion, with sufficient detail, for the business strategy. B. Sources When the candidate uses sources, the candidate does not provide in-text citations and references. When the candidate uses sources, the candidate provides only some in- When the candidate uses sources, the candidate provides appropriate in-text When the candidate uses sources, the When the candidate uses sources, the candidate provides Score/Level Unsatisfactory/Not present Does Not Meet Standard Minimally Competent Competent Highly Competent text citations and references. citations and references with major deviations from APA style. candidate provides appropriate in-text citations and references with minor deviations from APA style. appropriate in-text citations and references with no readily detectable deviations from APA style, OR the candidate does not use sources. C209 Task Two Tip Sheet.docx Article Link: https://srm--c.na13.visual.force.com/apex/coursearticle?Id=kA0a0000000PMHNCA4 Score/Level