Business 599 Assignment 1
Marketing Research Objectives
Assignment 1: Week 2
Rosalind R. Smith
Strategic Management: BUS 599
Dr. Rhonda Polak, Professor
May 5, 2013
How can a business be profitable and succeed? How have companies like Apple, Coca Cola and Microsoft earned the prestige titles of being labeled the best in their industry? What do all of these companies have in common? All of these companies have a functional business strategy. A business strategy according to Thompson, Strickland and Gamble (2009) is management’s action plan for running the business and conducting operations (p.6). A business strategy details how a company plans to grow a business and how to attract and please customers. The business strategy entails how a business plans to compete in the market, conduct operations and improve the company’s financial and market performance. The most impactful part of a business strategy dictates how a company plans to strengthen its long-term competitive position and gain an advantage over rivals. Business strategy basically helps you define what you want your business to look like, how you want to get there and what specific steps you need to make it a reality. A company’s ultimate success or failure is based on its long-term direction, strategic moves, and business approaches. Developing a strategy is important because it details the exact how to with regards to achieving any targeted results for a business. It also helps respond to changing buyer preferences, react to new market and competitive conditions, and long-term preferences. Without an established business strategy, there is no road map for pleasing customers or even meeting business objectives.
Wings Learning Academy is a private school catering to grades Pre-K Four through fourth grade with Christian values as its foundation and basis for its core principles. The mission of Wings Learning Academy is to provide every student with the values, knowledge and skills to become independent,
Assignment 1: Week 2
Rosalind R. Smith
Strategic Management: BUS 599
Dr. Rhonda Polak, Professor
May 5, 2013
How can a business be profitable and succeed? How have companies like Apple, Coca Cola and Microsoft earned the prestige titles of being labeled the best in their industry? What do all of these companies have in common? All of these companies have a functional business strategy. A business strategy according to Thompson, Strickland and Gamble (2009) is management’s action plan for running the business and conducting operations (p.6). A business strategy details how a company plans to grow a business and how to attract and please customers. The business strategy entails how a business plans to compete in the market, conduct operations and improve the company’s financial and market performance. The most impactful part of a business strategy dictates how a company plans to strengthen its long-term competitive position and gain an advantage over rivals. Business strategy basically helps you define what you want your business to look like, how you want to get there and what specific steps you need to make it a reality. A company’s ultimate success or failure is based on its long-term direction, strategic moves, and business approaches. Developing a strategy is important because it details the exact how to with regards to achieving any targeted results for a business. It also helps respond to changing buyer preferences, react to new market and competitive conditions, and long-term preferences. Without an established business strategy, there is no road map for pleasing customers or even meeting business objectives.
Wings Learning Academy is a private school catering to grades Pre-K Four through fourth grade with Christian values as its foundation and basis for its core principles. The mission of Wings Learning Academy is to provide every student with the values, knowledge and skills to become independent,
Cited: Gareri, Tony. 2013 Why Company Culture is So Important!. Retrieved from: http://www.romamoulding.com/roma-culture-blog/why-company-culture-is-so-important/. Hill, Brian. 2013. Setting Objectives & Making Strategic Choices. Retrieved from: http://smallbusiness.chron.com/setting-objectives-making-strategic-choices-50236.html. Thompson, A. A., Strickland, A. J., & Gamble, J. E. (2010).Crafting and executing strategy: The quest for competitive advantage: Concepts and cases: 2009 custom edition (17th ed.). New York: McGraw-Hill-Irwin.