Business Strategy: Long Term Plan Assessment Answer

The definition of business strategy is a long term plan of action designed to achieve a particular goal or set of goals or objectives. Strategy decides how business should be conduct to achieve the desired goals. Without a strategy management will have no plan of action to guide them (Stewart, 2008). Strategy is used almost everywhere by everyone to perform their daily activities. When we think about "strategy", most of us associate this word with mental intelligence which includes the process of analyzing various options to implement certain plans or may be to solve existing problems. Even many well renowned companies have merged the term "strategy" with analyzing and coming up with a certain risk proof plan to further process their venture or to get rid of company's root problems, and this term is also used as a buzz word to make them look smart in a way. But this right here is a huge myth that people are following blindly, strategy is not exactly a mind planning process, and it actually is more of a practical thing than that of a theoretical or mental thing.  To clarify the above theory, let's take an example, suppose you are sitting for an examination after 2 weeks, now your strategy is not to get A+ in those exams but instead your strategy is to learn effectively and efficiently by managing your time wisely for your upcoming exams in order for you to score A+ and to fulfill your goal.  You must learn to differentiate between tactics/plans/objectives and strategy, they are completely different things, but they go along with each other. "Strategy without tactics is slowest route to victory, tactics without strategy is noise without defeat" (Tzu, n.d.) . Good strategy provides clear and conscience answers to 4 key questions:

• Where do we contend?
• What novel quality do we bring?
• What assets or capacities do we use to convey that worth?
• How would we support our one of a kind worth?

First we need to know our identity properly, who we are, what do we deliver, and what competitive arenas will we be active in , then we need to know why our customers or consumers choose our products and service , is it because of our unique image, customization, ,styling  or may be even reliability,  then we have the knowledge of  what sources we make use of in order to cater to our target market , is it our superior technologies, or our exceptional human capital or may be even our unrivaled network connection, and finally  we have to aware about any kind of factors than can keep our competitors from being willing or able to replicate the value we create for our targeted customers and what factors allows us to continue to win over time. Henry Mintzberg, a standout amongst the most very much regarded business strategist of our day would need you to realize that procedure is more about what you really do as opposed to what you mean to do, that is your genuine methodology immerges when you do it that may not line up with your arrangements. "To determine your strategy, you must understand fully the internal and external environmental factors that affect you. With that understanding, you can identify your clear advantages and use these to be successful. From there, you can make informed choices and implement your strategy effectively." (Mindtools, n.d.)

To give some of the best examples of huge companies who have succeeded by using a full proof strategy to run their company, they are Google, Apple, and IKEA. What these companies have in common is that first: obviously they are hugely successful in today's market and second: their unique strategy to make their products or services wanted by the consumers. "Less is more" this is the exact thing that Google adapted to reach to the level that they are right now (Afshar, 2015). Google's number one competitor is Yahoo!, and if you visit Yahoo!'s page then you can find numbers of clicks that is in their web page but is you go to google.com you see only one click bar that is the search bar. It was not always like this with Google, they also had lots of clicks in their web page when it was just starting, but they researched, they analyzed their target market thoroughly and made note of their wants, and what would be easier for them, and with lots of trial and error they came up with the search bar. Because of that single search bar Google is so successful that it has made its way to oxford dictionary with its own term "Google" (Stephenson, 2014).  So, from this example we can learn that Google 's goal was to be successful among people by being the most used portal to research, but they didn't always have the idea of "less is more" strategy, instead they slowly paved their way and experimented with lots of stuffs before coming up with this unique strategy. So, strategy is more of what you do than what you intend to do.  "The essence of strategy is choosing what not to do." (Porter, n.d.)

So in conclusion, just keep in mind the 4 key questions, when you know these answers you will be well in your approach to articulating a reasonable methodology.

Week 5: What is cage framework and how can business use it to evaluate international trade opportunities?

CAGE is a little edge work that Pankaj Ghemawat created taking into account research in worldwide financial aspects, which proposes that the amount of two nations exchange with each other is intensely impacted by whether they're comparative or diverse along a bundle of measurements and he took those measurements and assembled them under the rubric broiler acronym where C remains for social A stands for regulatory/political G stand for geographic and E remains for monetary with the general thought being that exchange associations as well as most sorts of collaborations are typically hosed by contrasts along these measurements and normally improved by likenesses along these measurements and the impact truly are tremendous.

Along these lines, on the off chance that you imagine that stock exchange of 2 nations have the same authority dialect, in the event that they are a piece of a local exchanging game plan, on the off chance that they share a typical outskirt, and on the off chance that they have comparative level of per capita salary, as in say both being produced nations you may anticipate that them will exchange 10-15 times as much with each different as to also estimated nations that didn't appreciate those shared traits so what we are discussing here is factually huge relationship as well as a relationship that genuine is monetarily significant as in the effect are huge and utility of the system years as opposed to just leaving the discourse at each nation is distinctive.

References

Afshar, V., 2015. Food for thought on business strategy innovation entrepreneurship. [Online]  Available at: https://blog.strategyzer.com/posts/2015/11/23/food-for-thought-on-business-strategy-innovation-entrepreneurship

Innosight, n.d. Busines Model Innovation. [Online]  Available at: www.innosight.com/services-expertise/expertise/business-model-innovation.cfm

Mindtools, n.d. Developing Strategy. [Online]  Available at: https://www.mindtools.com/pages/article/developing-strategy.htm

Porter, M., n.d. Potters 5 force model. s.l.:s.n.

Stähler, P., 2016. Business model innovation. [Online]  Available at: https://blog.business-model-innovation.com/

Stephenson, J., 2014. INNOVATION QUOTE. [Online]  Available at: https://www.khemeiaconsulting.com/innovation-quote-innovative-companies-afraid-business-model

Stewart, S., 2008. Rapid Business Intelligence Success. [Online]  Available at: www.Rapid-Business-Intelligence-Success.com/defination-of-business-strategy.html

Tzu, S., n.d. Art of War. s.l.:s.n.