MB08 Business Strategy Assessment Answer

Course: TAFE

Assessment Type: Individual Case Study

A business strategy assessment is a great way to get an understanding of the current state of your company, and any changes needed to get it where you want it to go. It’s also helpful in figuring out how your company fits into its current environment. This will help you determine if the strategies that have been put in place are working or not, and what can be done differently moving forward.

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Here we write some questions related to business strategy, sometimes those are asked by the students. You can get some ideas from this assessment.

Assessment Task 1: Demonstrate understanding of the key concepts relevant to business strategies such as strategic capabilities, purpose, change, and development processes

It’s possible to interpret “business strategies” in many different contexts. For example, one could take the perspective that a company should continue to produce what it does best, while at the same time diversifying into other areas, or take the perspective that companies should focus exclusively on what they do best and not worry about other opportunities. The key difference here is whether you think of yourself as your business.

Strategic capabilities: The observed and measurable manifestation of an organization’s skills, strengths, and adaptations. They include core competencies (e.g., marketing, consulting) and more specialized activities (product development).

Purpose: A statement that conveys what an organization believes in and is willing to stand behind with pride. It frames the contemporary vision of the company for its followers.

Change: When things are not going well or have undesirable effects, it can lead people to want change so they can escape from these bad feelings or this current condition they live in. It may involve adapting to new knowledge about oneself if the change is experienced as positive enough for oneself to be self-evolved.

Development Processes: The development of society, organizations, and individuals involves the collaboration between people in different roles who interact to produce a change in organizations or communities.

Assessment Task 2: Apply related strategic theories and concepts to business situations in relation to business practice

The strategic theory is not exclusive to businesses. However, it is still an important concept for any business venture. Understanding the similarities and differences between the different strategic theories will allow you to more fully see how they can be applied to your own business practices.

Essentially, there are two different types of strategic theories:

The first type is based on efficiency – that is, we want to be as productive and efficient as possible. The most notable example of this type of theory is Taylorism.

Taylorism: An approach that seeks to minimize the amount of wasted time or effort in any organization. The overall idea was to make each worker in an organization the most efficient as possible. If workers are not being productive at their job, they are let go. This is a fairly extreme approach that has fallen out of favor in recent years.

The other type is based on effectiveness. We want products that meet needs and desires, while also staying competitive in the market. This type of theory is more concerned with people and their relationships and how they work together and interact.

The term “strategy concept” is used to denote different types of knowledge that are needed by organizations to develop their strategy. Strategy concepts are not the same as business models, which are concerned with specific organizational design choices.

There are many different strategies that can be applied to any given situation, but some might work better than others depending on the environment. It is important to also monitor industry norms and trends to see which strategies are currently working best for other companies.

Assessment Task 3: Illustrate and assess strategic issues and develop ethical and practical solutions

Strategic issues: A situation in which a company has to make decisions regarding what direction to take. These can be industry-related, such as how companies should adapt and evolve with the times. They could also be internal, such as deciding which departments or divisions should receive more attention and resources than others.

Ethical concerns: The development of an organizational culture that leads to positive results in a sustainable way. This is vital for any company that wants to succeed over the long run, as it is better to think about ethics from the beginning rather than scramble after problems have been made.

Practicality: The ability of an organization or project to be executed with enough resources and personnel currently available. This should always begin with an effective strategy that can be carried out, but it is also important to have enough time and financial support allotted for this strategy. Without practicality, the plan will not succeed.

Assessment Task 4: Recognize and consider the impact of operational challenges on the strategic management of business organizations

Operational challenges can have a significant impact on a company’s strategic objectives. For this reason, any management team of an organization, regardless of the size of the company, should have a long-term plan for overcoming its operational challenges. Some common examples of operations challenges are new regulations, evolving operating environments, and evolving business models.

Strategic management is an attempt to make the best of the current business environment. It is more effective than efficiency, which is often forced to give way when environmental conditions change.

An organization’s strategic management process should be flexible enough to adapt to new business models and yet maintain competitiveness in changing market conditions.

Strategic management is more likely to succeed over the long run than efficiency. Assess and develop a company’s business model, which is a set of activities that the firm carries out in order to be effective.

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