Question

Discussion #12 - Reflections to Date

You need to create one original post and one response to others for the discussion topic below.

In a substantive paragraph, reflect and share with your classmates on the points(s) that has(ve) stood out the most so far. This could be about material you've learned that you'll be able to apply and/or things that you have found challenging.

BUSI 4359-125

Business Strategy

Answer 1

In my class, the points that I have found the most challenging are the developing and implementing a good business strategy. Strategy development requires integration with all other departments in the organization. The management needs to consider factors like culture, competition, vision and mission statements, environmental scanning, SWOT analysis, setting SMART objectives, stakeholder involvement, etc. This is an extensive list and considering all of these elements in formulating strategies is quite challenging. Apart from this, one should have a great insight on implementing the developed strategies. This includes considering factors like engagement, project management, communication and innovation. If a strategy fails, then the objective of the strategy fails. Hence, a manager should consider all factors involved in strategy formulation and develop strategies that are feasible and helps improve the efficiency of the business.

Please note- in your response to your classmate's post, you can respond according to what your class mate has posted however you can also include topics from Business strategy such as emerging technology, innovation, resistance to change and how to overcome them, etc.

Note- If you liked the answer, please give an up-vote, this will be quite encouraging for me, Thank you.