Introduction
In this post, the five-step strategy development process will be discussed. These steps are developing a strategic vision, setting and tracking objectives, developing a strategy to accomplish said objectives, implementing and executing the selected strategy and evaluating organizational performance and adjusting course (Gamble et al., 2023). Also discussed will be the benefits of developing a good well-thought-out strategy as well as a simple one. Lastly, how the decision model can assist in the company’s strategy and the direction they want to take their business as well as any suggestions they could take to further their strategy.
Process: Setting the Company’s Direction with Strategy
Rumelt (2011), discusses how a good strategy does not always draw on something that already exists but it creates its strength through the design process. Meaning, that when developing a strategy, a company needs to look into what they already have in place and be able to alter it to adapt to what they need. This will allow them to establish the basic outline to start and then improve or replace what is needed in their current process. Business strategies are unique ways to develop the organization’s identity and how it can compete with its competitors (Yuan et al., 2020).
When developing a strategy, the company will need to follow five steps in order to do this effectively. First, they should compile all the data they have to see where they should start. From there they need to disassemble the data and pull out the most helpful pieces to utilize for the company. Next, the company will want to reassemble the data and mold it to what works best for the company. After reassembling the data, the company will need to interpret the data. If this step is not done correctly or they do not receive the outcome they wanted, then they will need to go back to previous steps losing time and resources (Pratama et al., 2022).
Strategic Thinking: Key Advantages or Disadvantages
According to Rumelt (2011), to create an advantage it is important to utilize the strengths and weaknesses as they could be pivotal objects when developing a strategy. Given this information, it is important to do this on an individual level as well as the organizational level. If done on the individual level, it will develop the employees of the company allowing them to feel needed and want to assist in the development and success of the organization. This could become the most important part of development because if it is not done then it could allow the employees to not care about the company and its success causing either delays or underdeveloped plans. When developing on the organizational level, companies need to be realistic in the plans they are developing. If they build a strategy that is unattainable for them to achieve this could cause a waste of resources and time. Yuan et al. (2020) discuss the social responsibility a company should also consider such as their stakeholders and any third parties they utilize. Both stakeholders and any third party can be a large influence on the company’s strategy as they tend to have more of their money involved in the success of the company.
Decision Model
The development plan according to Gamble et al. (2023) is developing a strategic vision, setting and tracking objectives, developing a strategy to accomplish said objectives, implementing and executing the selected strategy and evaluating organizational performance and adjusting course. This decision model can aid the company in keeping organized when developing their strategy. This can also aid the company in keeping track of what has been completed in its strategy. It can allow them to see clearly what has worked for the company’s success and what has not and be able to use that information to alter their plan. When companies develop a plan, they need to remember they can always alter the plan if it is not working for them. Another model a company can investigate is their competitors. This will allow them to see what was done and what they can do better to surpass their competitors with their customers.
Conclusion
Overall, a company will need to gather the information they have currently has to begin its process. Once they gather the data, they need to sift through it to see what the most important pieces for them are to develop a throughout business plan. From this business plan, they need to also look at their competitors and how they can develop better to surpass them with their customers. One group to consider consulting is the stakeholders and any third parties as they will want to ensure their investments will be a success.
Annotated Bibliography
Pratama, F. C., Febriana, P. E., Ramadhan, C. A., Tanhar, S., & Purnomo, A. (2022). Developing Alternative Business Strategy: Analysis and Formulation Process in
Distribution Company. In Proceedings of the International Conference on Industrial Engineering and Operations Management.
Summary of Key Points
The authors of this source utilized their resources by explaining their techniques through figures and tables. Through their data collection, they wanted to be able to show the process of formulating alternative strategies. The authors walk their readers through the best ways to determine what data is needed and how to develop it further. Another consideration throughout the development was the company’s vision and mission.
Evaluation of the Quality of the Publication
The quality of the publication was apparent due to the many resources used in the paper. They were able to not only show the different development processes but how they were able to pull that information as well. The authors utilized the Makmur Mandiri company and their business model to explain these developments further.
Evaluation of the Quality of the Author(s)
Throughout the source, it was apparent that the authors were knowledgeable. They took the time to develop different ways to analyze the information and how to formulate a plan for a company to develop a business strategy. With the many examples, this was helpful as there is no set way to something and being able to see multiple ways was easier to explain.
Where this fits into the discussion
This source fits into the discussion because it was able to the different design models a company could take when developing their strategy. Not only did it show different designs, but it was able to explain how to pull the data and how to pull out the important pieces before starting the development of the business strategy. The authors showed these ways through various figures added to their writing.
Yuan, Y., Lu, L. Y., Tian, G., & Yu, Y. (2020). Business strategy and corporate social responsibility. Journal of business ethics, 162, 359-377. Doi: 10.1007/s10551-018-
3952-9
Summary of Key Points
This source’s main focus was to discuss the difference between a company’s business strategy and its corporate social responsibility performance. The authors mention how both of these go hand in hand with each other. Also discussed was the vulnerability of corporate social responsibility such as the uncertainty, risk, and long-term effects. Another large piece of the author’s discussion was the cost that could be associated with developing these plans.
Evaluation of the Quality of the Publication
The quality of the publication is apparent as there were many sources pulled into the paper that added to what the authors were attempting to get across. This allowed them to develop tables to show their data in an organized way. When discussing cost, the authors were able to discuss how these objectives could be beneficial to a company.
Evaluation of the Quality of the Author(s)
The quality of the authors is apparent in this paper as they can draw in many examples to further support their discussion and the point that is being made. Though they did not discuss specifics in society, such as social media or religious aspects, they were able to explain how this plays a role. Since they were comparing a company’s business strategy and corporate social responsibility more development on the specifics would have added to their discussion.
Where this fits into the discussion
This fits into the discussion because it shows a different layer to the development of the business plan. Not only should a company consider themselves, but they should consider their employees, stakeholders, customers, and how society can affect them. especially in today’s time, society and social media play a large role so companies need to consider this.
