Review the following scenario and consider the impact that strategic planning could have played in
Review the following scenario and consider the impact that strategic planning could have played in leading to a more successful outcome:
Samuel Woodard started working for a company that, unbeknownst to him, had no strategic plans in place. The company seemed to be doing well as far as he could tell, but he sometimes questioned some of the decisions being made by leadership. He began to feel that the company’s success was centered more on luck than on intentional effort. His feelings were confirmed when a competitor opened an office nearby and quickly began winning over clients who were once loyal to Samuel’s company. The company soon fell apart as sales decreased and employees were laid off. On the day Samuel and his manager were both let go, they went to lunch to talk about what happened, which is when his manager explained that everyone should have seen this coming. They knew that the current business model could only last for so long and they failed to create a plan to stay in business.
In this Discussion, you will explain how strategic planning can help organizations gain competitive advantage. You will locate an organization with a competitive advantage and examine the impact of strategic planning.
To prepare for this Discussion:
- Review this week’s Learning Resources on business strategy and competitive advantage.
- Conduct some research to locate an organization that achieved competitive advantage in the market through effective strategic planning.
- Review the Academic Writing Expectations: Capstone Courses document, provided in this week’s Learning Resources.
Post a 150- to 225-word (2- to 3-paragraph) analysis of the relationship between strategic plans and achievement of competitive advantage. In your analysis, do the following:
- Examine how an organization can utilize strategic planning to achieve and maintain competitive advantage within its market.
- From your research, provide at least one specific example of an organization that achieved a competitive advantage from proper execution of strategic planning.
- In your estimation, was the organization’s success more a result of having an excellent strategy or a result of superior execution? Why?
- To support your response, be sure to reference at least one properly cited scholarly source.
LEARNING RESOURCES
The Basics of Business Strategy
As leaders develop strategies for their organizations, it is important that they have an accurate and comprehensive understanding of the components of business strategy. These resources address the questions of what business strategy is and why it is important.
· De Flander, J. (2016, February 4).
What is business strategy? A simple business strategy definition!
Links to an external site.
[Video file]. Retrieved from
https://www.youtube.com/watch?v=0cMdPH6jZCM
Note: The approximate length of this media piece is 8 minutes.
· Kryscynski, D. (2015, January 5).
What is strategy?
Links to an external site.
[Video file]. Retrieved from
https://www.youtube.com/watch?v=TD7WSLeQtVw
Note: The approximate length of this media piece is 9 minutes.
· Porter, M. (2008). The five competitive forces that shape strategy.
Harvard Business Review.
Time Estimate: 36 minutes
· Thompson, A. A. (2018–2019).
Strategy: Core concepts and analytical approaches (3rd ed.) [BSG electronic edition]. Burr Ridge, IL: McGraw-Hill Education.
· Chapter 1, “What Is Strategy and Why Is It Important?” (pp. 1–11)
Time Estimate: 22 minutes
Mission and Vision Statements
There are many benefits for companies in having clear and strong mission and vision statements. These statements help define the company, guide leadership and employees with a sense of direction, and provide information to customers about the makers of their products and providers of their services. Using these resources, you will review the importance of mission and vision statements, and examine what is involved in creating them.
· Thompson, A. A. (2018–2019).
Strategy: Core concepts and analytical approaches (3rd ed.) [BSG electronic edition]. Burr Ridge, IL: McGraw-Hill Education.
· Chapter 2, “Charting a Company’s Long-Term Direction: Vision, Mission, Objectives, and Strategy” (pp. 12–31)
Time Estimate: 40 minutes
· 365 Careers. (2018, January 26).
The mission, vision, and values statements
Links to an external site.
[Video file]. Retrieved from
https://www.youtube.com/watch?v=8wem6FZAucw
Note: The approximate length of this media piece is 6 minutes.
· Virtualstrategist. (2016, November 1).
How to write a mission statement
Links to an external site.
[Video file]. Retrieved from
https://www.youtube.com/watch?v=1xs4I349cdc
Note: The approximate length of this media piece is 3 minutes.
Competitive Advantage
One of the most important factors of a business is the competitive advantage that it can secure for itself so that it can remain stable and profitable. There are many factors that contribute to having a competitive advantage, which are explored through these resources.
· Turi, P. (2018, May 4).
Defining your global competitive advantage: Four pillars of success Links to an external site.
[Blog post]. Retrieved from
https://www.edc.ca/en/blog/global-competitive-advantage-success-pillars.html
Time Estimate: 5 minutes
· White, J. (2019, February 20).
Competitive advantage: Definition, examples and global impact Links to an external site.
. Retrieved from
https://www.thestreet.com/personal-finance/education/what-is-competitive-advantage-14869235
Time Estimate: 10 minutes
Business Strategy Game (BSG)
Visit this website to read Chapters 1 and 2 of the course e-book and to begin the Business Strategy Game (BSG) SIM. This simulation provides opportunities for you to make some of the difficult decisions often encountered by managers as they seek to execute the strategy that has been established by senior executives who are responsible to the shareholders.
· Thompson, A. A., Jr., Reidenback, M. A., Stappenbeck, G. J., Harms, C. C., & Thrasher, I. F. (2019).
The business strategy game: Competing in a global marketplace
Links to an external site.
. Retrieved from
https://www.bsg-online.com/Links to an external site.