Part I. First, review the company’s basic guiding policy as you stated it last week(assignment 3). Repeat it at the beginning of your paper. Do you believe it is a good one? If so, you will be preparing strategies to implement this policy.
Ia. If you do not believe your company’s guiding policy is a good one, tell what basic policy you think your firm should adopt.
Part II. Early in the term we said that a good strategy involves diagnosis of the competitive situation, a guiding policy, and a set of coherent actions to implement the policy. A strategic array is a list of the important actions that implement or should implement the policy you identified in the previous question. List at least five actions that you believe your company is or should be taking to implement the basic policy discussed above.
If you have ideas for important strategies, simply list them. Then think about whether you are leaving anything important out.
If you have difficulty thinking of strategies, a good way to develop a list of needed strategic actions is to consider strategies in each of several areas – both areas we have discussed in this course and areas you learned about in other courses. Then you can decide which you consider truly important. You can start by asking:
- Whether your PESTEL analysis suggested any important strategic actions that the firm needed to take.
- Whether your 5 Forces analysis suggested any important strategic actions the firm needed to take to overcome any of the threats you noted.
- Whether your Internal analysis pointed to any areas where the firm needed to take action to build competences and supporting resources that would be Valuable, Rare, and costly to Imitate, or whether the firm needs to do anything to organize to capture value from existing resources.
- Whether the firm’s innovation strategy involves or should involve important strategic actions
- Whether the firm is or should be carrying out actions in corporate strategy.
Similarly, consider what the firm’s strategies are or should be in the domains of other courses you have taken – Marketing, Operations, etc.
Remember, you are trying to identify the important strategies needed. Not every strategy you mentioned in previous parts of the strategy project is necessarily important.
Part III. Review the Strategy Memo assignment due on the last day of class. Prepare an outline of your Strategy Memo.
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