71340 Strategic Management Level 7 Assignment Answer

These are the assignment answer's of 71332 Quality Management Level 7 Assignment.

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Assignment Solutions of 71332 Quality Management Level 7 Assignment

Assignment Activity 1. engage in strategic development and decision-making within a business organisation at senior management level

Business strategist engage in strategic development and decision-making within a business.

A business strategist is someone who does a lot of the planning for a company.

They think about all the different things that may happen in the future and they decide which projects may be important.

They also decide how many dollars to spend on different projects.

It is important to plan strategically. Look at what happened in the past and how new plans will affect future performance.

Create strategies that deal with opportunities and threats from outside forces.

Design short-term tactical plans so you can quickly adapt to changes in the market.

You need to plan carefully and think about what might happen in the future.

For example, if you are planning to start a new business, look at what happened in the past and how it is different than your plan.

Plan for opportunities and threats from outside forces. Think of short-term plans that you can quickly adapt to new changes in the market.

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Assignment Activity 2. explain the nature of strategic management and evaluate concepts and perspectives on strategy

Strategic management is the process of planning and implementing strategy.

It is defined as "the directing of economic, financial, human, technological and natural resources over time to create value for the stakeholders of an organization."

stakeholders". In an organization that focuses on a single product or market (more commonly known as a business), strategic management can be divided into three separate strategies:

a) Organization Strategy: devising roles and responsibilities in order to match organizational goals

b) Marketing Strategy: developing the product or service so that it generates more profits than cost

c) Finance Strategy : The most critical element in many businesses, which involves obtaining funds at terms favorable to the company.

perspectives on strategy include two concepts: a long-term vision and an organization's capacity to fulfill it.

Achieving a company's goals involves understanding its strategic values, assessing the climate, thinking through the options and implementing those actions that will lead to success.

A successful strategy includes efforts of employees, investors or representatives of the company (e.g., in government).

It is guided by a fundamental sense of what tradeoffs are worth making in order to attain longevity for an organization.

Businesses may have many goals, such as entering new markets, dropping unprofitable products or services, and making things more efficient.

When a business makes decisions about how it should use its resources, it has to decide on the different goals, product lines or markets.

Assignment Activity 3. analyse the strategic environment in which organisations operate

There are many different types of organisation, as well as many different industry sectors.

The environment in which organisations operate will vary greatly from one type of organisation (or one sector) to another type.

This makes it impossible for us to accurately answer your question without being given more information on what you're looking.

for - e.g., business strategy, marketing, financial management etc...

Do you know which type(s) of organisation you're interested in?

What market sector does your business belong to? It's worth looking at 5 Forces - which comes up as a good search result.

As well as the external environment, there are also internal factors that affect businesses and their strategies.

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Assignment Activity 4. explain and assess strategic choices for organisations

Strategic choice is the deliberate selection of different course of action to best achieve a desired outcome.

When selecting a strategic plan, there are five common choices that an individual or organisation can take.

These include Product Development, Mergers and Acquisitions (M&As), Buying A Competitor, Going Public Or Private And Geographic Strategies.

So for example when developing new products one may want to go into development phase with six months research and development before going public.

The first step is to look at the current state of the industry. What are your strengths and weaknesses?

The next step is to identify what you need because of trends in the industry. You can then come up with options like new products or geographic expansion.

Assignment Activity 5. evaluate the complexities of implementing strategies to effect strategic change within a global environment

Implementing strategies to effect change is inherently difficult, and implementing those strategies within a global environment is even more so.

Factors such as different currencies, preconceived notions of what the strategy will entail and how it'll affect various countries, economic conditions, technology levels, and demographics create additional challenges that must be carefully considered early in the process in order to avoid unnecessary complications later on.

In many cases where global organizations apply a standard one-size-fits-all approach without considering these factors, you're more likely to succeed if you start by stripping down your strategy to something small enough that you can make modifications as needed while still achieving success quickly.

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