Introduction Managers of businesses small and large implement plans with financial and production...

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Introduction

Managers of businesses small and large implement plans with financial and production targets on a quarter by quarter basis. In Week 3 adjustments to your plan will need to be made. The goal is to stay within budget while controlling expenses. Week 3 begins the Quarter 2 of HISCO operations. You will now be able to gauge how well your strategy is working by the results that were generated in Quarter 1. It is normal to make adjustments in order to maintain or increase the profitability of the company and to remain competitive. Also in Week 3 greater attention will be given to the importance of aligning all strategies with overall goals for business operations. Most businesses have strategies that drive their marketing mix. In particular businesses operate off of product strategies, pricing strategies, promotional strategies and location related strategies. These strategies should help to create value. Knowing when a strategy is good is one of the key to having a highly competitive company.

What Makes a Good Business Strategy?

Prior to beginning work on this discussion forum, read Five Steps to a Strategic Plan, The Single Strategy You Need to Fuel Business Growth Right Now, and Aligning Brand Portfolio Strategy with Business Strategy. In 150 words or more, what are three or four components of a well-thought-out, achievable, and reasonable business strategy? What mistakes do companies make when developing their strategies? These thoughts should be qualitative and generic - not discussing/ providing specific applications of how you may have gleaned competitive advantage (e.g., describing your business strategy).

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Dilpreet · Accepted Answer

Running Head: Formulating Good Business Strategy 	1
Formulating Good Business Strategy 		
FORMULATING GOOD BUSINESS STRATEGY
Table of Contents
Components of Achievable and Reasonable Business Strategy	3
Mission and Vision of the Organisation	3
Internal and External Analysis of the Organisation	3
Objectives, Strategies and Core Values	4
Mistakes Made by the Companies	4
References	5
Components of Achievable and Reasonable Business Strategy
Business strategy of an organisation can be defined as the combination of decisions made and actions taken by an organisation in order to achieve the operational goals of the organisation and meet the expectations of the customers to ensure that the organisation grows sustainably and gains competitive advantage over other players in the market (Braun, Latham & Cannatelli, 2019). Some of the major components the organisation must consider while developing the business strategies for the business are as described below: 
Mission and Vision of the Organisation
	The mission statement of the organisation defines the goals and objectives of the organisation, which the organisation aspires to achieve. This shall represent the values of the organisation. The long-term goals of the organisation are defined through its vision statement.

Introduction Managers of businesses small and large implement plans with financial and production targets on a quarter by quarter basis. In Week 3 adjustments to your plan will need to be made. The...

Introduction

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