Strategic Management Task 1 Essay

950 words - 4 pages

A. Submit your company’s final cumulative balanced scorecard, income statement, and balance sheet.

B. Discuss the generic competitive strategy that your team selected for your company. Include the following in your discussion:

I utilized a purely online strategy, to minimize costs and emphasize product quality. By using only online centers, I was able to cut cost from having a physical location, and lower the overhead that I would have
•? What actions were built into your strategic plan to achieve competitive and financial success with that strategy
•? Why your team selected the strategy you used

My mission was to create a product that was efficient and cost effective. We chose ...view middle of the document...

Based off this strategy, I did not purchase market research to scrutinize my competitors. Other companies may take on a lot of risk to try and be the number one company in the industry, and in doing so can leave themselves to take on a great burden and fail financially. My goal was to break even, pay the bills, pay my employees, and provide a competitive product.

E. Compare the selected strategy to three criteria of a winning strategy.
What are the criteria of a winning strategy?
1. The fit test –? for a strategy to be successful, not only does it have to be tailored to the needs of the market, but it also has to be tailored to the resources of the company. My company was a good fit for the market, we were able to influence on a global scale, without having to have a physical presence, and because we didnt have to have a physical presence in all our markets, we maintained a competitive advantage as far as overhead and production costs are concerned.
2. Competitive advantage –? Companies that want to be successful need to be sustainable and durable. This is where my company excelled. While we may not have had the greatest profits, I believe that our global presence in all markets through online sales, and minimizing physical locations and costs, we will be more sustainable in a growing technological economy.
3. Performance test –? market share and profitability are the core for the performance test. This is where my company lacked. We did not dominate a specific market share, and we did not have the greatest profits, but we DID have profits, and we DID have a section of the market, and in a sense, near 100% of the online market!

F. Explain how effectively your team applied value...

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