This essay focuses on business strategy. Creating a business strategy gives you more control over choosing the kinds of activities that will directly help you reach your goals, as well as allows you to easily assess whether your activities are getting you closer to your goals.
Strategic Management and Competitive Advantage (5th Edition). Pearson Education (US). https://online.vitalsource.com/books/9780133773392 I need peer-reviewed sources to be used and cited, please. If this is a good assignment I will use you for the rest of my course assignments. Much appreciated. Thank you! Assignment 1: For your first assignment, your goal is to create an APA-formatted 3-5 page paper (not including the cover and reference pages) exploring a company via the VRIO framework.
Step 1. Visit https://csimarket.com/index.php and find a pharmaceutical company – Johnson & Johnson. Visit the company’s homepage and become familiar with its offerings, strategies, markets/segments, and product/service lines.
Step 2. Take notes about the company’s strategies and determine whether they were emergent, deliberate, or both emergent and deliberate. Justify your answer with facts from the company. Step 3. Perform a five forces analysis involving the company and its industry. https://is.gd/08MjlH may be helpful! Step 4. Using the VRIO framework provides insight into how to construct the cash-flow analysis for the company. Step 5. Consolidate all your findings into an APA-formatted 3 page paper (not including the cover and reference pages).
There are several reasons why a business strategy is important for organizations, including:
Firstly, Planning: A business strategy helps you identify the key steps to take to reach your business goals.
Secondly, Strengths and weaknesses: The process of creating a business strategy allows you to identify and evaluate your company’s strengths and weaknesses so you can create a strategy that optimizes your strengths and compensates for or eliminates your weaknesses.
Thirdly, Efficiency: A business strategy allows you to effectively allocate resources for your business activities, which automatically makes you more efficient. It also helps you plan ahead for deadlines, allocate job roles and stay on track for your project goals.
Further, Control: Creating a business strategy gives you more control over choosing the kinds of activities that will directly help you reach your goals, as well as allows you to easily assess whether your activities are getting you closer to your goals.
Finally, Competitive advantage: By identifying a clear plan for how you will reach your goals, you can focus on capitalizing on your strengths, using them as a competitive advantage that makes your company unique in the marketplace.