Doing business over the internet has become a norm in today’s business world. Big data, artificial intelligence and aggressive innovation are the future business applications to create competitive advantage.
Assume that you are recently appointed as the management director of a listed company of your choice in Hong Kong. You are tasked with the responsible to assess the performance of the current business and come up a new business strategic plan for the approval of the board of directors.
Task 1 General environmental analysis and existing business plans
a) Argue the importance of an analysis of the external and internal environment before formulating new strategy.
b) Identify the key stakeholders of the business unit and examine their needs and concerns of the business.
c) Apply appropriate tools to analyse the current business environment through specific supporting data and then identify impacts to the business.
d) Using proven tools or models to assess the performance of current business plan. Scope should include market selection and performance, product position and performance, company position in the market and financial results.
e) Analyse the current market competition landscape and the strengths and weaknesses of the company.
Task 2 Determine strategic options
Using proven tools to develop strategic options for the company upon the above analysis. In the light of the mission, objectives, resources and capability of the company, propose a new future strategy to growth. This should consider
• Generic competitive strategies which the organisation can be considered
• Identify the change activities would be required for each of the options.
• Develop a process to solicit, collect and analyse feedback from key stakeholders regarding the possible change of competitive strategy.
• Propose selection criteria for the evaluation of strategic options.
• Recommend a final future strategy with sound justification.
Task 3 Implement and Evaluate a Strategy
a) You also need to assess the organisational setting and propose changes to align with new strategy
• Assess the current organisational culture. Determine what organisational culture will be required for the new strategy.
• Recommend new vision ad mission statements for the future growth.
• Detail appropriate strategic and financial objectives for the next three years with a brief explanation of priority.
• Propose performance measurement for evaluating the plan’s performance.
b) Develop a strategic implementation plan
• Develop a schedule details the key tasks and time requirements of the strategy plan.
• Recommend a communication plan to communicate implementation progress with stakeholders to ensure engagement.
• Develop a monitoring and evaluation process for the implementation to ensure goals
achievement.
Sample Solution
