Assignment:
Please provide a 1 to 2 paragraph response to include a minimum of 1 reference and intext citation
Defining a problem statement is an important component of a scholarly paper. In this course, there were several concepts that created the foundation for defining a hook, anchor, general business problem, and specific business problem. The course also provided real-world business cases where strategic initiatives were successful or failed to achieve competitive advantage (Dyer et al., 2016) which provided me with insight to develop a problem statement with each component in alignment. In this paper, I will discuss what concepts I used to develop my hook statement and what connections helped me define my anchor statement. Then, I will outline how my general business problem incorporated the key learnings from the course as well as how the course content helped me refine my specific business problem.
Hook Statement
The hook statement should entice the reader to continue reading a scholarly paper. The concept that helped me developed an interesting hook statement was the foundation for strategic planning (Dyer, Godfrey, Jensen, & Bryce, 2016). The strategic management process requires leaders to conduct a strengths, weaknesses, opportunities, and threats (SWOT) analysis to identify and understand the challenges in the internal and external environment before formulating a business strategy (Dyer et al. 2016; Dibrell, Craig & Neubaum, 2014; Felype Neis, Fernandes Pereira, & Antonio Maccari, 2017; Karadel, Celik, & Saygin, 2013; Nieboer, 2011; Williams, 2011). Therefore, to formulate my problem statement, I conducted a SWOT analysis of the banking industry and reviewed extant literature on my topic of interest to develop my anchor statement.
Anchor Statement
The anchor statement helps readers understand the size of the business problem. In strategic planning, leaders either proactively plan their strategic actions or respond to a business problem (Dyer et al., 2016; Karadel et al., 2013; Nieboer, 2011; Williams, 2011). The concepts that helped me develop the anchor statement were the strategic formulation for innovation, environmental influences, and integration of diversification strategies into a business strategy (Cretu, 2012; Dyer et al., 2016; Yigit & Behram, 2013). The above concepts helped me research the factors that influenced a business problem and what models or tools researchers and theorists developed such as Porter's five-force model, McKinsey's 7 S model, and the SWOT analysis, to help leaders implement strategic initiatives to gain or sustain competitive advantage (Dyer et al., 2016; Porter, 2008; Peters, 2011). In addition to the above models and tools, some researchers recommended innovation and diversification strategies that also helped me defined the general business problem that organizations should address to increase profitability and sustain competitive advantage.
General Business Problem
The general business problem aligns with the hook and anchor statements as well as helps readers understand the causes of the business problem. The concept that helped me determine the general business problem was the principles for strategic implementation. Strategic implementation principles outlined internal challenges, such as: lack of employee engagement, inadequate resources and capabilities as well as ineffective business ethics and governance structures, that leaders might face in a particular industry thereby creating a general business problem (Dyer et al., 2016; MF Saltaji, 2017; Zuckweiler, Rosacker, & Hayes, 2016). Another concept that influenced creation of my general business problem was the integration of positive social change into the business strategy which highlighted that leaders should consider the impact of their strategic actions on the environmental, social, and economic conditions of the communities in which they operated to avoid creating a general business problem (Dyer et al., 2016). Incorporating the concepts that helped me determine my general business problems also helped me refine the specific business problem.
Specific Business Problem
The specific business problem identifies that leaders have insufficient resources or lack capabilities to resolve a unique challenge. The course content helped me refined the specific business problem by providing guidance on how to effectively formulate a business strategy and how to assess environmental influences that negatively impact an organization's competitive advantage (Dyer et al., 2016; Porter, 2008; Peters, 2011). Additionally, I gained an understanding of the principles of innovation and diversification strategies that could help leaders resolve specific business problems caused by internal challenges, external forces, or a combination of both factors (Dyer et al., 2016; Porter, 2008; Peters, 2011). I also learned what models and tools identified leaders' strengths and shortcomings as well as what strategic actions could be implemented to improve overall performance (Cretu, 2012; Dyer et al., 2016; Sull, Turconi, Sull, & Yoder, 2018; Van der Stede, (2001). The content of the course not only created the foundation for refining my specific business problem but applies to continuous strategic improvements in any organization.
Conclusion
. The insights I gain from this course helped me as an independent scholar to identify a topic of interest to increase the profitability of organizations as well as make a positive social change within society. The concepts helped me defined my hook and anchor statements as well as the general business and specific business problems. As a professional and strategic leader, the course provided the theoretical framework to help me effectively implement strategic business objectives after formulation of a business strategy that incorporated results from SWOT analyses, migitation of external threats, and actions to address inadequate resources and capabilities within my organization.
References
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Dibrell, C., Craig, J. B., & Neubaum, D. O. (2014). Linking the formal strategic planning process, planning flexibility, and innovativeness to firm performance. Journal of Business Research, (67) 2000-2007.
Dyer, J. H., Godfrey, P., Jensen, R., & Bryce, D. (2016). Strategic management: Concepts and tools for creating real world strategy.Hoboken, NJ: John Wiley & Sons.
Karadal, H., Celik, C., & Saygin, M. (2013). Corporate values on strategic planning process: A research about universities in Turkey. Procedia - Social and Behavioral Sciences (99)(The Proceedings of 9th International Strategic Management Conference), 762-770.
Felype Neis, D., Fernandes Pereira, M., & Antonio Maccari, E. (2017). Strategic planning process and organizational structures: Impacts, confluence and similarities. Brazilian Business Review, 14(5), 479-492.
MF Saltaji, I. (2017). Corporate governance: The impacts on the firm value. Internal Auditing and Risk Management, 12(2), 36-43.
Nieboer, N. (2011). Strategic planning process models: A step further. Property Management, 29(4), 371-382.
Peters, T. (2011). McKinsey 7-S model. Leadership Excellence Essentials, 28(10), 7.
Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business Review, 86(1), 78-93.
Sull, D., Turconi, S., Sull, C., & Yoder, J. (2018). Four logics of corporate strategy. MIT Sloan Mangement Review, 59(2), 136-142.
Van der Stede, W. A. (2001). The effects of corporate diversification and business unit strategy on the presence of slack in business unit budgets. Accounting, Auditing, & Accountability Journal, 14(1), 30-52.
William, J. S. (2011). Strategic planning process: Sets stage for success. Biomedical Instrumentation & Technology, 45(5), 388-391.
Yigit, I., & Behram, N. K. (2013). The relationship between diversification strategy and organizational performance in developed and emerging economy contexts: Evidence from Turkey and Netherlands. Eurasian Business Review, 3(2), 121-136.
Zuckweiler, K. M., Rosacker, K. M., & Hayes, S. K. (2016), Business students' perceptions of corporate governance best practices. Corporate Governance, 16(2), 361-376.