Homework: Strategic Planning
Course Outcome
• Formulate a strategic plan to improve competitive advantage within target markets.
Scenario:
It is been some time since you became the general manager of the Turul Winery in the FLIGBY simulation theme and gameplay. As the general manager of the Turul Winery, you spent countless hours of time and a great deal of effort assessing the design and strategy of the organization. You have a deep understanding of the organization, and the owner has requested that you formulate a strategic plan to improve the competitive advantage of the Turul Winery within target markets. This requires you to conduct an additional series of strategic analyses to build an understanding of the competitive position of the Turul Winery in current and potential future markets. You will analyze the external environment to explore opportunities and threats to the business. Furthermore, you will investigate the internal environment of the Turul Winery to determine factors that lead to competitive advantages for the business. Finally, you will construct a business model canvas to inform your market research efforts to identify a business expansion opportunity based on your findings. Your goal is to demonstrate skill and expertise in assessing and planning a results-oriented organizational (business-level) strategy focused on resilience, efficiency, and innovation to ensure competitive advantage, sustainability, and growth. You will use the results of these analyses to inform the development of a strategic plan due to the owner of Turul Winery in 2 weeks' time.
Use the following criteria to conduct various forms of analyses to inform your strategic plan for an expansion effort into the international marketplace.
Task
Part A
I. Strategy Report Format
i. Use a report template to develop your strategic report to the owner of Turul Winery.
ii. Your strategic report should have a title page, table of contents, executive summary page, content pages, and a reference page.
iii. Design a professional report using images, charts, diagrams, etc., to aid in the dissemination of information.
iv. The strategy report is written in the third person.
II. Strategic Planning & Analysis
i. Explain the strategic planning process.
ii. Explain the purpose of strategic analysis in the strategic planning process.
iii. Evaluate the current mission, vision, and values of the Turul Winery business.
iv. Explain the concept of competitive advantage and why it is important to an organization.
III. SOAR Analysis for Competitive Advantage
Produce a SOAR analysis diagram based on the following inquiries:
i. Analyze the Turul Winery to identify a minimum of three organization strengths that result in competitive advantages.
ii. Analyze the Turul Winery to identify a minimum of three domestic and international business expansion opportunities that capitalize on the organization's competitive advantages.
iii. Analyze the Turul Winery to realize a minimum of three organizational aspirations that may result from the organization's competitive advantages.
iv. Analyze the Turul Winery to determine expected results of market opportunities and organizational aspirations derived from the organization's competitive advantages.
IV. Business Expansion Research
i. Outline and explain one idea for business expansion in domestic markets based on the results of your extensive series of analyses.
ii. Outline and explain one idea for business expansion in international markets based on your extensive series of analyses.
iii. Analyze the segmentation variables of one domestic market for one business expansion idea using research tools.
iv. Analyze the segmentation variables of one international market for one business expansion idea using research tools.
V. PESTLE Analysis
Analyze the external environment of the domestic and international marketplace to identify any risks and threats related to the business expansion ideas in association with each component of a PESTLE analysis:
i. Develop a diagram illustrating the six components of a PESTLE analysis.
ii. Identify a minimum of three risks or threats for one business expansion idea in one domestic market using a PESTLE analysis.
iii. Identify a minimum of three risks or threats for one business expansion idea in one international market using a PESTLE analysis.
VI. Business Model Canvas
Using all of the information, ideas, and thoughts you have developed as a result of the extensive analyses you have done on the Turul Winery, produce a business model canvas using the template.
i. Complete the nine required sections in the business model canvas.
ii. Demonstrate convergent analytical thinking in each section of the business model canvas.
iii. Include a minimum of three bullet points of information in each section of the business model canvas.
Part B
I. Strategic Intent
i. Formulate a statement of strategic intent for the Turul Winery expanding into domestic and international markets.
ii. Restructure the mission of the Turul Winery to support an expansion effort into domestic and international markets.
iii. Restructure the vision of the Turul Winery to support an expansion effort into domestic and international markets.
iv. Restructure the values of the Turul Winery to support an expansion effort into domestic and international markets.
II. Blue Ocean Strategy
i. Explain the principles of blue ocean strategy.
ii. Explain the benefits and risks of using blue ocean strategy for business expansion planning into domestic and international markets. Provide reasoning.
iii. Explain how the use of the blue ocean strategy will aid in the planning of business expansion into domestic and international markets. Provide reasoning.
III. Strategic Goals and Objectives
i. Establish one strategic goal aligned with the organizational mission, vision, and values that support a business expansion effort into domestic and international markets.
ii. Develop three business objectives that support the strategic goal, in alignment with the organizational mission, vision, and values, supporting a business expansion into domestic and international markets.
iii. Use a sound goal planning structure supported by theoretical research to structure your goals and objectives effectively.
IV. Stretch Goals and Objectives
i. Establish one stretch goal, in alignment with the organizational mission, vision, and values, that supports a business expansion effort into domestic and international markets.
ii. Develop three business objectives that support the stretch goal, in alignment with the organizational mission, vision, and values, supporting a business expansion into domestic and international markets.
iii. Use a sound goal planning structure supported by theoretical research to structure your goals and objectives effectively.
V. Financial Goals and Objectives
i. Establish one financial goal aligned with the organizational mission, vision, and values that support a business expansion effort into domestic and international markets.
ii. Develop three business objectives that support the financial goal, in alignment with the organizational mission, vision, and values, supporting a business expansion into domestic and international markets.
iii. Use a sound goal planning structure supported by theoretical research to structure your goals and objectives effectively.
VI. Target Marketing
Using your ideas for domestic and international business expansion, develop a target marketing strategy for each idea using the following criteria:
i. Develop one market segmentation profile for business expansion into domestic markets.
ii. Develop one market segmentation profile for business expansion into domestic markets.
iii. Choose a target marketing strategy consistent with blue ocean strategy principles for business expansion into domestic and international markets. Provide reasoning.
iv. Develop a concise unique selling proposition (positioning strategy) for a business expansion idea into domestic markets.
v. Develop a concise unique selling proposition (positioning strategy) for a business expansion idea into international markets.
VII. Contingency Planning
i. Identify three risks to a business expansion into domestic markets.
ii. Identify three risks to a business expansion into international markets.
iii. Develop ideas to mitigate or avert each risk to ensure safety, sustainability, and preservation of assets.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.