Strategy Investigation Assignment
The traditional approach to strategic management relies on an understanding of the external and internal environments of a firm in order to chart an appropriate route to competitive advantage. From the evaluation of the external and internal environments, a firm is able to formulate short and long-term strategies the implementation of which is measured by the firm's goals and objectives. Complementing a firm's strategy is its business model. Often, strategy and business models are used interchangeably yet they are not the same things. A business model details how a firm delivers value to its customers. One of the key elements of design thinking is a firm's business model which charts how a business delivers value to its customers. Since we will be using design thinking this semester and analysing a firm's business model, it is important the distinction between a firm's strategy and its business model is understood. The strategy investigation requires you to provide a 2000 word assignment that details how a firm's business model complements its strategy. Your assignment will clearly distinguish strategy from the business model but also demonstrate why the two are often confused. This will require you to demonstrate your critical analysis to explain why strategy and business models are often confused. It is important that you present and evaluate alternative principles and concepts to demonstrate further your critical analysis skills. The use of diagrams to support your discussion is encouraged while your ability to synthesise key principles, concepts and models into your own conceptual frameworks will be regarded favourably by your instructor.
The assignment is not related to the case presented today Ecowater's presentation.
Expected Contents -
- What is a Business Model?
- What is a Strategy?
- What are the Similarities & Differences between those two?
- How can they complement each other?
- Your conclusion
Format - Essay style but please use headings to break up your assignment.
Use of diagrams to support your discussion is encouraged
- Your own (conceptual) frameworks
- Make sure your diagrams match your texts.