More on DBs
At the end of each unit, DB participation is assessed based on level of engagement and the quality of the contribution to the discussion. DBs allow learners to learn through sharing ideas and experiences as they relate to course content. Because it is not possible to engage in two-way dialogue after a conversation has ended, no posts to the DB are accepted after the end of the unit. Learners must demonstrate an appropriate depth of understanding of course content to receive credit for having submitted substantive posts. Typically, this is achieved with 3–4 strong paragraphs for Main Posts and 2–3 strong paragraphs for Response Posts.
This assignment has 4 parts.
- What competencies were you able to develop in researching and writing the course Comprehensive Project? How did you leverage knowledge gained in the intellipath assignments (Units 1- 4) in completing the Comprehensive Project? How will these competencies and knowledge support your career advancement in management?
- What are the important elements of strategy? Why?
- What issues may arise if your do not identify all the potential disadvantages of your plan?
- Why is it crucial to provide both proactive (during the implementation) and reactive (after completing the implementation) feedback to management?
UNIT 5 – DISCUSSION BOARD
Fri 9/17/2021 7:01 PMAll Actions
There are many competencies that I developed as I wrote the course comprehensive project. Apart from leadership, marketing should be considered one of the crucial aspects of the success of any firm. Proper identification of target market, market niche, and good marketing strategies should be included when launching a new product in the market. By developing these competencies, I can now successfully launch a new product in the market and achieve the objectives and goals. The course comprehensive project helped me gain vast knowledge, and it is always available for me when I want to study more and improve my knowledge concerning a given topic. As the manager of any firm, I can always consult with my course project and get any problem done. I can guide my employees through these market strategies I gained, and they all work to achieve the goals and objectives of the organization. Through this, the knowledge and competencies I gained can support my career advancement in management.
There exist several crucial elements of the strategy that are important. They include Arenas, differentiators, vehicles, staging and spacing, and economic logic. A firm’s decision about arenas may involve its services, products, market segments, technologies, distribution channels, geographic areas, and the process of value building. Unlike the Vision statement, which is very general, arenas are very crucial as they clearly define to managers what should be done and what should not be done. Differentiators refer to attributes and features of ToolsCorp that help it to beat its competitors. They are essential because they define dimensions that can make a firm successful in the marketplace. The dimensions include quality, image, technical superiority, reliability, customization, and price. Vehicles define the means for reaching the targeted marketplace. It is very crucial as it assists the firm is entering the international markets. A firm may attain this by opening new stores in the countries it wants to trade-in. Staging and pacing are defined as speed and the timing for the strategic moves. They are crucial because they reflect the available resources, human capital, knowledge, and available cash. Economic logic refers to how the firm generates positive returns. This element is essential because it helps the firm’s accountants consider both firm’s revenues and costs. This consequently helps them in making their decision wisely.
UNIT 5 – DISCUSSION BOARD
Fri 9/17/2021 8:39 PMAll Actions
During the research and writing of the comprehensive project I was able to further learn how to expand a business globally, identify the target audience and develop good marketing strategies. I am still currently revising intellipath and gaining more knowledge as I work through them. During the revision phase I am then able to go back to the comprehensive project and fine tune it. These competencies and knowledge will support my career advancement in management by giving me the necessary tools to expand a business not only domestically, but globally and what marketing strategies to use depending on who the target audience is. It was also a good reminder of how imperative it is to conduct a SWOT analysis on the company in order to continue being successful.
There are several important elements of strategy. They are vision, mission, core values, SWOT analysis, long-term objectives, set targets for each year, and establish an action plan. These elements are important because they all come together to form a comprehensive and successful business. The vision is important because it shows where the company is going in the long term. Mission tells what the company represents and what sets them apart from the others. The core value outlines what the company does and does not value. SWOT analysis lets you know where the company stands and what the strengths, weaknesses, opportunities and threats there are. The long-term objectives are goals that the company plans to achieve and how they plan on achieving it. Setting targets for each year is important because lays out what goals need to be reached. The last element of establishing an action plan is important because this serves as the blueprint on not only what the goals are, but how they will be accomplished (Talin, 2021).
Talin, B. (2021, January 19). More Than Digital. Retrieved from morethandigital.com: https://morethandigital.info/en/7-elements-for-bui…