|COURSE: Bachelor of Business / Bachelor of Accounting|
|Unit Code:||BO1BSRE301 Business Strategy|
|Type of Assessment:||Individual Assignment|
|Course Learning Outcomes addressed:||1,3,4,5|
|Assessment Task:||Reflective Journal|
This individual assessment task involves completing a reflective essay that includes a critical reflection.
An important aspect of undertaking an undergraduate study is to learn how to reflect critically on what you have been learning and how it could be applied in your practical life. You need to reflect on the following:
Critical Reflection on Business Strategy
It is important for the organizations or business to develop strategies that would help to accomplish the long-term goals and objectives of the organization. Within the organizations the strategies can exists in three main levels that includes corporate level strategy, business level strategy and operational level strategy. During the undergraduate study, I have learnt various theories related to the Business Strategy. I have learnt that the strategic capabilities are the business abilities that help to utilize the skills, competencies and resources of the organizations in order to gain competitive advantage in the market (Bentley, Omer & Sharp 2013). The strategic capabilities provide sustainable competitive advantage based on four criteria that include value, rarity, inimitability and organizational support (VRIO) (Kim, Lee & Shin 2015). I have learnt that these criteria provide value to customers, offers uniqueness that are hard to imitate by competitors and provides organizational support. The internal value chain includes the categories of activities within the organizations that help to create a product or service (Theyel 2013). From the undergraduate study, I have learnt that the value chain within an organization is linked to the Porter’s generic competitive strategy. There are three generic strategies identified by Porter and that includes cost-leadership strategies, differentiation strategies and the focus strategy (Tanwar 2013). I have learnt that the generic strategies of Porter can be applied in the workplace in order to identify the potential niche that would help to help the organizations to gain a competitive advantage in the industry. One of the other theories that I have learnt during the undergraduate study is the SWOT analysis that identifies the strengths, weakness, opportunities and threats of the organization and has significant impact on the strategy development of the organizations. In the workplace, the SWOT can be used in order to generate strategic options and identify the external as well as the internal factors that affect the growth of the organization. However, one of the limitations that I have learnt from the study regarding the SWOT is that during any complex business issues, the SWOT analysis is not adequate in order to make business decisions and it is required to make in-depth research and analysis in order to make important business decisions. The other limitation of SWOT is that it does not provide solutions or offer alternative decisions.
I have also learnt that whenever the performance of the organizations declines and the organization loses track of the internal and external environment factors, it results in the period of flux. The transformational change, top management conflicts and other issues are the integral part of the period of flux. I have also learnt that the businesses utilizes strategy clock, which is one of the model that is used in marketing for analysing the competitive position of the company. The hyper competition is one of the theories that describes market characterized continuous disequilibrium and change and I am also introduced to the theory of failure strategy when the customers are not provided with perceived value for money in terms of features and price of products (Gottinger 2013). The SAFe criteria is one of the theories that I have learnt that helps in evaluating strategic options and it includes the criteria of suitability, acceptability and feasibility. These criteria are utilized in the workplace where suitability criteria evaluates whether the business strategy addresses the key issues related to opportunities and constraints that organization, the acceptability evaluates whether the business strategy satisfy the expectations of the stakeholders. The feasibility is one of the criteria is SAFe that evaluates whether a strategy would work in work in progress.
During the tenure of the undergraduate study, which I was an integral part, I had participated in various in class activities. One of the class activities that I had participated is debate session, which all the undergraduate students were divided into different teams or groups and each of the team were provided with chits of paper by the tutor where various theories or topics related to the Business Strategy were written. Some of the team discussed about the utility and advantages of the theory and on the other hand, some of the team discussed about the limitations of that particular theory as per the instruction. By participating in this in-class activity, I gained valuable insights about the various theories related to the business strategy and I got an idea about how theories and knowledge would be applicable to me in the practical life in the future. I had also learned from the particular activity that several new ideas or perspectives related to the topic came up which enabled me to understand about the different views and issues that can arise while implementing this particular theories in the workplace or the business in daily life. Thus, it can be said the participation in this particular in-class activity improved my knowledge and skills that would be helpful to me in the future in regards to my career development.
For accomplishment of the reflective task, I tried by best to make use of the credible sources of information. The online resources that I have utilized for accessing the Business strategies include journal articles and various books of various authors. I have derived data from several peer reviewed academic journals from Google scholar for in-depth analysis of the selected topic. I also accumulated information from relevant news articles and various websites for analyzing the data from a broader perspective.
For example, I have collected relevant information from one of the credible online article, Forbes, which enlightened me about the design of value chain for the future (Hopkins 2019). The online source article makes me aware of the link between the value chain and the supply chain. The article describes that how the organizations should design a value chain that is capable of creating value to the customers and at the same time become more efficient and sustainable. From the article, I was able to distinguish between the supply chain and the value chain. This online article also provided information about how the organizational leaders need to think about the value chain design and introduces to the concept of integral value chain architecture and modular value chain architecture. It depends on the stage of maturity of the industry to ascertain which models of value chains to be used for the particular organization. I get information from the examples cited in the article about the value chain practices in some of the mature and the immature industries. Thus, it can be said that this particular piece of online article provides me with useful and relevant source of information that was accessed by me and is aligned with the Business strategy.
The effective strategic leaders are identified to be the ones who possesses the capabilities of understanding the value of using data during the process of decision-making and at the same time develops the organizational and departmental strategies. I pose some of the qualities that would help me to become a good strategic leader and some of the attributes possessed by me includes listening and communicating effectively, motivating others and many others. However, there are some of the areas I need to improve, that would enable me to become a successful and effective strategic leader. Some of the areas that I wish to improve in order to become a successful and effective strategic leader includes providing feedback about the performance of the followers and at the same time I would also expect the feedback from the subordinates about by leadership. I would also like to be more open to new ideas more frequently instead of following by my own intuition and opinion. This would not only be lead to the creation of the innovative workplace but also make the workers or employees under my leadership feel more valued and committed to their work. The other areas that would like to improve in order to become an effective strategic leader are the ability to interpret ambiguous data and anticipate new challenges. I order to make effective strategies and decisions it is necessary for me make sense of the complicated information by recognizing the right patterns and being undeterred by ambiguity during the complex situation (Schooley 2019). I would also wish to improve and train myself to be ready for challenges before their occurrence.
The example of one area, which I lack significantly and wish to improve so that I can become an effective strategic leader, is the ability to align differing opinions. I should be able to compromise and be able to bring team members and stakeholders together for accomplishing organizational goals. In order to improve in this area, I would like to connect with the people working under me as quickly as possible and it would help to prevent any sort of complaints and miscommunications. I would require strong communications skills, a lot of trust as well as the regular and continuous outreach for improving this particular are which I lack and improvement in this area would help me to become an effective strategic leader.