Assume that you will be starting your own business and you are in the process of developing your business strategy.
1.Define the sector and industry of the business and provide a brief introduction on the business and its operations.
2.Apply the vocabulary of business strategy on your hypothetical business including business mission, vision, goals, objectives, etc.
3.Reflect on the business’ strategic position, strategic choice, and how you will implement your strategy in light of the resource-based view of the firm and the stakeholders’ view of the firm. Benchmarking against best practices in the industry is recommended to answer this question.
4.Critically evaluate the challenges that the business may encounter at the stage of development and implementation of the business strategy, and set a plan to counteract and offset the impact of these challenges to avoid strategic drift.
Support your response with evidence from academic literature and best practices. References: Johnson, G., Whittington, R., Regner, P., Scholes, K., and Angwin, D. (2019) Exploring strategy: Text and cases. (12th ed.) Harlow: Pearson. (Links to an external site.) Chapter 1. Folkman, J. (2021) Strategic thinking: The pathway to the top. Forbes [online] 5 February 2021. Available at: https://www.forbes.com/sites/joefolkman/2021/02/05/strategic-thinking-the-pathway-to-the-top/?sh=76d329d65535
Guerras-Martín, L.A., Madhok, A., and Montoro-Sánchez, Á. (2014) The evolution of strategic management research: Recent trends and current directions. BRQ Business Research Quarterly, 17(2), pp.69-76. Available at: https://www.sciencedirect.com/science/article/pii/S2340943614000188
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