Business 599 Assignment 1

Topics: Strategic planning, Strategic management, Business Pages: 4 (1724 words) Published: May 8, 2013

Marketing Research Objectives
Assignment 1: Week 2
Rosalind R. Smith

Strategic Management: BUS 599

Dr. Rhonda Polak, Professor

May 5, 2013

How can a business be profitable and succeed? How have companies like Apple, Coca Cola and Microsoft earned the prestige titles of being labeled the best in their industry? What do all of these companies have in common? All of these companies have a functional business strategy. A business strategy according to Thompson, Strickland and Gamble (2009) is management’s action plan for running the business and conducting operations (p.6). A business strategy details how a company plans to grow a business and how to attract and please customers. The business strategy entails how a business plans to compete in the market, conduct operations and improve the company’s financial and market performance. The most impactful part of a business strategy dictates how a company plans to strengthen its long-term competitive position and gain an advantage over rivals. Business strategy basically helps you define what you want your business to look like, how you want to get there and what specific steps you need to make it a reality. A company’s ultimate success or failure is based on its long-term direction, strategic moves, and business approaches. Developing a strategy is important because it details the exact how to with regards to achieving any targeted results for a business. It also helps respond to changing buyer preferences, react to new market and competitive conditions, and long-term preferences. Without an established business strategy, there is no road map for pleasing customers or even meeting business objectives. Wings Learning Academy is a private school catering to grades Pre-K Four through fourth grade with Christian values as its foundation and basis for its core principles. The mission of Wings Learning Academy is to provide every student with the values, knowledge and skills to become independent,...
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