Business Strategy Assignment - Doc

Added on - 21 Jul 2020

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Business Strategy
Table of ContentsINTRODUCTION...........................................................................................................................1ASSESSEMENT:............................................................................................................................1SWOT Analysis..........................................................................................................................1VRIO Analysis............................................................................................................................4TOWS MATRIX.........................................................................................................................7CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONA business strategy is a plan action designed to achieve certain goals and objectives. Itgives a clear description of the means by which the goals will be accomplished. The strategies inthe long term are generally established for a time period of 3-5 years. It gives a clear descriptionof scope of business operations (Annabi and McGann, 2013). Formulating a business strategy isessential for a business as it defines the objectives and means to achieve team. The analyticaltools such as SWOT, TOWS and VRIO are used in formulation of strategies. These tools can beaccessed by both beginners and experts. The tools gives a clear picture of the working of thebusiness and pays emphasis on activities which are crucial for organisation. A effective businessstrategy helps in accomplishment of the business objectives in a competitive and economicalmanner.ASSESSEMENT:SWOT AnalysisSWOT is one of the most commonly used analytical tool. This tool can be easily accessedby a beginner as it does not involve and technical requirements. SWOT stands for Strengths,weaknesses, opportunities and threats (Mehta and Mehta, 2011). Strength can be defined assoundness of individual or best performing parts. Weaknesses are the skills that lack in anindividual. Opportunities are the chances to grow skill and threats are the situation which reflectdanger and pain. I have conducted SWOT analysis on myself trying to gauge the skills andcapabilities I need to evolve in order to grow personally and professionally.STRENGHInterpersonal skillsDecision MakingKnowledge of managementTime managementMS officeWEAKNESSESLack of practical applicationless work experiencePressure Handlingless participation in social activitiesOPPORTUNITIESWork experiencelearning SoftwarePractical application of learningTHREATUnemploymentNo opportunitiesCompetition1
Develop employable skillsStrengthSWOT when applied on individual gave a clear view of the skills which are optimum andskills which require nourishment. Strength are performing skills which are yielding output suchas interpersonal skills and adequate knowledge of the topics of the management. The mentionedskills does not require much efforts as they are appropriate considering the given circumstances.The major strengths of Starbucks are its strong financial position and goodwill of the company.Catering the premium segment company is #1 coffee provider in the world. The profits earned bythe company invested for expansion in business. The company can utilise these strength to ableto achieve a bigger market segment by retaining its position.WeaknessesWeaknesses are the non performing skills which require nourishment for the overallgrowth of the individual. The lesser work experience and less practical knowledge are the areaswhere I have to work in order to turn them into my strengths. I have to focus on applying thegained knowledge into various areas of life and work to develop a better understanding aboutthem. It is evident from the above analysis that I am not able to handle pressure well. So I haveto face those circumstances in a regular manner to know how to deal with them in a bettermanner. I have to learn to be more social to change the perception of the people about me in theirminds.The weakness of Starbucks is its dependency of on coffee beans which makes thecompany vulnerable to the market fluctuations. The company needs to divert its resources intovarious segment to have a financial stability.OpportunitiesOpportunities are the chances to grow to an individual and develop the needed skills(Moseley III, 2017). In order to become a successful business person I have to gain a betterunderstand of the market which can be done through more experience. Staying updated in termsof technology and practical application are the areas in which I have the chance to use theknowledge I possess in a practical manner. Along with this I have to gain employability skillssuch as punctuality, discipline and work management etc.The opportunities in the case of Starbucks are its expansion into the emerging marketsand lining up a diversified range of the products. The company should raise capital to open its2
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