BUMGT5928: Reflective Essay on Strategic Enterprise Planning

This reflective essay documents a student's experience in a Strategic Enterprise Planning course, focusing on the challenges encountered while developing a strategic business plan. Key challenges included specifying positioning, critical analysis, and incorporating critical thinking. The student reflects on both the advantages and disadvantages of tactical corporate planning, highlighting the development of problem-solving and decision-making skills, alongside the limitations of strategic management in fostering creativity and innovation. The reflection also covers the application of marketing techniques, the impact of business plan limitations, and the importance of stakeholder management. The student discusses the process of market analysis, competitor assessment, and financial projections, while also addressing data collection challenges and the role of theoretical perspectives. Ultimately, the student emphasizes the enhancement of confidence, collaboration, and critical thinking skills, and suggests improvements for future projects, such as utilizing modern research techniques and sensitivity analysis. Desklib offers this and other solved assignments for students.

Running head: BUMGT5928
Individual Reflection
Student’s Name:
Student’s ID:
Subject:

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This particular essay is the reflective work of my strategic business plan whose purpose is to
redirect my working with my team members while completing the project. It is consider as a
great experience for me as it provided me a great opportunity for learning different problem-
solving techniques that would be helpful for me in the coming days to solve the organizational
problems. This essay will discuss the key challenges that I faced at the time of creating an
implementation map and a development plan.
Throughout the development plan, the hardest challenge that I faced was specifying positioning.
In order to specify the positioning, there is a need to understand the requirements of the
customers (Nickols, 2016). While doing so, I faced some of the other challenges such as lack of
critical analysis, critical judgments and no involvement of critical thinking. However, as I was
strongly motivated and committed that eventually helped in overcoming with these significant
challenges. I was assigned the role of evaluating, analyzing, and collecting marketing aspects
as it is my durable point on this particular area. Thus, for accomplishing the task effectively,
several significant challenge is faces by me to complete the task collaboratively with the team
members.
The method of tactical corporate planning possess some advantages as well as disadvantages.
It is beneficial in recognizing the responsibility as an entrepreneur which, in turn, helps in
completing the work efficiently and achieve success (Mostaghel, Oghazi, Beheshti & Hultman,
2015). It is also helpful in taking appropriate actions related to organizational activities.
Throughout the process, I acquired various skills, such as problem-solving and decision-making
skills. It also helped me to identify my strengths and weaknesses and provided me an
opportunity to set an objective for the future. With the help of strategic management, I can view
things from an organisational perspective. On the other hand, it also possesses some
disadvantages like in order to develop plans, it needs to anticipate the future environment
(Pavlenchyk, Horbonos, Pavlenchyk & Skrynkovskyy, 2018). During the process, I
acknowledged that strategic management lacks creativity and innovation and the ability to
develop innovative strategies. During the process, I was expected to analyze the business plan
and apply critical thinking. At the time of the lectures, the components related to the study help
to use marketing techniques and tools into this particular research. I also understand the various
ways of relating the theoretical aspects into practice so that it can help me to gain both practical
as well as theoretical knowledge. Thus, with the help of journals and books, I applied knowledge
to regulate the strategic visualization, goals and objectives related to the study.
While executing the business plan, I come across various limitations that create an impact on
business operations. It generates rigidity such as, internal and external flexibility that makes the
business plan less effective. I gathered knowledge that planning for business fails to work in a
dynamic environment as it is less profitable and productive. It is a time-consuming process that
involves high costs and decreases creativity (Saade & Nijher, 2016). Thus, it provided me with a
considerable understanding and knowledge of the limitations that influence business goals.
Furthermore, the process of strategic planning helped me in polishing and improving my
communication skills. While working on a business plan, I have learned the procedure of making
a report, checking different sources, developing research methodology, and carting out
research. The proposed business plan is entirely based on market acquisition and penetration
with projection technology, ambiance facilities, and customer service (Shao, Wang & Feng,
2016). Apart from this, I got practical experience of how to apply marketing theories and models
and applying different marketing techniques.
During the execution of the strategy management process, I learned that stakeholder
management is a significant aspect of any business that must be done appropriately. However,
applying a stakeholder map helps in identifying the external and internal stakeholders of an

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organization (Shao, 2019). The investor mapping helps in making appropriate changes to the
project mission. Thus, grouping the stakeholder map I came to understand the influence as well
as control that constitute the stakeholders in relation to this particular project. Considering the
technical background I was able to conduct the stakeholder analysis prospect and by following
this I have implemented the stockholder mapping. Hence, I have realized that formerly entering
the market, it is quite essential to understand the nature and trends of the customers and utilize
proper strategies to collecting reliable and significant information regarding consumer needs. By
following the process the market analysis has been conducted and this has help me to learn
regarding market forecast and extent as well as market share. While developing a business
plan, it is important to assess the strategies applied by the competitors, costing and marketing
strategies, critical success factors, business core competencies, and targeted market segments
(Tarhini, Ammar, Tarhini & Masa’deh, 2015). Therefore, this business plan enable me to project
the financial reports properly and it also allow me to make the business position in the market
with the help of knowledge of resourcing and staffing for business.
In the procedure of constructing an effective business plan, I have faced certain problems
related to admittance of collecting appropriate data an information related to the topic. The
theoretical perspectives enable me to conduct the research properly and it also help me to I
practically collect the information and data related to strategic planning. In order to collect data, I
decided to conduct interviews with the managers of different organizations, but few of the
managers were uncooperative that created difficulty for me in collecting accurate data.
However, the theories taught me the procedure of conducting interviews and collecting relevant
data and use this knowledge to analyze the appropriate financial projection of the organization.
The theories useful in implementing different models that should be suitable for different
situations and also helpful in fulling the resources as well as the requirement of employees
related to the business (Vargas et al., 2016).
While appropriate decisions regarding the process of strategic planning, I faced various
challenges and problems such as inconsistency, presentation appearances description and
limited research aspects. All the above mentioned challenges create adverse impact on forming
the business plan. However, through strong determination, passion, drive, and energy, I
confidently approached all the issues. As a result, I consider myself a strong individual who is
capable of formulating objectives and strategies to achieve success. The purpose of conducting
a marketplace analysis of an organization is to examine the ability and feasibility of a product
(Chofreh, Goni & Klemeš, 2018). In order to ignore such issues and challenges in the future, I
would like to implement some different approaches. In the future, I will be focusing on improving
my encouragement problem and make proper prospect of time management. The other zones
that need improvement are market imposts and investigative skills respectively.
There comprise of certain factors and aspects that eventually helped me in improving and
developing my learning and understanding aspect regarding the procedure of tactical planning.
The lectures and workshops taught me how to research in appropriate fields. Developing a
business plan helps an individual to enhance strategic planning and problem-solving
techniques. Hence, I have learned how to implement theory into preparation, which was
consider as a new concept for me, and I was successful in understanding this. Overall the
utilization of knowledge in a practical situation helps understand the business plan (Choi, Kim &
Do Noh, 2015). Therefore, I made efficient use of theories to enhance my understanding
regarding the business plan. As a result, practical experiences was developed with the help of
theoretical knowledge (Shen, Chen & Wang, 2016).
During this process I have utilized various facts and examples that highly helped me in arguing
the points in discussion in a better way that enhanced the argument. I used different sources for

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searching new variables that improved my researching and investigating skills. As a result, it
helped me in understanding the topic effectively that will prove to be helpful for me in the
research process that might held in the future. While the business plan helped me in enhancing
my confidence level and collaboration with the other team members.
In case if I was assigned to execute the same task, than I would have preferred to make an
efficient uses of modern techniques for researching and arguing purpose. As per my opinion it
must have made the argument more encouraging. Furthermore, by executing work on creative
and modern principles of accounting might have supported me in upgrading my knowledge
regarding accounting. While writing the report I would have made use of computer as it is
determined to be an efficient way in improving my computer skills. Moreover, I would have
made use of sensitivity analysis that is regarded as a method for examining the amount of
sensitivity of a device. This would have been done by adopting the changes in incremental
approach which is a tool that helps in considering numerous values of particular aspects
(Agarwal & Ansell, 2016).
It is highly recommended that the organizations must balance their personal interests with the
communities and employees. It will help me in the future to increase the profitability and
efficiency of the organizational activities followed by the business plan. According to my opinion
the companies must satisfy the needs of the stakeholder group that will help in mitigating the
conflicts and challenges. Moreover, it is also recommended that the management must focus
upon the actions and behavior of individuals, cultural aspects and individual level.This will help
in enhancing the operational factors that will be helpful in making appropriate decisions.
As per my perspective, a business plan is practicable as it is helpful for me in understanding
and implementing critical thinking skills. It also plays a significant role in evaluating the data and
considering the variables that have been learned while creating a business plan. The firms are
needed to consider the real life incidents while creating a business plan that helps in making
appropriate decisions and planning. The adoption of strategic planning ideas proved to be
helpful for me in improving my management experiences. Thus, the paper concludes that
strategic planning is regarded as an individual operations whereas, strategy is determined to be
an ongoing procedure.

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References
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