Business Strategy Development, Free Essay for You

In an organization, normally, business strategy development is carried out simultaneously in parallel working groups. An appropriate developed business strategy will allow the organization to grow and increase its profitability, which is based on the aspect of problem solving related to strategic thinking for decision-making. Process and strategic thinking entailed in business strategy development are critical to ensure the success of the organization in the future. The following paper will explore the process of the steps taken and strategic thinking behind the organization's development of an effective business strategy.

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Process

The process is considered as an essential aspect followed by the management of an organization to inform, support, and shape strategic decisions that arise in developing a business strategy to solve a certain problem. According to Rumelt (2017), the process followed in creating a strategy ensures the outcome is coherent, can coordinate actions, policies, or resources that will be useful to an organization. The process involves setting-goals, analysis, strategy formation, implementation, and monitoring. Steps that are taken by the business ensures the process has achieved the goals and objectives of the business. The business will take the necessary steps to ensure that it understands the prevailing competitive advantage and its core competencies that are critical in the planning process (Ingham, 2015). Therefore, for an organization to achieve a long-term achievement, the development process allows in defining the vision of the business and utilize strategic thinking models that offer appropriate solutions required to achieve organizational advantage and sustainability. Subsequently, the business will assess the strategy-development process through a thorough analysis of the internal operations to comprehend the background and opportunities that ensure an organization achieves success. Therefore, the business will have a strong understanding of patterns in the firm and the whole market place.

Strategic thinking

Strategic thinking offers the organization an ability for discovering new and imaginative strategies that will allow the business to compete, through envisioning to a successful future. Therefore, the planning process involved utilizes innovation, operational, and strategic planning to develop and implement business strategies that will be successful (Ingham, 2015). The thought process behind strategic thinking by the organization is to create and implement a strategy that is more coherent and will combine business operation by integrating a decision-making framework to solve a problem that might arise. Strategic thinking allows an organization to utilize both internal and external analysis to understand the ability of the business to grow and be successful (Thompson & Martin, 2010). Therefore, to implement a strategy successful that has been created through the strategic thinking process requires all the stakeholders in a firm to cooperate. This is achieved by the business identifying and promoting values that ensure an organization can achieve its strategic goals.

Decision model

The business utilizes the flow model in its decision-making process to implement a business strategy. To make challenging decisions, the business determines a balance that will allow in enhancing the performance of the organization. The model offers the business a clear understanding of the objectives and goals that a business needs to achieve (Krogerus, Tschappeler & Piening, 2011). Also, the model ensures that there is immediate feedback to ensures decisions are made that will ensure the business becomes successful. The model aids the business in ensuring that all the involved stakeholders have personal control of the situation at hand. This is achieved as the business has already set goals that are important to ensure the business focuses on accomplishing its goals. Also, the model enhances and improves the concentration of the staffs to ensure each person is focused on implementing the business strategy. The flow decision model highlights the relationship between the perceived skills of the organization and the complexity of the task.

Conclusion

In conclusions, process and strategic thinking are critical aspects of business strategy development. Both aspects offer the business with the necessary knowledge required to ensures that a successful strategy is implemented in business operations. Therefore, based on the decision model utilized by the business, it ensures an effective decision-making process is achieved.

Annotated Bibliography

Thompson, J. L., & Martin, F. (2010). Strategic management. Andover: Cengage Learning.

Thompson and Martin's book offer the process followed in the strategic decision-making process. The authors establish the approaches utilized by the organization to ensure that strategic decisions are made for the benefit. The book is essential as it offers management of business the appropriate approaches to follow that will ensure an effective business strategy is implemented.

The authors include relating to the strategic process that a business can follow in implementing a business strategy. But the main strategic process offers insight on the essential aspect of strategic thinking that is responsible for creating and developing a business strategy that will ensure the future success of the business. The author's main aim is to offer a strategic management approach that will be followed until a suitable business strategy is attained.

Ingham, J. (2015). Strategic human capital management. London: Routledge

Ingham establishes the approach of human capital in strategic management, which is essential for the business to achieve its goals and objectives in the market. The concepts offered by the author focuses on identifying critical aspects that the management of a business will require in creating a business strategy. Based on the views of the author, determine the available human capital that is available in the organization will allow the business to implement a sensible business strategy.

Ingham offers insight to the reader on the process to follow in ensuring that a successful strategic plan is followed through focusing on the strategic processes. Therefore, the book is an important tool in assessing and analyzing the ability of a business to achieve its goals and objectives based on the business strategy implemented.

References

Ingham, J. (2015). Strategic human capital management. London: Routledge.

Krogerus, M., Tschappeler, R., & Piening, J. (2011). The decision book: Fifty models for strategic thinking. London: Profile Books.

Rumelt, R. P., (2017). Good strategy, bad strategy: The difference and why it matters. London: Profile Books.

Thompson, J. L., & Martin, F. (2010). Strategic management. Andover: Cengage Learning.