Developing a strategy for your firm is a key part of success in
the StratSim environment and in real life business operations. Your
strategy will serve as your firm's "roadmapâ€ throughout the
simulation. A strategy consists of an integrated set of choices.
Use the framework below as your guide to create all the elements of
a business strategy.These choices relate to five elements managers
must consider when making decisions: (1) arenas, (2)
differentiators, (3) vehicles, (4) staging and pacing, and (5)
economic logic. These groups of elements, are central to the
strategic management process - "The Strategy Diamondâ€, A visual
of this can be found on the course moodle site.
Most strategic plans focus on one or two such elements, often leaving large gaps in the overall strategy. Only when you have answers to questions about each of these five elements can you determine whether your strategy is an integrated whole. You are required to consider the following 5 elements in your assignment 2 in an environmental scan and analysis of your firm using the tools in the course. You need to complete the following
1. analyse using the strategy diamond
2. use at least TWO of analytical tools to further analyse the environment
3. identify and summarise the gaps in the firm
4. build objectives
5. formulate a strategy
6. offer options and then decide on a recommendation for the future .
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