How Strategic Management is Facilitating Plans to Support Organizations
Module 2 - Case
STRATEGIC ADVANTAGE: ANALYTICS AND ECONOMICS
Assignment Overview
Economic Implications of Organizational Strategies
Most college students take at least one undergraduate economics class, which they often quickly forget. When the pandemic created a global economic event, the lessons of that class became more critical as businesses navigated uncertain circumstances. This case will allow you to expand what you learned in MBA Economics course.
Case 2 Resources
The Relationship between an Organization and its Environment (2022)
Evaluating the General Environment (2022)
Resource-Based View (2022)
Leadership: Business Economics Insights (2022)
Managing Operations: Sustainable and inclusive growth: A weekly briefing (2022)
Data Analytics: Artificial intelligence and data analytics can unlock new economic opportunities (2022)
Financial: The Impact of Recessions on Businesses (2022)
Marketing: 7 Keys To Marketing Under Economic Adversity (2022)
Ethics: The CSR Pyramid: Economic, Legal, Ethical, And Philanthropic Responsibility (2022)
Case Assignment
Using Economics to Guide Strategy
The global economy will function differently in the foreseeable future due to the effects of pandemic disruptions, a war in Europe, and inflation. The term “new normal” is being used as organizations figure out how to leverage environmental analyses and develop strategies in uncertain times. As with all of the other strategies undertaken thus far in class, a multidisciplinary approach is necessary.
While not focusing on a single business or industry, research how strategic management is facilitating plans to support organizations in the post-COVID economy. Use quality research published within the last year. Articles from the library databases are a good choice. Library databases allow searching by date. In Google search, click “Tools” and enter the date range.
Leadership: Look at the management planning function under economic uncertainty. (1 page).
Managing Operations: Assess how operations can be scaled to support changing economic conditions (1 page).
Data Analytics: The role of data analysis. (1 page).
Financial: Examine accounting/finance practices that can be applied. (1 page).
Marketing: Consider how marketers contribute. (1 page).
Ethics: Include ethical concerns. (1 page).
Making Connections
Explain how Strategic Management provides a foundation for the cross-functional teams to join forces to steer an organization in economic uncertainty. (1 page; research required)
No quotations are permitted in this paper. Since you are engaging in research, cite and reference the sources in APA format. NOTE: Failure to use research with accompanying citations to support content will result in reduced scoring “Level 2-Developing” across the grading rubric. This is a professional paper, not a personal one based on feelings. It must be written in the third person. This means words like “I,” “we,” and “you” are not appropriate.
Assignment Expectations
Use the attached APA-formatted template to create your submission.
The template is set up in APA 7: double-spacing, font, margins, headings, page breaks, APA help links.
MGT599 Case 2
Your Name
Trident University International
MGT599 Strategic Management
Due Date
Introduction
The covid-19 pandemic has had severe ramifications for businesses. In addition, inflationary pressures and other aspects have made the economic conditions quite uncertain. This paper will focus on the role of strategic management planning in navigating this kind of economic terrain.
Management and the Economy
Leadership is a crucial aspect of contemporary management practices. Considering the ramifications of covid-19, inflationary pressures, and other aspects that modern businesses face, businesses will require competent leadership to thrive. Proper leadership will be necessary to ensure the management planning function under economic uncertainty is done meticulously. One aspect that will be necessary is visionary leadership. Visionary leaders have a remarkable ability to create a well-considered plan to help a business navigate difficult circumstances (Schaedler et al., 2022). The leaders also have the ability to motivate employees toward achieving the plan. The other aspect is adaptive decision-making. In the wake of economic uncertainties, businesses must be prepared to be incredibly flexible. Flexibility involves having the ability to adapt to changing dynamics. For instance, when market dynamics or customer preferences change, a business must quickly adapt. Leadership is essential in promoting and effecting this kind of agility.
Under economic uncertainties, business leaders ought to be collaborative and inclusive. Inclusive leadership helps bring together different perspectives. It also enables come up with innovative solutions to prevailing challenges. Therefore, having collaborative and inclusive leadership is essential to going through economic uncertainties successfully. The other aspect involves the art of being resilient and the ability to manage change effectively. The economic uncertainties make it hard for businesses to foretell the future (Schaedler et al., 2022). Therefore, it is essential to put in measures that make a business resilient. Some measures include having contingency plans in place and ensuring that the workforce is flexible. Evidence has shown that change management is not always an easy process. However, under economic uncertainties, a business must ensure adequate measures for effectively managing change.
Marketing and the Economy
In the face of economic uncertainties, marketing is crucial in helping a business thrive. Marketers must look for creative and innovative ways to help sell products in a challenging business environment. Marketers can carry out several activities to help businesses navigate the constantly evolving business landscape. Marketers can contribute to the strategic management planning of a business by carrying out proper market research (Schaedler et al., 2022). For example, they may analyze the current market trends, the prevailing customer preferences, and the changing consumer behavior. They may also identify any marketing opportunities and potential threats brought about by the changing business landscape. By carrying out this research, marketers can help the business organization always be ahead of the competitors (Light, 2022).
Marketers can also contribute by ensuring a swift shift in branding and positioning. Evidence has shown that appropriate branding and positioning are essential to the success of the business (Schaedler et al., 2022). An example of such a shift would be presenting the business as one that cares about the ramifications of covid 19. A perfect way to achieve this shift would be to promote safety and social responsibility for the effective management of covid 19. Effective branding and positioning have been shown to increase customer loyalty. The other way marketers can contribute is by ensuring proper digital transformation. Having a proper digital marketing infrastructure can help reach a wider audience and promote more sales. The digital landscape is diverse. In contemporary society, marketers can use social media, websites, and other digital tools to reach a wide audience. These measures would play a crucial role in helping the business thrive in the uncertain business environment.
Data Analysis and the Economy
Data analytics must be part and parcel of any strategic management planning of any business that intends to thrive under the contemporary uncertain business landscape. Extensive evidence has revealed that successful business uses proper techniques to analyze the existing tons of data to make informed decisions (Schaedler et al., 2022). Therefore, businesses must leverage data analytics to thrive. One way that data analysis contributes to effective strategic planning is through data-driven decision-making (Kotin, 2022). Analyzing large volumes of data can help a business identify patterns and insights that would have otherwise been impossible to figure out. For example, data may reveal the current consumer preferences and market trends. Therefore, it is essential for businesses to ensure that they analyze both structured and unstructured data. After the analysis, the conclusions made can be used to guide decision-making and strategic planning. The odds of being successful are more when the analysis informs the decision made on relevant data.
Effective data analysis helps carry out proper risk assessment and management. The modern form of data analysis is so advanced that businesses can analyze historical and real-time data. Therefore, it is possible to forecast potential market shifts and risks that the businesses are likely to face. The forecasts have a high accuracy rate, for they are based on analysis of market data. Therefore, the analysis can be used to anticipate potential risks and put in measures to manage those risks. In addition, data analytics can help in monitoring business performance (Kotin, 2022). It is possible to measure the progress made and the changes/ adjustments that should be made by measuring key performance indicators.
Operations and the Economy
In the wake of uncertain economic conditions, modern businesses must have the ability to scale their operations effectively. Failure to do so would most likely mean a doomed future for the business. To effectively scale their operations, businesses must put in mechanisms to ensure agile resource allocation. Agile resource allocation refers to the ability to quickly adapt the allocation of resources when the need arises. This agility could be achieved by having an effective mechanism for hiring more labor during peak periods. It could also involve carrying out comprehensive training programs so that the workers can become versatile. Another great strategy to scale operatio...