Learning Team Weekly Reflection
In week two, the objectives up for discussion were 2.1 Measure an organization’s internal and external environments using environmental scanning, 2.2 Determine relevant business competitive strategies, 2.3 Analyze how to create value and sustained competitive advantage through business strategy, and 2.4 Choose measurement guidelines to verify strategy effectiveness. Team “A” discussion includes these objectives, and the comforts and struggles with each topic.
Items Struggled With and Items Comfortable With
No one on the “A” team struggles with any of week two’s objectives. Chelsae enjoyed relating herself to the strategic planning that is involved within a company that provides their individuality as well as their strides taken to overcome the competition. Chelsae states the importance for ideas to be incorporated within each business as this will ensure everyone is aware of their objective, goal, and process to their strategic planning. Alicia states that the material in weeks one and two provides a better understanding of the strategic planning process and how important to the success of a business. In assisting the success of the business, it is important that each member of the business is on the same page. It was also discovered that environmental scanning helps to determine the impact that an organization might have on the environment, as well as the impact that it might have on the product and service that it is looking to offer. For example, you would not open a snow plow business in a place that does not get snow with the season. Environmental scanning can identify opportunities, threats, strengths and weakness. In the strategic planning process, a business has to find away to stay ahead in a very competitive market.
Chelsae states it is interesting how there are a number of different responses and reactions to making, reviewing, and execution of business strategies. As individuals, when one researches a business and how the business fails or succeeds, one must consider what made the business, and make the changes that lead to either success or failure. However, when conducting business, risk is always a part and the only way to mitigate risk is by successful strategic planning and knowing the organizations potential. Darlene states an important concept in the strategic management planning is grasping an understanding of the surroundings of the business, such as the external and internal environment factors, along with the competition. It is important for the business to identify the different changes from the environment and adapt quickly so to out maneuver the competition. Continuing success for companies comes from the ability to respond quickly to the positive and negative effects that the internal and external environment has to offer. Wheelmen and Hunger state that “research has found a positive relationship between environmental scanning and profits” (Wheelen & Hunger, 2010, p. 98)....