Business Studies

Discussion must be in current APA format and must include a reference list. Reference sample make sure to include DOI-Drollinger, T., Comer, L. B., & Warrington, P. T. (2006). Development and validation of the active empathetic listening scale. Psychology & Marketing, 23(2), 161-180. https://doi.org/10.1002/mar.20105 There needs to be 2 scholarly references and 1 biblical references from the King James bible in the paper

Minimum of 275 words in the body
Minimum of 2 sources from the literature in addition to course texts
Current APA format must be used.

Content must include:
• Summary of the author’s Thread – no less than 150 words
• What you agreed with, did not agree with and why – no less than 125 words
• Support your factual assertions with citations.

Discussion to Reply to:
Strategy Development, Strategy Decision, & Decision Models

Strategy is a plan of action tailored towards achieving a long- or short-term goal. In one way or the other, we all, to a specific extent, devise strategies to attain individual or group goals. While in college, an experience occurred in a fellowship called World Changers Christian Campus Fellowship, and the cohort had a slogan that still resonates today. It says, “see the future, take a step and change your world”. This slogan embodied the concept of strategy; where one is now, where one wants to be, and how one gets there. Luke 14:28 emphasizes the importance of strategy when Jesus uses the analogy of starting a construction project (New King James Bible, 1769/1988). Jesus says it is unwise to begin building a project without first sitting and counting the cost involved before starting the project. In business, the word strategy takes a whole new meaning because the company is within a market environment full of competitors. According to Gamble et al. (2021), a company’s strategy is its managers’ coordinated actions to outperform the competitors and achieve superior profitability.

Strategy Development

To develop a strategy, a business must start with a written strategic plan (Zeps & Ribickis, 2017). A written plan is like a roadmap that you keep referring to ensure you are on the right track. It allows one to review, rethink your strategies and measure your success. According to Rumelt (2011), the idea that people have goals and automatically chase after them without a written plan is plain wrong. A list compels the business managers to reflect upon the most fundamental purpose of the business and, in turn, assist with devising ways to advance them. It could outline the business goals and identify different options available to achieve them. That is, formulating a hypothesis about what may work and what may not work and adjusting your strategy as you go. An excellent strategic development process will involve understanding the current position of the business within the market, an assessment of how the business got to where it is right now, an analysis of the business environment, identifying the options available, setting measurable objectives, implementing the strategy, and reviewing its outcome. Another critical aspect of strategic development is considering the resources necessary to accomplish the strategy. Significant resources include skills set, employee knowledge, and material and financial strengths.

Strategic Thinking

Strategic decision-making is vital when implementing a strategy and should not be done without enough information as it defines the path the company is taking for at least the long term (Gamble et al., 2021). Initially, executives must consider the importance of the decision because some decisions are more critical than others. Also, consider the motive of the decision; it is the decision made in response to a market opportunity or a threat (Elbanna et al., 2020). To help implement strategic decisions, businesses must primarily consider the nature of their business or what business they want to be in. Secondly, consider the vision for the business, where does the business what to be in the short or long term. Also, assess how well the business is doing presently, its successes and failures and how it got to this point. In addition, discuss the different options available to improve your position while considering the threats that could stifle advancement. Lastly, consider what the business must or must not do to succeed. This initial assessment will provide a better picture of where the company is, where they want to be, how to get there, and how to maintain success. Decisions made after such assessments could lead to changes in organizational structure, culture, financial decisions, management changes, and adoption of new technology, and the list is exhaustive.

Decision Model

Individuals, like business managers, either consciously or unconsciously, have decision-making models they depend on to make decisions. There exists an array of decision-making models, but the rational and intuitive models. The rational model is logical and consistent and involves systematically thinking things through. According to Krogerus and Tschappeler (2017), in rational thinking, if the decision is a relatively straightforward one, impartially weighing up the pros and cons is likely to lead to the right outcome. This model examines the problem, identifies the potential solutions, determines which solutions are best for the desired effect, and selects, implements, and evaluates. This model is most effective if the decision is straightforward and the reaction time is longer. However, some decisions must be made abruptly, with little or no time to think through a solution. In situations like this, reliance on intuition is essential. So how does one turn off the rational side of thinking? Krogerus and Tschappeler (2017) quote psychologist Gerd Gigerenzer, who suggested that “if you can’t decide between two options, toss a coin. While spinning in the air, you will probably sense which side you want to land face up. You then don’t even need to look at the actual result” (p. 44). In addition, an excellent way to reach a quick decision is to use the Yes/No rule. Lastly, as Christians, we must understand that God who supplies our resources and gives us the privilege of joining Him as co-cultivators, has provided us with a relentless spirit of creativity. Therefore, we must rely on the holy spirit when faced with obstacles (Keller, 2014).

Conclusion

A business without a clear and intent strategy is likely to fail in today’s competitive business environment. Developing a clear and concise strategy is vital to any company’s survival. Winning strategies are not meant to keep a business afloat; they are designed to outperform the company’s competitors and achieve exceptional profitability in the long run. Therefore, to gain a competitive advantage and to stay competitive, managers must understand the relationship between decisions and their effects on the company’s desired outcome. A lousy decision taken at the wrong time may lead to a disaster and vice versa.

ANSWER

Response: Strategic Planning

Planning and strategy is an essential part of life. Strategy is a plan of action to ensure that one achieves their long-term or short-term goal. According to the New King James Bible, proverbs 24:6 says that strategic planning is the key to warfare and winning. This means that in everything one does, the only way they can achieve their goals is by planning and planning diligently. It also says that one needs a lot of good counsel. Apart from planning and creating strategy, organizations also need to sit with their advisors and get insight from them on the best action. A strategy starts with one writing what they need to get done (Asobee, 2021). Most of businesses do that by writing proposals and creating a road map to which they refer every step of the way. A written plan is important because it enables the leaders to review strategy, measure their achievements and change the things that are not working.

I agree with your discussion, especially on strategic thinking. I agree that strategic decision-making is an important factor when implementing strategy and that one needs enough information as this is what maps out the path of the organization. For example, if a company wants to start outsourcing some of its work to other companies to cut costs, the company needs to plan. It also needs to have enough information about companies in the same industry that are outsourcing their work and whether or not they are successful (Aljuhmani & Emeagwali, 2017). They also need to have enough information on the best companies to outsource their work without compromising the quality of their services. It is also essential to consider other factors, such as the motivation for the decision.

References

Aljuhmani, H. Y., & Emeagwali, O. L. (2017). The roles of strategic planning in organizational crisis management: The case of the Jordanian banking sector. International Review of Management and Marketing, 7(3), 50-60.

Asobee, M. S. (2021). Exploring the importance of strategic thinking to strategic planning in the strategic management process. Journal of Business and Management Sciences, 9(2), 68-70. DOI:10.12691/jbms-9-2-2

New King James Version Bible.