1 In your own words and using referenced quotes explain why strategy
theories developed in the last 10 years tend to be quite different from those
developed in the 1960‟s (c200
words)
In the last 10 years we have noticed certain change in the business function that differ greatly from the 1960’s. There is a universal truth that ‘Nothing remains for constant’ so this applies in business process, trends and theories. Business strategy theories are evolving according to the environmental needs and demand to sustain its management activities in this new age of era. The basic aim of strategic planning is to make daily organizational decisions with vision of organizational objectives and goals. According to change in time, people adapt the various strategic theories due to high competition and to sustain business related activities
Some of the major changes in business strategy theories developed in the last 10 years and 1960’s can be done through strategy theory responses:
Option theory: as compared to last 10 years and 1960’s, today’s business firm has rigorous competition among them. These competitions drive market-fierce with new entrant of substitute goods and threats. The market is changing unexpectedly, adopting flexibility on change is consider to be the most important to remain competitive among others firm. So today’s business firm are changing their strategy as per the company need and to cope with the changing environment.
Complexity theory: if we look at the recent technology advancement and globalization there is Dynamic environment. It has been seen that everything is unpredictable. The major determinants of adapting change start with the flexibility. That could be of emergent strategy as most of companies are following these days. Unlikely, implementing deliberate strategy may take much time to bring change.
Rapid adaptation: as compared to last decades, today’s firm are using different advance technology to provide quality and effective service. So customers’ demands and desires are also changing as per the time. So firms are adopting strategy change according to change in environment.
2 You attend a job interview for an entry level managerial position and mention that you completed a 30 week strategy module. Your interviewer seems interested and explains that this job role would enable you to become involved in the strategy making process. In 200 to 300 words explain to your interviewer how the module has helped to prepare you for a strategy role.
In my graduate level course, I took a module of strategic choices and impact wherein, I thoroughly completed the 30 week strategy module in blogspot. After completeing the module, I understood and learned to analyse several analytical tools such as SWOT analysis, Porter's 5 forces analysis, TOWS matrix, PESTLE analysis, change kaleidoscope, Force field analysis, Mc Kinsey's seven S model and many more. Through all these studies, I am now capable of understanding the business firms, the problems faced by the firms and how to effectively eliminate such problems.
With the help of the module, I learned to critically analyse and understand the internal as well as external environment of any organisation. Taking current scenarios as the basis, the module has gradually helped me understand the importance of strategy and it's impact in the business world.
In the last 10 years we have noticed certain change in the business function that differ greatly from the 1960’s. There is a universal truth that ‘Nothing remains for constant’ so this applies in business process, trends and theories. Business strategy theories are evolving according to the environmental needs and demand to sustain its management activities in this new age of era. The basic aim of strategic planning is to make daily organizational decisions with vision of organizational objectives and goals. According to change in time, people adapt the various strategic theories due to high competition and to sustain business related activities
Some of the major changes in business strategy theories developed in the last 10 years and 1960’s can be done through strategy theory responses:
Option theory: as compared to last 10 years and 1960’s, today’s business firm has rigorous competition among them. These competitions drive market-fierce with new entrant of substitute goods and threats. The market is changing unexpectedly, adopting flexibility on change is consider to be the most important to remain competitive among others firm. So today’s business firm are changing their strategy as per the company need and to cope with the changing environment.
Complexity theory: if we look at the recent technology advancement and globalization there is Dynamic environment. It has been seen that everything is unpredictable. The major determinants of adapting change start with the flexibility. That could be of emergent strategy as most of companies are following these days. Unlikely, implementing deliberate strategy may take much time to bring change.
Rapid adaptation: as compared to last decades, today’s firm are using different advance technology to provide quality and effective service. So customers’ demands and desires are also changing as per the time. So firms are adopting strategy change according to change in environment.
2 You attend a job interview for an entry level managerial position and mention that you completed a 30 week strategy module. Your interviewer seems interested and explains that this job role would enable you to become involved in the strategy making process. In 200 to 300 words explain to your interviewer how the module has helped to prepare you for a strategy role.
In my graduate level course, I took a module of strategic choices and impact wherein, I thoroughly completed the 30 week strategy module in blogspot. After completeing the module, I understood and learned to analyse several analytical tools such as SWOT analysis, Porter's 5 forces analysis, TOWS matrix, PESTLE analysis, change kaleidoscope, Force field analysis, Mc Kinsey's seven S model and many more. Through all these studies, I am now capable of understanding the business firms, the problems faced by the firms and how to effectively eliminate such problems.
With the help of the module, I learned to critically analyse and understand the internal as well as external environment of any organisation. Taking current scenarios as the basis, the module has gradually helped me understand the importance of strategy and it's impact in the business world.
LADY GAGA CASE STUDY:
One of the world famous artist Lady Gaga is actually named as Stefani Joanne Angelina Germanotta. She was born on march 28, 1989 in an Italian American family based in New york. She is an American recording artist, activist, record producer, businesswoman, fashion blogger, philanthropist and actress. Gaga rose to prominence with her August 2008 debut album, The fame which was a critical and commercial success. Everything was large, bright and skimpy but she made it worth it for her fans worldwide by resembling a sculpture than a fashion. (Jamie Anderson, 2013).
Even though, Gaga has always been in the target of controversy, she has managed to sell 23 million albums and has been able to maintain a huge Fan base. The 5 Grammy award winner and quoted as one of the world's most powerful celebrities by Forbes', Lady Gaga is the emergent and successful artist.
Some of the major strategies adopted by Lady Gaga are she developed some co-branding and used the product placement strategy through various marketing techniques. Similarly, she chose the path of social media such as Facebook and Twitter to highlight her talents and eventually gained a huge fan base which is also a good strategy she adopted to gain success and be famous. Her characteristics such as her outrageous fashion statement, focusing and giving importance to her fan followers are some of the other strategies she adopted to finally achieve success.
If you were advising her on her future strategy – what analysis would you undertake? What models of theories would you use?
My advise to Lady Gaga on her future strategy, the analysis I would undertake is market analysis and the porter's 5 forces analysis. As according to the critics, she lacks in creativity, so for this we can carry out an internal analysis to use some of the best skills she has in her.
Visibility: Lady Gaga is a famous pop star and with amazing personality and various talents. Her first solo 'the fame' made 10 million copies of sale and is still growing. She has been well known all over the world for her extraordinary talents and her outrageous Fashion sense.
Jamie Anderson, J.R.a.M.K., 2013. London Business School. [Online] Available at: http://bsr.london.edu/lbs-article/724/index.html [Accessed 5th Jan, 2014].
'Don't you ever let a soul in the world tell you that you can't be exactly who you are'
-Lady Gaga
Why
has lady Gaga been so successful? What strategy has she followed?
One of the world famous artist Lady Gaga is actually named as Stefani Joanne Angelina Germanotta. She was born on march 28, 1989 in an Italian American family based in New york. She is an American recording artist, activist, record producer, businesswoman, fashion blogger, philanthropist and actress. Gaga rose to prominence with her August 2008 debut album, The fame which was a critical and commercial success. Everything was large, bright and skimpy but she made it worth it for her fans worldwide by resembling a sculpture than a fashion. (Jamie Anderson, 2013).
Even though, Gaga has always been in the target of controversy, she has managed to sell 23 million albums and has been able to maintain a huge Fan base. The 5 Grammy award winner and quoted as one of the world's most powerful celebrities by Forbes', Lady Gaga is the emergent and successful artist.
Some of the major strategies adopted by Lady Gaga are she developed some co-branding and used the product placement strategy through various marketing techniques. Similarly, she chose the path of social media such as Facebook and Twitter to highlight her talents and eventually gained a huge fan base which is also a good strategy she adopted to gain success and be famous. Her characteristics such as her outrageous fashion statement, focusing and giving importance to her fan followers are some of the other strategies she adopted to finally achieve success.
If you were advising her on her future strategy – what analysis would you undertake? What models of theories would you use?
My advise to Lady Gaga on her future strategy, the analysis I would undertake is market analysis and the porter's 5 forces analysis. As according to the critics, she lacks in creativity, so for this we can carry out an internal analysis to use some of the best skills she has in her.
Visibility: Lady Gaga is a famous pop star and with amazing personality and various talents. Her first solo 'the fame' made 10 million copies of sale and is still growing. She has been well known all over the world for her extraordinary talents and her outrageous Fashion sense.
Credibility: She is uniquely talented and hardworking at the same time.
Expertise: She is an expert in whether it's piano playing or giving live performances.
Attractiveness: Lady Gaga is one of the few celebs who can easily attract any
eye wither with her unique fashion sense or her catchy lyrics.
Power: Gaga has already shown her talent and expertise in the industry
and has sold albums that strengthened the industry in many ways. She is a very
powerful image in the music industry.
References:
Lady Gaga, 2014 http://www.goodreads.com/author/quotes/2945649.Lady_Gaga, [Accessed on january, 2014]
Hans Haferkamp and Neil J. Smelser
(1992), ‘Social Change and Modernity’ Available at: http://www.ssc.wisc.edu/~jmuniz/Social%20Change%20and%20Modernity.pdf
[Accessed on 6th Jan, 2014]Jamie Anderson, J.R.a.M.K., 2013. London Business School. [Online] Available at: http://bsr.london.edu/lbs-article/724/index.html [Accessed 5th Jan, 2014].
Johnson, M., April 15, 2013. ft.com.
[Online] Available at: http://www.ft.com/cms/s/2/da6559ce-a289-11e2-9b70-00144feabdc0.html#axzz2qAOGLZjP
[Accessed 5th Jan, 2014].
M.Parker,
j.H.&., 1993. Postmodernism and Organizations. London: Sage Publications.
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