MGT Writing Activity
Information and Overview
In the following activity you will be using the frameworks and concepts from Chapters 3, 4, 5, and 6 to practice making business and corporate strategy decisions for your hypothetical new business.
Scenario
You have decided to enter the customized online clothing business. Currently, people love to order T-shirts and hats and other clothing items for family travel or group travel. People also order custom clothes for businesses, camps, and even to sell themselves in their own stores (B2B2C). You currently have $25,000 to start your business. Before you invest the money into the business, you know you need a strategy to enhance the chances of success. Now that you have learned the elements of strategic management, you are prepared to develop your strategy.
Questions (Worksheet)
1. Your new business needs a name (must be classroom appropriate and relevant to the business). Name your business.
2. Define who your ideal customers will be, why will those customer choose your business over others, and where they will discover your product (hint: see our textbook on customer segmentation and the consumption chain).
3. Develop a business-level strategy:
- What is your business-level strategy and how will you create unique value for your customers?
- What activities in your value chain will be critical to your success?
- What resources and capabilities will your business need to be successful?
4. Develop a corporate-level strategy:
- What is one opportunity you would like to pursue to diversify your product portfolio as you grow?
- Why did you select this product, service, or market?
- How will you create value from this diversification?
- How will you integrate this new avenue of business into your current product portfolio?
5. How will your functional knowledge (i.e., your major field of study) help you to successfully implement your chosen strategies (be specific)?
Use some sources and use information on business corporate strategy to help answer questions
Submitting the Activity format
To submit your writing activity, please create a Microsoft Word document (a .doc or .docx document) or use another word processing document that can be converted into a PDF. Answer each of the questions thoroughly.
Submissions:
- Should not be longer than three double-spaced pages.
- Should use Times New Roman, 12-point font.
- Should include references to all external information if you decide to use external information (include this as a separate page which does not count towards your three-page maximum).
screenshots below show some info from chapters to help you. Try to use some terminology from chapters.
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