A Clear and Workable Strategy for Business - Return on Equity - Economics Assignment Help

Assignment Task:

In this section, you will investigate the principles of strategic leadership and the skills that are needed by the leader to engage in fruitful strategic thinking and planning. Careful and deliberate strategic planning is at the heart of the success of any organization. Tracy (2015) refers to four basic reasons essential to develop a clear and workable strategy for your business. These four basic reasons are reflected in the figure below.

Four basic reasons to develop a clear and workable strategy for your business: 
• To increase your return on equity.
• To maximize your strengths and opportunities.
• To reposition your company.
• To understand why it’s important to form a basis for making action decisions now.
  
Then, be sure to ask key tactical questions such as: How does strategic planning create value for your customers and for yourself? What are the areas of greatest opportunity? What do you have to do to sustain optimal levels of performance? Finally, you will discuss key operational questions regarding strategic leadership skills that need to be a part of your toolkit.

You will begin answering these questions while considering how they apply to a business of your choice. This first section on strategic principles and skills will set the tone and lay the foundation for the rest of the course, which culminates in the creation of a strategic plan for your chosen business.

Principles of Business Leadership and Strategy:

As you begin your investigation of business leadership and strategy course, remember that the result is to understand your organizations in terms of value, and then to plan for how you can capitalize on opportunities and maximize strengths while minimizing weaknesses. However, in order to accomplish this, you need to first acquire a detailed understanding of what strategic planning and strategic thinking mean.

In the first two chapters of Business Strategy by Tracy (2015), you will see how to distinguish between strategic planning and strategic thinking. You will see that strategic thinking is summarized by five basic reasons in the interaction below, which you can examine, and then re-examine in the strategic planning process.

Step 1: Assess your current situation. 
Step 2: Re-examine your past. 
Step 3: Crete your perfect future. 
Step 4: Prepare the next steps to take. 
Step 5: Make a checklist. 

Assignment: Examine the Principles of Strategic Thought and Planning
 
Instructions
So far, you have learned about the reasons for strategy and key tactical/operational questions to ask when learning to think strategically. For this assignment, you must select a company that you currently work for, a company that you previously worked for, or a business in which you would eventually like to work (see the Week 1 resources for the SWOT analysis of several options to choose from).

You will use this company in each of your subsequent assignments; so carefully consider choosing a company that you are interested in and want to research. It is also recommended that you choose a company with which you are familiar and you know you have the ability to research because of your personal experience with the company or because there is information readily available.

For this assignment, examine the reasons for strategic planning for your chosen company, and then identify the possible answers to the strategic questions. You may have more than one answer for each question, but limit yourself to the two most likely or promising answers. Although you may not have answers to all of your questions at this time, you will have the opportunity to add clarity and detail in future weekly assignments. For now, keep your answers realistic, but don’t be afraid to stretch for what might be possible!

Support your paper with a minimum of five scholarly resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.

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