Scenario You and a group of enthusiastic colleagues have recently graduated from university, and are eagerly discussing a possible joint entrepreneurial venture, focusing on the production of environmentally friendly electric vehicles. To fund this new venture, the team has been advised to come up with a solid implementation plan, supported by the strategy implementation framework to include detailed information on the business concept, strategic vision, mission, revenue model, financial objectives, and projections and much more. The rising use of hybrid and environmentally friendly electric vehicles (EVs) represents a significant shift in the automotive industry, with various factors contributing to its increasing popularity, environmental awareness and climate change concerns topping the list. Considering how competitive the business sector is today, it is important that you also consider various alternative organizational strategies, as well as develop a sustainable competitive advantage, to remain financially viable. You are required to prepare a business implementation plan for your proposed business to include the following: 1. Introduction a) Provide an appropriate name for the company and a brief background. You are required to include the business concept and give justification for the profitability of this venture in the current market or economy. Emphasize the unique selling points of the business. Identify the products and services that the company intends to offer, to include the target market. b) State the strategic vision and mission for the business. 2. Financial and Strategic Objectives Compose three financial objectives and three strategic objectives for the business. 3. Organizational Strategy a) Based on the categories of alternative organizational strategies discussed in the course, you are required to do the following: Select two appropriate categories. Identify one strategy from each category which you plan to pursue to ensure success applicable to the scenario presented. Explain how the product or service you are offering would be implemented through each category. b) Being a start-up company, identify the key levels of organizational strategies, discussed in the course that your team should focus on. Identify the decision-makers throughout the organizational levels. c) Given the product or service which your business proposes to offer, assess the three stages of the strategy-formulation framework, discussed in the course. For each stage, include one (1) tool in your assessment.
Scenario
You and a group of enthusiastic colleagues have recently graduated from university, and are eagerly discussing a possible joint entrepreneurial venture, focusing on the production of environmentally friendly electric vehicles. To fund this new venture, the team has been advised to come up with a solid implementation plan, supported by the strategy implementation framework to include detailed information on the business concept, strategic vision, mission, revenue model, financial objectives, and projections and much more. The rising use of hybrid and environmentally friendly electric vehicles (EVs) represents a significant shift in the automotive industry, with
various factors contributing to its increasing popularity, environmental awareness and climate change concerns topping the list. Considering how competitive the business sector is today, it is important that you also consider various alternative organizational strategies, as well as develop a sustainable competitive advantage, to remain financially viable. You are required to prepare a business implementation plan for your proposed business to
include the following:
1. Introduction
a) Provide an appropriate name for the company and a brief background.
You are required to include the business concept and give justification for the profitability of this venture in the current market or economy.
Emphasize the unique selling points of the business.
Identify the products and services that the company intends to offer, to include the target market.
b) State the strategic vision and mission for the business.
2. Financial and Strategic Objectives
Compose three financial objectives and three strategic objectives for the business.
3. Organizational Strategy
a) Based on the categories of alternative organizational strategies discussed in the course, you are required to do the following:
Select two appropriate categories.
Identify one strategy from each category which you plan to pursue to ensure success applicable to the scenario presented.
Explain how the product or service you are offering would be implemented through each category.
b) Being a start-up company, identify the key levels of organizational strategies, discussed in the course that your team should focus on.
Identify the decision-makers throughout the organizational levels.
c) Given the product or service which your business proposes to offer, assess the three stages of the strategy-formulation framework, discussed in the course.
For each stage, include one (1) tool in your assessment.
4. Human Resource Strategy
a) As discussed in the course, identify, and discuss three habits strategic leaders must encompass with reference to the business venture, and success of the product or service offered.
b) Staffing an organization, building core competencies, capabilities and strategic training serve to assist the firm in achieving a competitive edge. Additionally, selecting the right human resources is crucial for success and growth.
Identify, and discuss three of the best practices as discussed in the course that your team will follow to develop a competitive advantage through human resources.
5. Sustainable Competitive Advantage
a) Suggest, three ways, as discussed in the course that your team can attain a sustainable competitive advantage in the local market. Give rationales for your answer.
Step by step
Solved in 5 steps
