...Rothaermel Exercise Assignment 2 Shane Taylor BUSI 690 Liberty University Rothaermel Exercise 2 Assignment 6.1: There are drawbacks and risks of both broad generic business strategy and focused strategy. Focused strategy’s lowcost could be a potential drawback and risk. Especially if the competition is able to lower their cost offering there product and service at a comparable price. Acording to the text, the product/service cost can be difficult in industries where economies of scale play a significant role. And as technology increases and companies become more innovative competition is likely to increase and close in. Another drawback addressing the focus strategy low prices may also result in a negative potential customer mind-set towards the quality of the product. “Low cost leadership when combined with low prices can bring about to a disadvantage which is less customer loyalty” (Vokurka & Davis, 2004). Other risks of focus strategies include the ease of imitation. The potential drawback is the niche may no longer be a niche. On the contrarary, the broad market strategyfirm will adapt its product and services for competing directly. 6.4: Value Chain Components consist of five key firm activities. The first activity of the internal value chain is the supply chain management. This consist of the receiving of merchandise and products, warehousing, and the firms inventory control system. Operations which are the value creating activities that transform...
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...Rothaermel Exercise 1 BUSI 690 29 June 2014 Discussion Question 1.1 (2 parts to this question): 1.1. A strategy is a term used to describe the firm’s “overall efforts to gain and sustain competitive advantage” (Rothaermel, 2013, p. 9). The “translation of the strategy into action takes place in the firm’s business model, which details the firm’s competitive tactics and initiatives” (Rothaermel, p. 11). Basically, a strategy will explain how a firm will make money but the difference between a strategy and the business model is the business model explains how the firm intends to make the money AND puts it into action; the strategy just gives the theory. Business models put strategy into action. A strategy focuses on the company in relation to its competition and the business model focuses on the company in isolation. 1.1a. How they are similar is both business strategies and business models look toward a firm’s future and are both essential in decision-making within a company. A firm’s strategy and business model working hand in hand becomes the nuts and bolts behind how a firm intends to achieve its overall goal, which is to make and increase profit. Discussion Question 1.2 (3 part to this question): 1.2a. Crowdsourcing is defined as “the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people and especially from the online community rather than from traditional employees or suppliers” (Merriam-Webster...
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...Rothaermel Exercise 1 BUSI 690 29 June 2014 Discussion Question 1.1 (2 parts to this question): 1.1. A strategy is a term used to describe the firm’s “overall efforts to gain and sustain competitive advantage” (Rothaermel, 2013, p. 9). The “translation of the strategy into action takes place in the firm’s business model, which details the firm’s competitive tactics and initiatives” (Rothaermel, p. 11). Basically, a strategy will explain how a firm will make money but the difference between a strategy and the business model is the business model explains how the firm intends to make the money AND puts it into action; the strategy just gives the theory. Business models put strategy into action. A strategy focuses on the company in relation to its competition and the business model focuses on the company in isolation. 1.1a. How they are similar is both business strategies and business models look toward a firm’s future and are both essential in decision-making within a company. A firm’s strategy and business model working hand in hand becomes the nuts and bolts behind how a firm intends to achieve its overall goal, which is to make and increase profit. Discussion Question 1.2 (3 part to this question): 1.2a. Crowdsourcing is defined as “the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people and especially from the online community rather than from traditional employees or suppliers” (Merriam-Webster...
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...Rothaermel Exercise 1 Perry Blankenship Liberty University Chapter 1 1. How is strategy different from a business model? A) Rothaermel (2013) defines a strategy as: “The goal-directed actions a firm intends to take in its quest to gain and sustain a competitive advantage,” (p.6). Rothaermel also defined a business model as: “An organizational plan that details the firm’s competitive tactics and initiatives, or how the firm intends to make money,” (p.11). The strategy is the theory the organization plans to utilize in achieving their goals while the model is their actions of implementing their strategy. Casadesus-Masanell and Ricart (2010) explained in their research that the strategy of a business is implemented by the leaders in choosing the business model they will follow. When organizations are looking for what customers they will reach and what the customer values, they are utilizing a business model. When they want to achieve the goal of reaching these customers they must develop a strategy for achieving that goal. B) How is it similar? Both the strategy and the business model strive to achieve the organizational goals and give the organization a competitive advantage. “The business model is the reflections of the realized strategy,” (Casadesus-Masanell and Ricart, 2010, p.204). 2. Why do you think Dell is keen on offering this service? A) The new crowdsourcing allows the consumer to have more control of the design and development of their product...
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...Rothaermel Exercise 3 Policy and Strategy in Global Competition BUSI 690 Chapter 11 Discussion Question 11.1 - Why is it important for an organization to have alignment between its strategy and organizational structure? Strategy implementation is the part of the strategic management process that concerns organization, coordination, and integration of how work gets done. It is key to gaining and sustaining competitive advantage” (Rothaermel, 2013, p. 302). “Organizational structure is a key building block of organizational design that determines how the work efforts of individuals and teams are orchestrated and how resources are distributed” (Rothaermel, 2013, p. 305). It is important for an organization to have alignment between its strategy and organization structure because they have an interdependent relationship that has a direct impact on a firm’s performance. Moreover, the relationship is dynamic – changing over time in a predictable pattern as firms grow in size and complexity” (Rothaermel, 2013, p. 309). Discussion Question 11.3(a) - What commonalities across the products would likely be enhanced by flexible cross-functional teams? Functional structure is a form of organizational structure that groups employees into distinct functional areas based on domain expertise (Rothaermel, 2013, p. 309). One of the main drawbacks to functional strategy is that it frequently lacks effective communication channels between different departments...
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...through physical and mental exercise and deep relaxation. Although known to be at least 5,000 years old, yoga is not a religion and fits well with any individual's religious or spiritual practice. Anyone of any age, religion or life condition can practice yoga and derive its benefits. Yoga is the practice of putting the body into different postures while maintaining controlled breathing. It is considered to be a discipline that challenges and calms the body, the mind, and the spirit. By focusing on the breath entering and leaving your body, you are performing an exercise in concentration. After learning the history and practicing the throughout this fall semester, I have a new found respect and outlook for yoga. I would like to share with you an experience my family and I had to endure and probably how I was lead to signing up for this class. I come from a very close-knit family and, as such, all my life, so far, my cousin has always been more like a sister to me. We had children at the same time and always remained close. Last fall her son, Mikey was diagnosed with cancer. I can't even begin to describe the overwhelming devastation and complete sadness this brought to our family. My cousin was on an emotional roller coaster, and I can remember asking her how she stays so strong and how she got through all the treatments and still kept it together---- her response was "yoga"....I was somewhat skeptical--- thinking to myself that an exercise, i.e., yoga, would aid in the...
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...Running head: Assignment 2 – Employing Strategy in a Competitive Environment - Fitness Connection Assignment 2 – Employing Strategy in a Competitive Environment - Fitness Connection Sample Student Strategic Management BUS 599, Winter 2013 Dr. Ingrid Wright February 3, 2013 Abstract As a business professional in the physical fitness industry, I have created an environmental scan for Fitness Connection in order for them to assess the threats and implement a plan of action to ensure that the impact is minimal. The components of the environmental scan are comprised of information addressing the following: 1) Create an environmental scan for the company indicating the most significant environmental threats and discuss how the company should respond to each threat to ensure that the impact to the business is minimal. 2) Based on the environmental scan, evaluate the company’s strengths and evaluate how the company can leverage these strengths so as to yield a competitive advantage in the marketplace. 3) Identify a significant competitor for the company and assess how your company will compete against it to maximize profits and create value for stakeholders. 4) Assume that the U.S. economy is in a state of decline requiring modifications to the strategy. Evaluate how the strategy should be modified. Provide a justification of how this will help the company continue to compete in the marketplace. 5) Evaluate how global competition may impact the business strategy and determine...
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...and scientists have always favored preventive measures to avoid the conditions which result in undergoing a rigorous treatment. In this view physical activity or fitness training programs have been found having significant effects in the prevention of strokes as well as at post care stage as treatment and a measure of rehabilitation in survivors of cardiac arrests. Further, it has been noted in recently conducted studies that quite a remarkable evidences are discovered in favor of physical activity as therapeutic as well as rehabilitative in nature. Organized physical activity in the form of exercise, tailor made programs according to the needs of the patients at post care stage and fitness training exercise therapy have been found considerably helpful in rehabilitation in the survivors of stroke. In addition, further research is proposed to explore the different types of organized exercise programs according to the physical and mental conditions of survivors and as preventive measures among them. Physical Activity in the Prevention and Treatment of Stroke Cardiac arrest is a one of the growing and leading causes of death around the globe. According to available data, more than 130,000 people suffer from heart attack, from mild to severe strokes, every year, (SIGN, 2008). One cannot ignore preventive measures; however, once a person goes through a severe form of arrest, he needs post...
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...BACKGROUND AND OVERVIEW Bally Total Fitness was created in 1996 with Lee Hillman as its first CEO. Bally traces its existence to the Health and Tennis Corporation, run by Dave Wildman. Wildman had begun to purchase ailing gyms and aggressively expanded and acquired several other brands as well. In the 1990s, as part of a diversification move, Bally Manufacturing, a gambling equipment company, decided to purchase Wildman’s collection of gyms and other brands. This diversification of brands created what was known as Bally Entertainment. Bally Total Fitness was then created in 1996 as the health club portion of Bally Entertainment. Lee Hillman started the company off in an unusual path, Mr. Hillman used a retrenchment strategy by selling off outlets, rationalizing Bally’s brand portfolio, and closing several clubs, which then returned the business to profitability. During Hillman’s course of leadership, Bally developed a very broad range of products and services, which increased revenues out of the company’s existing membership base and added profit to the bottom line. The company faced a triggering event when Bally’s CEO Lee Hillman stepped down suddenly in December of 2002. Bally’s chief operation officer at the time, Paul Toback, replaced Mr. Hillman and moved to the top of the company. Toback’s started as CEO explaining that he expected changes to the company to be “more evolutionary than revolutionary”. Under Hillman’s lead, Bally was operating essentially as two different...
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...Running head: MARKETING MANAGEMENT MKT522 First Draft Your Name Marketing Management MKT522 Date Professor Phil Shaps Table of Contents (Leave Page Blank) Executive Summary (Leave Page Blank) Situation Analysis Gladiator Tough is a business that focuses in creating products for fitness gurus. The company believes people who are active in fitness, need products that will keep them looking fresh, comfortable and empowered while they do their fitness activities. The main concern of this company is to comfort consumers while they exercise. There are about “three million sweat glands in a human body” and people need an object to absorb the moisture off their body (http://www.popsci.com/science/article/2011-01/fyi-how-much-can-human-body-sweat-it-runs-out). This is how the Gladiator Towel was created. The gladiator towel is light weight and absorbs more water than a regular towel. This is why Gladiator believes this product will be a success. People are becoming for health conscious and have been eating healthier and exercising more often. This is why Gladiator Tough believes now is the time to hit the market while it’s expanding. Gladiator Toughs marketing strategy will be the strength of creating brand and product awareness to a specialized market. Market Summary Even in the midst of the economic downturn, the fitness industry has maintained steady growth, with gym membership rates growing consistently and profit remaining solid. Demand for...
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...Combat Fitness Training (CFT). A. Every Marine most be physically fit regardless of age, grade, or duty assignment. 1. Self disciple and personal commitment are required to maintain high level of physical fitness. 2. Marines who are not physically fit are damaged and reduce from the combat readiness of their unit. B. The Marines program consist of organizational and individual combat conditional program. which are Physical Training Test, Combat Training Test , and Remedial Conditioning Program. 1. The Combat Conditioning Program develops every Marine to perform job required garrison, training in combat. 2. Combat Conditioning Program promotes overall health and wellness to every Marine. This consist of regular exercises proper nutrition health education and physical and combat evaluation. In...
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...Bottled Water Market Penetration Name Institution Bottled Water Market Penetration Introduction The demand for bottles water has grown tremendously owing to its increased popularity. The industry has been growing at an average rate of 20% per year (Gleick, 2010, p. 15). Demand has grown over 500% in the last decade and a half. In the United States there is a demand of 79 liters of bottles water per person in a year, which has resulted in the sale of up to 30 billion in the sale of the product (Gleick, 2010, p. 17). This has been driven by increased population and the decreased quality of water supplies from the public mains. People have feared for their health and thus have opted for bottles water that is more purified and fresh. The consumption of bottled water in the United States fell in 2008 to 30 billion bottles compared to 2007 (Clarke et al, 2009, p. 28). Bottles water faces stiff competition from other beverages such as sodas. It is thus important that companies to reposition the product in order to get back to the positive growth trend. Repositioned Target Market The market for bottled water is quite large as water is a commodity that is essential to life. Bottled water may face competition from soft drinks and supplies from local authorities. Manufacturers of the product (bottled water) have used various methods in segmenting the market and obtaining potential targets. For instance, coca cola the manufacturer of Dasani, and Nestle have targeted...
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...Behavior Modification: I want to exercise 3 times a week for 1 hour. 1. The goal I set for myself is exercising 3 times a week for 1 hour a day. 2. My goal is to walk for 30 minutes right after school. I then will do another form of exercise for 30 minutes after dinner. 3. Charting my goals 4. If I meet my goal of exercising for 1 hour a day for 3 times a week, I will then reward myself with something that I want for that day. 5. I made many changes to this routine during the 4 week process. 6. I made a graph 7. My evaluation of my results are as follows: My first week, On Monday and Wednesday, I made it for only 30 minutes of exercise. I made excuses right after school on why not to walk. I then felt guilty, so I walked right after dinner. On Friday, May 24, I made it for the full hour. I was so proud of this accomplishment that it carried over to the following week. I made my goal for all 3 days. I felt very good about myself. This did not last for very long because on week 3, June 3 and 5th I once again fell short and only walked for 30 minutes. Not meeting my goal of 1 hour. June 7, I did make my goal. Again, my proud feeling carried over to week 4 and on June 10th and 12th I obtained my goal once again and did the full 1 hour of exercise. On June 14, I only did 30 minutes of...
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...Using aims and objectives to create a business strategy Using aims and objectives to create a business strategy Introduction Kellogg is the world's leading supplier of breakfast cereal with 39 brands and a 42% share of the UK market. Kellogg's success is achieved through the use of a carefully planned strategy. It sets clear aims and objectives and uses the strength of its brands to help it reach them. Kellogg manages its brands to ensure that each has a unique position in the minds of its customers. This is called product positioning. Kellogg has developed a range of products for the various segments of the UK's £1.1 billion cereals market. Developing aims Kellogg's managers realise that its aim needs to match the expectations of its consumers. Consumers, backed by research and publicity, increasingly want to lead a healthier lifestyle. Kellogg wanted to be part of this debate and to promote the message 'Get the Balance Right'. It also wanted to show that it was a responsible organisation. This idea of corporate responsibility was also built into planning. Its aim – the broad statement of where it wanted to be – was therefore to reinforce the idea of a balanced, healthy lifestyle. Objectives Once a broad aim is set, managers then set specific objectives that can be measured. Objectives need to be SMART, i.e. specific, measurable, achievable, realistic and time related. Objectives were set in three main areas: * encouraging and promoting physical activity for health...
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...Introduction The name of my retail establishment is a fitness center called Basic Fitness. Basic Fitness plans to cater to 50-150 members. The purpose and mission of basic fitness is to provide fitness and exercise equipment to adults in the community to help them stay physically fit and healthy thereby enhancing a healthy lifestyle. Our gym will be smaller and less rowdy than some of the other gyms in the area. By so doing our target market which will be older working and retired adults can work out and exercise in a peaceful environment that is not as noisy and overcrowded as the average gym. Basic Fitness’s sustainable competitive advantage is that we are a smaller gym that will focus more on our customers and try to make them feel special and get to know them on a personal level thereby providing outstanding customer service. Furthermore, since we will be a smaller gym we will have adequate but not too much equipment so as to prevent overcrowding. Product At Basic Fitness, we intend to provide standard equipment for customers to use at our gyms. Our equipment includes treadmills, exercise bikes, benches, free weights and stretching mats. We try to provide equipment that is easy to use and not too sophisticated for the average adult and senior citizen to use. Placement For our location we would plan to use the old Aldi building on South Avenue in Worthington. We think this is a good location because there is a lot of traffic passing by while on their way to some...
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