Importance of Strategic Thinking
Give a brief summary answer the topics following questions completely.
The ability to think strategically is a critical element for any organization to compete successfully and build the necessary competitive advantage needed for sustained superior performance. Managers and business leaders will be asked to make critical business decisions that will determine the future of the organization.
Discuss how the business simulation will contribute to the development of these skills. What value can a new employee with the ability to think strategically bring to an organization? How do you intend to develop these skills over the length of the class?
A strategic plan is a carefully crafted set of steps that a firm intends to follow in order to be successful. The business model is a central element of a firm’s strategic plan and describes the process whereby a company hopes to earn profits and outperform the competition. The importance of an effective strategy cannot be overstated. With this in mind provide a substantive response to the questions below:
Think about the best and worst companies you know.
What is extraordinary (or extraordinarily bad) about these firms?
Are their strategies clear and focused or difficult to define? Explain.