BGXC004 Developing strategy to manage uncertainty Assignment Sample UK

BGXC004 Developing strategy to manage uncertainty is a module that seeks to help students understand the importance of developing strategies to manage uncertainty in their professional and personal lives. This module explores different theories, models, frameworks, and tools for managing uncertainty, and helps students apply these approaches in practice.

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In this section, we are discussing some assignment activities. These includes:

Assignment Activity 1: Explain what a strategy is and what strategists do.

Strategies are plans of action that help to meet a desired goal. Strategists formulate these strategies by considering all facets of the business and assessing potential solutions for problems. This in-depth research also enables strategists to position their clients as thought leaders in their respective sectors by providing advice on trends, emerging opportunities, and challenges. By staying abreast of industry news and developments, strategists partner with the organization to create a road map for success that takes into account its core values and vision to determine which strategies will be most effective. Through careful analysis, thoughtful planning, and timely execution of tactics, strategists have the ability to not only identify opportunities for growth but also maximize success by helping organizations remain competitive and successful in an ever-changing landscape.

Assignment Activity 2: Contribute to the contexts, levels, and boundaries of strategic decisions.

Strategic decisions can be classified into three contexts: business, corporate and global.

• Business strategies are short-term plans that focus on achieving specific goals within a year or less.
• Corporate strategies involve long-term objectives and consider factors such as the company’s growth potential and market position over multiple years.
• Global strategies take into account regional differences and the organization’s global presence, with the aim of creating a competitive advantage in multiple markets.

The levels of strategic decision-making are dependent on the size and complexity of the organization.

• At lower levels, such as business units or departments, decisions are made to achieve short-term goals that will contribute to long-term objectives.
• At higher levels, strategic decisions are made by the executive team or board of directors and have a greater impact on the organization’s success.

The boundaries of strategic decision-making include the external environment. A company must take into account factors such as political, economic, technological, legal, and environmental regulations in order to ensure that its strategies remain relevant and are not in violation of any regulations. A company must also examine the competitive landscape, which can help to inform decisions on pricing strategies and product offerings.

Finally, a company should consider customer preferences and trends when formulating its strategies in order to remain relevant in the marketplace. By taking into account all of these factors, an organization can ensure that its strategic decisions are well-informed and support its long-term objectives.

Assignment Activity 3: Discuss the contexts, levels and boundaries of strategic decisions.

Strategizing is a critically important step in any business capacity. Without proper decisions based on extensive consideration of all available options, businesses can easily find themselves at risk for both financial and reputational losses. Within strategic decision-making, there are three specific concepts that need to be taken into account: contexts, levels, and boundaries. The context surrounding a given decision imparts a certain meaning and significance, ensuring that all strategic choices made reflect the overall values of an organization. Additionally, the level at which the decision is being made will determine variables such as complexity and visibility within the organization. Finally, decision-makers must understand their boundaries so they can protect their interests while still meeting organizational goals. Strategic decisions are truly powerful tools within any business venture; when approached with mindfulness, they can positively shape the future of an organization for years to come.

Assignment Activity 4: Identify components of an organisation’s market and non-market environments.

An organization’s market environment consists of all factors which directly influence its ability to operate and compete in the market, such as economic conditions, customer preferences, competition levels, and regulations.

The non-market environment includes a range of external forces that are not necessarily related to the market but may have an impact on an organization’s operations. These forces could include social, ethical, political, and technological factors as well as environmental issues such as climate change or resource scarcity.

Organizations must also consider internal components such as their own corporate culture, values, and strategies to stay competitive in an ever-changing market landscape.

By understanding the components of both its market and non-market environments, an organization can better position itself for success by proactively addressing potential challenges and seizing opportunities that arise.  This helps to ensure the organization’s long-term sustainability within its operating environment.

Assignment Activity 5: Distinguish between two styles of strategic thinking and enable strategic thinking in your organisation’s and/or your professional life.

There are two main styles of strategic thinking: problem-oriented and opportunity-oriented. Problem-oriented strategic thinking is focused on analyzing a situation, identifying the issues and obstacles, and developing solutions for overcoming them. This type of strategy is often used in times of crisis or when problems need to be addressed quickly.

Opportunity-oriented strategic thinking focuses on identifying and taking advantage of opportunities in the environment, such as changes in technology or customer preferences. This type of strategy is helpful in uncertain and rapidly changing market environments, where companies must be agile enough to adjust quickly.

To foster strategic thinking within an organization or personal life, it’s important to create an environment that encourages open dialogue and encourages people to think creatively. This could mean scheduling regular brainstorming sessions or providing resources such as case studies or research on strategic trends. Additionally, it’s important to set clear goals for yourself and your team so that everyone is working towards the same objective. By investing in the right resources and cultivating an environment of collaboration, organizations, and individuals can begin to unlock their strategic potential.

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