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Learning outcome 1: Understand how to develop a strategy

1.1 Critique the factors which drive the development of organisational strategy

In reality, various reasons facilitate organizational strategy development while pushing for the direction in which organizational priorities are laid down. For example, factors driving the market could range from competition, customer demands and preferences, technological inventions, and others. Available resources and the strengths/abilities of personnel to a great extent identify the outcome the organization should pursue towards strategy, hence outlining possible but achievable strategic orientations.

Major roles in the regulation and the economy: modifications in the legal, taxation, and economic milieux affect the way one will conduct business and hence develop strategy. Stakeholder expectation from shareholders, the customers, and even the employees- is still a very important variable since organizations strive to balance returns with stakeholder expectation fulfillment.

Organizational culture, leadership, and implementation issues also play a vital role in the strategy creation since these factors bring a way of vision and an acceptance of change. Together, these form a complex framework that organizations have to negotiate to craft effective strategies.

1.2 Critically appraise approaches for the development of strategy

When an organization develops a strategy, it uses one of several approaches with its strengths and weaknesses. Rational or formal planning is structured according to data analysis, objective setting, and careful planning to reduce the risk factor.

Very detailed but time-consuming and possibly inflexible. Contrariwise, the emergent strategy is adaptive, which means that organizations may respond rapidly to changes and predictable events though it at times lacks direction. Incrementalism involves building up strategies gradually through small manageable changes, which can help minimize risk but might limit the scope of innovation.

Lastly, the resource-based view focuses on internal strengths, including unique resources or capabilities, to obtain a competitive advantage. However, each of these provides insight, and the best solution is often a combination of each, tailored to the requirements of the organization and its dynamic market landscape.

1.3 Discuss the challenges of developing and leading organisational strategy

Developing and leading an organizational strategy comes with several challenges. First, aligning the strategy with the organization’s vision and goals requires a clear understanding of the company’s direction and the ability to translate it into actionable steps. Leaders often face resistance to change from employees and stakeholders, who may feel uncertain about new approaches.

Additionally, accurately predicting market trends and adapting to external factors, such as economic shifts and competitive pressures, demands constant monitoring and flexibility. Balancing short-term needs with long-term goals can be difficult, especially when resources are limited. Finally, ensuring effective communication across all levels is crucial, as employees need to understand and engage with the strategy to drive successful implementation.

Learning outcome 2: Know how to develop a strategy

2.1 Develop an organisational strategy to achieve a business objective

An organizational strategy to accomplish a business objective is aligned with resources, actions, and goals to drive the pursuit of desired results. The strategy would start by stating the objective clearly-for example, an increase in market share of 10% in a year from there, one would include an analysis of market trends, strengths of the entity, and areas of importance to be addressed.

According to this analysis, an action plan is conceived, defining product innovation, strategic marketing, and customer-engaging activities. It will allow for quantifiable milestones to ascertain the progress made and require amendments to strategies if the marks are not met. On such occasions, departments shall be integrated, resources focused, and accountability instilled in the teams toward the successful accomplishment of the business purpose.

2.2 Recommend an approach to implement and monitor the strategy to ensure its success

In implementing and monitoring a strategy, one begins with an explicit, workable plan that translates objectives into clear, actionable tasks that can be completed with specified responsibility. Set a timeline so that continuous progress is assured. The regular check-ins or the progress reviews maintain accountability.

Key performance indicators at the onset are set to measure success and be a benchmark of what should change. There is a feedback loop as well, involving stakeholders and teams that input towards timely refinements to the strategy, aligning it with organizational goals all along. It makes for a structured approach in actualizing the success and continuation of observing and always being on the correct track with this strategy.