Business Finance Homework Help

Hi Class:

Happy Monday!

We are also talking about innovation and creating new lines of business as this also affects the strategy.

Companies sometimes need to innovate and market their brands maybe even change demographics to cater to new needs. One of your classmates mentioned LEGO… In the case of Lego they need to diversify and enter a new market with movies.

Take Apple for example with the new colors for imac. This is an innovative way to grab all demos and develop a new following the colors, new chip innovation and retina display.

See the article below. .

iMac features all-new design in vibrant colors, M1 chip, and 4.5K Retina display – Apple

The internal business environment includes aspects within the firm that influence corporate performance and approach. In contrast to the external environment, the corporation controls these aspects. Potential opportunities and hazards outside firm activities must be recognized. However, it is vital to corporate success to manage the strengths of internal operations.

organizational culture

One significant element of strategic thinking is the organizational culture that can influence employees, customers, suppliers, and other company objectives. Organizational culture is shaped by and overlaps with other cultures — especially the broader culture of the societies in which it operates (Watkins, 2013). The company owner might develop its own strategy to align distinctive organizational culture with a competitive sector. It also includes the impact of organizational culture on their strategic choices, options, and actions. Southwest Airlines is an organization that relates the strategy and its implementation to its culture. The company promotes informality and wants its employees to enjoy their jobs. A good organizational culture can help the company make a good and appropriate decision and can also lead. In some cultures, bold and decisive behaviors could be needed to be seen as a leader. For instance, when the old hotel needs to be renovated into a modern and luxurious hotel, every physical equipment and management structure, vision and goal will be altered. The corporate culture drives the company unique and creates competitive benefits in such a competitive business climate. It is also important to develop and improve the future of the firm even better.

personnel

The strength of personnel is also a key domestic aspect. Check for motivated, hardworking, and talented people. They are better off than an unmotivated and less capable workforce. The processes and linkages between departments and within them can also improve efficiency and effectiveness. In a high-performance job, the workers are not just talented but also better able to operate together. The staff and departments work together on ideas and resolutions.

product lifecycle

The life cycle of a product is its development from creation to termination. The cycle comprises four stages: development, growth, maturity, and decline. The product life cycle helps business owners manage their sales, determine prices, estimate profits, and compete with other companies (Sraders, 2019). The process of observing a product throughout its life cycle is Product Life Cycle Management or PLM. Track the actions and achievements of each product to maintain profits high and avoid harsh losses. It is crucial to understand how to deal with each new product. And the many phases of the product life cycle help you with strategic prices. Strategic pricing is when a company determines how to price items or services depending on what buyers attract.

Sraders, A. (2019). What Is the Product Life Cycle? Stages and Examples. https://www.thestreet.com/markets/commodities/prod…

Watkins, M. (2013). What Is Organizational Culture? And Why Should We Care?. https://hbr.org/2013/05/what-is-organizational-cul…