To Build or Buy

1. Compile a business vision about the type of product or service you think your company needs to develop. Next, describe the business values and corporate values that you want to create.

* Create real goals. Real goals are specific, achievable, prioritized, measurable, supported by action plans, aligned with the company, linked to your goals, and accepted by you and your employees. It is vital to the success of the company, your success as a leader and the future of

Describe goals and objectives as they apply to business. pg 181-182; wk 6 lecture, pg 1

They must be specific, measurable, supported, and achievable. These goals will be motivators for the immediate time to come. Unobtainable goals are discouraging and provide no real way to achieve company goals.

Competitor analysis is a serious part of the organization therefore; Target must identify and address all issues pertaining to the business. Target must pinpoint the tangible competitors, and substitutes, evaluate opponents’ objectives, strategies, strengths and weaknesses, and opportunities and threats, and uncover what opponents Target should take on or stand clear of. Therefore, Target must analyze the company’s economic, sociocultural, technological, political, and future.

However, in order to sustain in the business you should know your competitors’ strengths and weaknesses. This will help you to take advantage of your competitors’ weakness and create a better product or service. Understanding of your competitors’ strength would help you to face your threats in a professional manner.

6. Competitor analyses – discuss key competitors and their key strengths, weaknesses and are they major threats to the firm - briefly explain.

Knowing your competition will help you distinguish your practice from theirs and it will help you find opportunities in the legal field. More importantly, analyzing your competition will tell you more about what your potential clients want. And, knowing what clients want is critical to your success. As you build your competitive analysis, remember to stay focused on what matters. If you plan to have a practice that handles only plaintiff’s bodily injury cases, don’t spend time learning about the intellectual property practices in your neighborhood. Prepare your competitive analysis by identifying who are your major competitors, what is the basis of the competition, and how do your services compare.

First, I should set my vision and mission towards the company’s profile to set the future goal. Objectives are set to reach the destination by achieving or successfully completing all the strategies by following through an action plan.

Competition being one of the major issues that often must be addressed in the business world, it is important for a firm to learn on ways to reduce the impact of the competition. Competition is definitely an important factor in helping a business

Strategic planning involves making decisions about the organization’s long-term goals and strategies and how the organization decides to implement their goals (Bateman, Snell, Konopaske, pg. 113). Strategies help organizations to have a clear perspective on how to go about accomplishing the goals they have in place. All organizations have a clear vision of what their mission and purpose as a company is, they know how to fulfill the mission, vision, and purpose and they know how to ensure that they accomplish all their goals. However, the route the organization takes to define these things determines how effective they will be.

To begin with, Chapter two covers three important aspects of the business world which are competitiveness, strategy, and also productivity. These particular aspects are very important for any company to succeed in the world of business. With that being stated, any type of firm such as a manufacturer or a service provider, they must employ these three aspects because they play an important role in growing revenues. For an organization to even be considered successful, they must have a competitive advantage which leads to a strategy that will meet the company’s goals, while having the knowledge-ability to help produce the goods and services in a cost effective manner. Also, it is known that most organizations have a single state called the Mission Statement. The mission statement basically summarizes these three aspects of a company. One question that the Mission Statement should address is, “What level of business are we in?” This mission statement is categorized as the absolute basis for the organizational goals.

To remain competitive a company must consider who their biggest competitors are while considering its own size and position in the industry. The company should develop a strategic advantage over their competitors’

Before setting strategies, a company must observe the available opportunities in the market and the expected competitors' response in return. As every company is different from one another, therefore they need different strategic planning for

Once you’ve found the desirable market space for your product, you should take a closer look at the competition. Understanding the competition will be helpful in two