BUS490 Contemporary Business Strategy is a course that explores the complexities of formulating and implementing business strategy in a globalized, uncertain, and competitive business environment. The course covers a variety of topics including competitive advantages, stakeholder management, corporate social responsibility, international expansion, and competitive dynamics. The course also includes simulations that provide students with an opportunity to apply their knowledge to real-world business challenges.

This course is designed for students who are interested in pursuing a career in business strategy or consulting. The course will prepare students for roles in strategy development, implementation, and evaluation. Additionally, the course will provide students with the skills to identify and solve business problems using analytical and quantitative methods.

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Here, we go through some tasks in detail. These are the following:

BUS490 Assignment Task 1: Select relevant information on any type of organization from various sources.

There are a variety of different types of organizations, each with its own unique benefits and drawbacks. Some of the most common types of organizations include corporations, limited liability companies (LLCs), partnerships, and sole proprietorships.

Each type of organization has its own set of rules and regulations that govern how it is run. For example, corporations are typically required to have shareholder meetings and to keep detailed financial records. LLCs are not required to have shareholders or maintain detailed records, but they do have more limited liability protection than corporations.

Partnerships and sole proprietorships are relatively simple entities that don’t have any formal requirements, but they also offer the least amount of protection from personal liability. It’s important to understand the differences between these types of organizations before choosing one for your business.

Assignment Task 2: Examine business models, and business issues and evaluate business competitiveness using various analysis techniques and tools.

Every business model is different, and so the competitive landscape for each business will be different as well. Similarly, businesses operate in different industries and markets, all of which have their own unique characteristics that affect competitiveness. As such, it is difficult to make any sweeping statements about business competitiveness.

Analysis techniques and tools can be helpful in analyzing a particular business’s competitiveness. For example, a SWOT analysis will identify a company’s strengths, weaknesses, opportunities, and threats. This can give you a good picture of where the company stands relative to its competitors. Other analytical tools include financial statements analysis, market share analysis, benchmarking studies, etc. 

Ultimately, it is up to the individual business to analyze its own competitiveness and determine what strategies it can use to gain or maintain a competitive advantage.

Assignment Task 3: Evaluate the external factors affecting the business, including industry and market analysis.

Although there are many external factors that can affect a business, industry, and market analysis are two of the most important. Industry analysis looks at the overall conditions in the sector in which a company operates, while market analysis examines specific trends within that industry. By understanding both, businesses can make more informed strategic decisions about where to allocate resources and how to position themselves in the marketplace.

In terms of conducting industry analysis, a company will want to consider things like the competitive landscape, current and future growth prospects, major changes or disruptions on the horizon, and what substitutes or complementary products/services exist. All of these factors can have a considerable impact on a company’s bottom line. For example, if a business is operating in an industry with high barriers to entry, it may be difficult to expand or grow. Or if a business is operating in an industry that is experiencing declining demand, it may need to shift its focus in order to stay afloat.

Similarly, market analysis looks at specific trends within an industry. This can include things like customer demographics, preferences, and spending habits. It also looks at things like supplier trends, technological advancements, and regulatory changes. All of these factors can impact a company’s ability to succeed in the marketplace. For example, if a business is selling products that are no longer in demand, it will likely need to find new markets or customers. Or if a business is using outdated technology, it may be at a disadvantage relative to its competitors.

As you can see, both industry and market analysis are important for businesses to understand the external factors affecting their operations. Depending on the specific business, one may be more important than the other. For example, if a business is operating in a highly competitive industry, a market analysis may be more important. However, if a business is operating in an industry that is subject to frequent change, industry analysis may be more important.

BUS490 Assignment Task 4: Appraise the internal factors affecting the business.

There are a variety of internal factors that can affect a business. Some of the most important internal factors include the company’s financial stability, its management and leadership, and its ability to innovate and stay competitive.

In order for a company to be successful, it must have a strong financial foundation. This means that the company must have healthy cash flow, good credit ratings, and a solid debt-to-equity ratio. A company’s management is also critical for its success. The management team should be able to make smart decisions, provide strong leadership, and be able to execute the company’s strategy. Finally, in order for a company to thrive in today’s competitive market, it must be able to innovate and come up with new products and services that meet the needs of its customers.

By taking a close look at the internal factors affecting a business, companies can identify areas where they need to improve. For example, if a company’s financial stability is weak, it may need to focus on improving its cash flow or reducing its debt. Or if a company’s management team is not performing up to par, it may need to make changes in order to better execute its strategy. By taking the time to assess the internal factors affecting a business, companies can develop plans to improve their overall performance and position themselves for long-term success.

Assignment Task 5: Assess competitive rivalry.

Competitive rivalry is the intense competition between firms in industries where companies vie for market share. In an oligopoly, there are a few large firms that dominate the market, while in a monopoly there is only one dominant firm. However, in both cases, these leading companies will be vying for market share and trying to gain an advantage over their rivals. The intensity of rivalry depends on many factors including the number of firms in the industry, growth rates, profitability, product differentiation, and excess capacity. 

In general, when companies are growing rapidly and profits are high, competition is intense as firms try to gain market share. When growth slows down and profits decline, firms may start cutting prices to regain market share or may even exit the industry. If there are only a few firms in the industry and they are all growing at about the same rate, competition will be less intense. 

The intensity of rivalry also depends on the level of differentiation among products. If products are differentiated, then companies can charge higher prices and may not have to compete as fiercely for market share. However, if products are not differentiated, then companies will have to compete on price and this will lead to more intense rivalry. 

Finally, the level of excess capacity in an industry can also affect the intensity of competition. If there is a lot of excess capacity, then firms may start cutting prices in order to increase utilization and this can lead to more intense competition.

BUS490 Assignment Task 6: Design and recommend relevant corporate and business-level strategies.

There are a variety of corporate and business-level strategies that can be implemented in order to achieve success. Some common strategies include market segmentation, focus strategy, differentiation strategy, cost leadership strategy, and product development.

• Market segmentation entails dividing a market into different segments based on demographics (age, sex, income), psychographics (lifestyle interests), or behavioral characteristics (occasion usage). A company can then focus its marketing efforts on one or more specific segments in order to better serve those customers’ needs.
• A focus strategy involves choosing a particular target market or customer base and designing products and services specifically for them. This can be done by understanding the needs and wants of that target market and then creating a unique offering that meets those needs.
• Differentiation strategy involves creating a unique selling proposition (USP) or differentiating factor that sets a company apart from its rivals. This can be done by offering a unique product or service, having a strong brand identity, or providing superior customer service.
• Cost leadership strategy entails becoming the low-cost producer in an industry. This can be done by having efficient production processes, using low-cost materials, or selling in high volume.

Product development strategy involves creating new products or services to meet the needs of a target market. This can be done by understanding customer needs and desires and then developing products or services that address those needs.

Assignment Task 7: Propose relevant local and international strategies.

There are a variety of local and international strategies that can be implemented in order to achieve success. Some common strategies include market entry strategy, expansion strategy, joint venture strategy, and franchising strategy.

• Market entry strategy involves choosing the best way to enter a new market. This can be done by export, licensing, or direct investment.
• Expansion strategy involves expanding a company’s operations into new markets. This can be done by organic growth or through acquisitions.
• A joint venture strategy involves partnering with another company in order to enter a new market. This can be done by sharing resources, expertise, and risk.
• A franchising strategy involves granting a license to another company to use a company’s name, products, and/or services in a new market. This can be done in order to expand quickly into a new market without incurring the cost of setting up a new operation.

Assignment Task 8: Construct case arguments in teams, acquiring team building and team management skills.

There are several skills that are important for constructively arguing in teams and acquiring team building and management skills. First, it is important to be able to understand and articulate the goals of the team, as well as each team member’s role in achieving those goals. Without a clear understanding of the overarching objectives, it will be difficult to have productive disagreements about the best way to achieve them.

Secondly, effective teamwork requires good communication skills. This means being able to listen carefully to others’ perspectives and express your own views clearly and concisely. It also entails being able to compromise when necessary and negotiate constructively in order to find win-win solutions.

Finally, managing a productive team requires strong organizational and time-management skills. This includes being able to keep track of deadlines and deliverables, as well as ensuring that each team member is pulled in the same direction and working towards the common goal.

BUS490 Assignment Task 9: Demonstrate well-developed written proficiency.

Well-developed written proficiency is the ability to produce clear, concise, and error-free writing. It is a critical skill for success in any field, from academia to business. 

There are a few key elements to developing strong written proficiency. First, it is important to be able to express oneself clearly and concisely. This means using proper grammar and punctuation, as well as being able to choose the right words to convey one’s meaning accurately.

Second, effective writing also requires creativity and imagination. The ability to capture your ideas in an interesting and compelling way will make your writing stand out. Finally, great writing also needs to be error-free. Carefully proofread your work for spelling mistakes or typos before you submit it.

Assignment Task 10: Improve oral presentation skills.

Here are 10 tips to improve your oral presentation skills: 

1. Know your audience. It is important to tailor your message to your specific audience. What would they be interested in hearing? What would appeal to them? Asking these questions can help you better connect with your listeners.
2. Have a clear purpose. Before you begin, know what you want to achieve with your presentation. Do you want to inform, persuade, or entertain? Once you know your purpose, you can craft a stronger, more focused presentation.
3. Be structured and organized. A well-organized presentation is easier for listeners to follow and understand. Begin by outlining your main points and supporting information. Then, arrange this material in a logical order that flows smoothly.
4. Use strong visuals. People are more likely to remember information that is presented visually. Support your oral presentation with charts, graphs, photos, or other visuals whenever possible.
5. Speak confidently. Confidence is key when delivering a presentation. Remember that you know your topic well and believe in what you’re saying. This will help you project confidence and keep your audience engaged.
6. Make eye contact. When you make eye contact with your listeners, it helps to create a connection and build rapport. It also makes you appear more confident and personable.
7. Use gestures and body language. Gestures and body language can help to emphasize your points and add interest to your presentation. Just be sure not to overdo it – too much movement can be distracting.
8. Use vocal variety. Varying the pitch, volume, and rate of your voice can help to keep listeners engaged and interested in what you’re saying. Avoid speaking in a monotone, as this can be boring.
9. Practice, practice, practice. The more you practice, the more confident you’ll feel and the better your presentation will be. So don’t wait until the last minute to prepare – start practicing early on.
10. Handle questions confidently. Questions from the audience can be difficult to handle, but there are a few things you can do to make it easier. First, try to anticipate what questions might be asked and prepare answers in advance. Second, if you don’t know the answer to a question, don’t be afraid to say so. Just be sure to follow up by offering to find out the answer and get back to the person who asked.

By following these tips, you can improve your oral presentation skills and deliver a more confident, polished, and professional performance.

BUS490 Assignment Task 11: Develop strategic and critical thinking and analytical skills.

Strategic and critical thinking skills are important for many reasons. First, they allow you to analyze a situation and identify the most important factors that will impact the outcome. Second, they help you develop creative solutions to problems. Third, they enable you to think critically about an issue and weigh different options before making a decision. Finally, these skills can help you improve your communication and persuasion skills.

There are many ways to develop your strategic and critical thinking skills. One of the best ways is to read widely and broadly on a variety of topics. This will give you exposure to different thought processes and approaches to problem-solving. You can also get involved in debates or discussion groups, where you can practice analyzing arguments and articulating your own thoughts on a subject. Additionally, there are many online resources and tools that can help you develop these skills.

Some of the most popular resources for developing strategic and critical thinking skills include:

1. Critical Thinking: An Introduction by Alec Fisher – This book provides an overview of critical thinking, with a focus on how to identify and assess arguments.
2. The Art of Argument by George W. Patterson – This book teaches readers how to construct and defend their own arguments, as well as how to critique the arguments of others.
3. How to Think Like a CEO by Dinesh Goyal – This book provides strategies for making decisions, solving problems, and thinking strategically.
4. The Innovator’s Dilemma by Clayton M. Christensen – This book explores the concept of disruptive innovation and how it can be used to create new businesses and products.
5. The Lean Startup by Eric Ries – This book discusses how to create and sustain a startup business, with a focus on the importance of experimentation and iteration.

By reading these books and others like them, you can develop the skills necessary to think strategically and critically about any issue.

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