wk8cla2

Running head: WK5 1

WK5 3

WK5

Student’s Name

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WK 5 DQ 2

There are various items learned from this course. For example, I have learned an aspect of business research. This aspect is conducted in the market in order to acquire the information needed to make business and make strategies for an increase in sales and profits. Business research is important during the determination of market needs before beginning operations. Another aspects learned from this course is the definition of a problems statement. A problem statement is an opportunity which needs to be taken before a research begins. This aspect focuses on the scenario for which we are going to determine its resolution. In the PA1 assignment, the research is seen to revolve around the six pointer prepared in the problem statement. A problem statement is there an important facet of research. Additionally, what I have learned in this course is determining objectives for research. These are derivatives of the problem statement. Thus, the objects and problem statements are directly related in that; they are intended outcomes of the research.

Furthermore, I have also learned that the strategy formulation, strategy execution process begins with an appraisal of the interest that the company has. (John Gamble, 2018) Therefore, in an organization, there are two facets which are external environment which entails the competitive conditions in the market and internal environment which entails the resources in the company and its capabilities. The other aspect I learned from strategic formulation is that not all positions on the map are equally attractive (John Gamble, 2018).

In addition, what I learned from this course is that the competitive force of buyer bargaining power is an important competitive force which depends on whether some buyers have sufficient bargaining leverage to obtain the price concessions and other items which are favorable.

eferences

John Gamble. (2018). Essentials of Strategic Management. The Quest for Competitive Advantage. Retrieved from https://books.google.co.ke/books/about/Essentials_of_Strategic_Management_the_Q.html?id=OA7puQEACAAJ&redir_esc=y