Comparing and Contrasting Strategies

Comparing and Contrasting Strategies

Introduction

It is pleasurable enough to be entrusted with the task to oversee an event whose impact holds the destiny of our company, Walmart. This does not mean that I have the most outstanding ideologies concerning strategic planning; instead, it emphasizes the effectiveness to which I’m supposed to conduct the event for us to achieve our intended outcomes.  In this retreat, all key stakeholders in decision making will be in attendance, and every person’s contribution will count.

Setting Expectations

In this retreat, vital aspects concerning the future of Walmart will be reiterated to ascertain its achievement. Possible solutions to Walmart’s important questions will be handled. As such, the mission of the company will be reviewed so that it is made clear on issues concerning Walmart’s future. Also, the meeting will be used as an avenue to re-state the actual intent as to why Walmart exists. This will cover up to the nature and type of customers who are the ultimate force that propels the company towards attaining its future. The meeting will also dig out the possible priorities in terms of initiatives that should be focused on and the action plan that will be adhered to as long as the company’s vision is at stake.

Minimization of Status Effect

According to Morel (2015), meetings where no control is evident always end up not achieving their intended purposes. To avoid such incidences, the core objectives of the meeting will be well laid down so that each of the invited members knows exactly what and why he/she was invited into the meeting. Secondly, technology will be banned at the meeting. This implies that members will not be allowed to tag along with their pieces of electronics since they will be unnecessary in that context. Maintaining neutrality and having a well-drawn schedule will also ensure that all members are considered (Lin, 2015). To wrap up, follow-ups will be conducted to ensure that all members know exactly what was discussed and also allow those who did not perfectly present their points in the meeting to be considered.

Vital Ground Rules

All members will be required to adhere to the following ground rules as elaborated by Schaffer (2016);

1. Promptness in arrival
2. Keeping physically and mentally alert all through since the issues to be discussed are significant to the company.
3. All responses that will be aired out by individual members should adhere to the goal of the meeting.
4. All members present much to participate in the issue at hand.
5. All members are called upon to attack the issues in line with the goal of the organization instead of attacking other members.

Conflict Resolution

Thomas and Kilmann (2017) developed five strategies that act as a framework that should be followed in conflict resolution. They proposed avoidance, competition, accommodation, collaboration, and compromise as the ultimate strategies for conflict resolution.  However, during this retreat, I will consider avoidance, accommodating, compromise, and collaboration as the best ways to deal with impending conflict.

How to Begin the Workshop

The workshop does not begin at the incidence when someone stands up to introduce himself/herself but starts when the intents of the workshop are well-communicated to all members in advance. Therefore, I will keep all members informed of the workshop in advance. After that, I will during the exact workshop day, I will set the pace by introducing my knowledge concerning the strategic plan in the making. I will then invoke the management to make sure that I appear a little bit distant from the rest of the members. After that, I will have all members to introduce themselves one at a time and what they know about the workshop and what is expected of them. Finally, I will orient them and shake their sitting positions so that I create an atmosphere where they feel free to interact with each other.

Part 2

Criteria Tracy Discusses of Business Strategy

In selecting the best business strategy that should be considered, all qualitative areas ought to be thoroughly explored. These qualitative options include validity, consistency, feasibility, business risk, and flexibility (Greco et al., 2016).  The three most viable criteria to be regarded are business risks, validity, and feasibility.

Business Risk

All business investments are prone to risks. Despite that, profits still have to be realized in the end. All strategic business options always have some form of risk attached to them. Moreover, they have countermeasures on how to potentially minimize the magnitude of the risk to the business success. In evaluating the possible strategies during the workshop, the main aim will be checking on the extent of the potential residual risks that are associated with each strategy. The option that we anticipate to settle on should be one that has a level that is commensurate with the amount of return that is expected from the business.

Validity

In laying down possible strategies for a business, there are background assumptions that are attached to each strategy. All of the assumptions ought to be reviewed for validity status before accepting to settle on a given strategy. Some of the possible assumptions include;

1. The expected business future for the business
2. The level of competition facing the business
3. Nature and number of customers and suppliers
4. The reactions to be held towards other alternative strategies

Some of these assumptions are meant to reduce product prices, but this has implications on the extent to which competition will be curbed. For instance, implementing strategies that involve price reduction while expecting that competitors will as well reduce prices is an invalid assumption.

Feasibility

A feasible business strategy should have the capacity to deliver the business vision, mission, and goals in practical perspectives. However, some strategies might are theoretically applicable but practically impossible.  Such strategies are not feasible enough and should not be considered. Consequently, a business strategy that is worth consideration should have options that show how finances will be obtained, how assets will be accumulated and spent, how employees’ work experience will be determined, and the culture and skills that will be required before it gets implemented.

Once the business strategy selection workshop is completed, I believe members will rate the three business strategy decision criteria on a scale of preference before classifying the available business strategies. For instance, I think they will vote feasibility as the best criteria to be followed since it elaborates on all aspects that are associated with the future of the business and the fulfillment of the big questions. The validity aspect will be rated second after feasibility.  I believe all issues related to the business need to be tested if they can be practically implemented or not. I expect them to list down all activities and initiatives which are associated with each strategy and assess how practical they are as far as the vision, mission, and goal of the business is concerned. Finally, business risk will be the last but not least criteria. I believe they will concur with my perception that business risks are always there, and they cannot be avoided.  However, business risks should not be fully considered as the ultimate determinant for the actual selection of a given business strategy to be implemented in the business.

Conclusion

Conducting a successful workshop involves the effort and contribution of individual members towards the expectations of the top leadership team. I believe if all ideologies held by each member of the workshop are considered, a conclusive outcome can be attained. Also, the level of knowledge held by each member regarding the available business strategies determines how congruent they will be in airing out their perspectives.

The ultimate expectation of a workshop is to come up with a perfect discourse that determines the future of a business. In this case, a decision criterion is limited to the level of knowledge held by each member concerning the significance it has for the future of the business. A well planned, conducted, and concluded will entirely lead to a better decision; hence, ascertaining the future of the business.

References

Greco, S., Figueira, J., & Ehrgott, M. (2016). Multiple criteria decision analysis. New York: Springer.

Lin, C. Y. (2015). Seminars and interactive lectures as a community of knowledge co-construction: The use of modifiers. English for Specific Purposes, 38, 99-108.

Morell, T. (2015). International conference paper presentations: A multimodal analysis to determine effectiveness. English for Specific Purposes, 37, 137-150.

Schaffer, J. (2016). Ground rules: lessons from Wilson. In Scientific composition and metaphysical ground (pp. 143-169). Palgrave Macmillan, London.

Thomas, K. W., & Kilmann, R. H. (2017). Thomas-Kilmann conflict mode instrument: Profile and interpretive report. CPP, Incorporated.