Reference no: EM133824703

Formulate a strategic plan to improve competitive advantage within target markets.

Case Scenario:

It has been some time since you became the general manager of the Turul Winery in the FLIGBY simulation theme and gameplay. As the general manager of the Turul Winery, you spent countless hours and a great deal of effort assessing the design and strategy of the organization. As a result, you have a deep understanding of the organization, and the owner has requested that you formulate a strategic plan to improve the competitive advantage of the Turul Winery within target markets. This requires you to conduct an additional series of strategic analyses to understand the Turul Winery's competitive position in current and potential future markets. You will analyze the external environment to explore opportunities and threats to the business. Get Expert Academic Guidance Now!

Furthermore, you will investigate the internal environment of the Turul Winery to determine factors that lead to competitive advantages for the business. Based on your findings, you will construct a business model canvas to inform your market research efforts to identify a business expansion opportunity. Your goal is to demonstrate skill and expertise in assessing and planning a results-oriented organizational (business-level) strategy focused on resilience, efficiency, and innovation to ensure competitive advantage, sustainability, and growth. You will use the results of these analyses to inform the development of a strategic plan due to the owner of Turul Winery in 2 weeks.

Blue Ocean Strategy

Question 1: Explain the principles of blue ocean strategy.
Question 2: Explain the benefits and risks of using blue ocean strategy for business expansion planning into domestic and international markets. Provide reasoning.
Question 3: Explain how the use of the blue ocean strategy will aid in planning business expansion into domestic and international markets. Provide reasoning.

Strategic Goals and Objectives

Establish one strategic goal aligned with the organizational mission, vision, and values that support a business expansion effort into domestic and international markets.
Develop three business objectives that support the strategic goal in alignment with the organizational mission, vision, and values, supporting a business expansion into domestic and international markets.
Use a sound goal planning structure supported by theoretical research to effectively structure your goals and objectives.
Stretch Goals and Objectives

Establish one stretch goal, in alignment with the organizational mission, vision, and values, that supports a business expansion effort into domestic and international markets.
Develop three business objectives that support the stretch goal, in alignment with the organizational mission, vision, and values, supporting a business expansion into domestic and international markets.
Use a sound goal planning structure supported by theoretical research to structure your goals and objectives effectively.
Financial Goals and Objectives

Establish one financial goal aligned with the organizational mission, vision, and values that support a business expansion effort into domestic and international markets.
Develop three business objectives that support the financial goal, in alignment with the organizational mission, vision, and values, supporting a business expansion into domestic and international markets.
Use a sound goal planning structure supported by theoretical research to effectively structure your goals and objectives.
Target Marketing

Using your ideas for domestic and international business expansion, develop a target marketing strategy for each idea using the following criteria:

Develop one market segmentation profile for business expansion into domestic markets.
Develop one market segmentation profile for business expansion into international markets.
Choose a target marketing strategy consistent with blue ocean strategy principles for business expansion into domestic and international markets. Provide reasoning.
Develop a concise, unique selling proposition (positioning strategy) for a business expansion idea into domestic markets.
Develop a concise, unique selling proposition (positioning strategy) for a business expansion idea into international markets.
Contingency Planning

Identify three risks to a business expansion into domestic markets.
Identify three risks to a business expansion into international markets.
Develop ideas to mitigate or avert each risk to ensure the safety, sustainability, and preservation of assets.