Formulating a Feasible Business Strategy to Start the Business in the Home Entertainment Industry
A business opportunity has inspired me to start my own business in the home entertainment industry. The business in the industry will be performed by globally selling DVD and CD products, which can be described as physical containers of entertainment elements from film, music and game studios. For acquiring information of the opportunities and possibilities of the business for me, who acts as an entrepreneur, relevant business strategy will be made as the following assignment.
1. Definition of the concept of business strategy.
The concept of business strategy will be defined as the ...view middle of the document...
Functional objectives are the objectives which “relate to a department or section and will include most team objectives as well.” (Business Strategy 2004: 5)
Individual objectives are the objectives “relate to particular people and to their work.” (Business Strategy 2004: 5)
3) In order to carry out business strategy management, there are five tasks to be done, as a process. It can be illustrated as following.
At first, the task is for developing vision and mission. When it is done, secondly, objectives will be set. Then, from the set objectives, it is necessary to formulate strategy and achieving objectives, as the third task in the process. Afterwards, implementation and execution of the strategy will be made. Finally, the last task of the process is to monitor evaluation and task corrective actions.
From the complete process described above, there is a complete form-up of business strategy management.
4) As in the business strategy management, there are four different performers which are called: senior corporate executives, managers of subsidiary units, managers of functional areas and operating managers.
5) The origin of the business strategy is supposed to be searched in order to have better understanding of it.
Strategy is originated from military and it consists of a plan of action designed to achieve a particular goal for the victory of battles in the war. Initially, a book from China, made by Sun Tzu, named The Art of War has introduced military strategies in ancient times. Later, the influence of military strategy spread into business for the purpose of winning business competitions by making plans to complete the objectives.
2. Setup of the business mission and objectives.
As in the home entertainment industry, we are a firm called “Home Tree”.
The mission to the business can be shown in the following mission statement.
“We are to provide entertaining experiences to every household by home media.”
As a company in the home entertainment industry, the objectives to the business can be shown as:
- Financial objectives:
1) Quarterly growth of a realistically stable amount to the revenue from the profits of selling the home entertainment products.
2) Increasing dividends to our shareholders in the home entertainment industry.
- Strategic objectives:
Increasing customer acknowledgements and reputation on the entertainment products we provided, by measuring market share of home entertainment, annually.
- Functional objectives:
Permanent qualify of DVD and CD products in manufacturing, both in internal contents, which can be enriched; and external appearances, which can be beautified.
- Individual objectives:
Reasoned and responded in devoting into providing elements of home entertainment, by happily and heartily serving customer needs.
3. Identification of the stakeholders of the home entertainment...