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Assignment Briefs 10-10-2024

Illustrate the differences between strategy and a plan.

QUALIFI ASSESSMENT DOCUMENT

Qualification

Qualifi Level 5 Diploma in Business Management

Qualification No (RQF) Unit Name

Unit Reference

No of Credits

601/6049/4

Business Models and Growing Organisations

BUS 2.4

20 Credits

Introduction

Prior to attempting this coursework assignment, Learners must familiarise themselves with the following policies:

  • Centre Specification
  • Can be found at https://qualifi.net/qualifi-level-5-diploma-in-business-management/
  • Qualifi Quality Assurance Standards
  • Qualifi Quality Policy Statement

Plagiarism and Collusion

In submitting the assignment Learner’s must complete a statement of authenticity confirming that the work submitted for all tasks is their own. The statement should also include the word count.

Your accredited study centre will direct you to the appropriate software that checks the level of similarity. Qualifi recommends the use of https://www.turnitin.com as a part of the assessment.

Plagiarism and collusion are treated very seriously. Plagiarism involves presenting work, excerpts, ideas or passages of another author without appropriate referencing and attribution.

Collusion occurs when two or more learners submit work which is so alike in ideas, content, wording and/or structure that the similarity goes beyond what might have been mere coincidence

Please familiarise yourself on Qualifi’s Malpractice and Maladministration policy, where you can find further informatio

Referencing

A professional approach to work is expected from all learners. Learners must therefore identify and acknowledge ALL sources/methodologies/applications used.

The learner must use an appropriate referencing system to achieve this. Marks are not awarded for the use of English; however, the learner must express ideas clearly and ensure that appropriate terminology is used to convey accuracy in meaning.

Qualifi recommends using Harvard Style of Referencing throughout your work.

Appendices

You may include appendices to support your work, however appendices must only contain additional supporting information, and must be clearly referenced in your assignment.

You may also include tables, graphs, diagrams, Gantt chart and flowcharts that support the main report should be incorporated into the back of the assignment report that is submitted.

Any published secondary information such as annual reports and company literature, should be referenced in the main text of the assignment, in accordance of Harvard Style Referencing, and referenced at the end of the assignment.

Confidentiality

Where a Learner is using organisational information that deals with sensitive material or issues, they must seek the advice and permission from that organisation about its inclusion

Where confidentiality is an issue, Learners are advised to anonymise their assignment report so that it cannot be attributed to that particular organisation.

Word Count Policy

Learners must comply with the required word count, within a margin of +10%. These rules exclude the index, headings, tables, images, footnotes, appendices and information contained within references and bibliographies.

When an assessment task requires learners to produce presentation slides with supporting notes, the word count applies to the supporting notes only

Submission of Assignments

All work to be submitted on the due date as per Centre’s advice.

All work must be submitted in a single electronic document (.doc file), or via Turnitin, where applicable.

This should go to the tutor and Centre Manager/Programme Director, plus one hard copy posted to the Centre Manager (if required)

Marking and grades

Qualifi uses a standard marking rubric for all assignments, and you can find the details at the end of this document. Unless stated elsewhere, Learners must answer all questions in this document.

Assignment Question

Scenario

Learners may use their own employment context to write an assignment based on assessment tasks. Assessment tasks are learning outcomes of the unit associated with Assessment Criteria. You are required to generate sufficient evidence on assessment criteria to meet learning outcomes of the unit within the rules, regulations and standards to achieve credits of the unit. If you are not in employment, please use the following scenario.

Consider you are working as a Senior Manager of a small-medium sized insurance private limited organisation, which deals with its customers all over the world to sell its motor, home, life, savings and retirement insurance products and services. Your role includes organisational development, strategy development and change management to ensure the overall direction of the company is aligned with the strategic plan. In your role, you use business models, and explore the relationship between enterprising behaviour and business success, the different ways in which the company/organisation can grow and the different types of business that they might be expected to work in. Due to the change in the market and the increase in the global competition, you are required to write an assignment to explore growth options, develop different business development models with competitive environment scanning and analysis. Therefore, prepare a report based on your examining, analysis and evaluation of business models to meet the following 3 tasks that will help Directors to set long-term strategic plan to meet organisational’ visions, goals, and strategy requirements and to gain competitive advantages.

Task 1 – 650 words

Examine growth options and the resource implications on organization structures and operations.

1.1: Illustrate the differences between strategy and a plan.

1.2: Provide ideas and examples of different approaches to delivering business growth.

1.3: Analyse the impact and resource requirements likely for growth strategies in a range of organisations.

Assessment Criteria

1.1: Illustrate the differences between strategy and a plan.

1.2: Provide ideas and examples of different approaches to delivering business growth.

1.3: Analyse the impact and resource requirements likely for growth strategies in a range of organisations

Task 2 – 650 words

Develop an appreciation of different business models and how performance and success of ventures may be evaluated.

2.1: Analyse different business models and their revenue streams.

2.2: Identify and recommend ways in which business performance can be measured and new ventures evaluated.

2.3: Provide examples of innovation in businesses and comment on their success.

Assessment Criteria

2.1: Analyse different business models and their revenue streams.

2.2: Identify and recommend ways in which business performance can be measured and new ventures evaluated.

2.3: Provide examples of innovation in businesses and comment on their success.

Task 3 – 700 words

Evaluate environmental scanning and how growth options may be analysed.

3.1: Use environmental scanning as a tool to identify business opportunities.

3.2: Analyse businesses that have successfully used environmental scanning.

3.3: Provide examples of strategic fit in determining growth options.

Assessment Criteria

3.1: Use environmental scanning as a tool to identify business opportunities.

3.2: Analyse businesses that have successfully used environmental scanning.

3.1: Provide examples of strategic fit in determining growth options.

 

Distinguished

Excellent

Good

Proficient

Basic

Marginal

Unacceptable

Criteria

80+

70

60

50

40

30

0

 

 

Content (alignment with

assessment criteria)

 

Extensive evaluation and synthesis of ideas; includes substantial original thinking

 

Comprehensive critical evaluation and synthesis of ideas; includes coherent original thinking

Adequate evaluation and synthesis of key ideas beyond basic descriptions; includes original thinking

 

Describes main ideas with evidence of evaluation; includes some original thinking

Describes some of the main ideas but omits some concepts; limited evidence of evaluation; confused original thinking

 

Largely incomplete description of main issues; misses key concepts; no original thinking

 

Inadequate information or containing information not relevant to the topic

 

 

Application of Theory and Literature

In-depth, detailed and relevant application of theory; expertly integrates literature to support ideas and concept

Clear and relevant application of theory; fully integrates literature to support ideas and concepts

 

Appropriate application of theory; integrates literature to support ideas and concepts

 

Adequate application of theory; uses literature to support ideas and concepts

 

Limited application of theory; refers to literature but may not use it consistently

 

Confused application of theory; does not use literature for support

 

Little or no evidence of application of theory and relevant literature

 

 

Knowledge and Understanding

Extensive depth of understanding and exploration beyond key principles and concepts

Comprehensive knowledge and depth of understanding key principles and concepts

 

Sound understanding of principles and concepts

 

Basic Knowledge and understanding of key concepts and principles

Limited and superficial knowledge and understanding of key concepts and principles

Confused or inadequate knowledge and understanding of key concepts and principles

Little or no evidence of knowledge or understanding of key concepts and principles

 

 

 

Presentation and Writing Skills

Logical, coherent and polished presentation exceeding expectations at this level; free from errors in mechanics and syntax

 

Logical, coherent presentation demonstrating mastery; free from errors in mechanics and syntax

 

Logical structure to presentation; makes few errors in mechanics and syntax which do not prohibit meaning

 

 

Orderly presentation; minor errors in mechanics and syntax

 

Somewhat weak presentation; errors in mechanics and syntax may interfere with meaning

 

Confused presentation; errors in mechanics and syntax often interfere with meaning

 

Illogical presentation lacking cohesion; contains significant errors that interfere with meaning

 

Referencing

Advanced use of in- text citation and references

Mastery of in-text citation and referencing

Appropriate use of in-text citation and referencing

Adequate use of in- text citation and referencing

Limited use of in- text citation and referencing

Inadequate use of citation and referencing

Little or no evidence of appropriate referencing or use of sources

Directions:

  1. For each of the criteria listed in the first column, circle one box in the corresponding column to the right which best reflects the student’s work on this particular assessment activity (e.g., project, presentation, essay).
  2. Provide specific feedback to a student about each of the criteria scores he/she earned by writing comments and suggestions for improvement in the last row titled “Instructor’s comments.”
  3. To arrive at a mark, total the boxes and divide by 5 to arrive at final mark.

Example:

 

Distinguished

Excellent

Good

Proficient

Basic

Marginal

Unacceptable

Range

80-100

70-79

60-69

50-59

40-49

35-39

0-34

Criteria

Score

Content

50

Application of Theory and Literature

40

Knowledge and Understanding

50

Presentation/Writing Skills

40

Referencing

40

Total Score

220/5 = 44, Basic

Example Answer

1.1 Illustrating the Differences Between Strategy and a Plan

In business management, the terms "strategy" and "plan" are often used interchangeably, but they hold distinct meanings and serve different purposes. Understanding these differences is crucial for organisations to align their goals and operations effectively.

Strategy: A strategy is a broad, long-term approach or roadmap that an organisation develops to achieve its overarching objectives and vision. It defines the direction in which the organisation will move, considering external and internal environments, including market trends, competitive landscape, and the organisation`s strengths and weaknesses. A strategy is dynamic, adaptable, and forward-looking, addressing the fundamental question: "How can we achieve our goals in the face of competition and change?"

For example, a small-medium sized insurance organisation like yours may adopt a strategy to diversify its product portfolio to cater to different customer needs, such as expanding from motor and home insurance to include life and retirement products. This strategy is focused on positioning the company for future growth and competitiveness in an evolving global market.

Key features of strategy:

  • Long-term focus.
  • Broad and flexible, providing overall direction.
  • Concerned with competitive advantage and positioning.
  • Involves significant resource allocation and organisational alignment.
  • Often subject to change due to shifts in the external environment.

Plan: On the other hand, a plan is more detailed and tactical, outlining specific actions, timelines, and responsibilities required to implement the strategy. It focuses on the "what," "when," and "who," providing a clear structure for execution. Plans are often shorter in time frame, and they break down the strategic goals into manageable tasks that guide day-to-day operations.

For example, if the strategy of the insurance company is to expand into the life insurance market, the plan might include specific steps such as developing new product lines, training staff on life insurance policies, and establishing marketing campaigns to target potential customers. A plan is generally less flexible and subject to review and adjustment as conditions change.

Key features of a plan:

  • Short-term focus, usually covering weeks, months, or up to a few years.
  • Detailed and structured, outlining specific tasks and timelines.
  • Focuses on the execution of a strategy.
  • Provides measurable milestones and targets.
  • Often reviewed periodically to ensure alignment with the overall strategy.

Relationship Between Strategy and a Plan: The relationship between strategy and a plan is complementary. While strategy defines "what" an organisation aims to achieve and "why," the plan describes "how" these strategic objectives will be realised in practical terms. Both elements are critical for the success of an organisation.

Continued...

 

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