Business Paper (1750 words) Essay Example | Topics and Well Written Essays - 1750 words

Business Paper (1750 words) - Essay Example This helps to bridge the gap between theory and practice by equipping them with practical skills (Lowden, 2011). How then did the LIAISE business simulation provide me with an opportunity to develop my business strategy skills, marketing skills, financial management skills, team effectiveness as well as the acquisition of graduate employability attributes which make me a preferable candidate to work as a marketing manager in your Electronic Company? A business strategy is defined as a means through which businesses set out to accomplish their set objectives by carefully allocating resources in different departments. The choice and execution of a business strategy depends on its core business and the scope of its operations (Johnson et al, 2005). For example, the LIAISE business simulation’s scope was to source products from suppliers and then market them to the customers with a view of attaining a huge market share with high income customer base through brand expansion and increasing supply routes from various manufacturers. During this simulation programme, I learnt that there are several types of business strategies that can be pursued by businesses to achieve their goals. One of the most sought strategy that is applicable in LIAISE business simulation is growth. When a business is interested in expanding its operation to achieve a greater market share, there is need to allocate time, money and human resources for development of new products, venturing into markets, as well as investing in new businesses. Competitive advantage is also a vital business strategy as it ensures that a business is able to survive its rivals, not by copying their products, brands and strategies, but by effectively competing with them. A business can attain competitive advantage by selling products at relatively lower price than the competitors (Gary et al, 2008). However, this strategy requires that the business grow to a certain margin so that the company can enjoy