Strategic Thinking and Management – Management in Practice

Strategic Thinking and Management – Management in Practice

The Strategic Thinking and Management assignment will take place over two weeks and will encompass two chapters from the textbook including Strategic Thinking and Planning and Strategic Management. The goal is providing students with the opportunity to evaluate strategic practices, conduct market research, complete a SWOT analysis and provide a strategic recommendation. The case study will be Amazing Aquariums.

Part I: Read the case study in the Connect Digital Content: Amazing Aquariums which can be found in the Strategic Thinking and Planning chapter.

Students should answer the six questions in the Connect Digital Assignment associated with this case. These questions represent 30% of the assignment grade so please take your time and use your chapter readings to answer the questions. The case is at the end of this assignment for reference ONLY. Students must answer the questions online through Connect.

Part II: Research
Students should research the pet fish and aquarium market and combine these findings with the material presented in the case. Students should use reputable sources and may include ancillary markets like pet store companies that sell fish supplies and aquariums to help with the external environmental factors.

All sources must be reputable (see link in Blackboard for a list of reputable sources). Other sources can be used but they must be reputable. The FIT Library has a many databases and sources.

All sources must be properly sourced using APA citation style. Any citations in the written body of the work must be correctly cited using APA in-text citations. See APA Citations in Blackboard.

Part III: Written Assignment
Complete a written report for each topic noted below. Diagrams and visuals can be included but should not take away from the quality of the content. Please use a creative title for the assignment that is relevant to the topics.

Competitor Analysis:
Based on the information in the case, identify the strategy for each competitor in the case study (Geeky Fishman, Calming Aquarium and Exotic Aquatics).

Based on the information in the case, what are some defensive actions that each competitor can take (Geeky Fishman, Calming Aquarium and Exotic Aquatics).

SWOT Analysis (this section must be completed after the chapter on Strategic Management has been completed). Students must provide a SWOT analysis performed on Amazing Aquariums. Students should use a properly formatted SWOT using a diagram to illustrate the strengths, weaknesses, opportunities and threats.

Concluding Assessment:
Using the competitive intelligence provided in the case, research conducted and the SWOT analysis what would you recommend for Dalton and Antwan to do and why? This must be substantiated (use your references and sources to substantiate the recommendation).

Assignment Requirements (reduction of 10 points in the grade is taken for not following format):

• Assignments must be written in third person. This is a business course so refrain from using jargon, acronyms, and incomplete sentences. All assignments are written from a business perspective so use facts and examples to support your work and refrain from providing personal opinions (since the assignment is being written by you, we know this is your view).
• SUBMIT all written assignments into the drop-box using WORD or PDF ONLY. Links to shared drives are not accepted. Emails with assignment attachments are not accepted.
• Your typed assignment must have the following in the upper left corner; the assignment name, the course number and the course name, the semester, your name, the date it is submitted, and the professor’s name.
• Pages must be 1.5 spaced, using 10 to 12 size fonts, with page numbers and appropriately sized margins.
• References and sources used during your research/assignment must be included in your assignment in APA format ONLY. All in-text citations, if used, must be in APA format. See Bb APA Citations.
•
Grading: Your assignment will be graded on presentation (appearance, following the required format) and thoroughness (how completely you have addressed each section). Grammar and spelling count; the use of slang or jargon is not acceptable in business writing. Please see rubric for specific grading details.

30% Connect Assignment Questions (completed in the Connect Digital Content)
15% Competitor Analysis
40% SWOT Analysis
15% Concluding Assessment

Grading Philosophy:
Grading will be earned based on thoroughness of assignment, applied knowledge (course terminology and concepts applied into the assignment), accuracy and insights (critical thinking). Enthusiasm for the subject and assignment is considered and appreciated.

McGraw Hill Connect Case Study: Amazing Aquariums

The goal of this activity is to have you perform a competitor analysis. Amazing Aquariums began as a class project on new business development. Now that the visionaries behind the idea have graduated, they want to explore their business idea and see if the concept could be a successful one. To begin this process, they need to find and analyze similar companies in their potential marketplace and research what services they are currently offering. This will help determine if Amazing Aquariums concept is indeed a valid one, which could lead to a successful new venture.

This activity is important because proper knowledge of competitor analysis will allow organizations to better understand how to be successful in their markets.

Sometimes, the best ideas are generated on the basketball court. That is where the idea for Amazing Aquariums was generated. Maybe it was too much television. Maybe it was staring blankly at the fish tank in the school cafeteria. When it was time to come up with a business concept for a marketing class, aquariums were definitely on the brain. At least for Dalton and Antwan they were. The two friends graduated college following successful completion of the project, and are currently contemplating whether there is actually a marketplace for their classroom-based company, Amazing Aquariums.

The Concept:
Amazing Aquariums would handle everything fish – from maintenance and cleaning of tanks and ponds, to the actual design, set up, and fish selection for the space. The pair chose to target corporate clients, such as law firms and doctor’s offices, for the class project, but they are trying to determine if they should switch their focus to residential markets or include both in their target market.
In addition to the aquarium services, Dalton and Antwan are considering some additional fish related opportunities that they feel will generate additional revenue. These ideas include:

• Carrying their own high-end tropical fish and supplies for direct sale to clients
• Opening a fish camp to teach kids basic fish care skills
• Creating an app that provides an interactive educational tour and information for the local aquarium

Essentially, the vision for Amazing Aquariums is to become the top aquarium servicing company in the area, based on their value-added services, and to possibly land a television show about their journey. Although their experience with fish is somewhat limited, Dalton and Antwan believe their hard work and can-do attitudes are the key to success.
To determine whether Amazing Aquariums is a concept that has a place in the market, the pair begin to research their potential local competition. Here is what they find.

Competitor A: Geeky Fishman
Run by a professional Aquarist, this company focuses on maintenance of large tanks that require full body immersion for cleaning and maintenance. The company espouses the use of science and fishless cycling to maintain water balance and harmony in the tank. Geeky Fishman has been in business for 7years. The company website is full of science facts and blogs related to many aqua issues.

Competitor B: Exotic Aquatics
Exotic Aquatics is a high-end retail store that focuses on tropical fish and supplies. In order to meet the needs of its clients, the company provides limited consulting services on tank design and will visit its clients’ homes if there is an issue with the tank or the fish. The company’s main benefits are that it is a retail outlet and can fulfill the customers’ needs for food and supplies and that it employs a staff of people who are very knowledgeable in tropical fish. Exotic Aquatics is a long-established leader in the metropolitan area.

Competitor C: Calming Aquariums
Calming Aquariums markets themselves as a low cost, turn-key provider of aquariums. The client can choose one of three different sizes of stand-alone aquariums. The tank comes with fish and supplies and the company comes on-site monthly to clean the tank. This service is geared for those who want fish, but don’t necessarily want to plan and care for the aquarium. Everything, including fish selection, is done for the client for an initial cost and a flat, monthly fee. Calming Aquariums serves a large geographic area by using independent contractors and has been in business for under 2 years.

Assignment #2 Due 11/3