Strategic Management Essay For Bayut.com's Real Estate Brand.

Identify a strategic problem/challenge of your organization (i.e the organization you are working in)
Based on your analyses, please formulate two strategic options that would help to solve this problem and evaluate those strategic options.
Please submit your work in form of a video (max. 3mins) in which you present the results
You are free to use any recording software or tools.

Please note that the maximum size of your video accepted through Moodle is 50 MB. To this end, please find attached a document giving you tips on how to compress your file. Your assignment is valid only once you have uploaded it on MOODLE by the set deadline (SUN. 24 June 2018)

In depth analysis backed with theoretical concepts!
Discuss why is it important? What are the challenges? Etc.
Use the theory!
There is no right answer but there may be wrong answers.

Don’t forget to add the references.
Indicate the author and year if you use a theoretical framework.
Add slide numbers and check for spelling mistakes.

Challenges in Strategic Management for Bayut.com

Strategic management can be termed as the process of development and establishment of plans and tactics for an organizational structure (Varma, Bhalotia and Gambhir, 2018).

In the broader term, strategic management can be considered as a continuous process of monitoring, planning, analyzing and assessing all the necessary that are required by the business organization for the attainment of the goals and objectives.

This management process is executed for aiding the business corporation on various grounds such as coming up with the fluctuations in the business environment, ever-changing marketing trends, legal and political environment and tackling the competing brands.

Intensification in the competitive environment, fast-paced innovations and technological up-gradations and ever increasing and changing consumer demands and expectations for the business corporations in making decisions to remain strategically successful. The below-presented report is focused on Bayut .com, a UAE'S one of the top leading brand names of real estate sector. The demonstrated analysis is developed on the management of the strategic options for the business corporation.

Working as a business in today’s world is more challenging than it was before.

This section is very dynamic and globalization has impacted businesses as it never did before.

The major role of technology in business has made it very critical for every business to provide services at convenience to the customers (Imani, Zalzar, Mosavi and Shamshirband, 2018).

Bayut.com is providing services to its clients online. It is a real estate company which works to helps the customers to have properties for sale as well as rent. Hence, there are so many changing trends in this section of business as the prices of the properties vary from time to time as well as the customer's preferences are also ever-changing. Hence, while preparing the strategies for the operations of business there are several strategies which are there and these businesses affect the processes of an organization directly (Akhtar, 2018). Strategies are being formed on the basis of these inclined plans. Such that strategic challenge for Bayut.com is listed as follows:

• There are several business needs in the matter of resources, people as well as trends.
• The business has to cope up with all of these challenges in present scenario as well as the challenges which are going to rise in future.
• Actual forecasting in future is not possible yet it has to be done so as to have some control over the situations of future (Azari, Sadighzadeh and Bayatian, 2018).

So making strategies according to the dynamic requirement is one challenge for the business of Bayut.com. Hence, a company has to make strategies according to these changing needs of the business which is one such challenge which is very significant. There are several challenges which globalization of nations has imposed on business.

• The expectation from businesses has risen from over time. Hence, it has made the need for the companies to have such a strategy which is globally compatible and can have a sustainable growth for a business.
• To make a rise in Bayut.com business it has to opt for technology and strategies which attracts people in such as way that is not there in the market.
• Being innovative and different is important which is a challenge for the business and has to be overcome so as to have smooth functioning of businesses.

Strategy helps a business to build from where it is at its current period and where it aims to reach. Hence, this is the most significant decision which has to be made after a proper evaluation of time efforts and resources.

Solutions for Coping with Dynamic Business Trends

Everything has to work in line with business perspectives and business objectives (Kitsios and Kamariotou, 2018).

The most significant problem which Bayut.com is facing which is completely related to business and its changing trends has to be analyzed and solved.

There are many solutions to these problems in order to cope up with this challenge. Specifically, the changes are related to the preferences, needs, resources as well as business development strategies. Hence, the business has to work in line with the market to have optimum results (Carroll, Primo and Richter, 2014). Simultaneously, with the changing business needs business also have to change to have knowledge of in about what to changes and how to proceed further with that section is the point of concern, two solutions for the changing business needs is given below so as to solve the problem:

Study of the market is very important for a company which is operating in real estate business.

There are very rapid changes in this market in relation to a price which has to be taken care by Bayut.com so as to have proper functioning of the system upon which it is operating (Kennedy et al., 2018).

It is necessary for a company to have knowledge of the market in present as well as in future so as to reach a level where no one can reach to it. Before the formation of strategy, it is necessary to have a study of the area in which company is going to perform for a period of time it is aiming to sustain. Hence, market study plays a very important role.

• While planning in which direction to go it is necessary for the business to have a written plan on which it will work.
• This will help the organization to meet the business trends which are there in a market (Kennedy, 2018).
• So, this helps in having a plan which makes it possible for the company to reach a level of certainty which is important for a business to perform its operations in such a way that every uncertain situation can be addressed with the proper planning of the company’s plan.
• In the same way, company has to make sure that if there may come a situation which is unexpected that do not impact business and its process by any means
• The evaluation of these problems can be done through various methods in order to make sure they are working in line with business needs (Bakker, 2014).
• Hence, these are the two solutions for meeting the business changing needs and this will help business to reach a level where it can have a possible solution for every problem which may arise (Buckingham, 2011).
• These sections are important and worthy for the functioning of Bayut.com in the sector where it is operating its business.

Such that performance of the company will justify the success of solution as well as the control over the solution as to how good they are performing with business requirements and challenges will be helpful to know whether it is proper or not (Barney and Hesterly, 2010). So, the performance of this situation is better after the implementation of the solutions which is helping to fill the gap between where the company currently is and where it aims to reach in future.

After summing up the above-executed analysis it has been inferred that strategic management is one of the most empirical tasks for any of the business entity and the same should be executed with preciseness and the greater level of efficiency.

The report is segmented into two major sections.

The first segment comprises of discussion of a strategic problem faced by Bayut.com and the next part is focused on the analysis of strategic options.

Conclusion

After summing up the above-executed analysis it has been inferred that strategic management is one of the most empirical tasks for any of the business entity and the same should be executed with preciseness and the greater level of efficiency.

The report is segmented into two major sections.

The first segment comprises of discussion of a strategic problem faced by Bayut.com and the next part is focused on the analysis of strategic options.

References

• Akhtar, M. (2018) Managing strategic performance in a dynamic business environment: A study of two Indian oil companies. Global Business and Organizational Excellence, 37(5), pp.47-62.
• Azari, M.R., Sadighzadeh, A. and Bayatian, M. (2018) Public health risk management case concerning the city of Isfahan according to a hypothetical release of HF from a chemical plant. Environmental Science and Pollution Research, pp.1-9.
• Bakker, D. (2014) Vertical Brand Portfolio Management: Strategies for Integrated Brand Management Between Manufacturers and Retailers. Springer.
• Barney, J.B. and Hesterly, W.S. (2010) Strategic management and competitive advantage: Concepts. Englewood Cliffs, NJ: Prentice hall.
• Buckingham, I.P. (2011) What’s Employee Engagement?. In Brand Champions(pp. 37-74). Palgrave Macmillan UK.
• Carroll, R.J., Primo, D.M. and Richter, B.K. (2014) January. Using Item Response Theory to Improve Measurement in Strategic Management: An Application to CSR. In Academy of Management Proceedings (Vol. 2014, No. 1, p. 12215). Academy of Management.
• Cortez, M.A., Tu, N.T., Van Anh, D., Ng, B.Z. and Vegafria, E. (2014) Fast fashion quadrangle: An analysis. Academy of Marketing Studies Journal, 18(1), p.1.
• Imani, M.H., Zalzar, S., Mosavi, A. and Shamshirband, S. (2018) Strategic Behavior of Retailers for Risk Reduction and Profit Increment via Distributed Generators and Demand Response Programs. Energies, 11(6), pp.1-24.
• Imani, M.H., Zalzar, S., Mosavi, A. and Shamshirband, S. (2018) Strategic Behavior of Retailers for Risk Reduction and Profit Increment via Distributed Generators and Demand Response Programs. Energies, 11(6), pp.1-24.
• Kennedy, P.S.J. (2018) Level of military threats in regional and the national defense budget policy in the period of 1990-2008. Fundamental Management Journal, 3(1), pp.80-87.
• Kennedy, P.S.J., Tobing, S.J.L., Heatubun, A.B., Lumbantoruan, R. and Tampubolon, E. (2018) The strategy of priority location (lokpri) in state border development based on master plan of state border management. Buletin Ekonomi, 22(1), pp.46-58.
• Kitsios, F. and Kamariotou, M. (2018) Business strategy modelling based on enterprise architecture: a state of the art review. Business Process Management Journal.
• Matley, D. (2018) “Let's see how many of you mother fuckers unfollow me for this”: The pragmatic function of the hashtag# sorrynotsorry in non-apologetic Instagram posts. Journal of Pragmatics, 133, pp.66-78.
• Varma, A., Bhalotia, K. and Gambhir, K. (2018) Innovating for competitive advantage: managerial risk-taking ability counterbalances management controls. Journal of Management and Governance, pp.1-21.