Steps for Solving a Business Issue and Case Study on It
Collecting data and factual information is the definition of case study. This case study is based on some real or within hypothetical situations in business. The primary set goal of doing a case study is to simply improve one’s capability in solving common varieties of business problems through following a logical framework.
Issues commonly met in a case are the typical ones on a person or to an industry and more focused on eyeing more strategy elements in the business. In all conducted case studies, it is very essential to analyze the presented and the state wherein specific actions towards major issues in the business must be applied. Moreover, here are the steps for solving a business case study.
1. Presentation of Facts
Fact presentation is the first step in every business case study’s analysis.In the first step of solving the case study, it is important to give emphasis on the factual information. Other actions such as chart and figure interpretation, and review on individual feedbacks, judging current and past decision’s rationality as well as preparing questions regarding the problem would give a way to solve the problem specifically.
2. Identifying the Key Issues
Identifying the key issues in the business is the next step towards a successful addressing of problem. Moreover, the facts that have been stated are typically referring to problems (particularly by retailers) such as environment changes, competitive capabilities, and new opportunities. Mainly point out the characteristics and the ramifications of the problem and study them through the materials present within the case and of course in the text.
3. Listing of Potential Alternative Action
Lots of considerations should be taken upon taking any of the potential alternative actions on the lists of alternative solutions for the current problem. These considerations may include factors such as financial capabilities, staff or personnel capabilities, economic trend, legal restrictions, overall strategy, supply sources, and more. It is important to always think and decide for each role in the alternative solution for the solving of business case study.
4. Evaluation of Alternative Action
The options or alternative courses of actions must have gone through evaluation. Not only for the main problem in the case study but also should be about using specific criteria. The alternative actions listed must be decided with a strong basis as well.
5. Recommendation of Best Action
The last step for solving a business case study is about recommending the best courses of actions for the problem. This last step should not just be taken as a case summary because this is actually the part in which more realistic solutions and key issues must be well delivered with specific actions. It is important to become highly précised on the alternative which will best give the solution.
The steps mentioned for solving a business case study must be applied well. A case study at first may seem simple but truly difficult for others. However following the mentioned steps could really lead a way in addressing a case’s key issue and strong potential alternative solution for the problem.
- Understanding the Relationship between Business and Environment
Business and Environmental issues have come to assume an important place in the world platform today. The impact of one can be easily seen on the other.
- Steps on Putting Together a Business Case
Putting together a business case can be challenging, but as long as you can present them the facts appropriately and you can show to them that you are sure on what you are doing, they will surely be convinced to enter your venture.