How could I respond to this in a classroom setting?

List your selected industry.

The industry I want to share about is the service industry. $($Event Planning$)$

My experience comes from running my own event planning business.

Discuss how a company$$s internal environment might affect the development of the corporate strategy.$$

An Event Planning business has many components that will factor into the the companies development and companies strategy. An Event Planning business has a duty to ensure the service that they are providing an enhanced experience to their customer. Like any business there must be a well defined process of team work collaboration.

Explain why personal and organizational structure factors are needed for an effective strategy in this industry.$$

An Event Planning business is a multilayered business. Personal organizational structure is needed in this industry due to the many task that have to be performed. The task that have to be completed after a date is set is a budget and a venue. There will be different people on the team that will lead the various task that need to be completed. The overall planner will need to strategize which team member will be the best to lead the task all individual task.

Identify ways an organization might use the product life cycle concept to build competitive advantage. $($Introduction$,$ growth, maturity and decline$)$

Introduction

In my businesses introduction I was able to build a competitive advantage by doing research in the industry. I looked at goods and services that my company could offer that other event planning businesses were not offering.

Growth

During the growth stage of my business I was able to partner with other vendors to help give my customer a one stop shop feeling. My father owned a restaurant, so I partnered with him as my caterer and I developed relationships with other vendors. $($Dj$,$ Florist, seamstress and a make artist$)$

Maturity

During my businesses maturity stage I noticed that I had to build new vendors relationships that would be able to appeal to new customers and repeat customers. I also had to widen my scope of events I was planning. I went from exclusively doing weddings to planning a variety of different types of events.

Decline

During covid is when I was faced with the decline of my business and I forced to face the reality that my business may never rebound. I had to be innovative about how to plan events. Needless to say zoom became a vital part of my business. I am still rebuilding from covid. During covid I lost several business partnerships due to businesses going out of business.