Business Strategy: BMW's Mission, Vision, Objectives, and Core Competencies

This article discusses the importance of business strategy and its role in achieving goals and gaining competitive advantage. It focuses on BMW's mission, vision, objectives, and core competencies and how they contribute to strategic planning. It also explores the factors to consider when formulating a strategy plan.

Businesss Strategy

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 BMW mission, vision, objectives, goals and core competencies role in Strategic planning:
................................................................................................................................................3
1.2 Factor considered for the formulation of strategy plan....................................................6
1.2 Factor considered for the formulation of strategy plan:...................................................7
1.3 Ways to evaluate effectiveness of techniques used while developing strategic plans: ...9
TASK 3..........................................................................................................................................10
3.1 The appropriateness of alternative strategies relating to market entry, substantive growth,
limited growth, or retrenchment for a given organisation:...................................................10
3.2 Selection of a strategy....................................................................................................11
TASK 4.................................................................................................................................12
4.1 Roles and responsibility for strategy implementation:-..................................................12
4.2 Resource requirements for implementing a new strategy..............................................14
4.3 Evaluate the contribution of SMART targets to the achievement of strategy
implementation in a given organisation...............................................................................15
Conclusion.....................................................................................................................................16
REFERENCES..............................................................................................................................18

INTRODUCTION
Business strategy of a company is a very important aspect of its existence and success. A
business strategy is formulated to fulfil a purpose, achieve a goal. It is derived in order to
organisation to achieve short term and long term goals with efficiency and higher rate of
productivity. It is vital for an organisation in running its operations successfully(Auzair, S.,
2011). It is one of the most important activity which is undertaken by the management as to
develop a strategy which describes about the path that has to be followed by the employees to
achieve the targets set. Business strategies do not provide total protection from the uncertain
future but they enhance organisation capability to deal with the situation. Different factors
impacts organisation internal and external environment that is why reviewing business strategy is
very important for an organisation. As this facilitate top management in adding required policies
in the strategy to immune it from the market shocks. The prime target of business strategy is
divided into two parts:
 Goal Achievement
 Gaining Competitive Advantage and stability.
Organisation such as BMW group who is a market leader in luxury car segment is a
German manufacturer. It is listed on Euro Stoxx 50 market index. It owns mini cars and is the
parent company of Rolls Royce motors(Astrachan, J.H., 2010). This report is based on the
strategies adopted by the BMW for better growth in future.
TASK 1
1.1 BMW mission, vision, objectives, goals and core competencies role in Strategic planning:
Strategy planning is a process which is undertaken by management of the company as to
determine strategy, allocate resources and set direction for the better achievement of goals and
objectives. It sets the future path which will be followed by the organisation as to achieve set
goals and objectives of the organisation(Burlton, R., 2010). It is important for knowing the
current situation of the organisation as to forecast about the possible future condition. It is
necessary activity to conducted as to initialise the movement of resources in the orChang, T.C.
and Chuang, S.H., 2011Dong-Hun, L., 2010ganisation. Strategic planning is made up of some
major components and without those components it will not be possible to prepare a strategic
plan:

 Vision: It is a statement which states about the organisation long term goal or about the
idea for which an organisation came in the existence. It states about what an organisation
wants to be in the future or where it wants to operate or 1.2 Factor considered for the
formulation of strategy plan
 In the organisation the basic need to perform the task is the strategy. That has to
be made by the leader and manager of the organisation. According to this strategy the
goal and objective have to be set for the different departments or team in the organisation.
So preparing the strategy is very important for the organisation productivity. For the
organisation productivity manager have to make and prepare the effective strategy for
generating the profit for the company(Hsieh, Y.H. and Chen, H.M., 2011). In making the
strategy for the organisation there are several thing that have to be considered while
making the strategy of the business these are as follows:
 Confusing strategy with the strategic plan: Some of the employees get confused that
what are their task that to be achieved by them. There is lack of communication between
the manager and the employees. Their main aim to communicate the objective and goal
of employee is that they have to achieve those targets for the organisation. They have to
motivate them for their performance in the organisation. These will help in making the
proper coordination between the manager and employees.
 Detachment of reality: Manager have the evaluate the every factor which will affect the
strategic formulation. If these factor is not analysed and evaluated then they will not be
able to make the effective strategy for their organisation. The evaluation will show the
reality about the factors that will help in making the effective strategic planing in the
organisation(Liedtka, J., 2010). It is important to make the effective planing so that it will
give the effective result to the business.
 Lack of ownership: Lack of ownership is a concept which states that the strategy is
formulated with the joint efforts of a team hence nobody actually have any ownership in
the strategy. Top management is made up of many personnel which include the promoter
of the company as well as the board of directors. Everyone plays an important part in
developing a strategic plan which makes it a team effort.
 Industry: There are a different type of business firm in the company. When the strategy
has been planing that time the type of strategy have to be in the mind. If the strategy are

planed with knowing the type of the business then the strategy will not become the
effective for the organisation.
 Competitor: In the market there are so many competitor. So for survive the business of
the competitor have to be analysis. According to that the strategy have to be planned in
the market(Meskendahl, S., 2010). The strategy have been made for the surveying in the
market. The strategy have been effective.
 Strength and weakness: Before making of the strategy the manger have to analysis
strength and weakness in the organisation. According to that analysis company will be
able to make the strategy for development of the business. When company know the
strength of their then they will use it and they will be protecting their weakness and king
improvement in the weakness. This will make the business strategy effective in the
market.
These are the factors that have to be considered while making of the strategy in the market. If
these have no analysis the strategy will no get effective results. In making the strategy lots of
founds have been put. Basically the vision statement are made as per the organisation long term
goals and objectives. Vision statement have an emotional as well as inspirational appeal into it.
Such as if a NGO is working for reducing poverty might have a vision of “A world without
poverty”. BMW current vision is to be the most successful premium manufacturer in the
industry(Martin, N. and Rice, J., 2010).
 Mission: It is a statement which states about the basic of the organisation. It describes
about the organisation, its aim, why it was formed and what it is doing to attain its vision.
Mission statement is very vital for the organisation as it inspires employees to work
together in a team to achieve companies vision. BMW current Mission is to make BMW
world largest provider for premium services for individual mobility.
 Goals: It is something which a person desires, it is a specific target. It is one of the main
step to achieve the targets of an organisation. Goal can be defined as a end result which is
desired by the company and it is the contextual planning to meet the target. Top
management of the organisation set all the goals and all the employees are meant to
achieve the target (Hahn, T., Kolk, A. and Winn, M., 20101). No matter how large a
company is its the top management which decided about the goals. BMW current Goals
are:

(i) To grow bigger in Europe
(ii) To be a top international brand by value
(iii) To grow its services to new regions
(iv) To boost communities by fulfilling responsibilities
 Objectives: Goals and objectives, people get confused between both of these terms and
consider them equal. While they are very different. Objectives helps us in measuring
performance of a person(Martin, N. and Rice, J., 2010). They are the pre-requisite for
achievement of final goals. Objectives are basically part of goals which needs to be
attained.
 Core Competencies: Core components of the company are known as core competencies.
These core competencies give the company a competitive advantage over its competitors
in market. If any company is successful in developing competencies they will be able to
penetrate market as per the requirement (Haley, Haley,and Tan2011).
1.2 Factor considered for the formulation of strategy plan
In the organisation the basic need to perform the task is the strategy. That has to be made by the
leader and manager of the organisation. According to this strategy the goal and objective have to
be set for the different departments or team in the organisation. So preparing the strategy is very
important for the organisation productivity. In making the strategy for the organisation there are
several thing that have to be considered while making the strategy of the business these are as
follows:
 Confusing strategy with the strategic plan: Some of the employees get confused that
what are their task that to be achieved by them. There is lack of communication between
the manager and the employees. Their main aim to communicate the objective and goal
of employee is that they have to achieve those targets for the organisation. They have to
motivate them for their performance in the organisation.
 Detachment of reality: Manager have the evaluate the every factor which will affect the
strategic formulation. If these factor is not analysed and evaluated then they will not be
able to make the effective strategy for their organisation(Hsieh, and Chen, 2011). The
evaluation will show the reality about the factors that will help in making the effective
strategic planing in the organisation.

 Lack of ownership: Lack of ownership is a concept which states that the strategy is
formulated with the joint efforts of a team hence nobody actually have any ownership in
the strategy. Top management is made up of many personnel which include the promoter
of the company as well as the board of directors.
 Industry: There are a different type of business firm in the company. When the strategy
has been planing that time the type of strategy have to be in the mind. If the strategy are
planed with knowing the type of the business then the strategy will not become the
effective for the organisation.
 Competitor: In the market there are so many competitor. So for survive the business of
the competitor have to be analysis. According to that the strategy have to be planned in
the market. The strategy have been made for the surveying in the market. The strategy
have been effective.
 Strength and weakness: Before making of the strategy the manger have to analysis
strength and weakness in the organisation (Higgins, D., Omer, T.C. and Phillips, J.D.,
2015). According to that analysis company will be able to make the strategy for
development of the business.
 These are the factories that have to be considered while making of the strategy in
the market. If these have no analysis the strategy will no get effective results. In making
the strategy lots of founds have been put. These founds are in the risk. If the strategy have
effective then there is less risk of getting the loss in the market.
1.2 Factor considered for the formulation of strategy plan:
In the organisation the basic need to perform the task is the strategy. That has to be made
by the leader and manager of the organisation. According to this strategy the goal and objective
have to be set for the different departments or team in the organisation. So preparing the strategy
is very important for the organisation productivity. For the organisation productivity manager
have to make and prepare the effective strategy for generating the profit for the company. In
making the strategy for the organisation there are several thing that have to be considered while
making the strategy of the business these are as follows:
 Confusing strategy with the strategic plan: Some of the employees get confused that
what are their task that to be achieved by them. There is lack of communication between
the manager and the employees. Their main aim to communicate the objective and goal

of employee is that they have to achieve those targets for the organisation. They have to
motivate them for their performance in the organisation. These will help in making the
proper coordination between the manager and employees.
 Detachment of reality: Manager have the evaluate the every factor which will affect the
strategic formulation. If these factor is not analysed and evaluated then they will not be
able to make the effective strategy for their organisation (Hsieh, and Chen, 2011). The
evaluation will show the reality about the factors that will help in making the effective
strategic planing in the organisation. It is important to make the effective planing so that
it will give the effective result to the business.
 Lack of ownership: Lack of ownership is a concept which states that the strategy is
formulated with the joint efforts of a team hence nobody actually have any ownership in
the strategy. Top management is made up of many personnel which include the promoter
of the company as well as the board of directors. Everyone plays an important part in
developing a strategic plan which makes it a team effort.
 Industry: There are a different type of business firm in the company. When the strategy
has been planing that time the type of strategy have to be in the mind. If the strategy are
planed with knowing the type of the business then the strategy will not become the
effective for the organisation.
 Competitor: In the market there are so many competitor. So for survive the business of
the competitor have to be analysis. According to that the strategy have to be planned in
the market. The strategy have been made for the surveying in the market. The strategy
have been effective.
 Strength and weakness: Before making of the strategy the manger have to analysis
strength and weakness in the organisation. According to that analysis company will be
able to make the strategy for development of the business. When company know the
strength of their then they will use it and they will be protecting their weakness and king
improvement in the weakness Hsieh, Y.H. and Chen, H.M., 2011). This will make the
business strategy effective in the market.
These are the factories that have to be considered while making of the strategy in the
market. If these have no analysis the strategy will no get effective results. In making the strategy
lots of founds have been put. These founds are in the risk. If the strategy have effective then

there is less risk of getting the loss in the market. There are some major factor that have been
divided in to the two-part that have been also considered first part is internal factors and second
part is external factor.
1.3 Ways to evaluate effectiveness of techniques used while developing strategic plans:
It is very important to evaluate the effectiveness of techniques employed by the
organisation for developing strategic plans as it allows the company in identifying loopholes in
the planning process. There are many ways to evaluate any strategic plan but the best method
which can be used for evaluation is Ansoff matrix.
Ansoff matrix helps in determining the future course of action for an organisation while
considering various risk and benefits associated with each of these endeavours. It provide an
organisation with 4 strategies to explore:
Application of Ansoff Matrix: BMW group:
 Market Penetration: Market penetration helps the organisation in enhancing its market
share in the existing market with the existing product. Company can open more
showroom in order to increase range of customer reached. BMW current aim is to
intensify their presence in the market as to gain more customers. To further expand its
reach BMW opened new subsidiaries in Greece, Ireland, Luxembourg and Denmark.
 Market Development: This is the strategy where an organisation sells its existing
products in new markets. BMW was following market growth strategy while doing
product development. Western Europe, USA, Japan and other developed countries have
been prime market of BMW. That is why BMW is developing new products to capture
more customer base in these markets while also make its move into developing nations.
BMW X3 was introduced in Asian markets and Eastern Europe for same.
 Product Development: This is a strategy states about how an organisation can sell its
modified products into existing markets. BMW kept on introducing new products every 3
months from 2003 to 2005 (Haley, G.T., Haley, U.C. and Tan, C., 2011). it named this
strategy as a product and market offensive. This strategy helped BMW in diversifying its
product range.
 Diversification: This strategy allows a company to sell its new products into new
markets. BMW introducing new product every 3 month is a part of its long term strategy
of diversification. BMW as always is currently involved in developing futuristic product

range by adding artificial intelligence to its cars. Green vehicles and other concept
vehicles are in process of being developed. To be precise, BMW diversified itself by
introducing smaller series 1 cars. BMW is trying its hard to attract the middle class to buy
its cars by introducing smaller yet luxuries cars to its fleet.
TASK 3
3.1 The appropriateness of alternative strategies relating to market entry, substantive growth,
limited growth, or retrenchment for a given organisation:
Every organisation need the growth. So for the growth the company have to grab every
opportunity that he found in the market. The business have to develop his are in the market so
that he will get growth in the business. The business have to develop the area in the market. This
will help in making the more profit for the company. There are some strategy for the future
which will be used by the BMW.
 Substantive growth strategy: These strategy have been implemented for the two things.
These are Accusation and merger. Accusation means that taking or takeover the other
company. This can be in the different fields. It depend on the business man. The merger
means the two company come together and do the business they have their equal rightes
in that company. This will make the company strong in the market and give the growth in
the market. And area of business will be generated more by bot the things.
 limited growth strategy: In this the growth have been develop the by the joint venture of
the organisation. when the two or more company come together and become the one joint
venture company. Then this will make the growth of all these company how are not
performing good. This is like making the unity between the company's in the market so
they can survive in the market.
 Retrenchment strategy: This strategy will come in the situation when the company are
not generating the profit for the organisation. The company will give losses. In these
strategy company will be sealing their resource or they are sealing the economy things
and they sale the whole the company to some another company so that they can make the
change and make the business work in the market (Hahn, T., Kolk, A. and Winn, M.,
2010).

The substantive growth have been divided in two parts. These are as merger and
accusation of the company in the market. The way go ding the accusation in the market is
divided in two pared these are as follows:
 Horizontal: Horizontal integration refers to the situation where two companies merge
and become one larger entity. This helps the companies in gaining more market coverage.
Horizontal integration is usually done as to aggressively increase the customer base and
company reach to a new market.
 Vertical : Vertical integration refers to a situation where a bigger company acquires the
company which is involved in the supply of raw material or it will acquire a company
which is small in size but it will help the bigger company in achieving self sufficiency
(Liedtka, J., 2010Hsieh, Y.H. and Chen, H.M., 2011). Basically, vertical integration helps
the company in gaining control over the supply chain of the raw material, also it allows a
big company to acquire a smaller company.
Basis Horizontal Vertical
Meaning The one company will
takeover the second company
if same product line
When firm takeover the other
firm at the different stages of
same product line
objective The objective is for increasing
the size
It develop the supply chin
capital High capital required Less capital required
consequence Have to maximise the market
share
Reduce the cost
Self-sufficiency objectives Not achieve in this head Have achieved in this head
Control Gained Help in generating control on
the market
Help in generating growth on
industry
3.2 Selection of a strategy
Company use many strategy to increase their business and improve their business. Many
times companies make strategy to enter new market. The biggest question is why company make
strategy? Company make strategy to complete a specific task or complete a particular project in

business. Company higher level management analyse about the market and get data to enter new
market. When a company want to enter new market so company have to decide about the
objective for new market. Every company decide their mission and vision.
BMW is the most biggest car manufacturing company in market. BMW use many
strategy to complete task and achieve organisation goal. BMW want to increase their business in
new market so company have to make plan and try to implement that plan to achieve goal of
business unit. If BMW want to increase their business so company have to select a strategy. As
BMW select Substantive growth strategy to increase their business.
Merger:- Merger may be define as two companies are ready to do business in same
nature product, same product category. It is a way to increase business on broad level. Many
companies are bankrupt by the government if they unable to do business and unable to pay
money to creditors (Dong-Hun 2010). So other company have option to merge that company in
to own company. In that case company take all the assets of merging company and do promise to
pay money for liabilities.
Acquisition:- Acquisition occurs when a higher company acquire any small or little
company which is unable to do business in future. So big company acquire that small company
and make a single business unit. This single unit have authority to take decisions related to
business. A company use acquisition to increase business and implement new business plan.
Acquisition define ownership of one big company on the small level company. It work in vertical
phase.
As BMW company can use substantive strategy to improvement in their business. BMW
is a very big company. Company have option to merge another company in its company or
acquire another company. As BMW merge itself in that company which have not power to run
there business for a long time.
TASK 4
4.1 Roles and responsibility for strategy implementation:-
Company have many employee in the organisation and company provide roles and
responsibilities to their employees. Every employee have their work and employee fulfil that
work. Company divide their staff in different segment as top level management, middle level
management and lower level management. Company define about the roles and responsibilities
of every employee. As BMW company have many employee in different place and country.

Company top level management manage all the employee and work of employee. Company
collect all data from the branches of organisation and manage employee work and responsibility.
Company employee have many role and responsibility to manage work. An organisation
describe about the roles and responsibility to every employee. An employee complete their work
according to instruction. All the level are connect with each other. One department help another
department and fulfil the requirement of organisation. Company achieve their goal and mission
with the help of all level in organisation. All managers and employee follow the rules and
complete the requirement of company (Liedtka, 2010). It is necessary to make plan, strategy and
implement that strategy in organisation. Team leader use many leadership style to complete any
work perfectly.
 Top level management:- Every company manage their top level management because
company top level management decide about the role and responsibility of every
employee. Top level management person also decide about the mission, vision, and
objectives of organisation. All the employee work to meet organisation to business goal.
As BMW company top level management decide increase sale 20% for next year so
company make new strategy and plan which is effectively work in organisation. Top
level management have to implement that plan and get the result. Managers and superiors
decide the employee work and give direction to complete that work. BMW company top
level management play its role as leaders of company. Leaders lead the term of
organisation and try to implement the strategy of market.
 Middle level management:- Middle level management get the direction from the top
level management and provide direction to the lower level employee. Lower level
employee as team leader who lead team in organisation. As BMW company have many
team leaders who manage the market. A team leader make effective strategy for market
and try to implement that strategy. As BMW team leader get information about
competitors, market condition and how can company increase their sale. The main work
of middle level is manage lower level employee, describe about role and responsibilities
of lower employee.
 Lower level employee:- Company lower level employee manage operational work and
branch work in other country and other city. Lower level management work in market
and operation activity in organisation. As BMW have many branches in different country.

BMW deal with every country and every big city of country. Company lower lever
management manage the branch of company. As BMW top level manager give
instruction to branch manager and branch manager give instruction to the lower level
management. It is a process of manage work and circulation of instructions. All the
company manage their branch work. It is the essential part of organisation.
4.2 Resource requirements for implementing a new strategy
There are so many things is necessary to make new strategy and implement that strategy.
Strategy making is a process to complete a task in organisation. Every organisation follow the
rules and regulation of company which help to manage the work of organisation. Strategy
requirement some data to complete a strategic work of business.
 Financial resource:- A company basic need is finance. Finance is require to complete
any task and work. As BMW company also require the financial resource to innovate
new car product. BMW can use shares to raise fund from market. BMW can issue the
debentures to create resource and manage the resource.
 Human Resource:- Human resource is necessary to top complete the man power in
organisation. Every big multinational company hire the HR manager to hire new
employee and complete the requirement of man power in organisation. As BMW
company want to open a branch in UK so company have require the workers to do work
or provide service to customer (Hsieh, Y.H. and Chen, H.M., 2011). So company should
manage work force in organisation. Every organisation need employee to complete work
and implement any strategy or plan. Company can achieve their goal and objectives with
the help of employee in business. A business unit always require the skilled and
knowledgable employees.
 Organisational Resources:- Company use many organisational resources to implement
new strategy and plan of company. Company use many assets as organisational resource.
As BMW need many organisation resource as place, operational work requirement
goods, computer and other resources.
 Environment:- All organisation work with an environment. Company use many
environmental things to fulfil the need of organisation. As BMW company use many
environmental things to innovate their new product. All company require gas, iron, and

manufacturing place to complete the project work. It is very necessary for organisation.
Any environmental resources can be use by the organisation.
4.3 Evaluate the contribution of SMART targets to the achievement of strategy implementation
in a given organisation.
By the smart targets which are set by the BMW has to very specific. Measurable, mature
with the standard criteria. The company target leads to the target which are achieved on the
specific time and by which get the success by stratifying its customers. The smart targets are
which are easy to understand and quick to implement. The marketing team establish the
SMART targets to achieve the company goals. SMART refers to specific, measurable,
achievable, realistic and timed. Once the environmental analysis has been done. The marketing
team has to audit and evaluate the objectives for which they are running the organisation. Before
making the objectives company has to considered and include following things.
Enable the company to control its marketing plan.
It helps to motivate the employees and individuals in the company.
Its gives the direction to the company and able to focus on all the functions of the organisation.
SMART objectives follow the profitability which give the company good returns. It also
help the company to increase the share market, the SMART objectives help the company to
make new promotion strategies. The company has more scope of the growth and expand its
business in other countries also (Hsieh, and Chen, 2011). The SMART objectives increase the
brand name and brand image in front of the consumers. These concept is very important for the
organisation. If the companies objectives are not formulate in the effective manner there is a
chances of the failure and leads to the shut down the company operations. The importance of the
SMART targets are as follow.
If targets which are not specified all the efforts which company put can be the go in vain for
haphazard situation.
If the excepted targets are not measure with the actual target then the company can not able to
find the leakage.
BMW only set the target which they think they can attain. If the target are not able to attain by
the company then this kind of target are never set.
The imaginary things are not able to achieve by the company. There should be realistic
objectives and targets which can be achieved.

Conclusion
Today, every organisation needs a proper business strategy as to sustain the uncertain
environment around it. Business strategy provides the very needed cover to an organisation to
protect itself from the market shocks. Business strategy plays an important part in reducing the
uncertainty, also it describes about the path which will be followed by the company in order to
achieve its goals and objectives. BMW has been a pioneering company in the luxury car market.
It has changed the car market by introducing advance technology and best customer service.
Today BMW is a leading car manufacturer who have a presence all over the world. It is because
of their constant strategic adaptation which has helped company in surviving market shocks.
BMW top management kept on analysing the changes which were coming into the internal and
external environment as to keep adapting the changes and increase their potential to achieve set
goals and targets. BMW with the help of enhanced strategic planning was able to initiate the
movement inside its premises.

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