The Techniques for Developing Strategic Business Plans
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Added on 2020-01-21
The Techniques for Developing Strategic Business Plans
Added on 2020-01-21
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BUSINESS STRATEGY
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Assessing the business missions, visions, objectives, goals and core competencies informstrategic planning....................................................................................................................11.2 Analyzing the factors considered when formulating strategic plans................................21.3 Evaluating the techniques for developing strategic business plans..................................4TASK 2............................................................................................................................................52.1 Analyzing the strategic positioning of organization through organizational audit..........52.2 An environmental audit for an organization.....................................................................62.3 Assessing the significance of stakeholder in strategy formulation..................................72.4 Presenting a new strategy.................................................................................................7TASK 3............................................................................................................................................83.1 Analyzing the alternative strategies..................................................................................83.2 Justifying the selected strategy.........................................................................................9TASK 4............................................................................................................................................94.1 Assessing the roles and responsibilities of personnel in strategy implementation...........94.2 Analyzing the resource requirements for implementing a new strategy for Honda.......104.3 Evaluating the contribution of SMART targets to the achievement of strategyimplementation.....................................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONA business strategy is the direction and the scope of an organization over the long term ofbusiness operations and activities. It achieves advantages & objectives for the orgabnizationthrough its configuration of resources within a challenging environment, to meet the needs of themarket and to overcome the stakeholders expectations (Hax and Majluf, 2006). TASK 11.1 Assessing the business missions, visions, objectives, goals and core competencies informstrategic planningAn organization's functions are related to mission and vision and are typicallycommunicated in some written form. Mission and vision are statements from the organizationthat answer questions about who they are, what they value and where they're going. However,organizations with clear communication, wide understanding, and together shared mission andvision have been shown to perform better than the other organizations working without missionand vision, with the caveat that they are interrelated to effectiveness only when strategy, goalsand objectives were aligned with them as well (Seybold and Marshak, 2009). Mission – communicates the organization's reason for being and how it aims to serve itsfundamental stakeholders like customers, employees, and investors most oftenemphasized, but other stakeholders like government (i.e., in the form of social orenvironmental impact through its policies) can also be discussed. Vision – is a future oriented declaration of the organization's purpose and aspirations.This statement lays out the organization's purpose for being to what they want to become.Goals and objectives – based on the opportunities which an organization desire to achievein a particular period. Mission and vision specifies the objectives of the organization(Baye and Beil, 2006).For example, Asda stores limited, has a mission statement :'to be Britain's best value retailerexceeding customer needs always' and vision statement :'to make goods and services moreaffordable for everyone'. Its goals and objectives are: respect for the individual, strive forexcellence and service to our customers. 1
Illustration 1: Mission, Vision, Strategy and Goals & Objectives Source:http://2012books.lardbucket.org/books/management-principles-v1.0/s08-developing-mission-vision-and-.html1.2 Analyzing the factors considered when formulating strategic plansThe factors which are to be considered during formulating a strategic plans, are:Internal Factors – the important aspects of the internal environment of the organizationassociated with the human resource, assets management, capital and structure &cultureof the organization (Parthasarthy and Sethi, 2012). To some extent, the internalenvironment is controllable and changeable through planning and management process.The two main factors in the internal environment of the business and their overcomingtechniques are:◦Requirement of efficient human resource/staff – to overcome this factor,organizations pay particular attention to the recruitment of staff and also engage inthe training of staff and new hires to build the organization's capabilities (Lawler III,2010). Likewise, Asda also emphasize on training and developing its staff and recruitnew hires periodically. ◦Ability of the management – it specifies the capability of the management team andthe leadership styles employed by managers will also have a major impact on the2
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