Business Strategic Planning Assignment 2022

Unit 7 Business Strategic Planning Assignment
Introduction
Strategy is the backbone for laying the foundation of a successful process and
planning as it includes all the vital decisions that are needed to visualize them. This
framework is an essential part of strategic approach as it directs the growth and
optimum use of available resources to meet the needs of the organization as well as its
stakeholders. In this report, focus is highlighted on the strategic planning process and
its significance. Also, various techniques of planning, resources needed and roles to
be handled for strategic implementation has been discussed here with focus on various
companies taken as examples to help understand the various aspects involved in a
simple way.
TASK 1
a) Discuss the steps of the Strategic Planning Process. In this discussion, you
should include definitions and examples for corporate vision, mission and
objectives along with brief descriptions of the concepts of ‘core competencies’
and ‘competitive advantage.
Strategic planning is the direction planning of a business which drives and leads it
to most desirable probability ensuring growth from where a business stands to
move it to where it is expected to reach in future. This likely process meets the
interests of all the stakeholders to achieve the business vision and mission. But like
any other business risks this road map also includes barriers which need to be
overcome and adjusted to achieve the objectives of the business. The success of
strategic planning depends on effectiveness of evaluating both internal and
external business environment, competitiveness of employees and on effective
communication. (Gaggl & Grunig, 2013)

The steps in the strategic planning process have been illustrated in the figure
below.
 Corporate vision: It defines the visualization of the business i.e. where the
owner wants it to go in future and it outlines significant measures such as
statements of R& D, profit earnings and share, competitive position relative to
rivals and relations with stakeholder’s and customer value. Example, the vision
statement of an automotive parts distributor company reads as: Delivering
quality at low cost and best customer value to lead distribution market in
automotive parts. Serving with right need at right time and place!
 Mission: It defines the identity of business describing their market offer,
unique selling proposition and recognition to their value commitments. It
clarifies business products, target markets, their culture and financial aims.
Example, the mission statement for automotive parts Distributor Company
reads as: To distribute quality products to auto after market, provide right
information and service guarantee to customers, being a reliable company to all
and gain profitability with reasonable performance.
 Objectives: It defines the desired outcomes a business plans to achieve with
their available resources. Example, the objective statement of auto-parts
Distributor Company reads as: Aiming to provide quality materials at
competitive price and valued distributorship by understanding necessities to
offer right solutions. Additionally empowering employees with knowledge and
recognition to value worthy associations. (Chernatony, 2008)
Once the business mission and vision is defined and objectives are framed, then a
strategy needs to be produced so that activities and roles are designed in order to
accomplish them. Then this strategy needs to be put into action or implementation
with the use of various resources and in a timeframe. The last step in strategic

planning process is to monitor the progress of strategy to recognize its developments,
need for improvements and overall reviews.
 Core competencies: It describes the attributes by which a business
differentiates from industry rivals by powerfully identifying its uniqueness and
value. Example, the core competency for distributors of auto-parts is driven by
its USP (Unique Selling Proposition) to provide quality material at
competitively low costs in market.
 Competitive advantage: It describes the market favorability by which a
business holds customer preferences and advantage sales over its rivals.
Example, the competitive advantage of automotive parts Distributor Company
is its market reliability for quality excellence at relatively low costs.
b) Role of strategy and issues involved in Strategic Planning

The strategic planning is the description of the business road map and it talks
about competitive and strategic approaches that are undertaken to meet the interest of
their entire stakeholder’s and achieve the business objectives successfully. It specifies
the business mission, vision and plan to fulfill those (Objectives). In this process how,
when, what is decided for resource allocation and implementation. This process helps
a business to perform efficiently. (Simerson, 2011)
As strategy is basically a business directional plan so its role is to provide focus or
define its approach in a competitive way. It clarifies activities to meet objectives by
diagnosing the business strengths or characteristics with changes in environment so
that efficient planning can be designed to respond. This helps to make able decisions