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Task 1: Understanding Process of Strategic Planning

   

Added on  2020-01-07

16 Pages4291 Words356 Views
BUSINESS STRATEGYSTUDENT NAME:STUDENT ID:1

Table of contentsIntroduction........................................................................................................................3Task 1: Understand process of Strategic Planning...........................................................31.1 Assessing how missions, visions, objectives and core competencies inform the strategic planning...............................................................................................................31.2 Factors that have to be considered for formulating the strategic plans......................41.3 Evaluating the effectiveness of techniques that are used for developing the strategicplans..................................................................................................................................5Task 2: Ability in formulation of a new strategy.................................................................62.1 Analyzing the strategic positioning by carrying out organizational audit.....................62.2Carrying out the environmental audit....................................................................82.3Assessing the significance of stakeholder analysis............................................102.4Presenting new strategy for the organisation......................................................10Task 3: Understanding the approach to strategy evaluation...........................................103.1Analysing the alternate strategy of the organisation...............................................103.2 Justification of selecting the strategy by organization...............................................11L04 understanding the implementation of chosen strategy.............................................114.1 The roles and responsibilities of the charged personnel for implementation of the strategy............................................................................................................................114.2 Estimation of resource for implementing of new strategy for the given organization124.3 Strategy implementation achievements based on the contribution by SMART Targets.............................................................................................................................13Conclusion:......................................................................................................................14Reference List..................................................................................................................152

IntroductionThe main aim of this particular assignment is to get a proper knowledge about thedifferent aspects of the business strategy and after that provide a suitable businessstrategy for Apple in order to make their business profitable. In this assignment, theprocess of strategic planning is discussed. In the development of the strategic businessplans the effectiveness of the techniques is also discussed in this assignment. Thestrategic positioning and the environmental audit of Apple is also analyzed in thisassignment. The significance of the stakeholders of Apple is also analyzed in thisassignment. The different approaches to the strategy evaluation are also discussed inthis assignment. The justification of strategy selected for Apple is also discussed in thisassignment. The implementation of the chosen strategy is also discussed in thisassignment.Task 1: Understand process of Strategic Planning1.1 Assessing how missions, visions, objectives and corecompetencies inform the strategic planning According to Haines (2016, p.35),the strategic planning of the organization is greatlydepended on the missions, visions, objectives and the core competencies. The missionof the organization plays a major role in the in making of the strategic planning of theorganization. It also assists in meeting the demands of the customer and the differentstakeholders of the organization. The mission of the Apple assist in creating a value fortheir customer, make the customers loyal to the organization and to grow the share ofthe organization in the market (David et al. 2016, p. 10). This helps in making a strategyso that the customer base of Apple always remains high. The vision of the organizationhelps to identify the future aims of the organization. It assists in identification of thebenefits and the growth of the organization. The vision of Apple is to make the servicesof the organization in the worldwide level. It helps in making a strategic planning so thatthe guidelines that Apple desire to achieve in a specific period of time helps Apple togrow its core business. The different stages to achieve the goal of Apple help the3

organization in becoming a leading business. The core competencies of Apple are tomake the business exceptional among its competitors. By creating an exceptionalbusiness among the competitors, helps Apple to create a brand image among thecustomers and achieve their loyalty on Apple. The vision, objectives and the corecompetencies help the Apple to make such a strategic plan that provide toughcompetition to the competitors by providing high product value to the customers in aspecific period of time (Ward and Peppard, 2016, p.25).1.2 Factors that have to be considered for formulating the strategicplans CompetitionApple faces high competition in the market from Samsung and Lenovo. Samsung isproviding a high product value to the customer. The market share of Samsung hasincreased from 20.4 % to 23.7% from 2015 to 2016. The market share of Apple hasdecreased from 18.7% to 15.4% from the 2015 to 2016. The market share of Samsunghas increased as it implements the customer ideas. Samsung incorporates innovationfor the development of the product. In order to implement the customer ideas and todevelop the product, Apple has to understand the needs of the customer. Apple canspot the new trends ahead of its competitors like Samsung and Lenovo. This helps inmaking Apple to know the customer ideas and implement the ideas. By fast respondingto the needs of the customer Apple might develop a positive response among thecustomers and increase its market share (Thomas and Alluru, 2016, p.9).Socio Cultural EnvironmentApple is facing difficulty in finding the target customers for its product. Samsung ishighly successful in determining the target customers for its product. Apple is losing themarket among the middle class and the lower class due to its high price. Samsungproducts are much cheaper than the Apple products. Due to this reason, Apple has astrong market in the metropolitan areas where a large number of rich persons live.Samsung is popular in both the middle income and the high income group. Petrides etal. (2016, p.36) stated that,Apple has to make its products cheaper without4

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