Business Strategy: Strategic Planning, Vision, Objectives, Goals, and Core Competencies

This presentation provides an overview of strategic planning, vision, objectives, goals, and core competencies in business strategy. It also discusses the factors considered while making a plan, such as competitive strategy, changes in consumer behavior, and economic conditions. Additionally, it explains the BCG growth matrix and its categories: dogs, question marks, stars, and cash cows. References: Woodcock, N., Green, A., Starkey, M., Verbeke, A., Montgomery, C.A.

BUSINESS
STRATEGY

1.1 Strategic planning
• Mission : Mission refers to the planning that is made by the company so that they can handle all the uncertain
factors that are uncontrollable in nature with a proper back up plan.
• The company can achieve its goals and objective on time only if they follow the steps that are mentioned in it .
The Dragon den is a TV show of the entrepreneur that is telecast on the BBC channel and they have mission to
attract mare viewers and entrepreneurs for their show.

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• Vision : Vision is refers to the ability to see but in the business it refers to pre analysation that is done by the company to avoid
all the threats that may affect the business in all the way possible.
• Pre analysation of all the factors will help the company to take the corrective measures on time. BBC is news channels as it has
the clear vision to achieve the success with the position by proving their efficiency in each sand every task that is performed
by them.

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• Objectives : Objectives are the part of the planning as to make a plan there has to be a proper objective
behind them. This translate the process into action as this clarifies the purpose behind setting up a
business and helps in identifying the necessary actions that should be taken by the company to achieve
its goalS.
• BBC has a clear objective to promote it shows as this is very important for them if the want to retain in
the market and achieve the goal on time.
• Goals : Goals refers to the target that has to achieved by the company if they really want to retain in the
market and earn more profit. Goals determines the desire of the company as what it want to do and in
what time.
• This decides the future of the company in the market. BBC has clear goal to promote its shoes so that
they can retain in the industry and will be able to earn more profit.

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• Core Competencies : Core competencies defines the level of competition in the market
so if the company wants to retain in the market then it need to make the proper strategies
to fight the competition. BBC has many competitors in the industry and to fight with
them they needs the proper and strong strategy so that they can defeat them.

Factors considered while making a plan
• There are many factors that are considered while making a plan as these factors will help the
company to achieve the efficiencies in their operations. These factors analyse the business
environment for the company. Some considered factors are as follows :
• Competitive Strategy : This strategy is made by the company to analyse all the factors of
the competitors so that they can make more efficient strategy to retain in the market for
longer period in a better position than others and earn more profits .
• Competitive strategy will help the company to rectify their mistake if there is any in the
current strategy that they have applied in the operations to achieve the goals. BBC makes
the competitive strategy for the Dragon den as it is their responsibility to analyse all the
factors that may affect their business to the core.
• Through this they analyse all the factors that are affecting or may affect them so that they can
take the corrective measures according to the needs and the requirement of the situation.

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• Chang in consumer behaviour : This is one of the most important factor that is considered
while making a plan as it very important for the company to know the choices and the
preferences of the customers as they are the one who helps the company in its upliftment.
• The company should make or design the product according to the needs and the demand of the
customers. For BBC the customers are the viewers who watch their programmes and promotes
in the best way possible.
• They give full priority to their viewers as they bring the TRP for their shows and help them in
go for a long term. They full fill the demand of the viewers to make the good position in the
industry.

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• Economic condition : This factor is considered in the plan as this is the condition that related
to the economies This factors deeply affects the business as it includes all the terms that are
important for the business.
• This factors include demand and supply along with the products as they are the former points
that are firstly considered in the business. BBC is a news channel that's why it limits its supply
according to the demand of the customers.

BCG Growth matrix
• BCG growth matrix refers to the model that is given by the former in order to
calculate the market share and the growth rate of the companies in the
market. The four categories of this are as follows :
• Dogs : Dogs category of this matrix determines the company who have low
market share and growth rate in the market. The companies of these
categories are unable to generate mare cash as they have very limited
resources and opportunities in the market.
• Question marks : This category of this matrix includes those companies who
are growing rapidly in he markets as they consume very huge amount of cash .
They are unable to generate as much as they are consuming cash in the
market.

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• Stars : These types of a company have very high market share as they generate more cash than
others in the market. They also consume very huge amount of cash as the work done by them is of
high level. BBC consumes as much as they generate along with the very high market share in the
industry as they are efficient in their work and working on the remaining factor.
• Cash cows : These act as a leader in the market as they have al the power and authority in the
market. They generate the cash more than they consume as they can make their moves according to
their choice in the market.

REFERENCES
• Woodcock, N., Green, A. and Starkey, M., 2011. Social CRM as a
business strategy. Journal of Database Marketing & Customer
Strategy Management. 18(1). pp.50-64.
• Verbeke, A., 2013. International business strategy. Cambridge
University Press.
• Montgomery, C.A., 2011. Resource-based and evolutionary theories of
the firm: towards a synthesis. Springer Science & Business Media.
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