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Business Strategy and its Applications

   

Added on  2020-06-05

15 Pages5207 Words164 Views
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Business Strategy
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Table of ContentsIntroduction................................................................................................................................................31.1 Assessing business missions, visions, objectives, goals & core competencies informing strategicplanning ...........................................................................................................................................31.2 Analyzing the factors that can be considered when formulating strategic plan .....................42.1Analysing of the strategic positioning of VW AG .....................................................................52.2 Carrying out an environment audit for VW AG......................................................................72.3 Assessing the significance of stakeholder analysis while formulating new strategy for VW AG.72.4 Justifying the selection of a strategy for V W AG...................................................................83.1 Analyzing strategies related to market entry, substantive growth, limited growth or for theretrenchment VW AG.......................................................................................................................93.2 Justifying the selection of a strategy for V W AG.................................................................104.1 Assessing the roles & responsibilities of personnel at VW AG for strategic implementation.114.2 Analysing the resource requirements for implementing a new strategy for V W AG..............11.......................................................................................................................................................124.3 Evaluating the contribution of SMART targets for the achievement of strategy implementationin V WAG.......................................................................................................................................12
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IntroductionA business strategy plays a very important role in any organization to achieve a desired goal. Itcan be termed as a long term business planning. Business strategies can take about 4-7 years. It dealswith major problems like increasing finance to develop new factory. Planning should be done fordeciding the products that need to assign leading resources(Agrawal,2016). Strategies are related to thescope of a business activities like what and where to invest. This report describes various businessmissions,goals,factors that need to be considered while formulating strategic plan. In addition to this itanalyzes the strategic positioning and carry out environment audit of V WAG (V WAG, 2017).It alsobrings the strategic evaluation V WAG. Apart from this it assess the roles and responsibility ofpersonnel at V WAG and the contribution of SMART targets to the achievement of strategyimplementation in V WAG.1.1 Assessing business missions, visions, objectives, goals & core competencies informing strategicplanning Business Vision-:A vision gives a thought of what the organization want to accomplish. It is related toaccomplishment of something in future. It should be an inspiration for the people in organizations.Mission-:It is about what can be done in order to achieve vision(Aitken,2016). A missionstatement do not need intuition,it gives a clear picture about what organization can do and what it can't.A good mission statement should be-:Short-:It should be easygoing ,every person must be knowing about the statement so that theycan use it in their correct context.Simple-:It can be used in day to day life activities. Words should not be complicated that cannotbe utilized in daily purpose.Operative-:It should give a clear way and must pay its attention on what an organization doesand information about allocating resources.Objective and goals-:It is a type of statement will help to achieve the desired goals of the organization.Goals can be achieved through the hard work done in the organization. Various example of businessgoals include-:Increment of gain margin
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Increment in skillfulnessImprovement in employee trainingCore Competency Theory of Strategy-:This is a strategic theory that provide action that need to betaken by the firm to accomplish welfare in the competing market. The concept states that the firmsshould work only with their strengths in the places where they face competition. Organization shouldbring out their plans to enter inside the core competencies and the core ability is the important groundfor the worth increased by the firm. Each organization have a particular field in which it does well incomparison with their rivals,this field can used again by the organization in other products as the fieldof strength will increase its customers(Akter and et.al,2016). The main strategy is that the firm shouldpay more importance on its strength and work with the advantages.1.2 Analyzing the factors that can be considered when formulating strategic plan Companies around the world generally acquire strategic plans. They generate a sight of their future anddevelop plans requires to go there. Some of them are unable to realize their vision and this leads tofailure of delivering the desired outcome. The execution department cannot find out there reason forthe failure so they repeat the strategic plan again and again,in the hope that the next plan will providegood outcomes. There are 4 factors that can be utilized for ensuring strategic plans-: Engagement-:Planning of strategies is a process not an event. A major element of any processis the involvement of the entire workers in the organization. Involvement of workers isimportant in planning strategy and direction for the organization. Input from employee's willprovide knowledge on issues,opportunities,concerns that have not been known or understoodbefore. The strategies are not executed by the senior management,this work is done by staff.Communication-:Planning of strategies are successful when the communication approachescan be added. The communication starts by informing the employees about the strategicplanning that will be undertaken(Amran,Wong and Hashim 2016). Communication can be of 2types bottom up and top down. The involvement of the employees in the process is bottom upcommunication. Employees will produce the input according to strategic planning by givingsurveys or feedback. This accompanied by the top down communication.Innovation-:The strategic plan provide ideas to produce a different product or to give newservice or rebuilding of a department etc. These put up the team to work together to apply theirknowledge on important initiatives and provide them with money to establish success.
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