Business Strategies Assessment (PDF)

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Added on 2019-12-03

Business Strategies Assessment (PDF)

Added on 2019-12-03

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BUSINESS STRATEGY

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Assessment of mission, vision, objectives, goals and core competencies of a business..11.2 Analyzing the factors to be considered while formulating strategic plans of a business.21.3 Effectiveness of various techniques.................................................................................3TASK 2............................................................................................................................................32.1 Organizational audit for McDonald..................................................................................32.2 Environmental audit of McDonald...................................................................................42.3 Significance of stakeholder's analysis during strategy formulation.................................52.4 New strategic plan for McDonald....................................................................................6TASK 3............................................................................................................................................63.1 Appropriateness of alternative strategies in different conditions.....................................63.2 Selection of appropriate future strategy for the current business.....................................7TASK 4............................................................................................................................................84.1 Roles and responsibilities of the personal who are charged with strategy implementation................................................................................................................................................84.2 Resources required for implementing new strategy.........................................................84.3 Contribution of SMART targets in achieving the strategic implementation in Honda....9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11

INTRODUCTIONBusiness strategies are defined as the long term plans of actions that are designed toachieve a specific set of goals of a firm. It can be described as the long term business planning.Business strategies are concerned with the leading resource issues of business. For instance,increasing finance to set up a new business is a kind of strategy that businesses adapt to make thenew start up a success (Adner and Levinthal, 2004). This report is based on the process ofstrategic planning and various approaches to strategy evaluation. Further, it covers case studyrelated to three firms namely McDonald, Honda and Marks and Spencer. It includes thealternative strategies which are used in market entry and responsibilities of the personal who arecharged with strategy implementation.TASK 11.1 Assessment of mission, vision, objectives, goals and core competencies of a businessMission: Mission is defined as a statement that is used as a mode of communicating thepurpose of organization. It is a purpose by which a business intends to serve itsstakeholders (Banker, Chang and Pizzini, 2004). Moreover, mission describes the reasonfor which an organization is running their business, identifies their customers andassesses the range of their products along with the way to serve their customers andfirms.Vision: After determining the organization's mission, a vision reflects the ideal image oforganization for future to achieve the mission. Vision shows the growth and expectedbenefits of business to the stakeholders and investors. It incorporates a sharedunderstanding of nature and purpose of business and holds this understanding to take thebusiness towards greater purpose (Baye and Beil, 2006). Organization’s effective visionprovides a sense of belongingness to the stakeholders, which help them in attaining theirgoals. Objectives: Furthermore, an objective of an organization is described as the overallpurpose and mission of a business which is established by the management and pass on toits employees to work towards achieving it. Company’s objective typically focuses on itsfunctioning and its overall business philosophy that can provide helpful guidance foremployees.1

Goals: Organizational goals are predetermined and describe the future results for whichpresent business efforts are directed. Goals can be of two types, that s, official andoperative. Official goals are the basic aim of a business which can be seen in thecorporate charts, annual report and public statements (Bell, Crick and Young, 2004).However, operative goals indicate the actual purpose of an organization.Core Competencies: Core competencies are the special belongings which help thebusiness to become superior from the competitors such as specific products, quality,brand image or skills. However, core competencies also help a business to have a strongreputation between customers.1.2 Analyzing the factors to be considered while formulating strategic plans of a businessFactors that have to be considered while formulating strategic plans of a business are asfollows:Team of skilled employees: It is an essential factor of organization to have the team ofskilled employees to formulate the strategic plans. If the employees are notknowledgeable to work effectively in order to achieve the organization’s goals andobjectives then it can be difficult for a business to formulate the business strategies(Caloghirou, Vonortas and Ioannides, 2004). For instance, if a manufacturing companydoes not have employees who can handle the machinery then they will be failed toachieve the organizational goals and it will be difficult to formulate the businessstrategies as well.Availability of resources: Moreover, availability of resources is also an important factorto formulate the strategic plans. While formulating business strategies, it is necessary forthe business owner to receive input from all the members of management team. Eachemployee of the organization contributes with his knowledge and wisdom to make thestrategies effective. Consideration of vision and mission of organization: It is essential for organization toconsider the mission and vision of it while formulating business strategies. Firm developsthe business strategies on the basis of mission and vision of a business (Chesbrough andAppleyard, 2007).2

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