Business Strategy

Learn about the importance of business strategy and its application in developing a competitive advantage. Explore the case of Hungary House and its mission, objectives, and core competencies. Understand the factors that affect the formulation of a strategic plan and the tools and techniques used in developing a strategic plan.

BUSINESS STRATEGY

Introduction
Business strategy is a planning for solve a specific problem and develop
competitive position in the competitive market. In a simple word it can be
said that business strategy is a tactic to addressing the high level of result
and outcome within the competitive market. The present report is based on
the application of business strategy in order to earn effective competitive
advantage and develop excellent position of company in the market.

1.1 Mission, vision, core competencies and
objective of Hungary house
The Hungry house has partnership with the best restaurants in Britain in order
to deliver delicious meal to its customers. The organisation has the
potential to quickly access to its clients. Customer find easier to browse
peer-reviewed takeaway menus and the company provides platform to
consumers to make online payment. The major objective of this company
is to meet the customer expectation about the food services and deliver
food product at the time period. It wanted to earn the extreme profitability
and market share within the market and become number one online food
service provider in the UK market.

Contin....
• Following are some mission, vision, goal, and core competencies of the
cited venture-
• Company Mission- The Hungary house have mission is to provide faster,
easier and more fun for their customer and allow them to discover great
and delicious food. In addition to this, it wanted to become the number
one online food service provider in the UK.
• Objectives- Hungry house have major objective is to improve their
performance and quality of product as well as services. Core
competencies- The core competencies of the firm is that it has developed
online platform which assist customer in easy searching for restaurants. It
is using advance technology for receiving orders and payment.
• Core competencies- It has various competitive advantage by which it has
developed its own effective and strategic position in the market. It has
more than 10000 restaurants in the major cities in the united kingdom.

1.2 Factors that affect the formulation of
strategic plan
In order to improve its existing services and develop new strategy about the
business, company required to focus on the development of strategic plan.
It is a plan which helps to the company in attaining high level of outcome
and profitability in the market. There are various factors that required to
be considered when formulating plan.

Contin..
These are as follows-
Company objective- While company develop strategic plan then it must have
required to focus on the company objective. Strategic plan must be
developed according to the company goal, mission, vision and objective.
Mission of organisation-When formulating business plan manager or strategic
planer need to have focus on the enterprise mission, vision, goals and
objectives. The strategic plan should be framed according to this factor. As
the aim of formulating strategic plan is to fulfil organisation aim and
objectives.
Cost- While organisation develop the strategic plan then another significant
factor is related to the cost. Company have to consider the budget of the
planning which included in purchasing of material, transportation,
distribution, advertisement, promotion, production etc.

Conti..
• Time frame- Time is one of the
significant component in the strategic
plan which company required to consider.
At the time of development of strategic
planning, form required to focus on the
time frame so as each and every activities
can conduct accordingly.
• SWOT- While any business unit develop
a strategic plan then it is very important
to analyse its strength, weakness,
opportunities and threats. With assistance
of the SWOT analysis, company can
easily analyse internal position, threats,
weakness and opportunities. By analyse
the company existing position, form can
easily develop the future plan.

Macro Factor of Busines Environment
At the time of formation of the new
business strategic plan the
business macro component can
a;so influence. Thus, it is very
important for the Hungary house
to analyse the external and macro
component of business
environment-
Political-
Social and cultural-
Economical-
Technological

1.3 Tools and techniques for developing
strategic plan for the Hungary house
In the Hungary house, strategic planning is one of the
significant aspect by which cited venture can easily
attain its business objective. With assistance of the
strategic planning, company can set and create a
specific path and way to attain its determined
objective. Hungary house have used various methods
and techniques in developing the strategic planning
which are as follows-
• Pestle analys
• BCG matrix-
• SWOT analysis

Conclusion
From this report it has been concluded that business strategy assist to the
company in develop competitive advantage in the market. VW AG
company can easily design its new business strategy by knowing the
interest of various stakeholder. It has been also found that stakeholder
analysis is very important for cited venture at the time of developing new
business strategy. With help of business environment audit company can
acknowledge about the impact of various components upon the business
activities and operation.

REFERENCES
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