Business Strategy: Importance and Implication on Company Success

This presentation focuses on the importance of business strategy within Hungary House, a UK-based food service provider. It discusses the company's vision, mission, and objectives, as well as the components that influence the formulation of its strategic plan. The presentation also explores various techniques for developing a strategic plan and the environmental factors that can affect it. References are provided for further reading.

Business Strategy
TASK 1

INTRODUCTION
The present project report is
based on the Hungary house
which is a UK based food
service provider under the
Dragon Den list. The major
objective of this assignment
is to understand the
significance of the business
strategy within the cited
venture and its implication
upon company success and
profitability.

Organisation vision, mission, goal, core
competencies
Hungary House company is the UK based platform which
provides the food and accommodation facilities to its
customer. Basically it is the online food store which deliver
the food facilities to its customer by online way. It allows the
user to search for the restaurant and browse local takeaway
menus before placing an order online. 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.

Conti...
• Company Mission- Hungary house
company have major mission is to
deliver the high quality and effective
food services to the customer in the
UK market. In addition to this, it
wanted to become the number one
online food service provider in the
UK.
• Objectives- Company have objective
is to gain the highest profitability and
market share in the food sector and
attract the large numbers of customer
toward the food services.

Components that influence of the formulation of
strategic plan
As per the above discussion it has
been analysed that there are very
impressive position of the Hungary
House in the UK through which it
can easily attract the large amount
of customers. In order to improve
its existing services and develop
new strategy about the business,
company required to focus on the
development of strategic plan.

Conti..
There are various components that affect strategic plan of the
cited venture-
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.
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.

Another Techniques
• SWOT- In order to develop the
strategic plan for the business,
corporation required to focus on the
swot analysis of the organisation. This
will help to firm in summarising the
company existing position, strength,
weakness, opportunities, threats.
• Time frame- Time is one of the
significant component in the strategic
plan which company required to
consider.

Environmental factor
• While Hungary house develop the
strategic plan then some
environmental factor can also
affect the company-
• Political- This includes
governmental regulation, code of
conduct, legislation, taxation
policies practices which can affect
cited ventures strategic plan.

Conti..
Economical- This includes countries economical condition like
inflation, recession, interest rate etc which affects the strategic
plan of the organisation.
Technological- Technological factor can also affect the company
because in each and every function and program of the
company required an effective and latest technology.
Social and cultural- This includes customer taste, preferences,
culture, region etc which affect strategic plan of the cited
venture about the product and services.

Techniques for developing strategic plan for the
Hungary house
Strategic planning of the company helps in attaining the business
objective within a time period. This can help to firm in
attaining its target within a time period. Hungary house have
used various methods and techniques in developing the
strategic planning which are as follows-
SWOT analysis
Pestle analysis-
BCG matrix

Techniques Explaination
SWOT analysis- SWOT analysis is essential method by which
company can easily design strategic planning for business.
With help of this tool, company can analysis its existing
strength, weakness, opportunities and threats.
Pestle analysis- This is another significant method by which firm
can analyse its business environmental component which
affect business activities and function in the large manner. By
analysing the condition of the business environment, company
can effectively set its strategic planning.

Conti.
BCG matrix- BCG matrix
helps to the company in
identifying the growth rate
and market share of the
business. With help of this
technique, company can
understand the existing
position of business in the
competitive market through
which it can easily develop
the planning.

References
Kernbach, S., Eppler, M.J. and Bresciani, S., 2015. The Use of
Visualization in the Communication of Business Strategies An
Experimental Evaluation. International Journal of Business
Communication. 52(2). pp.164-187.
Amran, A., Ooi, S.K. and Devi, S.S., 2015. The Impact of Business
Strategies on Online Sustainability Disclosures. Business
Strategy and the Environment. 24(6). pp.551-564.
Staake, T., Thiesse, F. and Fleisch, E., 2012. Business strategies in
the counterfeit market. Journal of Business Research. 65(5).
pp.658-665.
Doeksen, A. and Symes, D., 2015. Business strategies for resilience:
the case of Zeeland's oyster industry. Sociologia Ruralis. 55(3).
pp.325-342.

THANK YOU