Business Strategy: Importance of Vision, Goals, Techniques

In this document we will discuss about Business Strategy and below are the summary points of this document:- Business strategy refers to long-term planning by managers to achieve desired outcomes and resolve major issues. Vision, mission, goals, and objectives play a significant role in strategic planning. Internal and external factors, including economic, technological, and socio-cultural dimensions, influence strategic plans. Techniques such as BCG Matrix and Porter's 5 forces model can be used to evaluate business strategies.

BUSINESS STRATEGY

CONTENT
 INTRODUCTION
 Role of vision, mission, goals and objectives in strategic
planning
 Factors are involved in strategic plans
 Effectiveness of techniques which are used in business
plan
 REFERENCES

INTRODUCTION
Business strategy is the term which is used by managers to
achieve desired outcomes. It can also be known as long
term business planning, which is liable to resolve major
issues of the firm.

Assess the role of vision, mission, goals and
objectives in strategic planning
Vision of Shine Retail Ltd. - the vision statement Shine Retail Ltd.
is to be the greatest retailer of the world and to win the heart of
customers by providing them qualitative products and services in a
pervasive manner.
Mission statement - Shine Retail Ltd. Is to fulfil its all corporate
social responsibilities in order to done work in effective manner.

CONTINUE
Goals and objectives - Goals refers with the purpose with which an
endeavour is directed.Apart from this, objectives are made for short
term, it is an effort which is intended in order to accomplish
specific aims and targets.
Core competencies - It consists with a company's strengths which
helps it in achieving goals and objectives from global environment.

Factors are involved in strategic plans
Internal factors
 Value system and
management
 Organisational culture
External factors
 Economic dimensions
 Technological
dimensions
 Socio-cultural
dimensions

Effectiveness of techniques which are used in
business plan
BCG Matrix
BCG model is based upon the
theory of product life cycle. It
states that what priorities are
given in the process of product
portfolio within a business
enterprise.

CONTINUE
Porter's 5 forces model: -
It helps in identifying the
potential profitability of
business strategies and
policies whether they are
accessible for its growth and
success in global market.

REFERENCES
Alsudiri, T., Al-Karaghouli, W. and Eldabi, T., 2013. Alignment of large project management
process to business strategy: A review and conceptual framework. Journal of Enterprise
Information Management. 26(5). pp.596-615.
Azar, O. H., 2011. Relative thinking in consumer choice between differentiated goods and
services and its implications for business strategy. Judgment and Decision Making. 6(2).
p.176.
Bucolo, S. and Matthews, J. H., 2011. A conceptual model to link deep customer insights to
both growth opportunities and organisational strategy in SME’s as part of a design led
transformation journey. Design management toward a new Era of innovation.