logo

Business Strategy Planning

   

Added on  2019-12-03

23 Pages4273 Words295 Views
BusinessStrategy1

TABLE OF CONTENTSIntroduction......................................................................................................................................4Task 1...............................................................................................................................................41 A) Description of stages of strategic planning process.............................................................4B).................................................................................................................................................5C ) Utility and application of BCG matrix as strategic positioning technique...........................8TASK2.............................................................................................................................................9A) Produce an organizational audit for organization .................................................................9B) An environmental audit .......................................................................................................11C) Significance of stakeholder analysis....................................................................................12TASK 3..........................................................................................................................................14A) Alternative strategies...........................................................................................................14B) Select an appropriate future strategy for the organization...................................................14TASK 4..........................................................................................................................................15A) Comparison of roles and responsibilities for strategy implementation and evaluation ofresource requirements................................................................................................................15B) Gantt Chart...........................................................................................................................16........................................................................................................................................................18Merits and distinction....................................................................................................................18M1 Identifying and applying strategies to find appropriate solutions......................................18M2 Applying markets and business strategy methods..............................................................19M3 Presenting the appropriate findings....................................................................................19D1Conduting critical reflection and justifying your conclusion ..............................................19D3 Adopting creative approach and theoretical models to understanding of market ..............20Conclusion.....................................................................................................................................212

INDEX OF TABLESTable 1: BCG matrix........................................................................................................................8Table 2: Time plan.........................................................................................................................163

ILLUSTRATION INDEXIllustration 1: Brochure of strategic planning..................................................................................7Illustration 2: BCG Matrix of Apple................................................................................................9Illustration 3: Ansoff Matrix for Coca Cola..................................................................................10Illustration 4: Mendelow Matrix ...................................................................................................12Illustration 5: Gantt Chart..............................................................................................................174

INTRODUCTIONBusiness organizations are required to develop effective strategies for operationalactivities in order to achieve their aims and objectives in an effective manner. By theapplicability of these strategies, organization can make significant improvement in theirperformance for better growth and success. Present study is based on the description andapplicability of strategic planning process. For this aspect, various tools will be used such asBCG matrix in organizational context.TASK 11A) Description of stages of strategic planning processIn accordance with the Mintzberg, strategy is a plan formed to attain specific objective. Itinvolves decision for offering particular products to the particular markets. It is supported byvision and direction. Further, strategic planning can be defined as process of specifying themission, vision and objectives of organization through a plan in order to make optimumutilization of available resources. Steps of strategic planning is as followsMission It provides improved level of understanding regarding key purpose of organization in themarket. It also facilitates business firm in diverse manner and provide correct direction tobusiness activities. For example, Apple key mission is to render computer and other services tothe society with improved consideration of quality standards and reliability factors. Companykey aim is to bring various innovations in its products in order to attract more and morecustomers. Vision Initially organizations are required to create vision that must be followed by vision ofcompany. It is a statement which provides detailed information about the organizational needs. Itis considered as aspirational organizational description that assists in effective accomplishmentof organizational goals. It also provides great support to long term objective. For example, Applevision is to become leader at global computer and digital market. Objective5

On this basis of vision, objectives for the plan are set out. These objectives are required tobe supported by SMART approach. For instance, the objective of Apple is to reduce thepollution and non degradable waste resulting from its operations upto 10% by 2030. Smartobjectives are considered as combination of diverse factors that can amend the businessopportunities. In other aspect, SMART objectives are classified in five key factors such asspecific, measurable, achievable, result focused and time scale. Another key example of Smartobjectives can be an objective of Apple is to increase the sales up to 15% using online marketingtill the end of December 2015. Core CompetenciesCore Competencies of company are mostly considered as unique abilities that itsmanagement acquires or develops by its hard work and it cannot be copied by any other firm.Every firm has its own competencies which leads business to impressive success. In this support,Apple’s core competency is to focus on differentiate strategy and offer unique features andcharacteristics in its products. High prices of product also present innovative products aspremium product in the market. Enhanced level of customer service is also one of key corecompetencies of firm. Strategic planningFurthermore, formed strategy is implemented in the organization as per the planningprocess. In order to assure standard outcome, monitoring is done by managers and supervisors.They evaluate the performance of employees to make corrective adjustments. This step isessential because there is continuous change in environment and actual performance is notalways as per the expectation. By considering this aspect, suitable modification is done instrategic planning.Central idea of strategic planning is development of key areas of expertise that can beused by commercial entity as competitive an understanding the position of organization in themarket. For example, Apple is continuously focusing on modifications in its policy to build betterrelationships with supplier. Moreover, company is also looking forward to reduce supplier cost byself production of key sources. 6

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Assignment on Business Strategy Planning Process
|22
|4799
|150

Assignment on Strategic Planning of Tesco
|24
|6729
|39

Business Strategy and Planning Techniques
|16
|3521
|471

Business Strategy Assignment of ALDI
|27
|6875
|47

Managers Business Strategy - Nokia
|20
|5506
|162

Aldi's Strategic Planning - Report
|19
|5334
|81