Business Strategy

Business Strategy
TASK 1

Covered Content
• Introduction
• Business vision, mission, goals, objectives and core
competencies
• Factors that have to be considered while formulating
strategic plan
• Effectiveness of techniques
• References

Introduction
Business strategy can be termed as a plan which is developed
by company so that they can attain their long term targets
effectively as well as efficiently. It caters growth and
improvement to the firm. This is like a planning function and
in addition, a continual procedure.

Business vision, mission, goals, objectives and
core competencies
It is required for manager to develop an effective plan for
their business; therefore, they can easily attain their mission,
vision, goals and so forth appropriately.

Continued...
Mission:  Company needs to create maximum loyalty
regarding their products between their clients.
 To improve income, it is necessary for firm to
develop competitive benefits at marketplace.
Vision:  Manager of an enterprise wants to cater sufficient
satisfaction to their buyers, through accomplishing
their needs and wants within minimum period of
time.
 S&L Limited wants to provide their goods and
services across the world, which assist them to
increase their customer base.
 To enhance sales, it is required for them to maintain
clients loyalty.

Continued...
Goals and
objectives:
 Organisation needs to establish some opportunities at market; thus,
they will take benefits from it. As a result, they can easily improve
their market share.
 To enhance work efficiency of their staff members, employer can
provide training to them. Therefore, it will reduce unwanted
expenditures and in addition motivate employees. Hence, they will
attain desired targets with maximum effectiveness.
Core competencies:  To know needs and wants of purchasers, manager can conduct
research. It will aid them in their growth and improvement.
 It is essential for them to produce innovate items for their
customers by maintaining quality. This will also attract numerous
people towards them.
 Employer of S&L Limited manufacture new or unique goods for
their customers timely. It will help them to improve their profits
and reputation at marketplace.

Factors that have to be considered while
formulating strategic plan
It is much required for company to develop some plans and
in addition process with assistance of strategic
conceptualization. Therefore, it is must for superior to
examine several elements so that they can be prepared for
future to face uncertainty.

Continued...
Some of required components which are must to analyse by
employer while formulating plan, are mentioned as below:
• Competitors future directions
• Consumers preference
• Competitive advantage
• Integration of changes
• Communication
• Other external factors

Effectiveness of techniques
Employer of company can formulate some plan for their
business; hence, they can attain coveted goals and objectives
in an effective and efficient manner. For above stated aim
they can use SPACE and BCG matrix. Therefore, an
association can easily complete their operational activities.

Continued...
BCG matrix:
• Stars
• Cash cows
• Dogs
• Question mark

Continued...
SPACE matrix:
• Aggressive
• Defensive
• Conservative
• Competitive

Continued...
There are various benefits of using above mentioned
matrix in firm, which are stated as beneath:
• It can be easily understand by people.
• Individuals can use it appropriately.
• Manager can find out their market position effectively.
• This will aid them in their advancement as well as
growth.
• With assistance of matrix an organisation can take
benefits from their competitors at marketplace.

References
Leonidou, L. C. and et. al., 2017. Internal drivers and
performance consequences of small firm green business
strategy: the moderating role of external forces. Journal
of Business Ethics. 140(3). pp.585-606.
Malerba, F. and et. al., 2015. Dynamics of knowledge
intensive entrepreneurship: Business strategy and
public policy (Vol. 38). Routledge.

Thank You