Business Strategy TASK 12 a. Steps of strategic planning process

Business Strategy

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
a. Steps of strategic planning process.....................................................................................2
b. Informational promotional brochure..................................................................................4
c. Strategic positioning techniques.........................................................................................6
TASK 2............................................................................................................................................7
a. Organizational audit............................................................................................................7
b. Environmental audit...........................................................................................................8
c. Significance of stakeholder analysis...................................................................................9
TASK 3..........................................................................................................................................11
a. Difference between vertical and horizontal growth strategy............................................11
b. Future market entry strategies..........................................................................................11
TASK 4..........................................................................................................................................12
a. Implementation of strategy...............................................................................................12
b. Time-line for implementing strategy................................................................................13
CONCLUSION..............................................................................................................................13

ILLUSTRATION INDEX
Illustration 1: Strategic planning process.........................................................................................3
Illustration 2: Mintzberg 5Ps strategy..............................................................................................5
Illustration 3: BCG matrix...............................................................................................................6
Illustration 4: Porters five forces model...........................................................................................9
Illustration 5: MENDELOW Matrix..............................................................................................10
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INTRODUCTION
The main purpose of this study is to assess the understanding regarding the strategic
planning process in order to organize and plan the tactics for future outcomes with the aim to
become successful. Further, there are different models such as stakeholder mapping, strategic
positioning, micro and macro environmental tools etc. helps in implementing effective results
within organization. Moreover, different roles and responsibilities are assigned to stakeholders in
order to implement the strategy so that resource requirements can be assessed and attain
outcomes. At the end, proper process of strategic planning has been developed and mission,
vision and objectives of companies have been assessed. In the report, being a consultant it is
essential to evaluate the clients corporate vision and environmental analysis so that best strategic
approach can be developed.
TASK 1
a. Steps of strategic planning process
Strategy can be stated as the direction and scope of business over both short and long
term in order to attain competitive advantage within business. Strategy definition given by
Mintzberg (1987) states that it is a plan of getting from here to there. Also, it involves decision to
offer specific products for particular markets. Furthermore, strategic planning can be evaluated
as a management tool that helps in fulfilling the purpose of firm in order to carry out effective
job. Also, it helps in carrying out disciplined effort to produce the best decisions and actions that
shape and guide what an organization is required to focus in the future. Following is the steps of
strategic planning process which are as follows-
 Developing a strategic vision- It is essential for business enterprise to formulate
strategic vision so that business can attain desired objectives in the future. Here, business
is required to prepare a strategic vision so that long term goals can be attained.
 Setting objectives- Further, it is essential for business to set SMART objectives so that
they can be attained effectively and efficiently. Further, effective objectives are required
to be set so that profits and sales can be enhanced.
 Crafting a strategy to achieve the objectives and vision- Here, strategy is required to
be formulated so that best objectives and visions can be attained within enterprise. Here,
management of firm is required to prepare effectual strategy so that objectives and vision
can be attained effectively.
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