Project on Strategic Management : Report
Added on 2020-06-06
17 Pages4851 Words46 Views
Business strategy
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 Strategic planning process.................................................................................................11.1 Assessing how company aims and objective and core competencies modify strategicplanning.......................................................................................................................................11.2 Factors required consideration in formulation process.........................................................11.3 Evaluating the effectiveness of techniques used in formulating strategic business plan......2Task 2 Formulation of strategy........................................................................................................42.1 conducting Organisational audit for Volkswagen AG company .........................................42.2 Conducting Environmental audit for Volkswagen AG.........................................................52.3 Assessing the significance of stakeholder while formulating new strategy for Volkswagen.....................................................................................................................................................62.4 New strategy for Volkswagen ..............................................................................................7Task 3 Various approaches to strategic evaluation ......................................................................83.1 Determining the appropriateness of secondary strategy related to market entry substantivegrowth and limited growth..........................................................................................................83.2 Justifying the selection of particular plan of action..............................................................9Task 4 Implementing strategy..........................................................................................................94.1 Roles and responsibilities of Individual in Strategy Implementation. .................................94.2 Examining the estimated resource requirement for implementing new strategy forVolkswagen AG .......................................................................................................................104.3 Calculating the contribution of SMART targets to the achievement of strategyimplementation on Volkswagen................................................................................................11.......................................................................................................................................................12Conclusion.....................................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONThe study includes mission, vision, goals and objective Neil Westwood’s magicWhiteboard company which manufacture magic white board, reusable sticky rolls of whiteboard.The project will have focus on the strategic management. The report will assist individual inunderstanding the strategy planning and implementation process. The project will explain thevarious approaches to plan evaluation which will help researcher in analysing theappropriateness of alternative plan adopted by Neil Westwood’s magic Whiteboard firm and willprovide assistance to enterprise in framing new strategy by conducting various analysis and willaid firm in gaining competitive advantage. The assignment also aim at evaluating thecontribution of Smart targets to achievement of strategy implementation in Neil Westwood’smagic Whiteboard .TASK 1 Strategic planning process1.1 Assessing how company aims and objective and core competencies modify strategicplanning.Mission – The mission refers to the statement with clarifies the purpose and defines value of thecompany. The mission of Neil Westwood’s magic Whiteboard is to become successful inmanufacturing industries.Vision:- Vision of the organisation clarify the position that the enterprise see themselves. Itrefers to participatory action taken by business that will enable the firm in converting challengesinto opportunities for their growth through optimum utilisation of resources. The vision of NeilWestwood’s white board firm is to become leading manufacturer in these industries.Objectives and Aim- refers to the target that are to be achieved by enterprise during a particularperiod. The main objective of Neil Westwood’s magic Whiteboard group is to offer theirproducts and services to customer at affordable price. Aim of the business is to develop moreinnovative features in magic board.Core competencies-core competencies is very important skills of organisation that assistbusiness in gaining competitive advantage. The core competencies of Neil Westwood’s magicWhite board is that they introduce new and innovative product. The Other core competency ofthe firm is that its is having skilled employees and they are using advance technology fordeveloping their product. 1
1.2 Factors required consideration in formulation process Industry- Before starting the process of formulation of strategy it is essential to conductindustrial analyse in order to get knowledge about the recent industrial trend, rules andregulations. The various other factors are required to be considered while evaluating industriessuch as competition, growth potential, profitability, chances if entry of new industries etc. Asthese factors have direct influence on growth and profitability of Neil Westwood’s enterprise.(Wheelen. and Hunger, 2017)Competition- Competition is the main element that requires special attention as the organisationsuccess are associated with it. The Neil whiteboard company uses various techniques andmethods for determining the strength and weakness of its competitor as this will helporganisation in gaining competitive advantage and reducing the risk of failure. This will alsoprovide assistance to enterprise in examining the strategy used by its competitors in attractingcustomer and will help industry in developing more innovative and well defined effectivestrategy.Organisational culture-before formulating any plans the Swot analysis is conducted byWestwood in order to examine its strength and weakness this will enable organisation in framingeffective strategy. This plans will further assist firm in reducing various risk and threats and itwill aid the Neil Westwood whiteboard firm in enhancing its strength and capturingopportunities. Resources-The initial process that the business should include before framing any plan is toidentify, evaluate and allocate various resources such as human resource, capital, that arerequired in developing effective plan that will assist Neil Westwood whiteboard company inachieving their goals and objective. Consumers-The objective and ultimate goal of Neil Whiteboard group is to satisfy customersand to provide them good services and products. It is required by organisation to frame strategyby considering interest of consumers and should frame those strategies that should help thecompany in meeting the need, requirement and expectation of consumers.1.3 Evaluating the effectiveness of techniques used in formulating strategic business planBCG matrix methods that can be used in explaining the effectiveness of Strategy .1Boston consulting matrix -This matrix has been created in order to help organisation inexamining their business unit and analysing the product served by them. This matrix further2
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