Business Strategy: Strategic Planning, Factors, Techniques, Organizational Audit, Environmental Audit, Stakeholder Analysis, New Strategies

This presentation provides an overview of business strategy, including strategic planning, factors considered for formulating a strategic plan, techniques for strategic business plan, organizational audit, environmental audit, stakeholder analysis, and new strategies for companies. It covers topics such as vision, mission, goals, strengths, weaknesses, objectives, competition, current condition, market research, SWOT analysis, cost benefit analysis, feasibility study, PESTEL analysis, stakeholder analysis, and new strategies for business growth.

BUSINESS
STRATEGY

1.1 Strategic Planning
• Vision. Vision is basically the ability to see and in business terms vision is used for long run so that the particular company like Beach Break Live company that is a event
management company can survive for longer period in the market. Vision defines the ability of the company and their willingness towards achieving the success.
• The vision of Beach Break Lives is nery clear as they want to provide their best services in short period so that they can retain in the market and maximise their profit ratio.
Beach Break Lives is very clear with their vision that their first priority is their customers and then comes the rest. Vision is made for long period so that a company can
retain in the market and improves efficiency to take their organisation to another level and maximises the profit ratio.
• Mission. Mission and Vision are in separable because they cannot work individually. Mission and vision are like two sides of a coin as mission is very important to
complete a vision (Teece, 2010). Mission completes the vision as it has all planning treatises by implementing them as plan of action a company can achieve its goals on time
Beach Break Lives has a mission to achive efficiency in their operations by their professional work force by satisfying customers from the core so that they can recognition
in the market by their customers.
• They want to create unforgeable events for their customers so that they can hold their customers to at last. Beach Break Live has very definite mission to focus on their
customers and only on their work by giving priority to the preferences and choices so that they can provide best of their services in less time and money(Astrachan, 2010.).

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• Goals. Goals is one of the most important term in setting business as without goals business can't get established. Goals
defines the definite plan of action of the company as these includes what they want to achieve in what time and on which
level. Goals decides the future of the company as it decides its position in the market so goals is not a secondary as they
should be discussed before objectives.
• Beach Break Live is a event management company that's why it should set a goal for longer period by providing best or
excellence services to the customers and towards achieving great position in the market by generating more customers in
the market. Beach Break Live mostly prefers specific, measurable, achievable and time bond goals so that they can relate to
every thing in the market among the customers to achieve great position in the market after some years(Johnson, G., 2013.).

1.2 Factors considered for formulating strategic
plan
• Strength. This is the most and first discussed factors in strategic plan as it defines the ability and the quality of the services provided by the company
to their existing customers so that thy can retain in the market and match the market level by fighting competition to maximise efficiency and brings
effectiveness in the company. Beach Break Live show its strength through its customers because it has very strong network of customers and working
team all around the world. This company provides the best quality services to its customers in less time and in less pay.
• Weakness. Each and every company has some kind of weakness which leads them down in some way or the other. Beach Break Love
has only one weakness and that is its communication chain as communication chain defines the speed of the services that are providing by a
company.

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• Objectives. Objectives are the most important term in the organisation as they include
each and every aspect of business and gives the final result. Beach Break company has basic
objective of customer service which includes every thing about customers choices and
preferences so that they can retain the existing customers and will be able to generate more
customers(Bharadwaj, A.,2013. ). A company can only grow when he keeps his customers happy
in all the possible manner by listening to them and solving all their problem from the core.

• Competition. Competition is there in every field no matter you are in what team so if company wants to survive in the market then he need to fight
the competition by analysing all the factors that are affecting the company's environment. A company needs to prepare a detailed report of his and his
competitors company in the targeted market so that it can take corrective measures accordingly.
• Current condition. It is that term which gives reality check to the companies about their condition in the market. Beach Break Live
company finds its current position in the market by preparing complete report of each and every aspect after knowing the current condition a
company knows that what are the corrective measures to be taken by him on what basis and on what level.

1.3 Techniques for strategic business plan
• Techniques are kind of method that are performed by companies to formulate overall mission and goals Some techniques are as follows :
• Market Research. Market research is basically a process that collects all the information all together so that this data can help company to grow and expand in a certain
market. Market research shows the exact position of the company to help managers so that they can prepare a healthy mission and vision in the competitive market. Beach
Break Live do market research to compete the competitors and survive for long run in run market.
• SWOT Analysis. SWOT Analysis is a strategic planning that consist of Strength, Weakness, Opportunity and Threats that business faces from day one to end. Beach Break
Live do SWOT analysis so that they will get to know about each and every aspect of their business. By this analysis a company can change its decision that are affecting
their business in a harmful way and can defeat their competitors by making appropriate strategies.
• Cost Benefit analysis. This analysis is very common in terms of business planning as this helps in assembling the cost and potential analysis of the company. Beach Break
Live company prepare this analysis to ensure their performance by calculating cost and their potential in the market.
• Feasibility Study. This study is done by the company to know about the profit earned from a particular project (Dong-Hun, 2010.). Beach Break Live company perform this
to know their profit ratio among the total cost. This is very useful as it shows if there is some defect or not.

2.1 Organisational audit of Beach Break Live
• Organisational audit can be done only by measuring the strength, weakness, opportunity and threats of a company. Organisational audit is very crucial
term as it defines all the internal as well as external factor of the business.
• Beach Break Live company shows its strengths by its excellent service facility that he is providing to its customers in very short period and with less
pay than others. Organisational audit shows strength as very strong point determining all best of their services in this(Cinquini,and Tenucci,2010 ). The
biggest weakness of this company is its communication chain and because of only this the company is unable to achieve efficiency in its operations.
• One of the biggest opportunity for Beach Break Live company is that their customers are very loyal and giving chance to this company to take
corrective measure to grow and expand itself in competitive market. There are many threats in each and every field of the business and in event
management company the biggest threat is that if their services are not approved by customers they will not be able to survive in the market. They
should keep their services up to date and whatever techniques they are using should be best among all if they want to survive for long in the market.

2.2 Environmental audit of Beach Break Lives
• Environmental audit includes the PESTEL analysis and these are as follows :
• 1. Political factors. These factors include all the legal matters of the company as a company have to deal with many legal issues weather they are from government
sectors or private sectors.
• 2. Economic factors. This includes all the factors that are related to the economy and affecting business in one way or the other. These factors have great impact on how
an organisation is doing business and how much they are profitable in the current economy. These factors affect the company at very high level because this includes –
inflation, deflation, demand and supply and so on.
• 3. Social factors. Social factors includes all the social issues and responsibility of a company(Montgomery, 2011). A company also needs to give importance to the
society because these are the only one who buys their product and consume their services.
• 4. Technological factor. This factor includes the technologies that companies are using to bring effectiveness in their work and efficiency in their organisation(Campbell,
Edgar,and Stonehouse, 2011). Technological factors deeply affects the marketing and the management so the company needs to be very attentive in these matters.

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• 5. Environmental Factors. These factors include environmental related issues that affect a company in producing their goods and
services(Verbeke, 2013 ). Environmental issues have become very important in current situations of businesses as many companies are
unable to produce their product just because of scarcity of resources, pollution and many more.
• 6.Legal factors. This factor is one of the most important factors as company deals each and every thong in a legal way. In a company there
is a legal contract for each and every thing as after breaching this contract the company or any other person is legally liable for what thy
had done. This factors maintain rules and regulations in the organisation.

2.3 Stake holder analysis
• Stakeholders are those people support company to grow and expand to reach the
maximum level of efficiency. Stakeholder analysis is a process of taking
decision so that they can prepare appropriate plan of action. Stakeholder decides
the future of the company as many decisions are taken by them for growth and
upliftment of a company.
• They hold very powerful position in the company and no single new strategies
can be made without them. Their consent is needed on each and every project as
they support financially as well as morally(Woodcock., Green, 2011). They play
different roles according to their position in the department.

2.4 New strategies for companies
• Companies should adopt new strategies to expand their business and maximise their profit ratio. New
strategies should bring positive results for the company because new strategies decides the future position of
the company after considering all the crucial factors then only new strategies should me made that may affect
the company. All the possible analysis should be done before formation of new strategy.
• Beach Break Live company should take all the control over their resources and take corrective measures to
reduce the wastage of resources so that thy can retain in the market for long run and maximises their profit to
another level( Meskendahl,, 2010.).

REFERENCES
• Teece, D.J., 2010. Business models, business strategy and innovation. Long range
planning. 43(2). pp.172-194.
• Astrachan, J.H., 2010. Strategy in family business: Toward a multidimensional
research agenda. Journal of Family Business Strategy, 1(1), pp.6-14.
• Johnson, G.,and et al ,. 2013. Exploring strategy text & cases (Vol. 10). Pearson.