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Business Strategy Assignment Solution (Doc)

   

Added on  2020-09-17

14 Pages4825 Words27 Views
Business DevelopmentEntrepreneurshipData Science and Big DataPolitical Science
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BUSINESS STRATEGY
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TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3TASK 1 ...........................................................................................................................................3(1.1) Strategic planning..........................................................................................................3(1.2) Factors considered while making a plan .......................................................................4(1.3) BCG Growth matrix ......................................................................................................5M1 Vision and mission of company ......................................................................................5M 2 learning techniques at an organisation............................................................................5TASK 2............................................................................................................................................6(2.1) SWOT analysis of VWG..............................................................................................6(2.2) PESTLE Analysis of VW Company..............................................................................7(2.3) Influence of stakeholders in formulating strategies.......................................................7(2.4) Strategies for growth......................................................................................................8(3.1) Analyzing growth strategies for organization..............................................................9(3.2) Selecting effective strategy for organization...............................................................10(4.1) Roles and responsibilities of personnel in implementing strategies............................10(4.2) Resources required for implementing a new strategy in VW......................................10(4.3) Contribution of SMART in implementing a strategy:................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTION Business strategy basically refers to plan that is made by the top management in order tomake business more successful than others in the market. Business strategy ensures the growthand expansion of the company if it is made properly to achieve the goals and objective on time.Strategy made by the company clarifies all the steps that has to be followed by each and everyemployees as it involves what should be done and in what manner so that they can achieve anefficiency and will be able to retain in the market for longer period by earning more profit thanothers. Strategies are made by the according to the need of the situation as for every differentsituation there are different strategies are made. TASK 1 (1.1) Strategic planningMission : Mission refers to the planning that is made by the company so that they can handle allthe uncertain factors that are uncontrollable in nature with a proper back up plan. The companycan achieve its goals and objective on time only if they follow the steps that are mentioned in it(Woodcoc, Green and Starkey., 2011) . The Dragon den is a TV show of the entrepreneur that istelecast on the BBC channel and they have mission to attract more viewers and entrepreneursfor their show. Vision : Vision is refers to the ability to see but in the business it refers to pre analysation that isdone by the company to avoid all the threats that may affect the business in all the way possible.Pre analysation of all the factors will help the company to take the corrective measures on time.BBC is news channels as it has the clear vision to achieve the success with the position byproving their efficiency in each sand every task that is performed by them. Objectives : Objectives are the part of the planning as to make a plan there has to be a properobjective behind them. This translate the process into action as this clarifies the purpose behindsetting up a business and helps in identifying the necessary actions that should be taken by thecompany to achieve its goals (Verbeke., 2013) . BBC has a clear objective to promote it shows asthis is very important for them if the want to retain in the market and achieve the goal on time. Goals : Goals refers to the target that has to achieved by the company if they really want to retainin the market and earn more profit. Goals determines the desire of the company as what it want
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to do and in what time. This decides the future of the company in the market. BBC has clear goalto promote its shoes so that they can retain in the industry and will be able to earn more profit. Core Competencies : Core competencies defines the level of competition in the market Socompanies make effective strategies to survive in the market and compete with competitors.BBC has many competitors in the industry and to fight with them they needs the proper andstrong strategy so that they can defeat them. (1.2) Factors considered while making a plan There are many factors that are considered while making a plan as these factors will helpthe company to achieve the efficiencies in their operations. These factors analyse the businessenvironment for the company. Some considered factors are as follows : Competitive Strategy : This strategy is made by the company to analyse all the factors of thecompetitors so that they can make more efficient strategy to retain in the market for longerperiod in a better position than others and earn more profits (Meskendahl., 2010) . Competitivestrategy will help the company to rectify their mistake if there is any in the current strategy thatthey have applied in the operations to achieve the goals. BBC makes the competitive strategy forthe Dragon den as it is their responsibility to analyse all the factors that may affect their businessto the core. Through this they analyse all the factors that are affecting or may affect them so thatthey can take the corrective measures according to the needs and the requirement of the situation.Chang in consumer behaviour : This is one of the most important factor that is considered whilemaking a plan as it very important for the company to know the choices and the preferences ofthe customers as they are the one who helps the company in its upliftment (Astrachan., 2010) .The company should make or design the product according to the needs and the demand of thecustomers. For BBC the customers are the viewers who watch their programmes and promotes inthe best way possible. They give full priority to their viewers as they bring the TRP for theirshows and help them in go for a long term. They full fill the demand of the viewers to make thegood position in the industry. Economic condition : This factor is considered in the plan as this is the condition that related tothe economies This factors deeply affects the business as it includes all the terms that areimportant for the business. This factors include demand and supply along with the products asthey are the former points that are firstly considered in the business. BBC is a news channel that'swhy it limits its supply according to the demand of the customers.
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