Business Strategy - Volkswagen
Assessment on understanding the process of strategic planning and formulating a new strategy for a given organization.
14 Pages4245 Words109 Views
Added on 2020-07-22
Business Strategy - Volkswagen
Assessment on understanding the process of strategic planning and formulating a new strategy for a given organization.
Added on 2020-07-22
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BUSINESS STRATEGY
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Assess importance of mission, vision, objectives, goals helps in formulating strategicplanning.......................................................................................................................................11.2 Analyse factors that have to be considered while formulating strategic plan ......................11.3 Evaluate the effectiveness of techniques to develop strategic business plan ......................2TASK 2............................................................................................................................................32.1 Analyse strategic positioning through organisational audit .................................................32.2 Environment Audit of VW AG.............................................................................................42.3 Significance of stakeholder analysis in formulating new strategy for VW AG....................52.4 Present a new strategy for VW AG .....................................................................................6TASK 3............................................................................................................................................73.1 Analyse the appropriateness of alternative strategies relating to market entry, Substantivegrowth, limited growth for VW AG............................................................................................73.2 Justify the selection of strategy.............................................................................................7TASK 4 ...........................................................................................................................................84.1 Assess roles and responsibilities of personnel who implement strategy...............................84.2 Analyse resource requirement for implementing a new strategy for VW AG.....................84.3 Evaluate contribution of SMART targets to achievement of strategy implementation inVW AG ......................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONEvery organisation develops its own plans, strategy which guide people to attain set goalsor objectives. These plan of action are made by top level of management and is followed byevery level to reach final destination. Every organisation works upon their vision and missionwhich provide them basis of decision making. This report highlights various factors which arepresent outside and inside of business institution. Hence, proper examination is requiredminimize risks that may be associated with it. Company which is included in this report isVolkswagen, it is a auto mobile company of Germany. It is considered among world's sixthlargest company as its turnover is very high compared to other companies. Along with this,importance of vision, mission, goals, targets are also included in this assignment. Proper strategyare formulated to reach their goals in particular time frame. Hence, formulation of strategy isalso marked under this project. TASK 11.1 Assess importance of mission, vision, objectives, goals helps in formulating strategicplanning Every company works for attaining their vision, mission that is the reason for theirexistence. There are number of importance attached to it. Managers formulate strategy planningin proper manner. Some are mentioned below: Objectives provide basis of taking strategic decision that help in full-filling final settargets in efficient and effective manner. Goals helps in attaining final path that are made to reach final goals. Mission formulates the rules and regulations that have to be followed by each individualin organisation.Vision concentrates the future image of any company. Hence, they have set goals thathave to achieved in given time frame. 1.2 Analyse factors that have to be considered while formulating strategic plan
Every business faces cut throat competition from their competitive firms. Hence, itbecomes necessary to scan business environment. It is dynamic in nature and keeps on changingwith passage of time. There are majorly two types of elements that are present internally orexternally. Internal factors are present inside the organisational structure and have control over it.Whereas, external components are present outside the business institution which is beyond thecontrol of the system. It becomes mandatory to analyse these factors efficiently and effectively.These have some pros and cons associated with it. Volkswagen have proper research anddevelopment department which continuously look after these factors and make decisionaccordingly. Certain advantages and disadvantages are highlighted below: FactorsAdvantages Disadvantages Internal Factor Employees and workers oforganisation under theirstrategy very well, and helps infull filling the set target inproper manner. There can be situation whenpersonnel do not understandrules and regulations and findit difficult to accept it. Hence,possess some problem inachieving final targets. External FactorTechnological changes thattake place in externalenvironment helps inincreasing productivity andefficiency in organisationsystem. Hence, it is a addedadvantage for the institution. There are certain aspectswhich changes frequentlyhence, company have toupdate themselves in frequenttime.1.3 Evaluate the effectiveness of techniques to develop strategic business plan Every business develop plan before executing action to work upon set paths. Forformulating plans it is necessary to choose definite methods and techniques which guide inaccomplishing final goals and objectives. There are number of approaches which help inreaching to final destination. To establish place in already set market it becomes necessary to take such strategies ineffective and efficient manner. Policies are framed in accordance to Ansoff Matrix, SPACE,
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