Project on to Adopt New Business Strategy

Business Strategy

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Mission, Vision, goals, objectives and core competencies of an organisation.....................1
1.2 Analysis of the factors that have to be considered while formulating strategic plan............2
1.3 Evaluating effectiveness of two techniques used in developing business strategy...............3
TASK 2............................................................................................................................................5
2.1 Strategic positioning of business by carrying out organisational audit.................................5
2.2 Environment audit on an association....................................................................................6
2.3 Significance of stakeholders when formulating new business strategy................................7
2.4 Presentation of a new strategy for a business........................................................................8
TASK 3............................................................................................................................................9
3.1 Appropriateness of alternative strategy relating to market entry, substantive growth,
limited growth and retrenchment................................................................................................9
3.2 Justification of the selected strategy...................................................................................10
TASK 4..........................................................................................................................................10
4.1 Assess the roles and responsibilities of personnel in charge of implementing a strategy .10
4.2 Resource requirement to implement a new strategy...........................................................11
4.3 Contribution of SMART targets to the achievement of the strategy implementation........12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Business is a composition of various strategies which enable an association to grow and
develop in any new market or at such phase when everything is getting wrong with an
association. Strategies are such action plan which enable an association to maximise their
activities properly so that better and effective productivity could emerged (Aitken, 2016).
Business strategy is termed as composition of guidelines on which whole association lead to get
operated their work properly. This business strategy project is based on Volkswagen Group
whom once indulge in an emission scandal and to deal with that it is essential for business to
prepare strategic planning. This project describe about how an association will lead to adopt new
business strategy to deal with any unfavourable condition of business. For evaluating various
strategy it is essential to understand various approaches for dealing with various problems.
Moreover, business have to implement adopted strategy properly so that they can create a brand
image for a company.
This project also stated about a new project or a business for which management have to
prepare their report in front of BBC Dragon Den whom provide sufficient fund to an
entrepreneur in order to execute business activities properly. For this, mission, vision, objectives
get prepared along with factors when considering strategic planning. The business idea is of a
restaurant whose name is “Red Chilly”.
TASK 1
1.1 Mission, Vision, goals, objectives and core competencies of an organisation
Strategies are an important part of ant business plan . It is the responsibility of manager
of the company to make effective strategies and plans so that they can implement all their
functions effectively (Amran and et. al., 2016). These strategies are prepared according to the
goals of the company. These strategies help the company in sustaining in the market. Therefore,
strategic planning can be defined as a process in which the organisation makes a roadmap in
which all the activities that will be conducted by them during the whole financial year is
specified. It is very helpful for the employees.
The responsibility of making strategies should be in good hands because then only the
company will be able to execute all of its work in a simplified manner. So, the plan is to open a
Restaurant in London which will be named as Red Chillies Restaurant. In this , the management
has planned to give all types of facilities to its customer so that when they leave the restaurant
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they feel satisfied (Higgins, Omer and Phillips, 2015). This plan will be presented in front of
Dragon Den , BBC. But before presenting it in front of BBC, the entrepreneur is told to present
their whole plan in front of Regents College. In the Business plan , vision, mission, objectives
and goals are discussed. It is as follows:-
Mission – These are designed by the management for meeting the expectations of the customers.
In this all the important information is covered like about the target customers, running is a
business etc. Missions decided for Red Chillies Restaurant are:-
 Expanding the market shares
 Creating value for the customers
 Following the business Ethics
Vision – It is prepared so as to show the customers that what are the planning that company has
done for their future. It is very necessary to be prepared. Vision of Red Chillies Restaurant are:-
 Expanding the business all around the world.
 Earning customer satisfaction and value
 Becoming a modern and innovative company.
Goals and Objectives - These are the aims on which the functioning of the whole company is
based on. It can be for short term as well as long term too. Goals and objectives of Red Chillies
Restaurant are:-
 Supplying healthy and beneficial products to the customers.
 Keeping the food cost at less than 35% of the revenue earned.
 Aims to increase the sales by 20% every year.
Core Competencies - These are the special skills that must be present in he business as this will
only make them different from others (Hockerts, 2015). It will helpful in creating a brand image
in the market and will connect more customers .
1.2 Analysis of the factors that have to be considered while formulating strategic plan
There are various factors that are requited to be present in the business so that an
effective strategic plan is formulated. It is the responsibility of management of the company that
they make use of these strategies to attain the goals of the company. In case of Red Chillies
Restaurant, the top level management of the business will frame such strategies that will help
them in overcoming their issues and achieving their goals in an easy manner (Ibrahim, Dumas
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