Importance of Vision, Mission, Objectives, Goals and Core Competencies in Formulating Strategic Plans

This presentation discusses the importance of vision, mission, objectives, goals and core competencies in formulating strategic plans. It explains how these factors contribute to organizational planning and strategic designing. The presentation also explores the factors that need to be considered when formulating strategic plans and the effectiveness of various techniques used in developing strategies.

BUSINESS STRATEGY
TASK 1

IMPORTANCE OF VISION, MISSION,
OBJECTIVES, GOALS AND CORE
COMPETENCIES IN FORMULATING
STRATEGIC PLANS.
Whenever the company is formulating any strategic plans
organizational vision, mission, objectives, goals and core
competencies play vital role in it.
 Vision- The company need to set its vision about why and
how organisation is setting up. Why it is opening the business
and how will the organisation gain its profits this will help in
the organisational planning.
 Mission- It states that what is to be done in and who will run
the business will ultimately assist the strategy to form.

CONTD…
 Objective- Tells the aim of the company for what motive
it is set up whether profit motive or social motive.
 Goals- It depends upon the business objective and is also
the part of the planning process of the company which is
useful in strategic designing.
 Core competencies- It enables the company to deliver
unique value to customer for the sustainability of them
and help organisation to formulate the strategies

FACTORS THAT HAVE TO BE CONSIDERED
WHEN FORMULATING STRATEGIC PLANS.
ABC company is about to start a new supermarket in the town so the factors
it should considered while formulating strategic plans are-
 Create a culture of leadership- ABC company should form a leadership
culture in the organisation among the employee so that the set objective
could be achieved.
 One size does not fit all- How ABC company will approach strategic
planning will depend upon the size of the company.
 Shared accountability and personal responsibilities- Apart from
leadership culture ABC should also divide the responsibilities and share
the accountability of the work done.

CONTD….
 Drive execution right way- Leadership of ABC must be
on right path of success without which ABC goals will
not be achieved.
 Calibrate the deployment success factors- ABC must
also be able to bring its given resources into a most
effective action so that success can be achieved in set
time period.

EFFECTIVENESS OF VARIOUS TECHNIQUES
USED WHEN DEVELOPING STRATEGIES
There are many techniques which are used by ABC company in
developing the strategic plan and they all are effective in their
own ways they are-
 SWOT analysis
 Nominal ranking
 Team facilitation

CONTD….
SWOT analysis-
 This analysis is used to identify the strengths, weaknesses,
opportunities and the threads of an organisation.
 ABC company will be analysing the strengths and the
weaknesses it has within the organisation like its USP and
the weak points of it.
 And also see the opportunities and the threads in outside
market and can ABC grab the given opportunities in the
market.

CONTD….
Nominal ranking-
 It is a process like SWOT analysis in which participants
are given votes and they use these votes in listing and
placing any item on the top as they wish.
 After voting is done the number of votes per person is
counted and then highest rating items are identified.

CONTD….
Team facilitation- This type of techniques are responsible for
ensuring that the process flowing are smooth from the
beginning to end or not, each individual involved have been
allotted the work and whether the conflicts are addressed at
the management end or not.

REFERENCES
Alsudiri, T., Al-Karaghouli, W. and Eldabi, T., 2013. Alignment of
large project management process to business strategy: A review and
conceptual framework. Journal of Enterprise Information
Management, 26(5), pp.596-615.
Angeloska-Dichovska, M. and Mirchevska, T.P., 2017. Challenges of
the Company in the New Economy and Development of E-business
Strategy. STRATEGIC MANAGEMENT. 22(2). pp.27-35.
Apenko, S., 2017. Human Resource Management of Innovative
Projects in the Context of Business Strategy. STRATEGIC
MANAGEMENT. 22(1). pp.3-6.