Business Strategy: Mission, Vision, Goals and Core Competencies

This presentation discusses the significance of mission, vision, goals and core competencies in developing a business strategy. It also explores the factors to consider in strategic planning and evaluates the effectiveness of different techniques. References are provided for further reading.

BUSINESS
STRATEGY
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Content
• Introduction
• Mission, vision, goals and Core competencies.
• Factors that needs to be considered while formulating
strategic planing
• Effectiveness of technique
• References
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Introduction
Business strategy helps a firm to achieve motives for what
they have set up. These strategies ensures the smooth
working of the company and hence achieving business
objectives successfully. Leisure hotel is a small restaurant
that is dealing in the business of providing high quality
food items.
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Mission, vision, goals and Core
competencies
In order to develop appropriate business strategy that helps
firm in growing at a stable rate and achieving its targets
comprehensively, there is a need of defining vision, mission
and goals of an organisation. Business strategy is always
develop citing the core competencies of the company. These
all things provides the pathway in which company has to
move so as to survive in competitive market environment.
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Mission: Becoming one of the biggest restaurant in the
locality in UK that serves hundreds of consumers in the
area by implementing best practices in the industry.
Vision: To become the firm that is one of the best suppliers
of quality food where people can enjoy in ambient
environment.
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Goals and objectives
To satisfy customers by serving variety of foods in the
single outlet.
Increasing the quality of services and ambience of
restaurant where people can spend there quality time.
Core competencies
Restaurant is having highly skilled staffs and especially
the chefs in the kitchen that are expert in making wide
range of food.
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Factors that needs to be considered while
formulating strategic planing
Strategic planning is a process that determines the strategy
of the company for coming years that will help it to make
decisions such as ways in which its crucial resources will
be used and what are the ways in which its availability is
ensured so that operation smoothness is maintained. Some
of the factors that needs needs to be taken into
consideration are as follows:
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Industry: For any firm it is important to understand that
what is the situation of the industry in which the
company is operating. In making of business strategy its
becomes a key player. In this also there are several
things that needs to be considered while Evaluating
industry such as new entries in the market, size of the
market for which they need to serve, its growth potential.
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Competition: Strategic planning is done so as to grow in
the competitive environment and for this restaurant needs
to understand the competitors it has as well as there
power to influence the business of Leisure hotel. There
are many small hotels that have come up in the locality
where already many bigger firms had there outlets. There
strength and weaknesses needs to be considered in the
strategy making process.
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Strength and weakness: In the making of strategic plan it
is important for the firm to understand their own strength
and weaknesses. This helps in making plans that are
more achievable and within the the limit of the
company's potential. Leisure hotel is having skilled
workers who use of modern machineries so as to carry
out their business operations. One of its prime weakness
is having less customer handling capacity.
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Management: This company is having an excellent
management that follows flat structure that ensures
healthier discussions among the management and lower
grade workers. They also involves other staffs in their
discussion making process hence new innovative ideas
comes as a result.
Resources: Leisure hotel is having limited amount of
resources and their proper utilisation becomes more
important. They need to implement strategy that will
make cost cuts that have unnecessarily over burdened the
revenue.
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Effectiveness of technique
Among several techniques available few techniques that
will be helpful in this regards are as follows. These will
ensure the effectiveness of strategic business plan.
BCG growth share matrix: Any organisation bigger or
smaller have to face many situations in its day to day
operations. Among these four type situations that is faced by
Leisure hotel is being explained by the BCG matrix. Some
of them are as follows:
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Stars: It indicates firm's high market share and growth. This
suggests that in this situation restaurant needs huge amount
of monetary value so that they can make decisions regarding
the ways in which company can ensure its market growth in
a continues manner.
Cash cows: It represents high market share and low growth.
It suggests that firm is growing at lower rates but still it is
capturing higher market share using which company can
generate profits.
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Dogs: It suggests that company is having lower shares in the
market as well as lower growth rate. In this situation firm
needs to make reductions in the unnecessary costings. It also
highlights the fact that company should stop manufacturing
those products which is making less profits must
concentrate on producing new products.
Question mark: This represents that company has higher
growth rate but is having lower share in the market. This is
risk situation that can lead to losses.
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Profit impact of market strategy: This strategy helps in
making competitive advantages by analysing firms polices
and processes it follows. Hence it helps in proper
implementation of policies and procedures. This strategy
considers following facts:
Nature of business environment.
Structure that is enforced in production process.
Allocating budget.
Conducting activities.
Competitive positioning of firm's business.
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There is one more tool that can be used known as Space
analysis.
Space analysis: It is basically analysis of four major issues
that balances internal factors i.e. competitive advantage
and financial strength and external factor i.e. attractiveness
of industry and stability of the environment. These factors
analyse the general theme of the strategy.
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References
 Woodcock, N., Green, A. and Starkey, M.,
2011. Social CRM as a business strategy.
Journal of Database Marketing & Customer
Strategy Management. 18(1). pp. 50-64.
 Zott, C., Amit, R. and Massa, L., 2011. The
business model: recent developments and
future research. Journal of management.
37(4). pp. 1019-1042.
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THANK YOU
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