BUS 101: Business Strategy Report - Strategic Planning Process

This report provides an overview of business strategy and the strategic planning process. It begins by defining business strategy as a combination of management science and art aimed at achieving long-term goals and objectives. The report then explores key components like mission, vision, goals, objectives, and core competencies, emphasizing their roles in guiding business operations. Factors considered when formulating a strategic plan, such as future targets, financial aspects, market situations, and customers, are also detailed. Furthermore, the report discusses techniques used in strategic planning and evaluation, using Swing Patrol as an example and referencing the BCG matrix (Stars, Cash Cows, Dogs, and Question Marks). Finally, the report provides a list of references used in its development.

Business Strategy
(Understanding the process of strategic
planning)

Table of Content
 Introduction
 Business vision, mission, goals, objectives and core
competencies.
 Factors implemented while formulating strategic plan.
 Techniques used in relation of strategic planning & evaluation.
 References.

Introduction
 Business strategy is described as management of science
and art which is related with cross functional decisions in
order to attain long terms goals and objectives.
 This is an important tool in order to evaluate overall
performance of business and design a ways where all their
goals and objectives can be achieved.

Business Mission, Vision, Objectives, Goals
and Core Competencies
Business strategy are linked with management of science
which are designed in order to achieve all their designed long
term goals and objectives. This is valuable in achievement of
all their targets in order to attain success.

Cont....
The vision, mission, goals and core competencies of business
are evaluated as:
Mission: It is a necessary statement which is designed for
every business in order to evaluate the main aims why
business is executing its activities, target areas, potential
buyers who can use their offered services and their present
position in market areas.

Cont....
Vision: This is also an vital statement which helps firm to reflect
their positions in future time period and establish plans in order to
attain all their designed objectives.
Goals: This is described as positive outcome which are achieved
by business in order to make their activities run successfully.

Cont....
Objectives: There are the most important and essential
elements according which provides directions according to
which business which carry out their operations.
Core competencies: This is major elements where business is
focusing to make difference in their business operations by
implementing effective plans and strategies in order to
achieve success.

Business Plan
BASIS TIME DURATION
Activities related with Research &
Development
10 to 30 days
Main aims related with planning 20 days
Identification of current position of firms. 10 to 30 days
Written documentation of dancing firms 10 days
Plans and policy described at market
places
15 days
Revise and monitor business plans 30 days

Factors Considered while Formulating
Strategic plan
Different factors are
described as:
 Future Targets
 Financial Aspects
 Current market situations
 Customers

Cont...
Future Targets: Firms should develop effective plans in
order to achieve all their predetermined goals and objectives
Financial aspects: Strategies should de developed in order to
generate sufficient amount of money.

Cont...
Current market situations: The firms should plan effective
strategies in order to analyse present market conditions
which helps them to attain success at work places.
Customers: This is an essential element which helps firm to
identify behaviour of customers at current market place.

Techniques in Strategic Plan
Evaluation
Swing Patrol are running their business operations in order
to teach various dance forms to customers which results in
achievement of aims and objectives and provide success in
their overall operations. The cited firms are executing BCG
and growth share matrix so that all their formulated aims
and objectives can be achieved in desired time frame.

Cont...
Elements of BCG Matrix are
described as:
 Star
 Cash Cow
 Dogs
 Question Mark

Cont...
Star: This business are having higher growth rates and also
their market shares are high.
Cash Cow: These business are having lower growth rates
but in comparison their market shares are very high.

Cont...
Dogs: These type of dog business should be removed from
market place as they are destroying the available resources
Question Mark: These business are causing problems in
order to make firms attain success in their operations.

References
Scholes, M. S., 2015.Taxes and business strategy. Prentice
Hall.Teece, D.J., 2010. Business models, business
strategy and innovation.Long range planning.43(2).
pp.172-194.
Bharadwaj, A., El Sawy, O. A., Pavlou, P. A. and
Venkatraman, N. V., 2013. Digital business strategy:
toward a next generation of insights.
Astrachan, J. H., 2010. Strategy in family business: Toward
a multidimensional research agenda.Journal of Family
Business Strategy.1(1). pp.6-14.

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