Importance of Business Strategy : Report

Added on - 21 Jul 2020

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BusinessStrategy
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Assessing the way Business Vision, mission and goals and objectives inform strategicplanning..................................................................................................................................11.2 Analysing the factors that are required to be considered when developing strategic plan21.3 Evaluating the effectiveness of techniques used when developing strategic business plans................................................................................................................................................3TASK 2............................................................................................................................................42.1 Strategic position of VW AG by carrying out organisational audit................................42.2 Environmental audit for VW AG.....................................................................................62.3 Significance of stakeholder analysis...............................................................................72.4 New strategy for VW AG.................................................................................................83.1 Alternative strategies relating to market entry, substantive growth and retrenchment....93.2 Justification of selection of strategy................................................................................94.1 Roles and responsibilities of personnel at VW AG.......................................................104.2 Estimated resource requirement for implementing a new strategy................................104.3 Evaluate the contribution of SMART targets to strategy implementation....................11CONCLUSION.............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONBusiness strategy play major role in the growth of the firm. It helps the entity in properplanning and directing the firm in right direction that help them in achieving its goals andobjectives. It helps the firm in making right decision regarding the allocation of the resources sothat maximum use of it can be done.Business strategy play major role in motivating and increasing the sustainability of thefirm in the market. Business strategy provide the firm with perfect guidance and the structures inwhich business plans are implemented. In current report the importance of business strategy indiscussed in details along with this how a business strategy can help in survival of the firm isalso mentioned. Business Vision , mission, goals and objectives will be discussed along withtheir role in strategic planning. Different factors that are considered at development of strategicplan is also discussed in detail. Internal and external audit will also be mentioned. Importance ofstakeholder analysis along with various strategy that can be adopted by the firm will also beanalysed.TASK 11.1 Assessing the way Business Vision, mission and goals and objectives inform strategicplanningStrategic Planning is refers to the procedure of deciding and defining the strategies ortactics that are required to be executed in order to achieve goals, objective and developing corecompetencies. This procedure is largely impacted by the vision, mission, and core competencyof the firm. All these elements have great impact on the business policies, procedures, businessplan etc. The policies, system and procedures are designed by manager on the basis of theorganisation goals and objectives (Butler, 2012)Hungry house is a company that deals in hotel industry. The organisation providespremier online platform for takeaway and food delivery. It has 9999 restaurants worldwide.Vision of Hungry House: Hungry house has partnered with the best takeaways across Britain sothat customer can find and order a delicious meal in minutes.Vision is defined as the state that the business entity want to achieve in the future. Thevision of Hungry House is to generate wealth for workers, their families, franchisers andbusiness partners. Their other vision is to continue ethical working and developing a suitablegrowth model that is suitable to food sector.1
Mission of the business entity is to deliver good quality food at reasonable price. It othermission is to provide convenient, faster services to its clients. The other mission of theorganisation is to develop its employees so that the firm can deliver effective, quick andprofessional service to its clients.The objective of hungry house is same as other organisation that are dealing in foodindustry. The purpose of Hungry house is to generate high volume sales. The objective of thefirm is to develop new programme in order to replace their existing solution to generate highincome.Core competencies of Hungry House is that the company has expert team of cooks andmarketing team. The organisation also has innovative technology that assist enterprise inpreparing and delivery tasty food to customers. Business entity has conduct effective partnershipwith the reputed firms that has allowed organisation to deliver quality food at reasonable price toconsumer. This partnership strategy has supported cited venture in gaining customer loyalty andincrease profitability. Unique culture has allowed business entity to gain support from itsmember and achieve business goals as well as objectives (Dandira, 2011.)1.2 Analysing the factors that are required to be considered when developing strategic planThe strategic factors are those important elements that business entity require toconsidered in order to achieve success and foster growth. The following are the elements that areimportant to be considered when formulating strategic plan these are:Vision and mission of the company-Stakeholders-The stakeholders are those significant person who have direct impact on businessperformance and great influence on decision, plans and policies of firm. The importantstakeholder of hungry house are managers, workers, supplier, customers, partners and creditors.Stakeholders have various expectation that has great impact on decision and strategic planning.This factor has great influence on the objective of strategic planning and also on the outcomethat is generated by implementing the plan. The strategic plan should consider the interest ofeach individual who are directly associated with operational activities in organisation as thisfactor has great effect on business performance.Environment-The organisational environment can be categorise into two these are internal andexternal conditions. Both the environment are required to be considered when developingstrategic planning. Analysing the internal factors assist manager in identifying the strength and2
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