Business Strategy (Understanding the process of strategic

Business Strategy
(Understanding the process of strategic
planning)
Task 1

Table of Content
• Introduction
• Core competencies, vision, mission and goals
 Factors which should be considered while formulating
strategic
plans
 Effectiveness of various used while formulating strategic
business plans
• References

INTRODUCTION
 Business strategy is a techniques or sequence of steps
used by business enterprises for achieving their both
short and long term goals.
 It provide guide to business managers while setting the
objectives and at the same time provide support for
getting competitive advantage.

Core competencies, vision, mission and
goals
Managing all the resources and funds of an enterprise in an
effective way for achieving maximum results is known as
strategic planning. This planning guide an enterprise in setting
priorities and allocation of resources done accordingly.

Factors to be considered while formulating
strategic plan
Internal factors:
 Value system of the firm
 Employee's skills
 Stakeholders
External factors:
 Political factors
 Economic factors
 Social factors

Effectiveness of Techniques
This is an effective techniques which can be used by
firm for evaluating revenues from each product sold
by them.

Porter's five force analysis
This is the second technique
which can be used by Jack &
Jones for making and
developing effective strategic
plans

References
Hsieh, Y. H. and Chen, H. M., 2011. Strategic fit among
business competitive strategy, human resource strategy,
and reward system. Academy of Strategic Management
Journal. 10(2). p.11.
Liedtka, J., 2010. Business Strategy and Design: Can this
Marriage Be Saved?. Design Management Review.
21(2). pp.6-11.

THANK YOU