Strategic Planning in Management: Analyzing Business Environment and Market Competition

Management 1
Strategic Planning
Name
Institution
Author’s Note

Management 2
Table of Contents
Executive Summary..........................................................................................................................4
Introduction.....................................................................................................................................4
General environmental analysis together with the existing business plans....................................5
Identification of the key stakeholders of the business......................................................................6
Parameters to analyze the current business environment...............................................................7
Application of the proven tools or models in the assessment of the performance of the current
business plan....................................................................................................................................8
Current market competition landscape together with the strengths and weaknesses of the
company...........................................................................................................................................9
Competitors..................................................................................................................................9
Strengths and weaknesses of the competitor...............................................................................9
Strategies used by the competitor..............................................................................................10
Over view of the market and projections in the coming future..................................................11
Competitive profile matrix.........................................................................................................11
SWOT Analysis Matrix..............................................................................................................12
Strategic position and action matrix (SPACE)..........................................................................12
BCG Matrix...............................................................................................................................13
Internal external matrix.............................................................................................................14
4.0 IFE 2.8 1.0 IFE Score.........................................................................................................14
Grand Matrix.............................................................................................................................14
The company should therefore work hard to carry out its operations in quadrant one and two in
order to scale up its performance to the highest level...................................................................15
Quantitative strategic planning matrix......................................................................................15
Conclusion from the matrix.......................................................................................................16
Comparative Understanding of activity from organizations in the market...............................16
Options to form the basis of future organizational strategies....................................................17
Strategy plan geared towards ensuring participation from all the stakeholders attached to an
organization...............................................................................................................................17
Criteria for reviewing potential options associated with a strategy plan...................................17
Agreed strategy plan..................................................................................................................18

Management 3
Comparison of core organizational values with the current business objectives......................18
Vision and mission statement....................................................................................................19
Future management objectives..................................................................................................19
Measures for evaluating strategy plan.......................................................................................19
Schedule for implementing strategy plan..................................................................................19
Dissemination process...............................................................................................................20
Monitoring and evaluation system design.................................................................................20
Future strategy to growth..............................................................................................................21
Generic competitive strategies in which the entire organization can be considered....................21
Change activities that would be required for each of the following options.................................22
Process to solicit, collect and even analyze feedback from the key stakeholders.........................22
Selection criteria for the evaluation of various forms of strategic options...................................23
Recommendation of a final future strategy....................................................................................24
Strategy implementation and evaluation.......................................................................................24
New mission statement...................................................................................................................25
New mission statement...................................................................................................................25
Appropriate strategic and financial objectives for the next three years.......................................25
Performance measurement............................................................................................................25
Strategic implementation plan.......................................................................................................26
Communication Plan.....................................................................................................................26
Development of monitoring and evaluation process.....................................................................27
Conclusion.....................................................................................................................................28
References......................................................................................................................................29
Appendices.....................................................................................................................................34

Management 4
Executive Summary
Carrying out different operations within an organization through the use of quite a
number of digital techniques has become a major parameter in almost every organization across
the world since nearly all of them are aiming towards offering one of the most appropriate
competitive advantages within their boundaries in relation to a good number of the products and
services that they are capable of distributing across different market regions (Bendtsen et al.
2016). Hong Kong electric company is among the major reputable organizations that has gained
much popularity within the boundaries of Hong Kong and is fully dedicated towards offering its
customers with a wide variety of electric appliances despite where they are situated across
different boarders.
Introduction
Hong Kong electric company is a well-organized organization that is headed by a group
of well trained personnel who are versed with their respective areas of work. On the other hand,
it is focused towards offering one of the most efficient and advanced business operations that
will be able to offer a competitive advantage to most of its competitors. At the same time, the top
management team that is found within the organization is focused towards putting many efforts
of various issues that are associated with customer care services in order to take their
performance to greater levels that can be easily understood (Cvijanović, Dasgupta and
Zachariadis 2016). As far as the organization’s current situation is concerned, its performance is
not that efficient since all its customers are still not able to receive the kind of services that they
have been longing for and as a result, there are some of them that have gone further to raise quite
a number of complaints in relation to various issues attached to the organization (Warsi, Mustafa

Management 5
and Ahmed 2016). Moreover, the organization is still not able to offer one of the most advanced
forms of competitive advantages across several other organizations and this has actually made its
performance to fall below the expected bar.
General environmental analysis together with the existing business plans
Both the internal and external environment are known to have the capability of playing
one of the most essential roles within the organization since they have the capability of covering
a wide range of aspects known to be taking place within two different environments that are fully
attached to the whole organization (Birk et al. 2016). Analyzing both the internal and external
environment is known to have the capability of coming on board with its advantages. Majorly,
when focusing on the internal part, this will provide one of the best advantages to be able to
understand how each and every operation within the internal part of the organization is being
handled in order to obtain a specific set of objectives (Sadatrasool, Bozorgi-Amiri and Yousefi-
Babadi 2016). At the same time, analyzing the internal part ensure that there is a perfect
understanding regarding how the entire organization is capable of operating in relation to its
rules and regulations. Finally, the internal part of the organization when analyzed, gives a perfect
understanding on the kind of relationship that exists and all the employers who are working for
the organization. An appropriate determination of the relationships that exists among these
personalities is likely to determine what the entire organization is capable of both at the current
or coming future (Ho, Ahmad and Ramayah 2016). On the other hand, before coming up with a
new strategy, it is of much importance to analyze the external part of the entire organization
since this is what is likely to help its management team to come up with a reliable information
regarding the perceptions of various types of customers in terms of all the products and services
that they have been able to receive from the organization.

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Identification of the key stakeholders of the business
Nearly all the key stakeholders in each and every business are known to have the
potentiality of playing one of the most fundamental roles within the boundaries of quite a
number of organizations. Hong Kong electric company will be able have all its key stakeholders
located both at the internal level together with the external part of the organization. At the
internal level, the first key stakeholder that will be fully attached to the organization and the
employees. By them forming a major part of the stakeholders, they will need to carry out
different operations within the organizations according to the required rules and regulations
without making any assumptions (Judge and Douglas 2016). At the same time, they will also be
concerned with the production of quality products that are capable of attracting the attention of
different types of customers irrespective of their areas off residence. Moreover, the Manager of
the organization together with the CEO will also play an important role in forming a solid part of
stakeholders who are known to be existing at the internal level of the organization(O’Neill,
Sohal and Teng 2016). They need to make sure that each and every operation taking place within
the organization is capable of operating smoothly according to all the required rules and
regulations that needs to be followed. On the other hand, they should also be concerned with how
people are capable of relating within the organization in order to take its performance to the next
level (Jelenković and Barjaktarović 2016). At the external part of the organization, there will also
be a key stakeholder and this group of stakeholders will majorly be the customers. They will be
able to form one of the most essential parts of stakeholder group attached to the organization
since they are the one who are likely to determine the growth rate that the organization is capable
of experiencing across different markets (Lyon and Maxwell 2011). One of their major needs is
to be offered with one of the best services that are more reliable and are capable of meeting all
their expectations at all times. At the same time, they form a group of stakeholders that is much

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concerned with the quality production of all the goods that originate from the organization thus
making it much easier to meet all their needs across the board.
Parameters to analyze the current business environment
There are quite a number of tools that are known to have the potential of appropriately
analyzing the current business environment thus being able to come up with one of the most
fundamental outcomes so far (Iglesias 2016). As far as the external matrix is concerned, the tool
is capable of appropriately analyzing the current business environment through the use of various
techniques (Miles, Snow and Pfeffer 2016). This can be best carried out through the use of an
external matrix that will provide one of the best opportunities to summarize and evaluate the
social, economic, and cultural together with several other factors that are attached to the
organization. In relation to the external factors, there is likely to be an increase in demand on
quite a number of electronic products since various customers are also aiming towards the digital
side of life (Obaji, Senin and Olugu 2016). At the same time, there are also various types of
threats that are known to be existing within the business environment. One of the major threats is
the currently increasing competition that is obtained from several other organizations that are
also concerned with the manufacture of the same electronic products (Wang et al. 2016). At the
same time, there is also a threat of counterfeit goods within the market platform and in most
cases the goods are normally cheaper in terms of the actual price that are meant for the original
products(Ismail and Ali 2016).

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Application of the proven tools or models in the assessment of the performance
of the current business plan
In relation to the market selection and performance that is well covered within the scope. It
therefore involves the performance of the entire business plan through the use of quite a number
of techniques when it comes to the analysis of various situations (Kabir 2018). The use of
internal matrix will there allow various strengths to be highlighted which majorly include
appropriate implementation of management strategies by the whole management team thus
making it much easier to access some of the most potential markets that are likely to increase the
performance of the entire organization (González-Cruz and Cruz-Ros 2016). Moreover, different
issues that are well articulated within the SWOT analysis tool, the organization will be able to
carry out one of the most product position performance that will enable all its products to be
strategically located thus giving the entire business plan a priority to perform efficiently without
facing any barrier related situation (Toytok 2016). On the other hand, the company position in
the market is likely to be determined by its strengths that are majorly described by the SWOT
analysis tool. At the same time, different types of financial results that are described by internal
matrix will clearly indicate how various financial programs have been handled by the
organization in order to attain a specific objective; this will further enable the entire business
plan to be able to perform steadily and efficiently without any controversies being encountered at
various levels (Michalak and Rysavy 2016).