Business Plan and Market Analysis
Added on 2020-01-16
15 Pages5169 Words148 Views
Business DevelopmentFinanceLeadership ManagementProfessional Development
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BUSINESS STRTERGY
Table of ContentsBUSINESS STRTERGY.................................................................................................................1Introduction:.....................................................................................................................................3TASK1 ............................................................................................................................................31.1 Strategy context and terminology.........................................................................................31.2 Issued involved in strategy planning....................................................................................31.3 Planning techniques..............................................................................................................4TASK2.............................................................................................................................................52.1Organisational audit...............................................................................................................52.2Environment audit..................................................................................................................52.3Significance of stakeholder analysis......................................................................................6TASK3.............................................................................................................................................73.1Strategies relating to substantive growth...............................................................................73.2 Future strategies ...................................................................................................................84.3Monitoring strategies.............................................................................................................9CONCLUSION ............................................................................................................................10REFERENCES..............................................................................................................................11
Introduction:Long term business plans that a company make to achieve desired results are known asbusiness strategy. This help a company to keep their focus on objectives and do not distract themin any other direction with that it assist in retaining talented and experienced employees i9norganisation. Plans of different departments may vary from each other but their main goal shouldmatch with strategic goals. Business can be written in points format or can be in paragraphs, itdepends on targets that are to be achieved. Business strategy is made by top level managementand it mainly include planning which is done by top executives and board of directors afterwhich implementation process take place. Consistent supervision is done by executives to keepthe objectives on track. Normally a business strategy is made for three to five years but it can bemade for a long time, although due to technology and innovations companies do not prefer tomake plan for more than five to seven years(Ang ., 2011). TASK1 1.1 Strategy context and terminologyBusiness mission and vision are the main why is a exist. So whatever plan a companymake they will always keep mission in core of it. Strategic plans may change from time to timebut their focus is always to achieve the objectives of company. Sometime when there is highcompetition in industry companies lost their focus on mission and started involving in activitieswhich do not much relate to organisational goals, in these kind of situations objectives help toinform business planners that they are going in wrong direction and they should utilise resourcesto achieve companies vision. Objectives inform top executives to plan strategy in a way thatmission should achieved in planned time and what can be done if anything go wrong. Normallyorganisational mission and vision do not change but sometime some minor changes has to doneas business environment is changing very fast, in these king of condition strategic planner needto be inform about the changes so in future they can make a plan which do not deviate from thepurpose of companies existence (Burlton ., 2015.)1.2 Issued involved in strategy planningEngagement: It is analysed that now most of the plans are made by small levelexecutives, so proper engagement between top level management and small executives is verynecessary as it made a huge impact on decision making process and considered as one of the
most important factors affect strategic planning. Challenges faced on ground level can only betold by small level executives as they are the one who perform in field so their views affectplanning of business. Also they are the one who knows what are the new opportunities that arepresent on the ground which can exploited before anyone see it and we can exploit them. Communication: A new research shows that plan made by departments like IT or HR do notmatch with companies business strategies. This means there are severe communication gaps anddifferences between firms which affect companies planning. These kind of gaps create a problemin execution of plans as employees do not know which plan to follow and this create a lot ofconfusion in organisation (Champoux and et.al., 2012).Innovations: In this business world it is hard to survive with doing any innovations. Riskis an integral part of innovation as, when company know to do and to do it they can achievedesired results but when they try something new and it works even they do know what they canachieve from it. So this factor made a huge impact in formation of business plans.Project management: Majority of employees do not know about strategic goals as a manger justtell them their target. So project management is some that every employee should understand asit will give a worker about complete idea of goal and what they have to achieve. So this willeffect strategic plan as task will distributed in some small targets and new ways can be made toachieve it. Culture: Every organisation have some values and believe, their culture always considered assignificant factor and it always influence business planning.Strategic Focus – Their are some targets which can only be understood but organisationitself. Strategic thinking is examination of both positive as well as negative aspect of an idea or aplan. It focus on threats and opportunities that can be explored by a company. Limitation in resources – Every firm has limited resources so they have to be very carefulat the time of its utilisation. Resources should be invested in 0place which provide high returnand help in achieving objectives of the organisation.Organisational goal – Core of all the strategies made by an organisation is their missionand vision. Company make short term and long term objectives so they can achieve their setobjectives.
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