Formulating Business Strategic Plan
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Added on 2020-01-07
Formulating Business Strategic Plan
Added on 2020-01-07
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BUSINESS STRATEGY
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Assessing the business mission, vision, objectives and core competencies.....................11.2 Factors considered while formulating strategic plan........................................................21.3 Evaluating the techniques for developing the strategic business plan.............................3TASK 2............................................................................................................................................42.1 Organizational audit of British Airways...........................................................................42.2 Pestle analysis of British Airways....................................................................................52.3 Significance of the Stakeholders......................................................................................62.4 Presenting a new strategy.................................................................................................7TASK 3............................................................................................................................................83.1 Alternative Strategies.......................................................................................................83.2 Selecting a strategy...........................................................................................................9TASK 4............................................................................................................................................94.1 The Roles and responsibilities of the personnel...............................................................94.2 Resources requirement to implement the new strategy..................................................104.3 Evaluating the contribution of SMART targets to the achievement of strategyimplementation.....................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONBusiness strategy is an art of managing functions like formulating, implementing andevaluating cross decisions that are required by an organization to achieve its long termobjectives. It is also a process of specifying the mission, vision, goals, objectives and corecompetencies of an organization. It helps in developing policies and plans for the projects andprograms which are designed to achieve the desired objectives. It also assists in allocatingresources required to implement the plans and projects. Along with this, business strategysupports organization in finding out the best ways or solutions to overcome factors by reducingtheir impacts (Teece, 2010). It comes under the top level of managerial activity. Businessstrategy is generally stated by the Chief Executive Officer or the Board of directors of companyand then, implemented under the guidance high level management team. To explain the furthertopics of the study, British Airways would be an appropriate organization for understanding thereport. British airways (BA) is a flag carrier airline of United Kingdom and the largest airline inthe UK. It deals in domestic and international carriage of freights and mails as well as accessoryservices. TASK 11.1 Assessing the business mission, vision, objectives and core competenciesIn order to define a strategy, management of the business should assess its mission andvision, its proposed/desired goals and objectives with their core competencies etc. Therefore, it isnecessary for the management of British Airways to attain appropriate information for shapingits strategy.1
Mission – It is used to declare the actions/functions of organization, explain its goals andits working period for accomplishing its specified task etc. (Olson, Slater and Hult,2005). BA’s mission statement is to focus hard on pulling itself through the internationalcrisis and to prepare business for the better economic times.Vision – It refers to the image of company in the future. It also works as a source ofinspiration and direction for the strategic plan. Generally, it is applicable for the entirecompany or different sections. British Airways has a vision to being the first choiceairline for long-haul customers and to focus on the core business of moving people andcargo.Objectives and goals – This is defined as the proposed result or position that a companyor a group would like to achieve (Peng, Wang and Jiang, 2008). Specific objectives to beachieved work as a foundation for planning and directing the operations. British Airwayshas many objectives but the specific ones are:◦Improving performance Develop excellence in its services Customer satisfaction◦Maintaining communication among the colleagues and customersCore competencies –It is the ability of organization to compete effectively in themarketplace, deliver value to customers and enhance its profit margin (Augier andTeece, 2009). British Airways has the ability to compete its competitors in the availableindustry.1.2 Factors considered while formulating strategic planPestle analysis has been used to study various factors that are needed to be consideredwhile formulating strategic plan. Through study, some factors are identified and analyzed whichare required to be considered for formulating a business plan. These are as follows:Building a Time standard: British Airways should specify a certain time durationrequired to achieve its targeted objectives.Acquire availability and requirement of resources: British Airways has to acquireinformation about the resources available and required while achieving the tasks. Trade Barriers: Identify barriers to business plan could affect the company's business(Montgomery, 2011). Barrier plays an influencing role in the operations of strategic plan.When to plan – A company should start planning where it suffers from the situationslike low production, reduction in earning or less market share etc it should identify the2
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