Business Strategy

BUSINESS STRATEGY

TABLE OF CONTENTS
INTRODUCTION.....................................................................3
Task 1..........................................................................................3
1.1 Strategic Contexts & Terminologies..................................................................................................3
1.2 Issues Involved in Strategic Planning................................................................................................4
1.3 Different Planning Techniques..........................................................................................................5
Task 2..........................................................................................8
2.1 Organizational Audit for Toyota........................................................................................................8
2.2 Environmental Audit of Toyota.........................................................................................................9
2.3 Stakeholder Analyses.......................................................................................................................11
Task 3........................................................................................13
3.1Appropriate Strategies for Toyota.....................................................................................................13
3.2 Appropriate Future Strategy for Toyota...........................................................................................14
Task 4........................................................................................15
4.1 Roles & Responsibilities for Strategy Implementation....................................................................15
4.2 Evaluation of Resources for Strategy Implementation.....................................................................15
4.3 Targets & Timescales to be Monitored............................................................................................15
Conclusion................................................................................16
References.................................................................................17
INTRODUCTION

All organizations face different problems due to the changes which take place in its
External and Internal Environment. These changes bring together a set of opportunities and
threats to the company's operations in the normal course. Thus, this study is undertaken to make
readers know the implications of those internal and external changes which take place in relation
to firms. Also from this report it will be easy for the reader to build the strategies which can
minimize the effect of those changes on the company. Through this report, a reader will gain the
knowledge of the concepts and procedures of Strategic Management and will be introduced to
various techniques of evaluation and control.
Present report will discuss the strength and weakness of Toyota. It will illustrate the
significance of stakeholder analyses. Present report will discuss the several alternative strategies
which can give optimistic results to organizations. In addition, it will suggest appropriate future
strategy for Toyota which can help the firm in achieving its objectives. Moreover, report will
also discuss the roles and responsibilities in strategy implementation with evaluating the
resources, further monitoring the activities undertaken.
Task 1
1.1 Strategic Contexts & Terminologies
Every business has its own environment where it operates, environment influence firms
and also through them gets influenced. No firm can function freely when it comes to interaction
with external environment. A company's strategy is a combination of competitive moves and
approaches which managers undertake to satisfy customers, which allows firms to compete
successfully and move towards achieving organizational goals(Sala, Farioli and Zamagni, 2013).
Strategy is both Pro-active and Reactive, as per the situations. A strategy ensures that always
right fit is achieved between the firm and its environment. Talking about strategic management it
refers to the managerial process of forming a strategic vision, setting objectives to achieve that
vision, crafting the strategy, Implementing & Executing the strategy and making corrective
arrangements in all the above stages. In order to be successful in the automobile business Toyota
needs to establish strategies which allows the firm to improve its competitiveness in the market.
A sound strategy helps to avoid costly mistakes(Miani and et.al, 2014). When it comes to
Strategies there are some terminologies which are helpful in understanding strategic implications
Which are:

 Missions: Missions are formulated to regulate the present business of the company. This
statement tells you the fundamental purpose of the organizations. It highlights the
purpose of the existence of the organization.
 Visions: Vision is said to be the road which company has to undertake to achieve its long-
term objectives. It provides insights about: technology, capabilities of the
company(present and future), markets to be pursued, companies that management is
trying to create.
 Objectives: Objectives are performance targets, results and outcomes a company wants to
achieve. They should be SMART- Specific, Measurable, Achievable, Realistic,
Transparent.
 Goals: Goals are close-ended elements of the company which are more specific than
objectives. Goals are more precise in nature. Core competencies: Combination of various resources and strategies which gives a firm
competitive advantage in the market place. Provides access to different markets(Saari,
2014).
1.2 Issues Involved in Strategic Planning
Main purpose of strategic planning is to establish a process which help an organization to
achieve its desired objectives. Planning is a future oriented process, it is done to have a clear
view of the future operations of business. Good planning leads to good management. A Strategic
planning process is basically deriving the resources which will be needed to commence the
operations, among them some may be available some may be not, how to obtained them,
allocating responsibilities, etc. Issues that needs to be focused in an strategic planning process for
Toyota are:
Developing a Strategic Vision: Toyota should determine its directional path towards achieving its
objectives. Needs to strategize against the Changes which will impact the company in future and
due to which they can improve market position. A Strategic vision is a road map for the
organization.
Setting Objectives: Objectives flow from mission and vision statement of the corporation. They
shows the short-term desirability of the firm in a given time frame(Feller and Schanz, 2014. ).