Strategic Planning of Business : Report
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Added on 2020-01-23
Strategic Planning of Business : Report
Added on 2020-01-23
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TABLE OF CONTENTSIntroduction .....................................................................................................................................4Task 1- Understand the process of strategic planning.....................................................................42.1 An assessment of how the missions, visions, objectives, goals and core competencies.......4of a business inform the process of strategic planning (AC1.1).................................................42.2 An analysis of the factors that have to be considered when formulating strategic plans......5(AC 1.2)......................................................................................................................................52.3 An evaluation of the effectiveness of the techniques which are used when developing.......6strategic plans for a business......................................................................................................63.0 Task 2- Be able to formulate a new strategy..............................................................................73.1 Brief background on the company.........................................................................................73.2 Conduct an Organizational audit of McDonalds (AC2.1).....................................................83.3 Conduct an Environmental audit of McDonalds (AC2.2) ....................................................93.4 The significance of stakeholder analysis when formulating a new strategy (AC2.3).........103.5 Present a new strategy for McDonald's (AC2.4).................................................................11Task 3- Understand approaches to strategy evaluation..................................................................114.1 Background on the company...............................................................................................114.2 An analysis of the appropriateness of alternative strategies related to market entrysubstantive growth, limited growth or retrenchment for Marks and Spencer( AC 3.1)............114.3 A justification of the strategy that is selected for Marks and Spencer (AC3.2)..................13Task 4- Understand how to implement a chosen strategy.............................................................145.1 Background on the company...............................................................................................145.2 An assessment of the roles and responsibilities of personnel who are charged with strategyimplementation (AC4.1)............................................................................................................145.3 An analysis of the estimated resource requirements for implementing a new strategy forHonda (AC4.1)...........................................................................................................................155.4 An evaluation of the contribution from SMART targets to the achievement of strategyimplementation in Honda (AC4.3)............................................................................................15Conclusion ....................................................................................................................................15References......................................................................................................................................172
Illustration IndexIllustration 1: Ansoof Matrix Model................................................................................................7Illustration 2: Stakeholder mapping ..............................................................................................103
INTRODUCTION In the modern era, every enterprise is required to formulate effective business strategiesin order to accomplish its aim and objectives. Nowadays, the competition among companies inalmost every sector has become so intense that it is not easy for them to gain advantage overother market players (Singh, Sharma and Chahal, 2011). Thus, development of potentialstrategies results in increasing sales and profitability of a business enterprise by creating moreand more awareness among people in the market. The present research reports explores thecontribution made by vision, mission, objectives, core competencies in strategic planning of abusiness enterprise. Along with this, it also highlights the key factors which needs to beconsidered at the time of carrying out the process of strategic planning. TASK 1- UNDERSTAND THE PROCESS OF STRATEGIC PLANNING2.1 An assessment of how the missions, visions, objectives, goals and core competenciesof a business inform the process of strategic planning (AC1.1)In the current scenario, formulation of strategic plans has become very important foroverall growth and success of an organization. Further, strategic planning is termed as a systemprocess in which companies determine how resources allocation will take place. Strategicplanning also involves formulation of action plan to accomplish aim and objective of a businessenterprise. Key terms DefinitionExample Mission It can be defined as the corepurpose for which a companyoperates (Dimitrakopoulou,2015)The mission of McDonald's isto become the favorite placefor customers in terms ofeating and drinking. Vision It is defined as the statementwhich reflects what a companywants to achieve ultimatelyTo be a progressive burgercompany by providingcustomers with the best serviceand product experienceObjectives These are the end points whicha business enterprise wants toTo offer healthier alternativesto its customers within next4
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