Strategic Planning for Mission, Vision, Goals, Objectives and Core Competencies

This presentation discusses the strategic planning process for mission, vision, goals, objectives, and core competencies. It explores the factors to consider in formulating a strategic plan and effective techniques to develop a strategic business plan. The presentation also provides references for further reading. Study material and solved assignments on business strategy are available at Desklib.

UNIT 7
BUSINESS
STRATEGY

TABLE OF CONTENT
1.1 Strategic planning for mission, vision, goals,
objectives and core competencies.
1.2 Factors to be considered in formulating the
strategic plan
1.3 Effective techniques to develop strategic
business plan
REFERENCES

TASK 1

1.1 Strategic planning for mission, vision,
goals, objectives and core competencies.
James Halliburton's water buoy deals in luminous balloons which helps to
recover the valuables from seeking. The company manufactures the
balloons which are very big in size with LED lights in them which can be
switched on to spot the missing valuables from mile away. The mission,
vision, goals, objectives and core competencies of the organisation are as
follows :

CONTINUE...
 Objectives : Objective of organisation refers to the outcome that the
company needs to accomplish to increase the profitability.
 The objective of the organisation is to gain customer loyalty by
providing quality products to meet the needs. Custom
 The other objective of the James Halliburton's water buoy is to increase
its growth and market share.

Objectives of the company
 To increase profits and revenue of the
organisation
 To attract several customers in the business
 To identify promotional factors to increase
positive results in the enterprise

Mission and vision of company
Mission: James Halliburton's water buoy has mission to increase
customer attraction from different areas of the world.
Vision: James Halliburton's water buoy has vision to produce
qualitative balloons in LED lights so that they can enhance
revenue and profitability easily.

CONTINUE...
Mission and vision play very important role in success of the
chosen organisation. In this context, James Halliburton's water
buoy can make strategy to focus on more profitability and
productivity.

1.2 Factors to be considered in formulating
the strategic plan
There are various factors that require special consideration whole
formulating strategy. These factors can be categorise into two internal
and external factors.
 Internal factors: The various internal factors include organisational
culture, environment, policies, code of conduct, ethics, human resource,
leadership style, management etc.

CONTINUE...
 Political factors : The various political factors include code of conduct related to
business, political activities on the country, etc. these factors have direct impact
on the strategy formulation process, as these factors have direct impact on
profitability of organisation.
 Legal factors : The various legal factors such as increase in tax rate, exchange
rate rates and regulations have direct effect on enterprise activities as well as on
plans. These legal elements have impact on sustainability of organisation.

1.3 Effective techniques to develop
strategic business plan
The techniques used in the development of the strategic business plan by the
organisation ' James Halliburton's waterbuoy ' are as follows :
 SWOT analysis technique : the organisation James Halliburton's
waterbuoy uses this technique in order to analyse the current business
status. The technique helps to identify the strengths, weakness,
opportunities and the threats of the organisation for the better working.

CONTINUE...
BCG matrix : The techniques helps the organisation James Halliburton's waterbuoy in
determining their business unit with the product line. This technique consist of
chart to rank the business unit on the basis of their relative market share and
growth rates. The BCG matrix consist of four quadrants such as cash cows, stars,
dogs and question marks.
Advantages of BCG matrix
 This technique is designed to help business for long term strategic planning.
 It helps business unit in analysing growth opportunities by reviewing its portfolio
of the existing products to formulate investment strategy.
 The quadrant in BCG matrix enables organisation in evaluating the current
position of organisation and assist business entity in framing effective strategy.

REFERENCES
Hui, E. and Tsang, H., 2014. Sourcing strategies of facilities
management. Journal of Quality in Maintenance Engineering. 10(2).
pp.85 – 92.
Maley, J., 2011. The influence of various human resource management
strategies on the performance management of subsidiary managers. Asia-
Pacific Journal of Business Administration. 3(1). pp.28 – 46.
Wickramasinghe, V. and Jayaweera, M., 2011. Career management
strategies among IT professionals in offshore outsourced IT firms in Sri
Lanka. Journal of Management Development. 30(9). pp.914 – 926.

THANK YOU...