Business Strategy: Strategic Planning Elements, Factors & Techniques

This report provides an overview of strategic planning in business, focusing on the key elements involved, such as mission, vision, goals, objectives, and core competencies. It analyzes critical factors considered during the formulation of strategic plans, including staff engagement, communication, project management, and organizational culture. Furthermore, the report evaluates the effectiveness of various strategic planning techniques, with emphasis on the BCG matrix (analyzing dogs, cows, question marks, and stars) and Porter's Five Forces model (bargaining power of suppliers and customers, threats of new entrants and substitutes, and industry rivalry). The analysis is supported by relevant references, offering a comprehensive understanding of strategic planning within a business context. Desklib provides access to similar solved assignments and study resources for students.

Business Strategy

Table of contents
 Introduction
 Elements are involved in strategic planning
 Factors are considered in the formulation of strategic
planning
 Effectiveness of techniques that are used in strategic
planning
 References

INTRODUCTION
Strategic management is very critical for managers but it
helps them in accomplishing their goals and objectives in
the competitive market.

Elements which are involved in strategic planning
of a firm
 Mission
 Vision
 Goals and objectives
 Core competencies

Factors are considered in the formulation of
strategic planning
Engagement – Staff engagement is essential key element while
strategic planning process.
Communication – While generating an effective strategic plan
managers also have to implement an strong communication plan so
as all managers and employees can communicate with each other.

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Project management - In strategic planning, each and every
activity should be included so as to complete tasks on a given
time period.
Culture – Culture is also is another important that is also
considered in strategy formulation.

Effectiveness of techniques that are used in
strategic planning
BCG matrix is an effective
planning technique that is
helpful to decide where to
invest and which products will
be discontinued.

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Dogs – It seems as low market share in competitive markets.
Cows – In that, products have high market share but low market
growth.
Question marks – It includes such products which needs closer
consideration.
Stars – These products are market leader and gives high profits to
the business organisation.

Cont.…
Another planning technique is Porter's 5 forces model. It involves
elements like:
 Bargaining power of suppliers
 Bargaining power of customers
 Threats of new entrants
 Threats of substitutes
 Industry rivals

REFERENCES
Bharadwaj and et. al., 2013. Digital business strategy: toward a next generation of
insights.
Campbell, D., Edgar, D. and Stonehouse, G., 2011. Business strategy: an
introduction. Palgrave Macmillan.
Casadesus-Masanell, R. and Ricart, J. E., 2010. From strategy to business models
and onto tactics. Long range planning. 43(2). pp.195-215.

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