Business Strategy: Strategic Planning, Goals, and Evaluation

This report provides an overview of the strategic planning process within a business context. It begins by defining business strategy as the planning of business activities to achieve success, emphasizing decisions and actions taken to meet customer needs. The report then delves into key elements such as mission and vision, defining mission as the purposes an enterprise sets to meet shareholder expectations, and vision as the guiding element for managers. Goals and objectives are discussed as general guidelines and the stages to achieve set goals, respectively. Core competencies are identified as unique qualities that distinguish a business from its rivals. Factors to consider during strategic plan formulation, including resources, strengths, weaknesses, and competition, are also highlighted. The report touches upon the effectiveness of techniques like the BCG matrix for understanding market situations and concludes with references to academic sources.

Business Strategy
(Understanding the process of strategic
planning)
Task 1

Table of Content
• Introduction
• Mission vision
• Goals & Objective
• Core competencies
• Factors affecting business
• Techniques for strategy evaluation
• References

Table of Content
• Introduction
• Mission vision
• Goals & Objective
• Core competencies
• Factors affecting business
• Techniques for strategy evaluation
• References

Introduction
Business strategy refers to the process of doing planning of
business activities so company can achieve success. Overall
this indicate the decisions and future actions which enterprise
take to fulfil the specific requirements of its customers.

Mission, vision
Mission: This is known as a set of purposes that an enterprise
desires in order to fulfil the expectations of shareholders.
Vision: This is the element which guides and supports managers
in achieving company's mission. Vision of James&Jerry is to
focus on its positioning as an environmental and global
economic leader among automobile manufactures.

Continue...
Goals and objectives: These are known as general guidelines that
a company wants to achieve in a given period of time.
Objectives are known as the stages to achieve set goals.
Core competencies: These are known as unique qualities and
skills that help in make the business activities exceptional
among rivals.

Factors to be considered while formulating
strategic plan
 Resources
 Strengths and weakness
 Competition
 The industry

Effectiveness of Techniques
This matrix present four situation that may be faced
by an enterprise.

Continue...
Advantages of BCG matrix: This matrix helps enterprise to
understand
 When to focus a new business
 When to invest
Disadvantages of BCG matrix:
 Complex to collect information about market share and
market growth.
 Sometimes low market share indicate higher profits.

References
Hsieh, Y. H. and Chen, H. M., 2011. Strategic fit among
business competitive strategy, human resource strategy,
and reward system. Academy of Strategic Management
Journal. 10(2). p.11.
Liedtka, J., 2010. Business Strategy and Design: Can this
Marriage Be Saved?. Design Management Review.
21(2). pp.6-11.

THANK YOU