HND Business - Level 5: Business Strategy Report and Planning

This report delves into the core concepts of business strategy, providing a comprehensive overview of strategic planning. It begins by defining the significance of business missions, visions, goals, objectives, and core competencies in shaping strategic plans. The report then explores the process of formulating a strategic plan, highlighting the factors that need consideration, such as future targets, financial aspects, customers, and the current market situation. Furthermore, it evaluates the effectiveness of various techniques used in strategic planning, including the BCG matrix, to aid in decision-making and resource allocation. The conclusion emphasizes the importance of strategic planning for achieving business success. The report includes references to support the findings.

Business Strategy

CONTENT
 Introduction
 Business mission, vision, goals, objectives and core
competencies
 Formulation of strategic plan
 The techniques that are used in strategic planning
 Conclusion
 References

CONTENT
 Introduction
 Business mission, vision, goals, objectives and core
competencies
 Formulation of strategic plan
 The techniques that are used in strategic planning
 Conclusion
 References

Introduction
 Business strategy can be termed as organisatio
n plan which is useful in order to achieve all
business goals and objectives.
 It is a useful method in order to achieve set ai
m and thus, for gaining competitive advantage
s.

Introduction
 Business strategy can be termed as organisatio
n plan which is useful in order to achieve all
business goals and objectives.
 It is a useful method in order to achieve set ai
m and thus, for gaining competitive advantage
s.

Business mission, vision, goals,
objectives and core competencies
Business strategy are most vital factors which are valuable for firms
in order to attain business goals and objectives in effectual and
planned ways.
Mission: This is the vital factor which is framed by every business
in order to achieve all their aims and objectives.
Vision: This statement is valuable in order to make reflection of the
current positions they have achieved at market places.

CONTINUE...
Objectives: These are the predetermined objectives which are
developed in order to execute all business activities in right
directions which helps firms to achieve success in their
operations.
Core competencies: This is one of the vital factors which are
helpful in formulating strategies which are different from their
rivalry business thus gaining high competitive advantages at
market places.

BUSINESS PLAN
Business plans are important tool for all firms in order to execute
all business operations in effective and planned ways thus firms
can gain success in their operations.
Business plan:
BASIS
TIME DURATION
Action linked with research and
development operations.
15 to 35 days
Aims and objectives of planning 20 days
Present market positions of firms 10 to 20 days
Written documents framed by
Retail industry.
18 days
Effective development of plan and
policies.
20 days
Revising of business plans. 30 days

Factors for formulating strategic plan
Factors considered while evaluating strategic plans
are described below as:
 Future Targets
 Financial aspects
 Customers
 Current market situation

The techniques used in strategic plan
The components of BCG
Matrix includes
 Stars
 Cash cows
 Dogs
 Question Mark

CONCLUSION
From the above report it can be concluded that business should focus on
making plans in order to implement best and effective strategies at work
place by which they can easily achieve success in their operations. Strate
gic planning is also vital tools in order to make business activities run in
proper direction by which firms can achieve success in their operations.

REFERENCES
Acquaah, M., 2013. Management control systems, business
strategy and performance: A comparative analysis of family
and non-family businesses in a transition economy in sub-
Saharan Africa. Journal of Family Business Strategy. 4(2).
pp.131-146.
Astrachan, J. H., 2010. Strategy in family business: Toward a
multidimensional research agenda.Journal of Family Business
Strategy.1(1). pp.6-14.
Auzair, S., 2011. The effect of business strategy and external
environment on management control systems: a study of
Malaysian hotels. International Journal of Business and
Social Science. 2(13)
.