Business Strategy: Strategic Planning & Formulation for Tesco - HND

This report provides an overview of business strategy, focusing on strategic planning and formulation. It assesses how business missions, visions, objectives, goals, and core competencies inform strategic planning, analyzing factors considered when formulating strategic plans, and evaluating the effectiveness of techniques used in developing strategic business plans. The report uses Tesco as an example, discussing the company's mission, vision, and objectives, and applying tools like the BCG Matrix and Ansoff's Matrix to analyze its strategic positioning. The importance of stakeholder analysis is also addressed, emphasizing its role in formulating new strategies and contributing to the overall success and reputation of the organization.

Business Strategy
(Task 1)

Table of Content
 Introduction
 Mission, vision, objectives, goals and competencies
 Factors while formulating strategic plans
 Effectiveness of techniques used in developing strategic
business plans
 Conclusion
 References

Introduction
Business strategy is significant component of an organisation
which aid company in accomplishing goals and objectives. This
is a very complex process, where, there is no guarantee of
achievement through implementation of strategy. Performances
and practices of a company entirely depend upon external and
internal factors. Business strategy is essential in order to keep
maintain the reputation of brand in market.

Mission, vision, objectives, goals
and competencies
Mission
Tesco mission is building value for the consumer for earning
creditability and creating potential buyer.
Vision
To serve communities and customers high and value added
quality in which they function.

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Objectives
Major aim of Tesco is increase sales and competitive
advantages.
Goals
Tesco aim to become largest retailing company through
facilitating high quality products in lower cost in regard to
compete the rivals in market.

Factors while formulating strategic
plans
 Tesco aims to develop in market by providing innovative
products in lesser prices then competitors. Before
formulating any strategic plans, Tesco have to compromise
with many opportunities and threats that can come in future.
 Tesco have a global identity, the company is deploying its
business through establishing offline stores of many
countries all around the world.

Effectiveness of techniques used in
developing strategic business plans
BCG Matrix
This helps in identifying the required areas in which Tesco need
to improve and develop basics which is very helpful in strategy
planning activity.

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Ansoff's Matrix
Tesco companies Ansoff matrix can help in measuring and
overviewing the innovative ideas and products companies has in
market as well as enables in gaining more sales and revenues.

Conclusion
Achievement of a company is entirely laid upon the stakeholder
as they play a vital role in various activities of company.
Business strategy is significant to design and implicate in order
to
set goals and accomplish them in a desired time. These set
objectives helps an organisation to grow, develop, increase their
funds and portray a goodwill in society.

References
 Ackermann, S.J. and Audretsch, D.B. Eds., 2013. The
economics of small firms: A European challenge (Vol. 11).
Springer Science & Business Media.
 Chang, Kuo-Pin, and Gary Graham. "E-business strategy in
supply chain collaboration: An empirical study of B2B e-
commerce project in Taiwan." International Journal of
Electronic Business Management 10. no. 2 (2012): 101.
 Fowzia, Rehana. "Strategic management accounting
techniques: Relationship with business strategy and
strategic effectiveness of manufacturing organizations in
Bangladesh." World Journal of Management 3. no. 2
(2011): 54-69.

Thank You