HND Business L5: Analyzing Missions, Visions, Objectives, Goals & More

This report provides an overview of business strategy, emphasizing the role of business missions, visions, objectives, goals, and core competencies in strategic planning. It discusses factors considered when developing strategic plans, such as innovation and understanding the plan's implementation across the firm. The report also evaluates the effectiveness of techniques like the BCG matrix, used by companies like Johnson & Johnson, for achieving business objectives. The document references academic sources to support its analysis of strategic positioning and organizational development. Desklib is a platform where students can find more resources like this to aid in their studies.

Business Strategy

Table of Content
 Introduction
 Business missions, visions, objectives, goals and core
competencies
 Factors that considered when developing strategic plans
 Effectiveness of techniques used developing strategic
business
 References

Introduction
Business strategy refers to the working plan for a business
firm in order to accomplish its objectives, vision and also
for optimizing the financial performance with business
model. In presentation, factors which are considered at the
time of developing strategic plans are mentioned.

Business missions, visions, objectives,
goals and core competencies
Effective plan and policies of an organisation plays a
necessary role in order to fulfil vision, mission, core
competencies and goals. If business firm develops an
effective and better strategy then it helps in reducing cost
of services as well as products.

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Vision- It is important that Volkswagen should maintain the
quality of its products and it is helpful in sustain
customers at market place. The vision of this this firm to
provide better quality of bathing products.

Factors that considered when developing
strategic plans
The fundamental obligation of the top level authority to
develop a strategic plan for a business firm. It is
necessary that every person in a firm should understand
the plan and then follow it in an effective or proper
manner.

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The other reason to develop
a plan is that it helps in
achieving desired targets
and aims in a proper and
systematic manner.

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Innovation- It is important for manager to develop
innovative as well as creative products which helps in
attracting customers towards the firm. In context to this, it
is important to use inventive ideas in to existing products
because it is helps in rising its efficiency and effectiveness.

Effectiveness of techniques used
Johnson & Johnson business firm develops a plan for
business in order to achieve goals and aims of firm in an
effective way. In context to this, managers of cited
organisation uses BCG matrix for completing the
business activities and objectives in an effective manner

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In addition to make changes in
development plan of
business, the management of
Johnson & Johnson
organisation to use this BCG
matrix which helps in
enhancing development and
productivity for optimum
utilization.

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Star- Maximum growth rate with high market share.
Under this, the products of Johnson company are able to
earn more profit level as comparison to other firm
products. This firm needs not to give more promotion.

References
Ackermann, S.J. and Audretsch, D.B. Eds., 2013. The
economics of small firms: A European challenge (Vol.
11). Springer Science & Business Media.
Alsoboa, S. S. and Aldehayyat, J. S., 2013. The impact of
competitive business strategies on managerial
accounting techniques: A study of Jordanian public
industrial companies. International Journal of
management. 30(2). p.545.

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