Strategic Planning and Formulation in Business Strategy - HND Level 5

This report provides an overview of business strategy, emphasizing the importance of strategic planning to achieve desired goals and objectives. It discusses key elements such as vision, mission, objectives, goals, and core competencies, and examines factors considered during strategic plan formulation, including internal and external factors, communication, and innovation. The report also evaluates the effectiveness of techniques like the BCG matrix and PIMS in developing business plans, using Volkswagen as a case study. The conclusion reinforces the indispensability of business strategy for attaining organizational goals and highlights the significance of understanding an enterprise's vision and mission. Desklib offers a wealth of similar solved assignments and past papers for students seeking academic support.

BUSINESS STRATEGY
TASK 1

COVER CONTENT
• Introduction
 Vision, mission, objectives, goals and core competencies
 Factors considered while formulating strategic plans
 Effectiveness of techniques while developing business plans
 Conclusion
 References

INTRODUCTION
Business strategy is a set of activities which prepared to achieve its
desired goals and objectives in a minimum time period. In fact
schemes of organizations are simply defined as a long term
planning for existing business for profit maximization.

Vision, mission, objectives, goals and core
competencies
Business strategies of Volkswagen are very useful in estimating
future cost. Main motive of a strategic planning is to eliminate
barriers which might be arise while achieving company target.
Therefore it is very indispensable to understand the vision,
mission, objectives and core competencies of an organization.

Continued..

Factors considered while formulating strategic
plans
 Internal factor
 External factor
 Communication
 Innovation

Continued...

Effectiveness of techniques while developing
business plans
Volkswagen adopted two useful techniques are mentioned
below :-
 BCG matrix
 PIMS

Continued...

Conclusion
By concluding this report its has been understood that business
strategy is very much indispensable for attaining the desired
goals. In fact it covers all the necessary factors which plays a
vital role while understanding the vision, mission of an
enterprise.

References
Agyapong, A. and Boamah, R. B., 2013. Business strategies and
competitive advantage of family hotel businesses in Ghana:
The role of strategic leadership. Journal of Applied Business
Research. 29(2). p.531.
Aithal, P. S., 2016. Study on ABCD analysis technique for
business models, business strategies, operating concepts &
business systems. Browser Download This Paper.

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