HND Business Level 5: Strategic Planning and Strategy Formulation

This report assesses strategic planning and formulation within a business context. It examines the role of mission, vision, objectives, goals, and core competencies in informing strategic plans. Factors impacting plan formulation, such as strengths, weaknesses, competition, and industry dynamics, are analyzed. The effectiveness of techniques like the BCG matrix and profit impact of marketing strategy (PIMS) is evaluated. Furthermore, the report likely includes an organizational and environmental audit, stakeholder analysis, and the presentation of a new strategy for an organization. Desklib provides students access to similar solved assignments.

TASK 1

TASK 1

1.1 Business mission, vision, objectives, goals and
competencies which assist to formulate strategic plan
• In this aspect, mission, vision, objectives and goals, etc.
determines through company.
• It assist to make strategy in business to accomplish targets.
• The selected enterprise can also monitor their performances in
order to follows business strategy.

Mission
Mission is demonstrated as the set of purposes which accomplish
by the company for developing results and performances at
workplace. It will assist to Neil Westwood’s Magic Whiteboard
to enhance their outcomes and performances in systematic way
through different elements.

Vision
• In this aspect, Neil Westwood’s Magic Whiteboard has vision
to enhance more customer and staff member as well.
• In addition to this, they are also want to increasing their
services to attract more customer towards the company.

Objectives and Goals
• In order to attain effective results and
performances, goals and objectives are
ascertain as general guidelines which assist to
accomplish successful operations and
outcomes at workplace.
• In this aspect, short term planning is requires
at workplace which assist to grow outcomes
and performances

Competencies
• Core competencies are determines as skills and knowledge
which is needed to perform functions and operations at
workplace.
• It will assist to make profitability at workplace with enhancing
brand reputation of the company.

1.2 Factors which create impact on the
formulate plan and objectives at workplace
Factors which create impact on the formulate plan and objectives
at workplace. There are various factors that create impact on
formulate plan and objectives at workplace. In this way, Neil
Westwood’s Magic Whiteboard need to analysis factors which
assist to create positive outcomes and performances.

Factors
• Strength and weakness
• Competition
• Industry

1.3 Effectiveness of different techniques which
are used at workplace for strategic planning
In respect to deal with effectiveness, there are different types
of techniques take place which are used at VW AG. They can
develop their outcomes and performances through following it
carefully.

BCG matrix
In BCG matrix different elements are included
which are as follows:
Stars
Cash cows

CONTINUE...
Dogs
Question mark