Business Strategy Report: Strategic Planning and Formulation

This assignment solution delves into the crucial aspects of business strategy, focusing on strategic planning and formulation. It assesses how business missions, visions, objectives, goals, and core competencies inform strategic planning, emphasizing the importance of aligning these elements for effective strategic decision-making. The solution analyzes the factors that must be considered when formulating strategic plans, including setting the mission and vision, identifying stakeholders, evaluating the internal and external environments, and defining core competencies. Furthermore, it evaluates the effectiveness of techniques like the BCG growth share matrix in developing strategic business plans, highlighting its role in improving strategic decision-making by informing investment strategies and cost management. This detailed analysis provides a comprehensive understanding of the strategic planning process and its impact on business success.

Business Strategy
TASK 1

1.1 Assessing of business mission, vision,
objectives, goals and core competencies
inform strategic planning.
● It is very essential to develop the business mission, vision, objective,
goals and core competencies to formulate the strategic planning of any
enterprises.
● Having a good business idea and a business plan is not just enough for
the enterprises or entrepreneurs but they also need to start thinking
about what they need to achieve in long run.
● As Dragon Den BBC is a program which help the business
entrepreneurs to pitch their business idea and then they secure the
investment.
● For allowing Dragon Den BBC to secure and to invest their money in
exchange for equity it is required to show them the business goal,
mission, objective and core competencies so that they can analyse them
and then invest accordingly.

CONTINUED...
Business mission-
● This is the statement which help company in describing its
functions, markets and competitive advantages.
● Mission is the reason why the company is in existence and what
is the main reason behind. It will not define the target in terms of
percentage or number but will tell the actual explanation down its
existence.
● The main reason of the company will be customer satisfaction
and providing them with the best quality of service and products.
● If the company is having the mission then it would be easy for
the management of the organisation to set the business strategies
and thus help them to achieve the mission.

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Vision-
● The mission define the basic reason behind the existence of the
company and vision tells the entrepreneurs how will this mission
would be achieved.
● This is the actual future planning of the company that where it
would like to see the business in near future. Vision clearly
describe what the entity want to accomplish in mid term or for
long term.
● Like if business want to be in the top three enterprises of the
country in term of revenue generation then this will be the vision
of the company.
● Thus, this will help the company to form the strategy according
to the vision.

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Objectives-
● All the written down business plan of the organisation are summarised
as the business objectives of the entity.
● Objectives are comprehensive list of business goals creating guidelines
which would become the foundation of business planning.
● Business objectives include profitability, productivity, customer
service, employee retention, core values, growth and financing.
● In this way business objectives will help the entrepreneurs to form
strategies for future or short run.

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Goal-
● These help the business to grow and develop in the market and thus
achieve the objectives of company.
● Goal will help the teamwork and foster business what it actually wants
to achieve.
● The primary goal of business is to maximise the profits for owner and
shareholders while maintaining corporate social responsibilities.
Business need to set up SMART goal for the business which are
specified, measurable, attainable, relevant and time based.

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Core competencies-
● These are deep proficiency of business which is
enabling a company to deliver unique value to its
customer.
● Core competencies will define what are the uniqueness
of the business as compared to all its competitors in
marketplace which is helping business to take
advantage and in market penetration.

1.2 Analysing the factors that have to be
considered while formulating strategic plan.
● In evaluating business and the related environment in
which they are operating strategic plans are need to
formulated by the owners of business.
● Strategic plan help business to inform operational
decision which are allowing the firm to reach its goal
and potential.
● There are some factors which help company in
formulating strategic plan:

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● Setting mission and vision
● Identifying the stakeholders
● Internal environment
● External environment
● Defining core competencies

1.3 Evaluating the effectiveness of techniques
used when developing strategic business
plan.
● While developing strategic plan for business it is
required to use certain tools and techniques so that
they are very effective in formulation.
● Then it is important to analyse the effectiveness of
those techniques which are to be used in
developing the strategic business plan.

CONTINUED...
BCG growth share matrix:
● This Boston Consulting group growth
matrix tells the company about the
product cycle or company's cycle in the
market from the starting stage to the
last stage.
● BCG growth matrix is having four parts
in which company is divided.

CONTINUED...
● Stars
● Cash Cows
● Question mark
● Dog

CONTINUED...
● This techniques is the best suited to improve the
strategic business plan as it tell company where,
when and how much to invest in.
● BCG matrix also help the business to cut the cost
of unproductive products and services and help in
assessing company's current portfolio.

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