Strategic Planning: Business Missions, Core Competencies & Techniques

This report provides an overview of how business missions and core competencies inform strategic planning. It discusses the importance of understanding a company's current situation and defines key elements such as mission, vision, goals, and objectives. The report also examines factors to consider when formulating strategic plans, including competition, industry analysis, and internal strengths and weaknesses. Furthermore, it evaluates the effectiveness of techniques like the BCG Growth Share Matrix and Profit Impact of Market Strategy (PIMS) in developing strategic business plans, highlighting their advantages in decision-making and resource allocation.

Table of Content
●Introduction
●1.1 How business missions and core competencies
inform strategic planning while preparing strategic
plans.
●1.2 Factors considered when formulating strategic
plans.
●1.3 Effectiveness of techniques used when
developing strategic business plans.
●References

INTRODUCTION
Business Strategy
●Action plan for any business;
●How a company will operate its activities;
●Include purpose, structure and functions.

1.1 How business missions and core competencies
inform strategic planning while preparing
strategic plans.
●Strategic planning is an activity which defines the company's
strategy and resource allocation.
●Should know what is the current situation of their company.
●Has various elements which are included in it.

Continued...
Mission:- It is the aim of the company that it desire to
meet in a particular period and it also gives answers of
the some basic questions like why it exists and what
work it do to achieve their goals.

Continued...
Vision:-
● To introduce more modern car technology;
● To expand their market in all developing countries;
● To fulfil the requirements of the customer.

Continued...
Goals and Objective:-
● To be one of the world's leading car
manufacturing company;
● To develop service centres in almost all major
cities of the world;
● To grow the core business.

Continued...
Core Competence:-
●Strengths of a business over competitors;
●Create a positive image in the eyes of customers;
●TDI is one of the Volkswagen's core competencies.

1.2 Factors considered when formulating
strategic plans.
●Organisation can explain its strategy;
●How they could distribute the resource;
●Factors like competition, industry & strengths and
weakness.

Continued...
Competition:- To know the rank or the position of
company they could analysis the position of the
competitors.
Industry:- Volkswagen should conduct deep research
on the market while formulating the strategic plans.

Continued...
Strengths and Weakness:-
Assets of the company can be the strengths of it
and are considered as the internal growth factors.
Volkswagen should try to maintain and increase those
strengths.