Business Strategy Report: Evaluating Techniques in Business Strategy

This report provides an overview of business strategy, focusing on the importance of strategic planning for achieving organizational goals and success in a competitive market. It discusses the significance of mission, vision, goals, objectives, and core competencies in formulating a comprehensive business strategy. The report also outlines key factors to consider during strategic planning, such as industry analysis. Furthermore, it evaluates the effectiveness of techniques like the BCG Matrix and PIMS (Profit Impact of Market Strategy) in analyzing and measuring organizational performance, enhancing profitability, and identifying competitive advantages. The conclusion emphasizes the need for businesses to adopt appropriate strategies and techniques to achieve their desired outcomes, supported by references to academic sources.

Business Strategy
(TASK 1)

Contents...
 Introduction
 Mission, vision, goals, objectives and core competencies
 Factors needs to be considered while formulating
strategies planning
 Evaluate the effectiveness of techniques used when
developing strategies business plan
• Conclusion
• References

Introduction
In recent scenario, business strategies are plays important role
within the organisation because they helps to attain targets and
goals as well as getting success in competitive market place.
Thus, every business firms seeks to be adopt smart and
appropriate methods within the organisation so that they can
enhance their increase their profitability and productivity in
effective and efficient manner

Mission, vision, goals, objectives and core competencies
It is important for a firm to make effective business strategy which helps
a firm in progressing on the path of success in a stabilised manner. To
ensure that there must be a comprehensive strategy it is important to
inculcate mission, vision, goal, core competencies in the strategic plan.

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Mission: To become one of the biggest restaurants in U.K. having
a customer base of hundreds of people by implementing the
best services in the industry.
Vision: To become the restaurant that is capable of serving best
quality food where users can relax with the ambient
environment.

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Goals and Objectives
To satisfy the taste of users that comes for the life time experience.
To enhance the quality of atmosphere inside the restaurant where
people can relax in the dim light and pleasant music.
Core competencies: Pearls have the best quality chefs that comes from
different parts of the country and has the knowledge of tastes of food
served all around the world. These elements will helps in making the
business strategy for this restaurant.

Factors that needed to be considered while
formulating strategic planning.
There are several factors that supports the strategic planning of the firms
these factors needs to be analysed so as to make the strategy a success.
Industry: For any firm it is important to understand the what is the state
of the company in which the firm is operating.

Evaluate the effectiveness of techniques used when
developing strategies business plan
For systematically analysing and measuring the effectiveness of an organisation so that
company can be used two type of methods such as follows:
BCG Matrix: This is one of the important aspect or method for every organisation
because in which all products and services are categorised into four sections, which are
explaining under follows:

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Profit impact of market strategy (PIMS): With the help of this
technique effectively identify the competitive advantage for
an organisation. Therefore, there are explaining importance
of PIMS method such as follows:
 Inside and outside surrounding of the company
 Management system
 Effective allocation of works
 Appropriate strategies development for the company.

Conclusion
From the above mentioned this study it has been concluded that
every business firm seeks to be attain their decided goals and
objectives in appropriate style. There has been defined
mission, vision, goals, objectives and core competences of the
selected company. Additionally, BCG matrix and PIMS
techniques has been used for enhancing profitability and
productivity in effective and efficient manner.

References
Astrachan, J. H., 2010. Strategy in family business: Toward a
multidimensional research agenda. Journal of Family Business
Strategy. 1(1). pp.6-14.
Chang, T. C. and Chuang, S. H., 2011. Performance implications of
knowledge management processes: Examining the roles of
infrastructure capability and business strategy. Expert systems with
applications. 38(5). pp.6170-6178.
Cooke, F. L. and Saini, D. S., 2010. (How) does the HR strategy support
an innovation oriented business strategy? An investigation of
institutional context and organizational practices in Indian firms.
Human Resource Management. 49(3). pp.377-400.
Dong-Hun, L., 2010. Korean consumer & society: growing popularity of
social media and business strategy. SERI Quarterly. 3(4). p.112.

Thank You