HND Business: Strategic Planning, Factors, and Evaluation Techniques

This report provides an overview of business strategy, focusing on the strategic planning process. It assesses how business missions, visions, objectives, goals, and core competencies inform strategic planning. The report analyzes the factors that must be considered when formulating strategic plans, including the roles of managers, delegation, targets, and resources. It evaluates the effectiveness of techniques used when developing strategic business plans, such as the BCG matrix and the McKinsey matrix. The report concludes with references to support the analysis. Desklib offers this and many other solved assignments to help students excel.

Business Strategy
(Understanding the process of strategic
planning)
Task 1

Table of Content
• Introduction
• Mission vision
• Goals & Objective
• Core competencies
• Factors affecting business
• Techniques for strategy evaluation
• References

Introduction
Business strategy is known as a sequence of steps which an
enterprise follow to achieve its end goals and objectives. An
effective business strategy is must for every company.
Basically it is a plan, decided by top managers of firm for
enhance profits of business and performance of employees.

Mission, vision
Mission: Main aim of mission statement of enterprise is to meet final
goals of enterprise. One of the main feature of mission statement is
that it help in identify the market size of company and help
stakeholders by given them information about execution of business
operations.
Vision: Vision is the one which indicate the future of company and also
assists a way an provide a direction for its missions.

Goals & Objectives
Goals: These are known as ned targets which an enterprise decides
before implement any strategy. Mainly, these are the end desires of
any organisation.
Objectives: These are known as the roadmaps that help enterprise to
achieve end goals and targets.
Core competencies: This is another elements which also assist in
strategic panning as these enhance skills and abilities of employees
which provide an indirect advantage to customers.

Factors to be considered while formulating
strategic plan
 Managers: Set up of every enterprise relate to the hierarchy which
consists top, middle and front line managers. Strategic plans are
developed by top managers of enterprise in context with end goals
and objectives of business.
 Delegation: Middle level managers of enterprise are the one who
delegate duties to employees as per the plan formulate by top
managers of company. All roles and duties are divided among
workers as per their experience and skills.

Continue....
 Targets: These are the benchmark and standards fix by top manages
of firm to enhance profits of enterprise and ensure optimum
utilisation of resources.
 Resources: Resources are the requirements require by enterprise for
carry out the strategic plan. Resources such as finance, human
capital , equipment, knowledge are to consider to make a strategic
plan.

Effectiveness of Techniques
This is a matrix used by business enterprises to determine the
relative share of industry and of business with help of four
aspects. Strategic plans for business are formulate by
consider the growth rate of industry and current position of
business in market.

Continue....
BCG matrix: This is a matrix used by business enterprises to
determine the relative share of industry and of business with help of
four aspects. Strategic plans for business are formulate by consider
the growth rate of industry and current position of business in
market. Four dimensions of this matrix consists cash cows, stars,
question mark and stars.

Continue....
Mc Kinsey matrix: This is a
matrix which includes nine
dimensions based on three
elements known as high,
medium and low. In this,
strengthen of business and
attractiveness of industry are
consider to determine the
position of business.

References
Hsieh, Y. H. and Chen, H. M., 2011. Strategic fit among
business competitive strategy, human resource strategy,
and reward system. Academy of Strategic Management
Journal. 10(2). p.11.
Liedtka, J., 2010. Business Strategy and Design: Can this
Marriage Be Saved?. Design Management Review.
21(2). pp.6-11.

THANK YOU