Strategic Planning Process and Business Strategy - HND Business

This report provides an overview of the strategic planning process within a business context. It begins by defining business strategy and its importance in achieving organizational goals. The report then delves into the components of strategic planning, including mission, vision, goals, objectives, and core competencies. It also examines the factors to be considered when formulating a strategic plan, such as future targets and current situations. Furthermore, the report discusses various techniques used in strategic plan evaluation, such as the Star, Cash Cow, Dogs, and Question Mark models. The report also analyses strategic positioning of organisation by carrying out an organizational audit and environmental audit including stakeholder analysis.

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

Table of Content
 Introduction
 Mission, vision, goals, objectives and core competencies
 Factors considered when formulating strategic plan
 Techniques in term of strategic plan evaluation
 References

Introduction
Business strategy are described as the action plans which are
used by firms so that they can become successful in achieving
there goals and business objectives. It is the art which are
involved in various operations like planning, analysing,
directing, controlling and monitoring all the activities which
are processing at business places.

Business Mission, Vision, Objectives, Goals
and Core Competencies
Business strategy are very important tool as it helps firms to
achieve growth by evaluating goals and objective in effective
and planned ways. It also plays a vital role in developing
healthy ad positive work environment so that there targets can
be achieved in desired time frame.

Cont....
The vision, mission, goals and core competencies of business are
described as:
Mission: These are the enduring statements of firms which helps
them to analyse where the company will see itself in the future
time
Vision: It is the statement which reflects what can be achieved in
future time.

Cont.....
Goals: The goals are termed as the specific targets of firms
which they can achieve in the desired time durations.
Objectives: These are the predetermined statements on the basis
of which the company wants to carry out there business
operations.
Core competencies: These are described as the characteristics of
firms which differentiate them from others.

Business Plan
BASIS TIME
Research 10 to 30days
Major purpose of plan 10 days
Identifying the present
company profile
Varies from 10 to 15 days
Documenting aspects of dance
academy 5 days
Analysing marketing plans and
policies
10 days
Implementation 20 to 25 days

Factors to be Considered while
Formulating Strategic plan
There are various factors
which needs to be analysed
by company are described as
 Future Targets
 Current market
situations
 Customers

Techniques in strategic plan
evaluation
There are various tools and techniques used by dance academy so that
they can achieve all there business goals and objectives in planned
ways. All these are described below as:
 Star
 Cash Cow
 Dogs
 Question Mark

Count...
Star: These business have high growth and also market shares.
There profit ratios are high when there business are compared
with other firms.
Cash Cow: These business have lower growth rates but there
market shares are very high. They have a great opportunities
to invest there money in business.

Cont...
Dogs: These business should be divested from the market places
they have less market shares and also growth when comparing
them with other business.
Question Mark: They are known as the problem child. There
shares in market places are low but they have high growth
rates.

References
Teece, D. J., 2010. Business models, business strategy and
innovation. Long range planning. 43(2). pp.172-194.
Verbeke, A., 2013. International business strategy. Cambridge
University Press.
Wang, J. and Verma, A., 2012. Explaining organizational
responsiveness to work‐life balance issues: The role of
business strategy and high‐performance work systems. Human
Resource Management. 51(3). pp.407-432.