HND Business Level 5: Strategic Planning, Objectives, and Analysis

This report delves into the critical aspects of business strategy, focusing on the significance of a clearly defined mission, vision, objectives, goals, and core competencies in informing strategic planning. It analyzes factors to consider when formulating a strategic plan, including identifying stakeholders and conducting a SWOT analysis. The report evaluates the effectiveness of various strategic techniques, highlighting both positive impacts such as increased employee efficiency, business expansion, product demand, and innovation, as well as negative impacts like increased investment and operational costs. The analysis also considers the importance of aligning strategic plans with market opportunities and organizational resources to achieve long-term objectives.

BUSINESS STRATEGY
TASK 1

AC 1.1 Requirement of Business mission, vision,
objectives, goals and core
• The business strategy relates to that long term business plan which
designed to achieve a specific objective. The preparation of
strategy require vision, mission and the specific core which is
clear.
• Vision
 Mission

CONTD....
 Objectives and goals, cores
• Behavioural Objectives
 Community-level outcome objective
 Process Objectives

1.2 Factors that can be considered while
formulating strategic plan
• Strategic plan is something where the manager matches the
market opportunities with its organisation's resources over the
long run.
• Following factors can be considered while preparing and
successfully implementing strategic plans:
• Vision and Mission

CONTD....
 Identifying the interested parties of the organisation
 SWOT analysis
• Project Management
• Innovation

1.3 Evaluating techniques and its effectiveness
used to formulate strategic plans
• Once after concluding fully implementing the strategies,
evaluation of its overall effectiveness is done to know at what
extent we have reached the goals.
• Strategic Techniques that were used by the management gave
both, positive and negative impact on the organisation. Positive
impacts are:
• Efficiency of employees

CONTD....
 Expansion of business
• Product Demand
• Innovation

CONTD....
• Likewise, negative impacts of the techniques were:
• Increase in investment
• Increase in operational cost

REFERENCES
Campbell, D., Edgar, D. and Stonehouse, G., 2011. Business strategy:
an introduction. Palgrave Macmillan.
Coad, A., 2011. Appropriate business strategy for leaders and
laggards. Industrial and Corporate Change. 20(4). pp. 1049-1079.
Liedtka, J., 2010. Business Strategy and Design: Can this Marriage Be
Saved?. Design Management Review. 21(2). pp. 6-11.
Spender, J. C., 2014. Business strategy: Managing uncertainty,
opportunity, and enterprise. OUP Oxford.
Teece, D. J., 2010. Business models, business strategy and innovation.
Long range planning. 43(2). pp. 172-194.

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