Understanding Strategic Planning for Business Development

This essay provides an overview of business strategy, focusing on the strategic planning process. It covers critical success factors, core competencies, vision, mission, and goals, and discusses internal and external factors to consider while formulating strategic plans. The essay also evaluates the effectiveness of techniques like revenue generation identification and Porter's Five Forces analysis. It emphasizes the importance of strategic planning in achieving both short and long-term objectives and ensuring optimal utilization of resources, referencing academic sources to support its analysis.

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

Content Covered
• Introduction
• Overview
• Critical success factors
• Core competencies, vision, mission and goals
• Factors which should be considered while formulating
strategic plans
• Effectiveness of various techniques used while formulating
strategic business plans

Overview
• Industry: Automotive industry
• Products & Services: Production of cars with latest
technology
• Target market: Middle and Lower income people
• Prices: Affordable pricing policy
• Unique Selling Preposition (USP): Quality cars in
affordable budget

Critical Success factors
• Attractive & modern design
• Advanced manufacturing technique
• Reasonable prices
• High level of comfort

INTRODUCTION
Sequence of steps used by an organisation for achieving its both short and
long term objectives is known as business strategy. Various tools and
techniques will be used by the manager under this for making quality
products for a large number of customers.

Core competencies, vision, mission and
goals
Strategic planning is a process of defining strategy for the
business operations, it give direction to the various activities
of an organisation and helps in taking important decisions.
This ensure the optimum utilisation of firm's resources for
achieving set targets.

Factors to be considered while
formulating strategic plan
Internal factors:
 Value system of the firm
 Capabilities of employees
 Stakeholders
External factors:
 Political factors
 Economic factors
 Social factors

Effectiveness of Techniques
This is one of the effective techniques which will be
used by managers of firm in order to identify the
revenue which will generate by every automobile.

Porter's five force analysis
Porter's five force analysis: This is a
second technique which will be used
by LOY Automobiles during the
formulation of strategic plan.

References
Helms, M. M. and Whitesell, M., 2013. Transitioning to the embedded
librarian model and improving the senior capstone business strategy
course. The Journal of Academic Librarianship. 39(5). pp.401-413.
Kalyani, M. and Sahoo, M. P., 2011. Human resource strategy: A tool of
managing change for organizational excellence. International Journal of
Business and Management. 6(8). p.280.
Alsudiri, T., Al-Karaghouli, W. and Eldabi, T., 2013. Alignment of large
project management process to business strategy: A review and
conceptual framework. Journal of Enterprise Information Management.
26(5). pp.596-615.
Azar, O. H., 2011. Relative thinking in consumer choice between differentiated
goods and services and its implications for business strategy. Judgment
and Decision Making. 6(2). p.176.

THANK YOU!!