BUSINESS STRATEGY

Business Strategy

Business Strategy

Introduction

Strategic planning involves forming strategies for decision making and for efficient use of resources. Resource planning and its proper usage are important for organizations to be efficient in what they do. It helps an organization answer important questions like what they do, for whom and how they should go about doing it. Organizations rely on strategic planning, like any other organization, whether operating for profits or otherwise. Strategic plans are long term plans and define the very goals of the organization. Therefore, it is of immense importance to be clear on what exactly organization intends to do. Decision-making is very essential here. Proper implication and most importantly available of proper technology to assist the overall planning is essential. This paper discusses the business strategic planning and its various aspects, such as context, issues involved in strategic planning, variations in effective planning, challenges in performance improvement, technology related issues, planning techniques, alternative strategies relating to substantive growth, limited growth or retrenchment, future strategy of organization, roles & responsibilities for strategy implementation, resource requirements to implement new strategies in organizations, targets & timescales for achievements to monitor strategy.

Discussion

TASK - 1

Strategic Context & Terminologies

The strategic context involves many terminologies which are abundantly used in perspective. Most common terminologies are mission, vision, objectives, goals, core competencies, and other terms. The mission statement explains the corporation's enterprise imagination, strict ethics desirable and sound and forward-looking drives farsighted goals to guide the popular position opportunities. Led by foresight transaction, and business vision, the business leaders marked out significant strategic and financial objectives. Monetary objectives include actions such as sales targets and financial expansion. Linked to the strategic objectives of the business enterprise side, and may consist of actions such as market share and reputation.

Mission

A mission statement is a written statement for an organization on their perception of themselves and their basic principles. It formulates a goal state (realistic ideal). Internally, a mission statement provides orientation and thus action leading and motivating work for the organization as a whole and its individual members. To the outside (public, customers) it should make it clear for what is an organization. It is the basis for the corporate identity of an organization. A mission statement describes the mission and vision of the organization and the desired organizational culture. It is part of the normative management and provides the framework for policies, objectives, and operational action. Thus the mission statement which I will form will reflect our categorical identity and a focused approach to explicate our reason for existence.

Once the organization identify what are the formal and informal mandates that next step is to form and clarify the organization's mission. The mission demonstrates the purpose of the existence of an organization. A proper mission can only be made if the organization accurately discerns what it can and what it cannot do. The mission statement for an organization needs to provide answer for the six questions as proposed by ...