Business Stretegy
Introduction
The current work is designed to produce the information of strategic and decisions which the corporate must asses. First the identification and selection of alternative mission statement and the important of business definition together with range of possible objectives and goals which the corporate planner may select between. Options for strategic direction from consolidation to exit strategies including Ansoff product market matrix.
Literature Review
1.1: Explain strategic contexts and terminology – missions, visions, objectives, goals and core competencies.
Mission
A strategic plan starts with a clearly defined business mission. Mintzberg defines a mission as follows-
‘A mission describes the organisation’s basic function in socity in terms of products and services it produces for its customers’
A clear business mission should have each of the following statements:
1. A Purpose: Why does the business exists? Is it to create for Shareholders. Does it exists to satisfy the needs of stakeholders. 2. A strategy and strategic scope: A mission statement provides the commercial logic for the business and so defines two things- a. The product and services it offers b. The competences through which it tries to succeed 3. Policies and standards of behaviours: A mission needs to be translated into every action. 4. Values and culture: The values of a business are the basic often unstated beliefs of the people who works in it Vission A vision is an overriding idea of what the organisation should be. It reflects the dream of the founder. A vision must be sufficiently clear and concise that everyone in the organization understands it. Objectives Business strategy is concerned with deciding which markets and activities the business should involve in. Where its wants to be and how its going to get there. Strategy is about making high level decision and forms management game plan for-
The current work is designed to produce the information of strategic and decisions which the corporate must asses. First the identification and selection of alternative mission statement and the important of business definition together with range of possible objectives and goals which the corporate planner may select between. Options for strategic direction from consolidation to exit strategies including Ansoff product market matrix.
Literature Review
1.1: Explain strategic contexts and terminology – missions, visions, objectives, goals and core competencies.
Mission
A strategic plan starts with a clearly defined business mission. Mintzberg defines a mission as follows-
‘A mission describes the organisation’s basic function in socity in terms of products and services it produces for its customers’
A clear business mission should have each of the following statements:
1. A Purpose: Why does the business exists? Is it to create for Shareholders. Does it exists to satisfy the needs of stakeholders. 2. A strategy and strategic scope: A mission statement provides the commercial logic for the business and so defines two things- a. The product and services it offers b. The competences through which it tries to succeed 3. Policies and standards of behaviours: A mission needs to be translated into every action. 4. Values and culture: The values of a business are the basic often unstated beliefs of the people who works in it Vission A vision is an overriding idea of what the organisation should be. It reflects the dream of the founder. A vision must be sufficiently clear and concise that everyone in the organization understands it. Objectives Business strategy is concerned with deciding which markets and activities the business should involve in. Where its wants to be and how its going to get there. Strategy is about making high level decision and forms management game plan for-