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Introduction - Unit M/615/2675 Strategic Planning Assignment
Each successful organization has a long-term strategy and understands where it is going. It is essential to get a detailed business strategy in place before starting a company. Most firms will fail if they lack strategic planning, which would be the ability to see the big picture and prepare for the future (Soni, 2020). With a strategic plan, one can understand what's essential, how to get there, what to look out for, and what to disregard. A company's ability to stay on track and make necessary course corrections relies heavily on strategic planning. The business plan, that includes the company's mission, vision, and values, is the first step in developing a strategic strategy. In order to ensure that everyone is striving toward the same objectives, it is necessary to communicate the strategic plan to the workforce.
A strategic plan helps companies predict the future and plan for it. ' Strategic planning allows firms to foresee and prepare for the worst-case situations that can arise (Rasouli et al., 2020). Organizations may be proactive rather than reactive by developing a solid strategic strategy. Organizations may remain ahead of the competition by being proactive and adjusting to the ever-changing market trends. An analysis of the following report gives a chance for personal and professional growth, and it helps examine the structure of a plan and help construct monitoring systems to assure the effectiveness of a strategic plan's execution.
Task 1
1.1 Explain the relationship between mission, vision, strategy and business plans
Strategic planning is primarily concerned with bringing the mission and vision of an Organisation into harmony. It is impossible to plan without a purpose and a vision, since the mission is the beginning point for planning, the vision is the end goal, and the strategic plan serves as a map to get there (Lebedeva & Zhikharevich, 2018). The strategic planning process is particularly significant because it provides the Organisation with a touchstone for developing suitable tactics and strategies; if any strategy or technique clashes with the company's values, it should be reviewed.
When seen from a hierarchical viewpoint, an organization's vision, purpose, strategy, and business plan are all interwoven. The organization's highest aim is embodied in its vision. For the future, this is where it aspires to be the organization's vision is represented in the mission statement (Puddington, 2017). In addition to the organization's goal, the mission statement lays forth a more specific plan for achieving that objective. The organization's goals and methods are outlined in this mission statement. The group's tactics come after its purpose in the chain of command. Manufacturing growth plans, human resource strategies, downsizing, and sales tactics are all examples of company strategies.
To ensure that the overarching strategy aim is met, the plans will contain particular goals and objectives. To begin, a company must have a low-level strategy that lays out every step of the process, who is responsible for what, and when it will be completed. This is how a business plan looks like. Organizations are built on the basis of their mission, vision, and values declarations. Organizations have vision statements that describe their long-term goals. In terms of Vista, it refers to the CEO and owner of the business (Jantz, 2017). Stakeholders are encouraged to show their support by reading it. The organization's mission statement explains how something stands apart from the competition. For the Organisation Vista, their mission statement is how to provide the best services to stay ahead of the competition. Stakeholders' requirements will be addressed in a more detailed manner than in the vision statement. The organization's values statement sets the standard for how its employees should conduct themselves. It serves as a framework for making decisions.
1.2 Impact of external factors on organizations and how changes in the external environment affect Organisational strategy
The Organisation must take into account both external and internal opportunities and threats, as well as the group's strengths and limitations, in order to come up with the best possible policy alternatives. Political, economic, social, and technical variables can all have an impact on an organization (Rosenbaum, More, & Steane, 2018). When an organization is successful, it has a strong connection with its external environment because of the same internal elements that led to that success.
Management of external forces, however, is not a choice for organizations. First and foremost, firms must be aware of the most recent developments in their industry. There is a great deal of information to keep track of, given the rapid pace at which business, the economy, and society are changing on a daily basis. A fantastic technique to assign a very critical work is to establish positions inside a corporation that investigate and report on new information. There are several reasons why an organization may better communicate its purpose to the public, such as having a well-defined mission statement (Jantz, 2017). This continual exchange of ideas benefits both the company as well as the external environment when leaders are capable of learning and communicating what they have learnt internally and effectively communicating with the business's external environment. Numerous external elements affecting a business are beyond its control. Controlling external environment risks via mitigation may be the best course of action for the majority of enterprises. PESTLE is a framework for evaluating one's external environment.
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Most governments in democratic nations hold elections every few years, which may have a substantial cyclic influence good or negative, due to the nature of the company (Felipe, Roldan, & Leal-Rodríguez, 2017). These include bureaucracy, bribery, trade tariffs, trade regulations, and so forth.
Exchange rates, recessions, interest rates, and taxes are all examples of economic forces. Having low interest rates is essential for businesses that require loans to fund their operations. Customers' capacity to buy products and services is affected by the recession.
Socio-cultural factors such as lifestyle, education, purchasing habits, safety, customs, values, attitudes, religious doctrine, beliefs, health, sex distribution, social classes, disposable income, family size and structure, demography, immigration and emigration rates, and life expectancy are all socio-cultural factors.
Technology has a significant impact on company; computers boost productivity, and automation may take the place of low-skilled labor, lowering operating costs and boosting profit. Missing a chance to adopt new technology into your firm might give a rival an edge.
Employment law, health and safety legislation, consumer law, copyright law, fraud law, discrimination law, and import/export law are all legal considerations that impact company (Wamba et al., 2020). Businesses want assurances that their intellectual property would be safeguarded from copyright infringement, since certain nations do not recognize copyright legislation.
Pollution, temperature, climate change, waste, and the usage of non-renewable resources are among environmental problems that influence business. Governments may penalise businesses that emit high amounts of greenhouse gases or economically incentivize businesses that use renewable or energy efficient technologies. Flooding or erratic weather patterns may wreak havoc on the delivery of goods and supplies. Employees may have health problems as a result of air pollution.
1.3 Impact of stakeholder expectations on organizations
To put it another way, stakeholders are any and all entities that are directly or indirectly touched by a company's operations or other actions. The influence on the business's suppliers and customers, as well as the areas in which it chooses to locate, may be both direct and indirect (Silva, Nuzum, & Schaltegger, 2019). The demands and aspirations of the company's stakeholders must be taken into account, but they need not be given equal significance. owners and investors have a greater influence than others.
Businesses are inescapably affected by the requirements and expectations of their stakeholders. A stakeholder is defined as an individual, group, or organization who has a financial interest in a company's success or failure. Additionally, businesses must keep in mind that other stakeholders might either assist or hinder their activities. For example, a company's reputation and market presence are enhanced when it shows consideration for the host community (Chan & Oppong, 2017). It is the role of stakeholders in the decision-making process that has the most impact. They maintain a vibrant, interesting, and fulfilling work atmosphere, as well as conducive working circumstances, to help the business achieve its goals.
There is no doubt that the stakeholders' interests should be met by the organization. These interests may range from productivity, quality, technology, environment, as well as financial, regulatory, welfare, or ethical challenges, among other things. Stakeholders' interests must be clearly identified, understood, and handled by the organization (Silva, Nuzum, & Schaltegger, 2019). This is a sensitive procedure that must be handled with care if the organization is to enjoy long-term success. The aim of an organization is defeated if it is unable to meet the expectations of its constituents.
There has been a major role for governments and local authorities in influencing the current situation. Business has stepped forward to fulfil and even exceed environmental standards in recent climate change accords, while governments have stepped aside. Economic, which includes both rivals and suppliers, is a good way of categorizing external stakeholders. This external group does have the ability to alter the chain of command. Customers may demand value for money items and services from the company.
Task 2
2.1 Analysis of the mission and vision statements of named organizations
With the help of an amazing staff, VISTA Technology Services is able to provide the best possible services and solutions. Objectivity, professional progress, and innovative solutions are encouraged in the workplace by the organization (Bowen, 2018). It is VISTA's Vision and Mission that lead each of the company's employees and customers on a day-to-day basis. "Data, Process, Efficiency, and Solutions" are the four pillars of VISTA's vision.
VISTA's mission statement is "committed to supporting the missions of our customers — better, quicker, and more cost-effectively". Many small companies throughout the globe rely on Vista for their website design and marketing needs. Many small companies throughout the globe rely on Vista for their website design and marketing needs.
VISTA's mission statement focuses on:
Customer focus: Everything from strategic planning to day-to-day operational activities revolves on your customers.
Partnership: Value and excellent quality in complicated contexts can only be achieved via long-term, mutually beneficial relationships.
Innovation: In order to succeed, Vista encourages its employees to think outside the box, use cutting-edge technology, and create a change.
Because of the openness of the company and its ability to give creative solutions, VISTA hopes to be seen as an extensions of its customer's IT support staff. Vista Group International Limited's mission statement is motivating in that it encourages workers and the workforce to perform at a high level in order to accomplish the company's goals (Chan & Oppong, 2017).
2.2 Impact of external influences on an organization’s strategy
VISTAS is examined in the next PESTLE to see how the external environment influences it. As new businesses join the market, VISTAS will use organizational methods to increase its market position. This will involve a growth plan that includes the introduction of automated production that will deliver new distinctive items to its clients. This will be the case.
Political: If the United Kingdom leaves the single market after Brexit, it might have a detrimental influence on VISTAS. Negotiations might take years; thus, other markets should be examined as well. VISTAS has to take proactive measures to reduce the risk of changes, such as supply chain concerns and new marketing tactics, that could affect the company (Felipe, Roldan, & Leal-Rodríguez, 2017). New competition or lost clients might be the result of failing to explore new markets.
Economic: Profits and cash flow might be impacted by new tariffs with the EU. New market areas and a marketing and sales strategy are part of VISTAS's plan for cost-cutting measures and expansion.
Socio-Cultural: The decline of sophisticated manufacturing in the area has made it very difficult to find qualified workers with the necessary expertise. New and current personnel will be recruited, trained, and developed as part of VISTAS' organizational strategy.
Technology: New ideas may be generated via research and development cooperation between industry specialists and academics. Legally, patents protect VISTAS items that might provide them an edge over their competitors (Kopaneva, 2019). In order to make the most of the influx of new technology into the market, VISTAS plans to establish a knowledge transfer collaboration with a nearby institution.
Legal: To ensure a productive and happy staff, VISTAS' human resources initiatives must adhere to all applicable laws and regulations, particularly those pertaining to employment and health and safety.
Environmental: There must be a socially and environmentally appropriate way to dispose of garbage that doesn't have a detrimental influence on the external stakeholders and the environment, and certain trash items at VISTAS may be recycled for a cash reward(Felipe, Roldan, & Leal-Rodríguez, 2017).
Task 3
3.1. Importance of review in developing Strategy
The importance of review in developing the organizational strategy cannot be avoided as the review helps the business organization improve the strategy for further development. The main aim of the review system is to enhance the success rate of the organization with the help of the improvement of intelligence regarding the company. A review of the strategy helps provide critical intelligence that is required for the development of the new activities. By developing the review. The organizational leaders can understand the need of creating a foundation for the successful development of the strategy and its effective implementation. Review can also help the leaders in making decisions before launching the new products and initiatives. The leaders can gather relevant information related to the impact of the initiative, its needs, objectives, benefits, and other required information for the successful launching of the initiative. Therefore, the review is very significant as it is the main key to success in a project by empowering it with the necessary equipment.
3.2. Tools used for reviewing organizational strategy
The tools used to review the organizational strategy also have a great influence on the achievement of the organizational objectives and goals. These tools are:
Ansoff’s matrix
This is one of the most prominent strategies used by organizational leaders. It helps in reviewing the organizational strategies and can help in making effective decisions. It also helps identify the various risks associated with the business organizations (Loredana, 2017). The matrix includes four different areas including:
Market penetration
The main theme of this stage is to increase the sales of the company and acquire a good position in the market. By increasing sales, also increase competitiveness. It is the most flexible strategy to avoid risks (Loredana, 2017). The leaders of Vista can penetrate the market by acquiring a good position in the market by maximizing its sales. By this model, the leaders can identify how and in which ways they can increase the sales and also improve existing strategies used in the sales department.
Product development
It suggests that the company needs to develop innovative and new products to achieve the interests of the customers. The production department can also make strategies to develop products as per the needs and preferences of the customers. The new products can also be developed for the existing customers of Vista. By developing the new products, the Vista company can increase the satisfaction and attraction of the customers (Loredana, 2017).
Market development
The market can be developed by developing new products in the existing market. The managers and leaders can develop their market by maximizing product development and also bringing new products and services in the market based on the requirements and demands of the market and customers (Loredana, 2017).
Diversification
It is the stage associated with the most risks. It focuses on product and market development areas. It helps the company gain a position in the market to achieve an attractive marketplace. Diversification can be created in Vista by developing new products for the customers for developing the market of the company (Loredana, 2017).
Ansoff’s matrix
(Source: Loredana, 2017)
Porter’s generic strategies
This tool is the most effective and important tool for organizational strategy. Porter's generic strategy is based on the cost leadership strategy, differentiation strategy, and focus strategy.
The cost-leadership strategy
This strategy will help review organizational strategy. By the strategy, the organizational leaders and managers can lower the costs of the products and services to maximize the sales of the products and can also engage a huge number of customers. This is suitable for large organizations (Islami et al., 2020). With the help of this, the managers of Vista can develop or design the products. It thereby can reduce the production costs.
Differentiation strategy
This is used for making the products or services unique and different for acquiring a position in the marketplace (Islami et al., 2020). Differentiation increases competition and also attracts customers which is very crucial for Vista to achieve the goals of the company.
Focus strategy
It focuses on either cost-leadership or differentiation. It targets specific areas to focus on the organizational operations (Islami et al., 2020). Using this, the leaders can choose a segment to focus on and that helps the managers work for a particular segment and thus can make significant achievements in the business field.
3.3 Position of an organization in the current market
The current position of Vista can be identified by analyzing the strengths and weaknesses of the company. These are:
Strengths
· The main strength of the company is that customer satisfaction and needs are provided good importance in Vista.
· Vista also has developed strategies to produce innovative products and services.
· Technological advancements are also implemented in the company.
· Vista has also developed a better customer-focused service delivery system.
Weaknesses
· Lack of innovation is the main weakness of the company.
· Poor marketing strategies are used.
· Old machines and equipment used for organizational operations are also another weakness.
· Threats of new companies are also increasing as the technology is being widely used by many companies.
· The competitors of Vista have strong product development and customer satisfaction features.
· Various external factors like government rules, trade policies, tax rates are the major areas that can obstruct organizational performance.
As the company provides customer-centered products by identifying the needs of the customers, it has gained the satisfaction and loyalty of the customer. It has helped the company develop the competitiveness and brand value of Vista. The company has a good position in the market as the products and service quality of Vista has increased the expectations of the company. Vista has also developed strategies to meet the requirements of the customers and it has gained the sales of the company. Though many companies provide technical services in the UK. It has therefore increased the risk of losing market share for Vista as the innovation and product development needs to be improved for increasing the competitiveness of Vista as compared to the competitors.
3.4 Analysis of competitive strengths and weaknesses of the strategy
The competitive strengths and weaknesses of the strategies can be analyzed
Competitive Strengths and weakness using Porter’s Five Forces model
With the help of Porter’s Five Forces Model, the strengths and weaknesses can be identified. The main factors of the model include:
New entrants: The main threat that the company faces are the new organizations enter in the market. There is a chance of the development of new companies that provide the same technological services and products (Varelas and Georgopoulos, 2017). The weakness of Vista is that without the innovation of new products the company can face many challenges regarding customer retention, acquiring the market, and maintaining sales and revenue collection of the company.
Suppliers: The suppliers of Vista are a very important component. The company has maintained a sustainable relationship with the suppliers by providing them timely payment and developing a robust communication system with the suppliers (Varelas and Georgopoulos, 2017). It thus has developed the competitiveness of the company. It has also become a strength of the company.
Customers: The main goal of the company is to meet the demands and needs of the customers. Vista develops products by maintaining customer-centric strategies. Customer satisfaction has been increased in this way which is the main cause of good competitive advantage (Varelas and Georgopoulos, 2017). It has also developed the strong position of the company in the market. Providing customer-centered services and maintaining cost-effectiveness, Vista has also improved the position of the company towards the customers.
Substitute products: With technological development, and innovation many substitute products are found. Also, Vista needs to develop new products to increase competitiveness (Varelas and Georgopoulos, 2017). The threat of substitute products is the main weakness that Vista has to face. Vista can increase its competitiveness by developing innovative and unique products.
Competitors: There are many competitors of Vista including Procore, Corecon, CMiC platform, etc, that provide the same services. These companies also acquire a good market position.
Task 4
4.1. Strategy options and modeling tools
Porter’s generic strategies
This strategy focuses on the major three areas of cost leadership, differentiation, and focus strategy. The strategic options developed for Vista are included in the following:
For increasing cost-leadership, the leaders of the company can lower the price of the products for providing customers opportunities to buy the products (Islami et al., 2020)
By developing unique products, the company can increase differentiation for increasing sales and attaining the market position (Islami et al., 2020).
By focusing on one specific area of development, the leaders of Vista can improve the operations without focusing on multiple activities. They can choose one area and work for the development of the area (Islami et al., 2020).
Ansoff’s matrix
By using this matrix, the company can get a huge positive output. This strategy focuses on the development of the market and products of the company which can help make competition in the market and also increase the customer’s satisfaction.
The leaders can make strategies to develop new products and services for achieving the satisfaction of the existing customers and can also increase opportunities for the new customers (Loredana, 2017).
By developing new products they can also increase the market size. It can also increase the brand value of the company (Loredana, 2017).
By creating innovative products and enhancing the market, the company can penetrate the market and can also achieve a good position (Loredana, 2017).
Financial strategy
The turnover will be increased by increasing the sales of the company. The prpfit maximization will be made with the help of cost-leadership strategy by providing the customers with the products at low price and increasing the sales.
HR
The workforce will be improved by implementing effective training for the employees to develop their skills. The technological training will also be generated for the employees.
4.2 Criteria of reviewing the strategy options
The criteria to review the strategic options include:
It is important to check whether the strategic options match the organizational vision and objectives.
The business strategies need to possess effective criteria associated with capability, suitability, and feasibility. These strategies also need to match the goals and objectives of the company. The SAF scorecard can also help in reviewing the progress to check the potential of the strategies.
It is also essential to check the potential of the strategies to increase the market share and meet the customer’s requirements.
The scenario matching and selection of criteria techniques can be used for analyzing the potentials of the strategies. Scenario matching can help in evaluating the scenarios associated with the criteria and the criteria required for the organizational goal achievement.
Other criteria of matching the acceptability rate can be used for selecting effective strategic options. Depending on the outcomes, the acceptability criteria can be used. When the outcomes of the options meet the expectations, it can be accepted as a suitable strategic option. When the strategies give a positive performance, they can meet expectation criteria.
The performance of the selected strategies can also be used as criteria. When the strategies release some risks or negative returns, they can be eliminated as a suitable option.
4.3 Application of the criteria and evaluation of the strategy options
The application of the SAF model is described to apply the criteria for two strategies.
Strategy
Suitability
Acceptability
feasibility
Development of new and innovative products
· The competitiveness of Vista will increase
· Developing new products will require many suppliers and employees, technological know-how will require.
· The risk is very low.
· sales will increase
· new customers will be attracted along with the existing customers.
· financial investment is required.
· Marketing needs to be developed
· Growth is significantly unpredictable
Increasing market share and gaining customer’s satisfaction
· Sales will be an increase
· Brand image and value will develop
· Risk is minor
· Growth can be predicted and Profit can be increased as low or minimum investment is required
Scorecard of SAF
Strategy
Suitability
>
Acceptability
>
feasibility
>
Average
>
Increasing market share and gaining customer’s satisfaction
4
4
3
3.6
Development of new and innovative products
3
4
3
3.3
Task 5
5.1 Structure of a plan
The plan structure focuses on analyzing the current state, the analysis of the future steps, and how the current state can be directed to the objectives.
The strategy is to identify the existing condition of the company. A SWOT analysis will be developed. By identifying the current state, the organizational leaders see the main areas that are developed and established (Pervan et al., 2018). At the same time, it also identifies the weakest areas that require the most attention. It, therefore, helps in improving weak areas with effective strategies and actions. The analysis of the internal and external environments can also help analyze the current position of the company.
The next or future steps include what the organizational leaders want to initiate for achieving the objectives. The steps include the process of increasing the competitive advantages of the company (Pervan et al., 2018). In this stage, the organizational leaders also focus on developing areas that can help in improving the competitive advantages for achieving a good position in the marketplace. In this stage, the leaders find out the actions they need to take.
The last strategy of the plan is to examine the procedures that can help in achieving the organizational goals by developing some long-term and short-term goals for attaining the organizational goals. By improving the sales and marketing activities, financial areas, customer services, and people management, the leaders want to achieve the objective (Pervan et al., 2018). By strengthening those areas can also help in developing a better organizational task force. It will also generate customer and employee satisfaction. The short-term goals are by implementing the specificity, time scale, realistic rate, achievability rate, and measurability chances. The activities and actions are the plans that are related to the implementation of the goals and objectives. These also involve the time scale for completing the tasks within a time frame. These goals. Thus, the market opportunities of the company will also grow and develop.
5.2 Engagement of the stakeholders
The engagement of the stakeholders in the most crucial factor to determine the strategic plan. Before preparing a plan, the leaders must identify the interests and roles of the stakeholders, the influence of the stakeholders. And depending on the interests and impacts of the stakeholders, the leaders need to implement necessary actions that can provide effective results.
The stakeholders' engagement strategy will be the most significant option for engaging the stakeholders in the strategy formulation plan. It will help the company leaders identify the interests and needs of the different stakeholders and thereby can help in making plans to engage the stakeholders for meeting their interests.
Stakeholder engagement strategy
Feedback
The company can gather relevant feedback from the stakeholders like employees, customers, managers, senior managers, and board managers. The plan includes the requirement of the communication system within the organizations to support the flow of a good and healthy work environment (Stocker et al., 2020). Developing a communication system can also help in getting required feedback from the stakeholders that will help in generating plans to engage the stakeholders. This communication system also helps in gathering feedback from the stakeholders.
Sharing practices
By providing human rights, incentives, effective remedies can be the best way to engage the stakeholders in the organizational plan. The investor and the board members also need to be engaged in bringing sustainability to the company.
Innovation and development
The company leaders can provide the stakeholders with the development of the innovation strategies that can help the employees in engaging with the responsibilities and commitment to the company.
Rewards
For engaging the stakeholders, the leaders can provide the stakeholders effective rewards that can boost the interest and confidence of the stakeholders of the company. The employees can be provided incentives, bonuses, and perks for their achievements Hoffman and Tadelis, (2021). The customers can be provided with some special offers and discounts for helping them develop their satisfaction. Thus the customers can be involved in the plan.
The stakeholder matrix also helps identify the high and low interests, power, and satisfaction level of the stakeholders.
5.3 Dissemination process for ensuring the stakeholders are engaged in the plan
The methods used for the dissemination process include some areas. The company needs to create a strategy for developing the communication system for engaging the stakeholders in the organizational operations. This strategy includes:
The type of information
Which and what information needs to be accessed
Source of information
From where the information will be disseminated. It refers to the audience from where information will be disseminated.
Timing
It suggests when the information will be disseminated to the organizational internal and external stakeholders for engaging them in the plan.
Responsibility
It refers to who will be liable for disseminating information to engage the stakeholders. For the
Reason
It refers to the reasons for which the dissemination process will be performed to involve the stakeholders. There are huge reasons for the dissemination process. Stakeholders need to be aware of the process, techniques, and deliverables (Castillo et al., 2021). Their responses and feedback can help in making the plan successful.
Tools
It means the different tools used for the dissemination process to communicate with the stakeholders. Newsletters, social media platforms, emails, websites, and reports can be used tools by the company.
Aims
Stakeholders
Process
Communication
Time
Liability
Dissemination of the business strategy plan of Vista
Employees
Face to face
Meeting and feedback
6 months report
Manager
Customers
Reports
Meeting
6 months report
Manager
Board members
Face to face meetings and documents
Email
meetings
6 months report
CEO
5.4 Monitoring system
The monitoring system helps in identifying the performance. It focuses on evaluating that the organization is being directed towards the right direction for achieving the goals. The monitoring plan for Vista is included in the following:
Details
Liability
Timing
Communication tools
Forum
Production
Development of production
capacity increase
production increase
Production manager
Line manager
CEO
6 months
6 months
6 months
Report
Reports
Reports
Strategic review and monitoring
Meeting
Meeting
HR
Improvement of workforce
HR
3months
Documents, reports
Board meeting
Finance
Development of financial areas
Profit
Finance manager
CEO
4 months
Document
Document
Board meeting
Board meeting
The monitoring system will be performed by the leaders of Vista for analyzing the performance in the fields of finance, objectives, risks, resources, actions of each department of sales, production, and people management.
5.5 A strategic plan
SWOT Analysis
It helps identify the current position of the company.
Strengths
weaknesses
Opportunities
Threats
Customer-centric product development
Experiences and skilled staff
Good production management
Old machines for the production process
Poor marketing techniques are used
Customer satisfaction and trust are huge for the products of the company
The company can develop a good position in the market
Establishment of new companies
Substitute products
The vision of the company is to attract customers. The strategic plan of the company is developed by using the SWOT analysis:
Strategic plans
Following the scorecard result of the application of the strategies, the progress of the strategy is analyzed.
Short-term goals and objectives will be followed to maintain the timescale and feasibility of the strategy. Also, Long term goals require big changes and that may arise risks. These need to be changed. Therefore, a strategic plan is required to adapt to the changes required.
The meeting will be formed every 6 months to review the strategic implementation and make necessary changes.
An action plan will be developed that will provide specific activities of the managers and the employees to get the best result.
Conclusion
Therefore, it can be concluded that the company needs to develop strategic plans by identifying the main strengths, weaknesses, opportunities, and threats, the present situation, and the existing market strength of the company. Developing realistic and feasible goals can help achieve a good implementation of the strategic plans. Strategic plans help the company make effective achievements to attain positive results. A review of the progress is also required for the strategic implementation of the plans.
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