LO1 - Understand the process of strategic planning
Assess how business missions, visions, objectives, goals and core competencies inform strategic planning
Analyse the factors that have to be considered when formulating strategic plans
Evaluate the effectiveness of techniques used when developing strategic business plans
LO2 - Be able to formulate a new strategy
Analyse the strategic positioning of a given organisation by carrying out an organisational audit
Carry out an environmental audit for a given organisation.
Assess the significance of stakeholder analysis when formulating new strategy
Present a new strategy for a given organisation
LO3 - Understand approaches to strategy evaluation and selection
Analyse the appropriateness of alternative strategies relating to market entry, substantive growth, limited growth or retrenchment for a given organisation
Justify the selection of a strategy
LO4 - Understand how to implement a chosen strategy
Assess the roles and responsibilities of personnel who are charged with strategy implementation
Analyse the estimated resource requirements for implementing a new strategy for a given organisation
Evaluate the contribution of SMART targets to the achievement of strategy implementation in a given organisation.
The purpose of this assignment is to give learners the knowledge and understanding of how a business unit can strategically organise and plan for likely future outcomes in order to be successful.
This assignment covers all 4 learning outcomes Scenario
Imagine you are a member of the Strategic Management Team (SMT) of a FTSE 100 company. The SMT reports to the Chief Executive Officer (CEO) of the organisation.
The company wants to remain competitive in spite of its current difficult situation. Consumer needs and demands are fast changing due to continuous innovation and globalisation.
You need to explain what strategies your company is following to maintain its competitiveness and how it is implementing these strategies to improve its level of competitiveness in the future.
Produce a report (giving answers to all the questions below) to help the SMT to understand the strategic planning process and how it can help to plan for likely future outcomes in order to be successful.
Task 1:
AC 1.1 Define business strategy, vision, mission, objectives, goals and core competences. Using the UK Business organization you have chosen, assess how it uses each of these to inform its business strategy.
AC 1.2 Analyse the factors that have to be considered when formulating strategic plans.
AC1.3: Evaluate the effectiveness of techniques businesses need when developing their plans.
Task 2:
Prepare a presentation (using Power Point) to
AC 2.1 Analyse the strategic positioning of your chosen organisation by conducting its organisational audit.
AC 2.2 Conduct an environmental audit of your chosen organisation.
AC 2.3 Develop a stakeholder mapping of your company and assess the significance of stakeholder analysis when formulating the new strategy.
AC 2.4 Present a new strategy for a given organisation.
Task 3:
AC 3.1 Analyse the appropriateness for your chosen organisation, of alternative strategies relating to:
1. Market entry
2. Substantive growth
3. Limited growth
4. Retrenchment
AC 3.2 Justify your selection of one of these strategies.
Task 4:
A.C. 4.1 Assess the roles and responsibilities of personnel in your organisation (functions or individuals, as appropriate) who are directly involved in strategy implementation.
A.C. 4.2 Analyse the estimated resource requirements that your organisation will need to identify and allocate if it is to implement the new strategy you have recommended.
A.C. 4.3 Evaluate the contribution of SMART objectives, which your organisation could employ to achieve its overall strategic implementation.