Business Strategic Planning

Unit 7 Business Strategic Planning Assignment

Introduction
Strategy is the backbone for the foundation of a successful process and planning as it contains all the important decisions. This framework is a critical part of strategic approach as it is the growth and optimization of available resources to meet its needs as well as its stakeholders. In this report, focus on the strategic planning process and its significance. Also, various techniques of planning, resources needed and roles to be handled for strategic implementation were discussed here.

 Unit 7 Business Strategic Planning Assignment, locus Assignment help

 TASK 1
a) Discuss the steps of the Strategic Planning Process in this discussion, you should include definitions and examples for corporate vision, mission and objectives along with brief descriptions of the concepts of 'core competencies' and' competitive advantage.
Strategic planning is the direction planning of a business which drives and leads it to the most desirable probability to ensure growth from where a business stands to move it to where it is expected to reach in future. This likely process meets the interests of all the stakeholders But like any other business risks this road map also includes barriers which need to overcome and adjusted to be the objectives of the business. The success of strategic planning depends on the effectiveness of evaluating both internal and external business environment, competitiveness of employees and on effective communication. (Gaggl & Grunig, 2013)

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 The steps in the strategic planning process

 Unit 7 Business Strategic Planning Assignment, Assignment help Coventry

 Corporate vision: It defines the visualization of the business i.e. where the owner wants it to go in future and it outlines significant measures such as statements of R & D, profit earnings and share, competitor position relative to rivals and relationships with stakeholder's and customer value. Example, the vision statement of an automobile parts, company reads as: Delivering quality at low cost and best customer value. Serving with right time and place!
Mission: It defines the identity of business descriptioning their market offer, unique selling proposition and recognition for their valued commitments. It clarifies business products, target markets, their culture and financial aims. Example, the mission statement for automotive parts Distributor Company reads as: To distribute quality products to auto after market, correct information and service guarantees to customers, a reliable company to all and profitability with reasonable performance.
Objectives: It defines the results of its available resources. Example, the original statement of auto-parts distributor company reads as: Aiming to provide quality materials at competitive prices and valued distributorship Additionally, empowering employees with knowledge and recognition (Chernatony, 2008)
Once the business is mission and vision is framed, then a strategy needs to be made so that activities and roles are performed in order to meet them. Then this strategy needs to be put into action or implementation with different resources and in a timeframe. The last step in strategic planning process is to improve the progress of the developments, need for improvements and overall reviews.

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Core competencies: It describes the attributes of a business differentiates from industry rivals by powerfully identifying its uniqueness and value. Example, the core competency for distributors of auto-parts is driven by its USP (Unique Selling Proposition) to provide quality material at competitive cost.
Competitive advantage: It is the market favorability by which its competitors on customer preferences and benefits sales Example, the competitive advantage of automotive parts Distributor Company is its market reliability for quality excellence at relatively low cost.
b) Role of Strategic Planning
Unit 7 Business Strategic Planning Assignment, Assignment help Coventry
Unit 7 Business Strategic Planning Assignment, Online Assignment help

 The strategic planning is the description of the business road map and it talks about competitive and strategic approaches that were used to meet the entire stakeholders. It covers the business, vision and plan to meet

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