Business Strategy

Business Strategy

Table of Contents

Introduction3

Question one (a)3

Difference between Vision and Mission3

Question one (b)3

Benefits of Developing a Mission3

Question one (c)3

Importance of Culture3

Question two (a)4

Stakeholders of the Project4

Question two (b)4

Interest and Power on Project4

Question three (a)4

Gaining Competitive Advantage4

Question three (b)5

Value Chain Framework of Michael Porter5

Question four (a)5

Types of Organizational Structure5

Question four (b)5

Advantages and Disadvantages of Matrix Structure5

Question five (a)6

Competitive Analysis6

Question five (b)6

Importance of High/Low Market Growth and Market share6

Conclusion6

References7

Business Strategy

Introduction

In the following questions the importance of certain aspects of the business strategy will be discussed and the reason to address the need target customer with well-defined business strategy will also be evaluated, what are certain requirements and actions that are needed to be taken by an organization are based on the activities they perform and how it will benefit them.

Question one (a)

Difference between Vision and Mission

The mission statement defines the purpose of the existence of an organization; it explains the reason behind the introduction of its operation in the market and its current state of affairs. The mission statement states what the organization is supposed to be doing. It clearly defines the product and services and organization is producing, it also tends to determine who the potential or targeted customers of the organization are and how the company will enable itself to satisfy the current needs of these customers. The mission statement is likely to be fairly brief. Whereas on the other hand vision of the company defines the future growth and perspective of the organization and where does an organization wishes to go, what are its goals and objectives that it want to attain in the coming years. Unlike mission statement which is more realistic as it deals with the present operations of the company, vision statement is more imaginary since it boldly looks into the future which is yet to come and is unsure (Malphurs, 1998, pp.48).

Question one (b)

Benefits of Developing a Mission

It is important for the organizations to develop a mission statement to ensure they know the path that needs to be followed to accomplish the goals and targets that has been set. Mission defines a direction to the company that should be tracked to attain the objectives that has been set; it is a roadmap for the organization that will assist the employees to realize their vision. Similarly P could convey her colleagues by making them aware of the actual meaning of the mission statement, since they believe it is for the profit making organization only however such is not the case and it does not only specifies the objective of an organization to earn greater profits, but defines the purpose of existence and without which an organization would not know the objective behind the formation of an organization. Mission statement does not only identify the goal that is to be attained but also how it can be achieved (Cunningham & Harney, 2012, pp.179).

Question one (c)

Importance of Culture

The productivity of an organization is affected by both the external and internal environment of the ...