BCAS QATAR

BTEC HND IN BUSINESS MANAGEMENT

Business Strategy

ASSIGNMENT

SEMESTER- 4

25-01-2011

Table of Contents

Introduction3

Question 1(a)3

Mission3

Vision3

Components of Vision Statement4

Difference between the Vision and Mission4

Question 1(b):4

Importance of the Mission Statement4

Question 1(c):4

Organization's Culture4

Framework5

Question 2(a):6

Stakeholders6

Question 2(b):7

Interest on the Project7

Power on the Project7

Question 5(a):7

Competitor Analysis7

Importance of Customer Analysis8

Question 5 (b):8

Market Growth8

Market Share8

Benchmark Setting Criteria8

Conclusion9

References10

Business Strategy

“A proposed set of actions necessary for a business to follow intended to achieve the organization's mission and objectives.”

Introduction

The development of the business strategy provides a strategic direction to the company. It enables the communication of abstract organizational goals and objects to all the stakeholders of the company. The explicit statement of vision provides the long term strategic aim of the organization while the mission statement advocates the primary reason of being in the business. Strategy formulation requires the analysis of the strategies of competitors, the political and economic environment of the business and company's internal strengths and weakness. We will be exploring the importance and procedure of developing a mission and vision. We will also evaluate of the effect of culture on the organizational behavior. We will explore the concept of competitive advantage, the matrix structure of project management, and we will be exploring the methods of competitor analysis.

Question 1(a)

Mission

A mission is a statement that defines the question, why the company exists. It spells out who are its stakeholders and what is the company doing for them. It offers a framework for the company to be aligned with its strategy and core objective. Every mission statement is compliance of the aim of the company. It provides you with an absolute picture of the current situation of the organization (Darwin et.al, 2012, p13).

It tells you about:

The customers and how the company is intending to serve them.

The products and services they offer.

There target market.

Technology they use.

Their plans of growth and advancement or vice versa.

Complacency and competitive edge.

There social work and environmental responsibilities.

There contribution towards employees.

Strategy they are going to follow.

The complete description of at least above stated points develops a high quality mission statement.

Vision

Where mission states the current position of the businesses, vision gives a long term and future image of where the employer and stakeholders wants to see the company. (www.businessplans.org). Vision statement keeps you motivated. It is an inspiration and framework of all of your strategic plans.Vision statement is the marketing tool and a business development tool. It tells your employees where they will have to get and what benchmarks are there. (Prahalad & Hamel, 1996)

Components of Vision Statement

It should not be vague.

It should be real and clear.

It should always describe the best picture to keep your employees motivated and energetic.

It should be achievable and align with your organization's goals and objectives.

Difference between the Vision and Mission

Vision and mission are totally different things yet falls in the same circle.

Vision is future oriented. However, mission is present align.

Mission tells you the reason of the company's existence and the vision tells you where you see the organization in the future.

Vision is a visionary statement and far sight yet real and achievable goal. However, ...