Business When You Are Formulating Strategic Plans
INTRODUCTION This assignment will assist in making an individual have an understanding of the various methods by which a business could use strategies in respect of the company and plan to have same kind of anticipated results to achieve success. This can be easily understood that planning is an essential aspect which is very important for a company to get success. The strategic planning process offers a guide towards the various actions that needs to be achieved by staffs and the teams in companies for the achievement of company goals. Thomas Nationwide Transport UK Ltd is an courier delivery services organisation that is functioning globally with its headquarters at Hoofddorp, Netherlands. The major competitors are FedEx, DHL and United Parcel Services. The company came into operations on 26th May, 2011. The CEO of the company is Tex Gunning. Their major services are express as well as freight delivery and charter airline.
Task 1 1.1 Assess your organisation’s missions, visions, objectives, goals and core competencies and
explain how these can be linked when developing a strategic planning for your chosen business. For the assessment of an organisation’s missions, visions, objectives, goals and core competencies, we will be taking into account one of the world’s well-known courier service company known as Thomas Nationwide Transport UK Ltd.
Mission – The mission statement for THOMAS NATIONWIDE TRANSPORT focuses on providing the staffs as well as stakeholders with the prevailing purpose of the company for exceeding the expectation level of the consumer for transferring of products and services throughout the world and also delivering the value to consumers by offering them the most trustworthy solutions.
Visions – The vision statement for THOMAS NATIONWIDE TRANSPORT is concerned with the anticipated future organisational condition. The vision statement for THOMAS NATIONWIDE TRANSPORT is required to find solutions to the query of what is that they want to actualise. (Lind, 2014)
Objectives – The objectives for THOMAS NATIONWIDE TRANSPORT are associated with the expected results in respect of the company and in that regard the major objective of the company is to actualise growth in terms of profitability.
Goals – The goals for THOMAS NATIONWIDE TRANSPORT is associated with the various processes by which the company will be able to actualise its mission which concentrates on the aspect of growth profitability, investment in functional brilliance and do organisation for the purpose of winning. (Lind, 2014)
Core Competencies – The core competencies for THOMAS NATIONWIDE TRANSPORT is associated with the aspect of differentiating the company from its competitors in respect of skills, resources as well as activities that are unique and cannot be copied by the other rival brands.
1.2 Analyse the factors that will have an impact on your business when you are formulating strategic plans. There are several factors that might have an influence on the business associated with Thomas Nationwide Transport UK Ltd. Therefore, when a strategic plan is getting formulated then the factors that are to be considered are mentioned as under,
Communication – The process associated with strategic planning are considered to be a success when an approach associated with a bottom up as well as top down communication is used. It gets initiated with the communication in respect of every employee level providing information in which a process of strategic planning is to be considered. It also considers the aspects by which they will have an involvement in the process. (Lamb, 2008)
Engagement – A major aspect regarding the formulation of strategic plans is the engagement of employees from every stage all over the organisation of TNT. The engagement of
employees does the generation of extra inputs as well as assists in building their level of assurance in respect of the final planning. It is important for involving staffs in the process towards strategy planning as well as direction in respect of TNT.
Culture – The culture of an organisation is associated with the general attitudes, values, beliefs as well as behavioural aspects of the staffs working in TNT. The cultural scenario of THOMAS NATIONWIDE TRANSPORT is considered to be exclusive as well as varied which is identical to the personality of a person. When the staffs working in THOMAS NATIONWIDE TRANSPORT starts believing that change is an aspect that is to be feared as well as evaded, then implementing a scenario of change is mostly mechanical as well as disorganized. (Lamb, 2008)
Innovation – There are certain strategic plan that takes into consideration strategic aspects for developing a new product or delivering a new service or re-building a department and so on. They put team of individuals in a collective way for working towards the significant efforts as well as providing them with money for doing investment for ensuring the success. But in due course of time, there also comes into focus the possibility, that if the particular team won’t be realizing the strategic objectives that are provided to them then, as a result the strategy will be considered to be a failure.
Project Management – After the strategic plan is together, there exists two major elements associated with the management of the project. One of them is identifying the project that is needed for ensuring the success for executing every strategy. The other one is developing a prioritization of each of these projects for ensuring that the one having the high priority should possess the appropriate resourcing for ensuring success. There is a requirement of high involvement as well as commitment from the staff’s end in this respect for spending the time needed on the projects. (Barden, 2015) The increased involvement level of the staffs makes sure that they have an understanding of the plan associated with the strategy. This assists in increasing their commitment level for ensuring that there is successful execution of the strategy.
1.3 Evaluate the effectiveness of techniques used when developing business plans.
relevant strategic
There are different techniques that can be used when developing strategic business plans in respect of Thomas Nationwide Transport UK Ltd. These are known as BCG Growth-Share Matrix as well as Space Matrix. The effectiveness of these techniques when developing strategic business plans are mentioned as under,
BCG Growth-Share Matrix – This technique explains that a growth in the relative share of market will assist in the growth of cash generation. As a result, business position in respect of growth-share matrix offers an indication towards the generation of cash as well as the consumption of cash that can be described by four categories that are described as dogs, question marks, stars as well as cash cows.
Dogs – These are considered to be the organisational scenario which possesses a low share of market as well as a diminished rate of growth and because of that there is no generation or consumption of huge amount of cash. (Kerin, 2001)
Question Marks – These are considered to be the organisational scenario in which the organisation is developing at a fast pace and therefore does the consumption of greater percentage of cash, but since they possess a low share of market there is no generation of a large amount of cash. Stars – There is the generation of an increased amount of cash in respect of stars since the companies having this organisational scenario possesses a strong relative share of market, but also does the consumption of a considerable amount of cash due to their increased rate of growth. (Kerin, 2001) Cash cows – The cash cows showcases a return on assets which is more in comparison to the rate of growth in respect of the market and as a result there is the generation of an increased amount of cash in comparison to what can be consumed. (Kerin, 2001)
Space Matrix – This is considered to be a tool of management that is used for analyzing an organisation. This tool of management is utilised for determining what kind of strategic aspect an organisation should be undertaking. The term SPACE stands for Strategic position and action evaluation matrix. It concentrates on the formulation of strategies particularly associated with the competitive positioning of a company. The Space matrix constitutes of four quadrants in which every particular quadrant refers to a different kind or nature of strategic aspect. The four quadrants are known as aggressive, conservative, defensive as well as competitive.
Shell Directional Policy Matrix – This kind of matrix does the assessment of the business performance on factors associated with the profitability of the sector as well as the competitive strength of a company. This will assist to understand the present organizational status. (Barden, 2015)
PIMS – The Profit Impact of Market Strategy is associated with the covering of the extended period of research associated with the performing ability of the units of business strategy in the company. The functional aspect of this approach is to evaluate the relationship amongst the decisions related to major strategies as well as their outcomes.
Advantages and Disadvantages of Strategic Plans Advantages
Forces an objective evaluation – Strategic plans are providing a discipline that enables the senior management for thinking about the organization’s future.
Provides a framework for making decisions – Strategic plans are providing a structure where every employee will be making daily functional decisions as well as understanding that those decisions are moving the company in a particular direction.
Enables measurement of progress – Strategic plans will be forcing a company in setting goals as well as measurement of success. (Baines, 2012)
Disadvantages
It can be expensive – There are various companies that will not be affording for hiring an external consultant in helping them with strategic development. Before the implementation of strategic plan there is a need to undertake benefit/cost discussion.
Impedes flexibility – Certain organizations does the development of a strategic plan that is excessively formal and there is the lacking of innovation and can negatively affect the organizational ability in developing creative strategic aspects.
Task 2 2.1 Analyse the strategic positioning of your chosen organisation by carrying out an organisational audit. An organisational audit for analysing the strategic positioning for THOMAS NATIONWIDE TRANSPORT can be carried out with the help of a SWOT analysis.
SWOT Analysis TRANSPORT
of
THOMAS
NATIONWIDE
Strengths (S) – The organisation is providing job opportunities to more than 75,000 individuals in around 200 countries. The company possesses a variety of services and are having a huge inclination especially in the markets in Europe. The company is identified as a force for innovation in the courier industry and are possessing more than 2,300 company owned depots and operates with 50 flights and almost 26,000 trucks.
Weaknesses (W) – The diversification of the services for the company is not much. Since this segment is considered to be highly competitive, there is a limited growth in the share of the market. Also, there exists a position in respect of equity, whose consolidation is done in a negative way. (Keegan, 2002)
Opportunities (O) – There is the scope for increased diversification of products and services. There is the opportunity for expanding and penetrating new places as well. There exists the opportunity to build an effective future in respect of the economical circumstances in UK. Also, by possessing an amalgamation of logistics and digital results will support in creating an additional customer value. There is also the opportunity to develop new scenarios in respect of the network of organisation, employees possessing more existence and knowledge of the customers. (Keegan, 2002)
Threats (T) – There are a constant threat from the small companies since they are offering services having less cost. The economy might start decelerating as there might be the possibility of the purchasing power to start getting reduced in the markets in Asia. There exists the risk of getting exposed in respect of specific sectors and various changes in respect of legal and regulatory scenarios. There also exists a strong competition in the markets that are associated with the mails as well as parcels.
The type of strategy that Thomas Nationwide Transport is following is described as operational strategy. It is primarily associated with precise translation of the business strategy into a consistent as well as actionable functioning plan. This strategy delves with the aspects of which capabilities are required to be created or enhanced, what are the technologies that are required in that respect, which
are the processes that requires improvement and finally are there adequate manpower that is required for doing the job. This strategy mainly concentrates on supporting the strategies that are associated with corporate as well as business and are associated with the operational areas of business such as finance, marketing, personnel and so on. In respect of Thomas Nationwide Transport, there is the ability to carry out an organisational audit for better understanding of the strategic positioning of the organisation. The different tools that are utilised in respect of organizational audit mentioned as under,
Position audit – This is focused on understanding the present state of the company through the examination of resources, brands of product, systems associated with functioning, internal organisation as well as financial resources. (Barden, 2015)
Resource audit – This will be covering all the resources in respect of the company as well as their assessment for determining the most suitable methods for utilizing them.
SWOT Analysis Strengths ·
Size of the market
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Familiarity level
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Loyal status & high brand loyalty
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High brand portfolio
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Diversified structure of management throughout
Opportunities ·
Globalization as well as urbanization
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Growing number of female staffs
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Economic liberalization and agreements of trade.
(Baines, 2012)
the world. Weaknesses ·
Weak performance
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Highly complex structure of the organization
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Increased cost (Baines, 2012)
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Tough competition with the organizational brands.
Threats ·
New entrants
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Social product awareness
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Economic situational aspects
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Competition.
2.2 Carry out an environmental audit for your chosen organisation.
To carry out an environmental audit in respect of Thomas Nationwide Transport UK Ltd. it is required to be taken into consideration a PESTEL analysis which is described as under,
PESTEL Analysis for THOMAS NATIONWIDE TRANSPORT
Political (P) – The governmental policies and laws that affects where and how the companies are required selecting their competition and changes associated with deregulation as well as the local administrative body that considers the global industry associated with transportation and affecting not only the primary competitive environment but the decisions taken in respect of the strategic aspect taken by the company to compete globally. (Johnson, 2011)
Economical (E) – The changing circumstance that takes place in various countries in respect of return on investment will be having a major effect since THOMAS NATIONWIDE TRANSPORT is an international organisation that operates in different parts of the world. Moreover, the inflation and the global market for competition will have an increased effect on businesses to minimise the cost of operation, that takes into consideration the implementation of the just-intime inventory management system and the creation of an aspect related to need towards speed as well as accuracy in all scenarios of business.
Social (S) – THOMAS NATIONWIDE TRANSPORT is listed amongst the top employment organisations in UK and provides improved work related scenarios and the welfare of the employees. There is improvement in the customer relationship by the identification of the different requirements of the customers. This provides assistance to build an improved level of assurance as well as reliability.
Technological (T) – There is the use of complex scenarios associated with technology to enable customers to assess with precision the delivery status whenever they feel like doing it. (Johnson, 2011)
Environmental (E) – For minimising their impact on the environment, THOMAS NATIONWIDE TRANSPORT is very much committed in respect of their operational scenario and also for conducting their business in a sustainable way. It identifies with the value of business that could be achieved to create a sense of consciousness within drivers in respect of the process associated with driving that will support in the improvement of welfare and efficiency. Due to this, the drivers are trained in the process which is described as SAFED that stands for Safe and fuel-efficient driving as well as to earn certificates for competency. (Johnson, 2011)
Legal (L) – In Asia Pacific, the scenario associated with deregulation of trade supported in the opening of new markets in respect of THOMAS NATIONWIDE TRANSPORT and expanding the brand globally was the major concern for the organisation.
2.3 Assess the significance of stakeholder analysis when formulating new strategy. Before discussing the significance of the stakeholder analysis towards the formulation of new strategies, let us first identify the major stakeholders for the organisation which are,
Customers – THOMAS NATIONWIDE TRANSPORT has the reliability to deliver outcomes in regard of the commitments that are made to the consumers and expecting the needs to change with the assistance of products and services that could easily used in addition to excellent assistance from consumers.
Employees – People possessing competence, passion as well as dedication are employed for functioning in a collective process to provide the most increased level of effective service and care for consumers.
Suppliers – The organisation supports in building partnerships which are effective for both parties in respect of effective organisations and focusing towards the building of bonds that are of greater time period for offering support to actualise the collective goals.
Society – THOMAS NATIONWIDE TRANSPORT concentrates on getting identified as an accountable entity in society, globally and locally with the assistance offered towards the corporate establishments in respect of corporate social responsibility. (Gelder, 2003)
Shareholders – The organisation supports in maximization of the value for the shareholders by the production of profitable aspects that are continuously improving.
(Slideshare, 2016)
The significance of mentioned as under,
stakeholder
analysis
is
Strategies for marketing – When a new strategy is being developed in respect of TNT, an important consideration is made in respect of the important customer stakeholder group. For this, there is the need of characteristics like honesty, transparency, and fairness in respect of communication and customer interaction which is considered to be a primary possibility. As a result, conducting market research is considered to be an important technique in respect of marketing that can be utilised to learn in respect of learning about the needs and motive of the target customers.
Corporate citizenship – For the maintenance of a balance amongst the primary social and community responsibilities in respect of productivity is mainly highlighted in previous companies. The community leaders expect to possess a requirement for functioning in a honest and reliable way. Moreover, getting engaged in different events of the community supports in getting established in a better way in the form of a committed associate of the area where THOMAS NATIONWIDE TRANSPORT operates. (Gelder, 2003)
Employee motivation – The evaluation of the functions of the staffs in THOMAS NATIONWIDE TRANSPORT supports in the optimization of the satisfaction level and also manufacturing. Major increased phases are associated with the assessment of employees which are expressed as profitability and confidence. The assessment of needs and employee welfare supports in the creation of an environment for work to motivate them. A primary probability of the employees is associated with their ability to provide propositions in respect of significant scenarios associated with decisions. In addition to that, the organisation needs to assess the laws in respect of employment that have an association with recruitment, activities towards promotions and rational practices to meet the legal urge and to offer an environment for work which is not discriminating.
The analysis could be made with the assistance of a power/interest matrix that is mentioned as under,
Stakeholder’s identification – The primary stage is to do wrack the brains in respect of the stakeholders of TNT.
Stakeholder’s prioritization – Then, there is a requirement for the stakeholders in getting priority in respect of their impact which they might be possessing over the operational
scenario of THOMAS NATIONWIDE TRANSPORT as well as the level of interest they possess on the functioning in respect of TNT. This occurs with the support of power/interest matrix which is as follows, High power, interested people – The people who are having total involvement and best attempts are made in respect of their satisfaction. High power, less interested people – There is the requirement for putting adequate activity in respect of such people to offer them satisfaction, but should not exceed a certain point beyond which there is a feeling of indifference in them. (Gelder, 2003) Low power, interested people – The people who are required to be adequately informed and communicated in a proper way to make sure that no important scenario occurs. Low power, less interested people – Again, such people are to be evaluated but they should not start having a feeling of boredom because of extensive information.
Major stakeholder understands – There is a significant need for understanding in respect of the major stakeholders, the feeling and reactions they are possessing and how effectively they can be part of the evaluation of strategies.
2.4 Present a new strategy for your chosen organisation. To present a new strategy in respect of Thomas Nationwide Transport UK Ltd. the Ansoff Matrix can be taken into consideration. Let us have a brief discussion in this regard,
Penetration of the market – Through the Ansoff Matrix strategy, THOMAS NATIONWIDE TRANSPORT in growth through the use of present contributions to the market. It supports in the growth of the market share in the current market scenario, which considers the developing share of the market that exists in different market segments. This can be done through the sale of a growing number of products as well as services to the available customers and having new consumers in the current markets.
Development of the market – Through the Ansoff Matrix strategy, THOMAS NATIONWIDE TRANSPORT will expand towards new markets that can be achieved through different segments of customers, global markets, unchartered territories inside the country. However, this strategy is more risky in comparison to market penetration strategy since THOMAS NATIONWIDE TRANSPORT is expanding into a new market. (Boone, 2015)
Development of product – Through the Ansoff Matrix strategy, THOMAS NATIONWIDE TRANSPORT supports in the creation of new products and services that are focused towards the present market for achieving growth. This considers the spreading of the product range that is available in the current market. This can be achieved through the investment in research and growth of additional products, actualisation of rights to produce other’s products, product purchase and conducting branding and mutual development of the product in respect of possessing different products that needs access to the company’s distribution channel and this risky in comparison to the strategy for market development.
Diversification – Through the Ansoff Matrix strategy, THOMAS NATIONWIDE TRANSPORT will like developing its market share by introducing new contributions in the market. This a most
risky strategy since there is a requirement associated with the product and market growth. There exist two types of diversification which are related diversification and unrelated diversification. Related diversification again is sub-divided into two sub parts which are concentric diversification and vertical integration. (Brassington, 2000) From the above discussion it can be analysed that although there is a greater risk associated with the use of this strategy, there is also a greater rate of return. Another benefit of using this strategy is to having the potentiality for achieving a platform in the competitive market and also minimising the threat of complete business portfolio. (MindTools, 2016)
Task 4 4.1 Assess the roles and responsibilities of personnel who are charged with strategy implementation The roles as well as responsibilities of personnel who are charged with implementation of strategies are mentioned below,
Envisioning future strategy – The function considers the clear strategic interaction in an internal and external way. The organisation is considered to be the internal party whereas the various stakeholders are considered to be the external parties.
Organisational alignment – Every staff of the organisation is expected to get committed in respect of strategy implementation. These people are motivated to follow this strategy as well as need to possess the empowering scenario associated with the delivery of the changing aspect. (Barden, 2015)
Exemplifying change – The strategic implementation is related with the organisational change that will be taking place.
Evaluation of the staff performance – The employee performance needs to be evaluated on the standards of performance that are positioned in the beginning.
Defining the objectives of the team – This is done in respect of combined strategic tasks as well as for taking care of any requirement associated with the development of training which the staffs are required to possess for excelling in the work they are required for performing. (Baker, 2010)
Assignment of roles – This should be done in respect of the plan, which depends upon the proficiency as well as individual ability of the employees.
Communicating the strategic plan – The strategic plan gets communicated to the staffs as well as in what ways it gets connected with the greater goal of the company. The staffs should get appraised in regard to the strategic decisions and in what ways will it influence their work and the outcome that is anticipated from them in this regard. (Baker, 2010)
4.2 Analyse the estimated resource requirements for implementing a new strategy for a given organisation. To implement a new strategy for TNT, resource allocation is very significant. This resource requirement can vary from one organisation to another and also in respect of different strategies. There is significance that the environmental scenario of the company and type of resource determines the resource requirement. THOMAS NATIONWIDE TRANSPORT needs to do the implementation of three significant resources for implementing a new strategy.
Technical Resources – This considers resources that have an association with production, financial scenario, and marketing scenario which is needed for implementing strategies for interaction in the company. The reason being that these strategies mainly focus towards the improvement in product as well as service quality in the organisation, and recommendation is made towards the allocation of better technical resource in respect of the quality growth. (Baker, 2010)
Human Resources – These are the important requirements to implement a new strategy for the organisation. There is a requirement to develop the human resources for implementing additional attributes in association with learning and growth scenario.
Financial Resources – The aforementioned two strategies involves fundamental expense associated with activation and in that respect the organisation needs to allocate appropriate financial scenario in respect of the activities associated with the implementation scenario.
Managers and staffs – This is needed to run new offices in various new locations. In respect of the new strategy, these offices could be in various geographical locations and therefore recruitment of local skilled individuals may be appropriate as well. (Baker , 2010)
Research and development – The aim of the new strategy is associated with the expansion of the product, diversification as well as discovering new range and therefore, it will assist in having a team of research and development set to concentrate on the trends of the market, choices of the consumers and so on for bringing improvement to the range of product of the organisation.
4.3 Evaluate the contribution of SMART targets to the achievement of strategy implementation in a given organisation. The contribution of SMART targets for achieving strategy implementation in THOMAS NATIONWIDE TRANSPORT are mentioned as under, Specific (S) – Possessing a particular goal has the opportunity of increased options for achievement when compared with a fundamental goal. To implement a particular goal there is the need to answer the 6Ws which are who, what, where, when, which and why. This will support THOMAS NATIONWIDE TRANSPORT for implementing a new strategy by replying to the 6Ws. (Baines, 2012)
Measurable (M) – For establishing an actual scenario for measuring growth in respect of achieving all the set goals. When the measurement of this advancement happens, there is a possibility to reach the target date and experiencing the outcome for actualisation of the objective. This will support the organisation through the measurement of the new development. Attainable (A) – Post identification of the objectives, there is a requirement to figure out processes through which they could be achieved. There is a growth of attitudes, skills and financial scenario to achieve them. This will support THOMAS NATIONWIDE TRANSPORT for implementing a new strategy through the selection of processes to achieve them. (Armstrong, 2014) Relevant (R) – To have relevance, there is the requirement of having an objective for signifying a goal in respect of which there is an urge and capability for functioning. A goal is required to be elevated and realistic as well. This will support THOMAS NATIONWIDE TRANSPORT for implementing a new strategy to signify a goal in respect of which there is the urge and capability for functioning. Time-based (T) – A goal should possess an appropriate time frame. The time frame is needed since there is the need to actualise the objective within the estimated time frame. This will support THOMAS NATIONWIDE TRANSPORT for implementing a new strategy through the actualisation of an objective within the estimated time frame. Contribution of SMART target
When there are no specific targets then the situations will be haphazard and all the efforts will be futile.
When targets are not measured in accord with the targets that are established then there is no possibility in identifying the discrepancies.
There must be attainable targets by the organization
There must also be targets that are considered realistic by the organization
There should be a time limit for the target that needs to be attained. (Baines, 2012)
Advantages
Forces an objective evaluation – Strategic plans are providing a discipline that enables the senior management for thinking about the organization’s future.
Provides a framework for making decisions – Strategic plans are providing a structure where every employee will be making daily functional decisions as well as understanding that those decisions are moving the company in a particular direction.
Enables measurement of progress – Strategic plans will be forcing a company in setting goals as well as measurement of success. (Baines, 2012)
Disadvantages
It can be expensive – There are various companies that will not be affording for hiring an external consultant in helping them with strategic development. Before the implementation of strategic plan there is a need to undertake benefit/cost discussion.
Impedes flexibility – Certain organizations does the development of a strategic plan that is excessively formal and there is the lacking of innovation and can negatively affect the organizational ability in developing creative strategic aspects.
CONCLUSION This case study delves with the different strategic aspects related to business that occurs in TNT. This considers the evaluation of strategic positioning in respect of TNT, organising an environmental audit, evaluating the important of stakeholders towards the formulation of a new strategy, evaluating the approximate resource requirement for implementing the new strategic aspect for the organisation. There is the assessment of the company’s missions, visions, objectives, goals and core competencies and the analysis of the factors that will affect the business when strategic plans gets formulated. The effectiveness of the relevant techniques has been evaluated to develop strategic plans. Then the strategic positioning of the company has been analysed by carrying out an organisational audit and the significance of the stakeholder analysis has been analysed as well as the assessment of the roles of the personnel who are responsible for the implementation of strategies and assessed requirement of resource to implement a new strategy is analysed.
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