Business Strategy

In: Business and Management

Submitted By lion2222
Words 1635
Pages 7
Nelson College London | Course title | Unit number and title | BTEC HND in BUSINESS | Unit 7 : Business Strategy | Student name Student ID | Assessor name | | | Date issued | Completion date | Submitted on | 12th May, 2014 | | | | | Assignment title | Business Strategy |

Assignment Brief

Study of business strategy is vital for managers. Different strategic & audit tools help the managers to make appropriate strategic decisions for their respective businesses. Here, in this assignment, different strategic & audit tools along with various analysis methods have been covered. Theoretical framework of aspects of business strategy has been developed with appropriate examples in order to achieve all the assessment criteria.

Task 1: Understanding the Process of Strategic Planning

1.1. Explaining Strategic Contexts & Terminology

Organizations come to businesses with certain targets. They want to see themselves in certain expected positions in a certain period in future. They have certain goals & reasons behind their existence in the market & they identify definite means to accomplish them. These things can be expressed using different terminology -

Mission: Companies have definite mission statements. The mission statement clarifies the purpose of the company for which it has entered into the market. In a nutshell, mission justifies the firm’s existence. (OREGAN, N and Ghobadian, A, 2002) According to Christopher Bart, there should be three components incorporated in the formal mission statement: * Target market of the company * What the company contributes to its target market & * What makes it distinct from its competitors (BART, Christopheer, 1997)

However, often the mission statements do not contain all these three components. For instance, the mission…...

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