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Strategic planning

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Strategic planning

 Strategic planning

This is Solution of  Strategic Planning Assignment   in which we discuss Developing business Planning  strategy can help your company cope with aging systems and limited resources that can lead to fragmented Strategic solutions.  

 

Introduction

Strategic planning is known as the activity of managing the organisation or company which is used to plan the priorities, focusing the energy and resources, giving strength to the operations and different stakeholders are working for the common goal or objective. It also helps in establishing or creating the agreement according to the outcome and adjusts or set the working of the organisation or company's direction in the answer of the condition of changing the environment. A strategic plan means a document which is used for communicating the goals and objectives of the organisation to the employees, so that it can help in the growth of the company. It also helps in conveying the plan to the employees who are planned during the exercise of planning. 

In this study, there is a student who got the role of junior management in the multinational company of the UK called Vista. The company wants to revise its vision, mission, and directions for the plan strategically. In this process the board wants to include the staff at certain levels of the company and they have created the series of a team which will take control of the strategy and feedback by their work needed to board. They want to join the team in Singapore which has been taken into the consideration of the staff in another country.

Task 1

 

In preparation for the first virtual meeting you decide to make detailed notes in which you:

explain the organisational vision, mission, strategy and business plans and the relationships between them

Vision:

Vista is the multi-national UK based company. It provides film industry technology solutions for various sectors; studios, distributors, exhibitors as well as moviegoers. It is made up of across eight businesses in 630 staff members. Organizational visions are: provide technology solutions to its customers in the global film industry.

Organization focuses on expanding its business and gain the chances offers for growth of the business. The mission of the company is to make plans, strategies to achieve the visions. Vista group decide to design and develop the cinema management software for large circuit market. Vista uses some strategies to achieve its vision and it is accomplished by effective strategic planning. The relationship of organization vision, mission, strategy and business plans are:

The company vision is to search the company actual situations and its values which guide to the journey of it. It outlines the core values of its vision statement. Vision statements influence company culture and expectations.

Company strategy is made after the vision and mission are decided. It includes short term goals as well as long term goals. Vista has a wider variety of strategies which include people of different parts, sectors as well as the community.

All these components are linked with each other. Without these factors, it is not possible for the organization to achieve goals (Rothaermel, 2015). 

External factors:

External factors directly affect the organizations in various ways which include political factors that indirectly affect the organization's rules and regulations.

External factors are: Economic, social, technological as well as political. These factors influence the organization present and future activities, performance which found in the macro and micro external environment. In the microenvironment, some factors directly affect the organizations business which includes organization, customers, competitors, market suppliers, and intermediaries. 

Customer’s interest and involvement of the competitors directly affect to the company business. These factors are uncontrollable and not control by the organizations. Social environment, government rules and regulations affect the organization's management systems (Oibara, 2016).

Explain how external factors affect organisations and how changes in the external environment affect organisational strategy.

 

Changes in the external environment affect organizational strategies:

Some external environment directly affects the organizational business strategies which include climate, economic, technology, political, legal, competition, media, and fashion. Economic factors which include microeconomic and macroeconomic factors influence the company business. It means how much company revenue brings in per quarter. Economic downturns fluctuate so it is difficult for the company to predict it.

Social factor: culture is not certain so it is necessary for the company to change its strategies according to the culture. Vista group partners which include macs, MOVIE, Numero provide the alternatives opportunities according to the social demands. It directly affects organizational strategy(Kachaner, 2016).

Vista follows its advanced technology software and it also supports its business strategy. 

Evaluate how stakeholder expectations influence organisations

 

Stakeholder expectations influence organizations

Stakeholder’s expectations influence the organizations because they provide better opportunities for business growth. Stakeholders are those who directly affect it include customers, suppliers, company partners, employees, owners, society, creditors. These stakeholders have their own motives and unequal expectations from the organizations.

Shareholders mostly want good returns on their efforts, investment, high dividends, and demand profits, growth and share costs. In that case, they provide their potential, efforts for the growth of the organization. It directly affects the company image and its reputation(Taghian, 2015).

On the hand in the internal environment employees have their own motives and expectations towards the company. They want training, development of the abilities, safety, and security it affects the company cost management. Manage all these shareholders expectations are nowadays managed by the managers of the organizations.

Stakeholder's capabilities and ability influence organizational decisions. Stakeholders are important for an organization's survival. They are an important part of the company because their approach is important for company resources: social changes, CSR engagement and communication involvement effect towards the environmental disclosure. Stakeholder's abilities help and prevent the organization operations. All these stakeholder's expectations affect the organization business(Nason, 2018). 

Task 2

 

Analyses the mission and vision statements of named organisations.

Vista group mission is to bring the world outside, abilities and experience and follow the passions within the products. This key structure helps to outdoor enthusiasts and achieves success in the future. Vista group visions are to provide qualitative products for the outdoor enthusiast.

The organization delivers long term returns to its shareholders, values to the customers and gives rewards to its employee's performances. It is identified that the company focuses on its effective strategy to achieve its goals in the future.

Vista focused on its innovative products to its customers and increased productivity. It shows that vista group expand its business and provide its services in all over the world. The company decides to expand its brands into its engaged markets, build the strategic partnerships and improve the performance as well as activities of the employees (García, 2018).

Veezi, Vista cinema support for cinema management which includes 20+ modules of products, the powder studio provides its facility and services to film and music industry. All the mission and vision work towards organizational goals and objectives and accomplish the company targets.  Vista group set its clear and focused missions to achieve the organization objectives so in this case, it is essential for it to set a clear vision of the business.

The employees of the Vista group are passionate and dedicated to their services. They provide their efforts towards what they do.  Vista mission is to encourage its employees towards effective work and gain positive outcomes. It shows that the company builds a higher position in front of the marketplace.   

To gain a merit grade you must have a further section in the document which:

evaluates the impact of a named organisation’s vision and mission on its strategy.

Impacts of vista group vision and mission towards its strategy:

Mission and vision of the organization connect with each other and these components decide the strategy planning. Clear mission and vision set the right strategy to do the appropriate action. Vista group makes its clear vision which provides its capabilities and experience towards the products as well as the software the next step is to make plans for its strategy.

Impacts of vision and mission affect the company strategy directly and indirectly both. Vista group gain positive impacts on its vision because it makes plans for its future success and does efforts for it (Kerzner, 2019). 

Company build strategic partnerships and improve its performance. It expands its business and gains positive outcomes. These vision and missions help in accomplishing the short-term goals and provide opportunities with the brand extension.

Vision and mission improve the business strategies and provide the facility for vista group. Strategies support to leverage the success and expand the business in production as well as distributions to the cinema exhibitions. It increases the customer’s interest.  It also provides the information of various stakeholders so vista group take the chances for profits and build the company image (Gleeson,2019).

 To gain a distinction grade you must add another section to the document which:

  • analyses how external influences affect organisational strategy in a named organisation.

External influence affects the vista group strategy in various ways which include political factors, legal and policy structure involved the organization exists. For example, commercial law, labour law and environmental law directly affect to the company business and its strategies. Vista groups make plans by focusing on these laws and then make strategies. 

Government of the UK set its laws and makes plans for all the organizations to follow its instructions. In that case, it is essential for the company to follow and obey all the laws, rules and regulations of the government. It helps to avoid the risks and encourage the business to do work with loyalty and honesty (Dibrell, 2014).

Competitors directly affect the company business; arrivals of the competitors decrease the image of the company. Market rivalry, industrial conditions, market structure directly affect the organizational strategy.

Vista focuses on market conditions then set its strategies, market fluctuations and uncontrollable environmental factors affect the vista business in that case vista groups make plans according to all these situations and conditions (Wheelen, 2017).

Task 3 

The virtual meeting which is asked by the organisation to their employees needs to be developed so that it can explain the effectiveness of the strategy of a plan created to grow the company. 

 

Strengths:

·         In Vista, there is a strong network of distribution which helps the company in supplying their products in other countries like Singapore. It is a multinational company and they want to expand their market in those countries where they are not established this will automatically increase their market.the vista international has created a highly reliable and strong network so that they can reach to the potential market (Schrader, et. al., 2012).

·         The successful track record of creating new products like product innovation is very helpful for the company in increasing its profit in another country. The strategy of providing the same good with new packing is a trick which is used by Vista international so that they can fulfil the requirement of the customers and achieve the goals and targets of the company.

·         The company has a highly skilled workforce which will produce the goods and services to the customers. The company gives a special programme to their employees to make them skills so that they can produce goods with full efficiency and effectiveness (Peng, 2017).

·         The company has maintained its track record in a very good manner so that their reputation in the market cannot go down. A good track record is very difficult to maintain because no matter how a company works with full dedication, they will definitely create a mistake which will bring their reputation down in the market but Vista international has taken care of their reputation and track record in the market by fulfilling the requirement of the customers on time.

Weakness:

·         Every company has the tendency to compare them with other company so that they can judge themselves whether they are at a good level or not (Alsudiri, et. al., 2013). Vista international has a very high level of attrition rate and they have to spend a high amount to compare themselves with the other companies or their competitors.

·         The investigation has been done on the development of the company. The investigation is a threat to the company because they show the real face of the company and lead to depression and brings down the morale of employees of the company. 

·         The Vista international is not that successful in the integration with the various types of cultures in another country. The company also has its relation with their failure in merging the companies that have a difference in the cultural workforce (Cserháti and Szabó, 2014).

Opportunities:

· The latest technology gives a company like Vista international has the opportunity to practice the strategy of differentiated pricing in the new market. it will help a company like Vista international to make their customers loyal towards them and lure the latest customers by the help of different propositions-oriented value (Kane, et. al., 2015).

·         The changes in the taste and preferences in the consumers automatically change their behaviour towards a particular brand and Vista international knows this very well that is why they provide best deals and opportunities to their customer so that they can increase market span. It also helps companies to create a new amount of revenue streams in the market which deserves this level of respect.

·         The rate of inflation in the market is very low which lead to more stability within the market. It also enables the low-interest credit to the customer of Vista international.

·         It also has the opportunity to decrease the cost of transportation because the price of shipping will also be decreased in the Vista international. It will help the company to transport goods and services in other countries in lesser price. This habit will automatically lead to a higher amount of profits and more gain to customers which will capture the market (Awais and Samin, 2012).

Threat:

·         In various markets, a company like Vista international has to face different types of lawsuits. Differentiated laws and regular fluctuations as per the product have the standards in the market.

·         The rise in payment of competitive company will lead to the laws of skilled labour and employees of the company and they try to shift their jobs because of a higher salary. Increase in the prices of Singapore will lead to heavy pressure on the profit of Vista international.

·         As Vista international is operating in various countries, it will definitely face the problem of currency fluctuation especially if the changes have been done in the political matter.

·         Companies in the market store or retain the employees of the company because they know the value of skilled labour and if they lose them due to the reason of salary then they will automatically lead to loss of the company in profit and goodwill.

Task 5

A strategic plan will be developed in this study where it will help in explaining the need for the creation of a plan. It will also help in delivering the strategy to the consumers so that they can use the product with full efficiency and effectiveness.

The strategic plan of Vista international:

·         The first company will determine where they are and what they want to achieve in by their business operations which they are performing. This is not easy as it looks because it is very difficult to understand where a company is and at what place they want to reach. This is a kind of trap which is and many companies have got stuck in this trap created by their own. If the company has determined themselves at a wrong place then they will not be able to make profits because they will reach at a wrong place somewhere (Phadermrod, et. al., 2019.).

·         The step in the strategic plan is that they have to determine the important part of their company. It is the plan which is formed by the company about where they want to reach after some time in future. It is also not an easy step to perform because one wrong assumption and company will come down where they never want to be in their life.

·         Another step is that company Vista international has to define for them what to achieve so that they can bring change in them. To understand what the company wants to achieve in their lifetime is very important and necessary to reach somewhere in life.

·         The company must understand about the accountability of the plan if it gets fail because if it gets successful then everybody is available to take the credit.

·         A final decision is to take about how they have to gain by this planning.

Stakeholders are also involved in the formulation of the plan because they are the one who will decide what to perform and what not to.Stakeholders are the person of higher designation or administration because they make the plan for the good working environment and higher production of the company (Brooks, et. al., 2014).

Dissemination planning is to make sure that the outcome of the project will be used in the research project and it should be created with the help of dissemination plan which will explain the stakeholders of the project, relevant institutions and organisations. 

·         Vista international has to find about why they want to create a plan for their stakeholders.

·         Now the company has to understand what they want to achieve by creating this plan.

·         This plan is created for the stakeholders of the company.

·         Then they have to choose a method through which they will achieve the goals and objectives of the company.

·         Now the company has to decide the time about when they will be able to reach to their decided stop.

A monitoring plan which will be developed by the company to apply the strategic plan is that they have to overview the plan when it is in the processor in between the application of the plan. It will help the company to make changes in the plan so that they can achieve the goals and objective of the company (Li, et. al., 2016).

 

Conclusion:

It is investigated that vista group described its vision, mission, strategy and business plans. It is directly connected with each other. External factors directly affect the organization. Changes in the external environment affect vista group strategies. In this report, it described that stakeholder's expectations and needs influenced the organization. External influences affect the organizational strategies and these impacts also affect the company business. In this report, it explained the importance of developing an organizational strategy and business plans. There are various types of tools that are used in the organizational strategy as well as business plans. These tools help the organization to build its position in the current marketplace. In this report, it explained the organization current business strategy strengths and weakness. In the other tasks, it explained the strategy options for Vista Company by using modelling tools. It is described that the structure of the plan which is essential for the strategic support to the business growth and development.  At the end of the tasks, the organization implements strategic plans for its future success and growth. A strategic plan helps the organization to accomplish the goals which include the short and long term. These plans support the business internally as well as externally.

 

References:

  Alcudia, T., Al-Karaghouli, W. and Eldabi, T., 2013. Alignment of the large project management process to business strategy: A review and conceptual framework. Journal of Enterprise Information Management26(5), pp.596-615.

·         Awais, M. and Samin, T., 2012. Advanced SWOT Analysis of E-commerce. International Journal of Computer Science Issues (IJCSI)9(2), p.569.

·         Brooks, G., Heffner, A. and Henderson, D., 2014. SWOT analysis of competitive knowledge from social media for a small start-up business. The review of Business information systems (Online)18(1), p.23.

·         Cserháti, G. and Szabó, L., 2014. The relationship between success criteria and success factors in organisational event projects. International Journal of Project Management32(4), pp.613-624.

·         Dibrell, C., Craig, J.B. and Neubaum, D.O., 2014. Linking the formal strategic planning process, planning flexibility, and innovativeness to firm performance. Journal of Business Research67(9), pp.2000-2007.

·         García-Sánchez, E., García-Morales, V.J. and Martín-Rojas, R., 2018. Analysis of the influence of the environment, stakeholder integration capability, absorptive capacity, and technological skills on organizational performance through corporate entrepreneurship. International Entrepreneurship and Management Journal14(2), pp.345-377.

·         Gleeson, P., 2019. Internal & External Factors That Affect an Organization, [Online] Chron , Available at: https://smallbusiness.chron.com/internal-external-factors-affect-organization-16641.html [Accessed on: 5th May 2019].

·         Kachaner, N., King, K. and Stewart, S., 2016. Four best practices for strategic planning. Strategy & Leadership44(4), pp.26-31.

·         Kane, G.C., Palmer, D., Phillips, A.N., Kiron, D. and Buckley, N., 2015. Strategy, not technology, drives digital transformation. MIT Sloan Management Review and Deloitte University Press14, pp.1-25.

·         Kerzner, H., 2019. Using the project management maturity model: strategic planning for project management. Wiley.

·         Li, C.Z., Hong, J., Xue, F., Shen, G.Q., Xu, X. and Luo, L., 2016. SWOT analysis and Internet of Things-enabled platform for prefabrication housing production in Hong Kong. Habitat International57, pp.74-87.

·         Nason, R.S., Bacq, S. and Gras, D., 2018. A behavioral theory of social performance: Social identity and stakeholder expectations. Academy of Management Review43(2), pp.259-283.

·         Ogbari, M.E., EGBERIPOU, R., Ajagbe, A.M., Oke, A.O. and Ologbo, A.C., 2016. Accomplishments of organisation mission through the appropriate implementation of strategies. Sci. Int. (Lahore)28(2), pp.1719-1731.

·         Peng, M.W., 2017. Cultures, institutions, and strategic choices: Toward an institutional perspective on business strategy. The Blackwell handbook of cross‐cultural management, pp.52-66.

·         Phadermrod, B., Crowder, R.M. and Wills, G.B., 2019. Importance-performance analysis-based SWOT analysis. International Journal of Information Management44, pp.194-203.

·         Rasula, J., Vuksic, V.B. and Stemberger, M.I., 2012. The impact of knowledge management on organisational performance. Economic and Business Review for Central and South-Eastern Europe14(2), p.147.

·         Rothaermel, F.T., 2015. Strategic management. McGraw-Hill Education.

·         Schrader, C., Freimann, J. and Seuring, S., 2012. Business strategy at the base of the pyramid. Business Strategy and the environment21(5), pp.281-298.

·         Taghian, M., D’Souza, C. and Polonsky, M., 2015. A stakeholder approach to corporate social responsibility, reputation and business performance. Social Responsibility Journal11(2), pp.340-363.

·         Wheelen, T.L., Hunger, J.D., Hoffman, A.N. and Bamford, C.E., 2017. Strategic management and business policy (p. 55). Boston: pearson.

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