Understanding Business Strategy Essay Example | Topics and Well Written Essays - 2250 words

Understanding Business Strategy - Essay Example The report states the different elements of the strategic plan of the company while studying the importance of each element. It is seen that BCG matrix analysis technique for charting the strategic plan is useful in further deciding the courses that can be offered at the new overseas centre. Table of Contents 1. Introduction 2. Vision 3. Mission 4. Goals/ Aims 5. Objectives 6. Core competencies of ABCD 7. Strategic planning techniques 8. Competitive advantage for ABCD 9. Role of managers at ABCD 10. Conclusion and recommendations 11. Personal Reflection 12. References 1. Introduction This report is intended to give a strategic plan to the management of ‘ABCD’ for establishing their branch in India with different program offerings. ‘ABCD’ is a service provider in adult education, situated in Central London and has been operating since the last ten years. It has plans to extend its operations in India from the coming academic year, and this report helps docume nt the various tangible and intangible efforts, ideas and experiences of the company in terms of its vision, mission, goals, aims and objectives, etc. Business strategy is defined as the selection of ideas and assets to meet long-term goals (What is business strategy?, 2012).The concept of strategic planning under the purview of strategic management is also introduced in the report to stress on the importance of having a business strategy for the proposed India centre. Strategic planning includes among others, defining the business goals of the organization and formulating a business strategy that can be implemented successfully by the organization for effectiveness and profitability. 2. Vision The vision of a company clearly declares the future direction of the business and helps the company clearly states its image that it wants to see in the future. A vision statement states the company’s position over the next 5 to 10 years into the future in terms of the direction it is headed in, where it wants to see itself in terms of market position, which market segment it needs and plans to focus, what strategies it plans to implement and how it plans to develop its capabilities for future. A vision statement infuses a sense of purpose for the company and sets a clear direction for the immediate future. ABCD Company has a vision statement based on its intent to provide educational services to adults. It has plans to utilize its expertise in the field of providing educational services by expanding into the global market with a new office in India by the next academic year. The company also intends to offer some of the courses that it currently offers at its London based college that has an extensive course offerings along with a pool of resources in terms of 50 part-time and full-time employees who are all highly experienced and well qualified in teaching methodologies (Olsen, 2011). Vision statement of ABCD: â€Å"to integrate capabilities and resources to p rovide worldwide adult educational services to facilitate and improve the quality of adult education†. This vision statement is key in establishing a clear direction and a sense of purpose for the management and staff of ABCD and it is also essential that the management clearly communicates its vision to the staff and enable them to set goals for the next 5 years based on this vision. Both individual and organizational level goals can be set against the backdrop of the company’s vision statement (Biz/ed, 2006). 3. Mission A mission statement of a company states the current position of the company and its values that form the basis of formulating its vision statement for future (Biz/ed, 2006). A mission statement helps the company clearly envisage itself in terms