From attached three of the files below, you will build a complete strategic plan that includes: Strategy Formulation,Strategy Implementation, andStrategy EvaluationNOTE: 2000 words only but not less

Running head: STRATEGY FORMULATION DRAFT

Phase 1: Strategy Formulation Draft

Name

2019081614

BUSI 4153- Business Strategy

Professor

Sunday, August 7, 2022

An analysis of the current vision/mission and proposal for an updated vision/mission,

The management of the company should emphasize the vision and mission statement to the company employees. The mission of the organization is for the workers and the management of the company. The strategic approach includes adjustment of the mission to reflect the updated purpose of the organization. These employees will adapt to the change by looking at the benefits of this move as well as a reduction in losses. By declaring the vision, it guides what is expected for the future of the company. It describes optimistic, long-term goals and what has to be accomplished, the person they are assisting as well as the perception of the company. The vision statement provides every person with a rundown concerning what they are working for.

External Factor Evaluation Matrix and Porter’s 5-Forces Analysis

This is a method in the management of the company often used in determining the trends in the markets. The matrix is a stronger instrument for imagining as well as evaluating of the risks plus opportunities of the company. This is the analytical technique that is synonymous with the application of the SWOT.

According to Porter, the business should keep a close look at the competitors. He encouraged businesses to work beyond the actions of their rivals as well as consider variables which could affect the business. The five forces include: -

Competitive rivalry: Business has to look at how much competition they are currently facing. The number of direct rivals has to be taken into consideration.

The threat of substitutes: At this point, the customers will seek newer ways of doing what the business is doing. You have to design goods that are appealing to the customers.

Bargaining power of the buyers: You have to ask are the buyers possessed over you. Through buying the commodity, strengths are stored in quantities. Nevertheless, if you are providing service, then consumers are going to be addressed.

The threat of the new entrants: Organizations are controlled as well as involved in a significant amount of capital meaning the business will make them gain a footprint in the sector.

Bargaining power of the suppliers: You have to look at your expenses the same way you look at your expenses. Evaluation of the vendors relied upon as well as possible controls over the services and products which are being received.

Internal Factor Evaluation Matrix,

This is a strategic instrument that is used in the evaluation of the internal climate of the company as well as exposing the pros and cons.

SWOT Matrix

This is divided into opportunities, threats, weaknesses, and strengths. This tool is used in the evaluation of the four aspects of the business.

Strengths

This is what the work is doing well which can make them be singled out from the competitors.

Weaknesses

These are areas where the company is doing badly. SWOT analysis is vital when you have got requisite information.

Opportunities

These are the prospects of having something positive to hang on to.

Threats

They comprise things that negatively impact the company from outside of business including manufacturing process issues, dynamics of the industry plus the shortage of applicants.

BCG Matrix

This is a tool that is used for business planning used for the reflection of business assets in the general area along the axis of the profits margins and axis of annual growth.

Strategic direction choice and rationalization: choose one

The chapter 5, it deals with the marketing framework which is a dimension for unification in marketing plan models that come among the strategies for advertising as well as functions of the business. The systems of marketing are designed for executing marketing campaigns as well as facilitating the task of marketing. For example, when a company stresses quality of products as a core competence in the strategy of marketing, the introduction of a complete management system for quality is an effective strategy for management. The structures of marketing involve leadership as well as the operational structures, communication plus scheduling, and the network for marketing. The systems for marketing are built to simplify the functions of marketing. The chapter, also addresses the dynamics which affect marketing.

References

https://open.oregonstate.education/strategicmarketing/chapter/chapter-5-marketing-structures/