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Business Strategy

Aim

The aim of this unit is to give learners the knowledge and understanding of how a business unit can strategically organise and plan for likely future outcomes in order to be successful.

Learning outcomes and assessment

LO1 Understand the process of strategic planning

1.1 assess how business missions, visions, objectives, goals and core competencies inform strategic planning

1.2 analyse the factors that have to be considered when formulating strategic plans

1.3 evaluate the effectiveness of techniques used when developing strategic business plans

LO2 Be able to formulate a new strategy

2.1 analyse the strategic positioning of a given organisation by carrying out an organisational audit

2.2 carry out an environmental audit for a given organisation

2.3 assess the significance of stakeholder analysis when formulating new strategy

2.4 present a new strategy for a given organisation

LO3 Understand approaches to strategy evaluation

3.1 analyse the appropriateness of alternative strategies relating to market entry, substantive growth, limited growth or retrenchment for a given organisation

3.2 justify the selection of a strategy

LO4 Understand how to implement a chosen strategy

4.1 assess the roles and responsibilities of personnel who are charged with strategy implementation

4.2 analyse the estimated resource requirements for implementing a new strategy for a given organisation

4.3 evaluate the contribution of SMART targets to the achievement of strategy implementation in a given organisation.