Business Strategy Essay

HND in Business and Finance

Unit Name: Business Strategy – 7
Assessors: Egya Gyamfi
Student: Sulaiman Adebakin

Introduction
In this part of the assignment I will be defining and explaining mission, vision, objective, goals & core competencies, I will also be distinguishing the difference between each point and the role they play in the operation of a business, I will be reviewing the issues involved in strategic planning and explain the different planning techniques.

1.1 Explain strategic contexts and terminology – Missions Visions Objectives, Goals, Core competences

About Walkers
Walker is a British snack food manufacturer operating in the United Kingdom and Ireland and to a lesser extent on the European …show more content…
What is a strategic planning technique?
Strategic planning is the managerial process of developing and maintaining a strategic fit between the organisation’s objective and resources and its changing market opportunities. Strategic plans should integrate the activities of the whole organisation and set out a timetable for the completion of relevant part of the plan.
Strategic thinking involves thinking ahead so that you can shape the future of the organisation and its relationship with the environment, rather than simply reacting to environment change.
Strategic thinking graph:
Gaining and maintaining competitive advantage
Gaining and maintaining competitive advantage
Needs of customers
Needs of customers
Future direction of competition
Future direction of competition

Strategic thinking
(Keeping ahead)
Strategic thinking
(Keeping ahead)

Needs of customers
Meeting the needs of customers is an important thing due to the fact, customers are the most important people in an organisation due to the fact they will be the number one source of finance to a business. Strategic planning lays the anticipation and fulfilment of customer requirements and needs. By making sure that the needs of customers have been met it will keep the customer satisfied which will mean that they are more likely to purchase from your organisation.
Apple being a well-known organisation will mean that customers will have high expectations of good products, by

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