Business Plan For A Business Strategy - 1761 Words

In order for businesses to succeed there needs to be a direction which will lead them down a long-term achievement of objectives, enabling them to grow and expand. In order to become successful owners must determine what market it should enter and if it will be able to compete with other similar markets. Once the market is decided, the business has to decide how it will perform better than the competition and what it will bring to the market in order to be different from competitors; this is usually planned in the form of a strategy. A strategy is the means by which a business sets out to achieve its desired objectives. At its most basic it can be described as long-term business planning. Typically a business strategy will cover a period of around 3-5 years, but this can sometimes be longer. Johnson and Scholes (1941) define strategy as â€Å"the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations. In order for a strategy to be realised it is usually reduced to a series of tactics in specific areas such as: mission, vision, objectives, goals and core competencies. This report will look at the strategic context of Lafarge Tarmac by examining its direction in each of these specific areas. Lafarge Tarmac is a joint venture between the UK operations of Lafarge and Anglo American Tarmac andShow MoreRelatedA Research Plan For A Business Strategy935 Words   |  4 PagesSuccession Planning Aligning succession plan with business strategy is essential to compete in today’s market. 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