8624-703 Develop a Business Strategy

Building on the foundation of strategic leadership learned in previous units, 8624-703 Develop a Business Strategy likely emphasizes the practical application of those principles. It equips learners with the skills to translate those principles into actionable plans for their organization.

Unit Aim(s)

This unit is designed to help learners acquire the knowledge and skills necessary to craft a business strategy. It introduces them to the fundamental principles that support the creation of such a strategy. By the end of this unit, learners will possess the ability to assess an organization’s operational landscape, formulate a strategic vision, and construct a comprehensive business strategy.

Learning Outcome

By the end of this course, you will:

1. Grasp the foundational principles guiding the development of a business strategy.
2. Demonstrate the capacity to assess the operational environment of an organization.
3. Formulate a strategic vision for an organization.
4. Construct a comprehensive business strategy tailored to organizational needs.

Task 1

AC 1.1 Analyse the components and scope of strategy and its links with other aspects of business

AC 1.2 Evaluate the use of environmental scanning techniques and scenario planning models

AC 1.3 Assess the use of economic forecasting data for strategy development purposes

AC 1.4 Analyse the use of decision making tools and techniques

AC 1.5 Evaluate a range of perspectives and approaches to business strategy development

AC 1.6 Analyse the usefulness of strategic planning tools and theories

AC 1.7 Assess the relationship between strategy analysis and strategic choice

AC 1.8 Analyse the value of variable pricing strategies at different stages of an organisation’s lifecycle

Task 2

AC 2.1 Evaluate the impact of political, economic, social, technological, legal, ethical and environmental factors on an organisation and its markets

AC 2.2 Analyse competitor activity, their products and/or services

AC 2.3 Characterise the scope and nature of stakeholders’ interests

AC 2.4 Identify and assess market value and potential in existing and potential markets

AC 2.5 Model a range of scenarios relating to an organisation’s intended market position

Task 3

AC 3.1 Formulate a strategic vision that takes account of the operating environment and stakeholders’ expectations

AC 3.2 Take action to ensure the strategic vision is consistent with the organisation’s purpose, its values and long term goals

AC 3.3 Specify stakeholders’ roles and responsibilities in strategy development

AC 3.4 Articulate the strategic vision and its practical application to business across the organisation

Task 4

AC 4.1 Benchmark the organisation’s place in the market and in its lifecycle

AC 4.2 Identify an organisation’s competitive edge(s)

AC 4.3 Develop a strategy that is viable and is consistent with the organisation’s strategic vision, mission and values

AC 4.4 Evaluate a range of models to deliver the strategy

AC 4.5 Evaluate the extent to which existing organisational structures and processes are capable of delivering the strategy

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