TASK 1 (LOC1: AC1)
Strategic planning can be defined as the process of developing and maintaining consistency between the organisational objectives and resources and its changing opportunities. Hence strategic planning aims to define and document an approach to doing business that leads to satisfactory profits and growth. This approach or strategy sets the general direction for the use and management of all resources including information, throughout the organisation. Generally this direction will remain valid for an extended period of time. There are several major components that make up the strategic plan. They may appear in various documentations formally or informally defined and they may collectively represent the values and priorities of the organization. These components are mission, vision, goals, objective, strategy and policy.
Relationship between Mission, Vision, and Objective
Both of mission and vision are relate to an organization’s purpose and are typically communicated in some written form. In mission and vision statement, BMW Malaysia can known about the value, and what they wants to run the business. BMW have a clearly communicated, widely understood, and collectively shared mission and vision have been shown to perform better than those companies without them (mission and vision), with at that they related to effectiveness when strategy and goals and objectives were aligned with them as well. BMW have the mission, vision, and objective in the process of planning strategies to attract the customer. In the relationship between mission, vision, and objective is aim the goals of BMW Malaysia Sdn. Bhd
| * Definition: The business needs of covering their products and services, the market in which it is developed and the public image of the company * BMW: To be the most successful premium manufacturer in the industry. They strives all departments to achieve the mission. Mission is for the current target and this can create belief among the employees to work on. BMW remain success by the development of a marketing policy that they acquire
| * Definition: Describe the future situation that a company wishes to have, to guide the company, to control and to encourage the organization * BMW: To become even better. BMW Group automobiles and motorcycles inspire more people around the world today than ever before. Vision that BMW generate is for their future
| * Definition: The desired or needed result to be achieved by a specific time. An objective is broader than a goal, and one objective can be broken down into number of specific goals. * BMW: identifying potential and encouraging growth, knowing what we represent, recognising where our strength lie and making the best use of every opportunities that BMW acquire.
Task 2 (LOC1:AC2)
Stakeholders are individuals, group, or organization that has direct or indirect in an organization because it can affect or be affected by the organization’s actions, objectives, and policies. Key stakeholders in a business organization include creditors, customers, directors, employees, government, shareholders, suppliers, unions, and community from which the business draws its resources.
Stakeholders’ analysis is a process of systematically gathering and analyzing qualitative information to determine whose interests should be taken into account when developing and/or implementing a policy or program. Stake holder analysis is important to BMW Company because they need to do an analysis for their own plans so that they can find out what mistake they has done it and make a correction on it. This analysis also will determine that they can make a comparison with other competitors. Although, the stakeholder analysis originated from the business sciences, it has evolved into a field that now incorporate economics, political science, and game and decision...
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