Establishing a direction and vision for an organization. This involves defining the business concept and long-term vision, as well as developing the business strategy and managing strategic initiatives. Processes in this category focus on creating a vision, a mission, and strategic objectives, and culminate in creating measures to ensure that the organization is moving in the desired direction.
1.1 Define the business concept and long-term vision
Creating a conceptual framework of the organization's business activity and strategic vision with long-term applicability. Scout the organization's internal capabilities, as well as the customer's needs and desires, to identify a fit that can be used to advance a conceptual structure of the organization's business activity. Conduct analysis in light of relevant externalities and large-scale shifts in the market landscape.
1.1.1 Assess the external environment
Assessing all forces, entities, and systems that are external to an organization but can affect its operation. Analyze far-reaching currents in the macroeconomic situation, assess the competition, evaluate technological changes, and identify societal as well as ecological issues of concern. Create a big-picture understanding of externalities, with sufficient depth across individual aspects.
1.1.1.1 Identify competitors
Identifying your competitors, their service and/or product. Evaluating competitors strategies to determine their strengths and weaknesses relative to those of your own product or service.
1.1.2 Survey market and determine customer needs and wants
Examining the market to identify customer required solutions. Assess the relevant market(s) to determine the products/services that are needed or wanted by customers. Carry out quantitative and qualitative analyses to capture and investigate products/services. Employ creative techniques that allow for a closer appreciation of the customer, and design relevant solutions.
1.2 Develop business strategy
Developing an organization's mission statement, strategy, and business design. Create a concise statement that clearly articulates the mission of the organization, outlining practicable targets to Establish a strategic vision [10020]. Delineate strategic options by matching these alternatives with the organization's internal capabilities. Create an organizational design, and identify goals by developing strategies at the functional and process levels.
1.3 Execute and measure strategic initiatives
Managing strategic initiatives, from development through selection, execution, and evaluation. Conduct and oversee strategic projects supporting long-term objectives. Administer programs of strategic significance by developing such initiatives, select the most appropriate projects, and formulate measures to assess their impact.
1.4 Develop and maintain business models
Establishing how an organization creates, delivers and captures value or makes profit. Identify the products or services that a business will sell, its target market, anticipated expenses, and other core aspects of its modus operandi. Revise the plan as required to reflect changing circumstances.