What is a (successful) business strategy Example of Volkswagen Group Essay

What is a (successful) business strategy Example of Volkswagen Group - Essay Example The description of this research paper will incorporate the integrated nature of the course of development of corporate strategy along with the description of the four key dimensions of a well-developed business strategy.The research paper is a description of the issues related to the development of a business strategy. The analytical discussion will be supported with evidences from the strategic operations of the Volkswagen group.Business strategy is the basis of successful business that helps the organizations achieve the desired strategic goals and objectives that are long term in nature. Besides the prevalence of different types of business strategies to choose from for the organizations, that strategy is considered the best which increases the chances of prevalence of the organizations in an extremely dynamic world, both at present and in the future.The development of corporate strategy revolves around two major aspects such as setting the objectives and reaching the results tar geted. Every business establishes objectives but lacks the desired level of cohesion between the set objectives and the path chosen to be followed for supporting them. The integrated nature of the strategic development helps the organizations in choosing the right direction of fulfilling the objectives. The integrated approach towards the development and implementation of strategy is therefore referred to as bridging of the â€Å"relevance gap†. The vision is that single succinct statement that defines the goals which are medium to long term in nature. .... For example, the vision of the Volkswagen group for the ‘strategy 2018’ is to make the group a leader in the global environmental and economic perspective among the manufacturers of automobile. By the year 2018, it aims to become the world’s most fascinating and successful automaker5. 2.2 Components of Vision The vision is composed of three essential components that form the basis of successful functioning of the organization. The components are the values, purpose and leadership. The importance of value is justified through choosing of the best valued guiding actions and goals of the organization. Purpose is essential because it not only drives a company forward but also helps in building sustainable advantage. Purpose and value, both cannot operate in isolation and thus for making them work, leadership is essential. It helps in sustaining the organization’s values and purposes3. 2.3 Mission A mission describes the present business of a company. The missio ns of a company can be multiple in its nature and it is the vision that guides the formulation of the mission. The mission helps the organization in deciding the planning process that will fulfill the objectives and help to achieve the ultimate goal of the organization. For example, in review to the vision statement of Volkswagen, the following and many more mission statements have been formulated that is aimed towards the achievement of the strategic goals: Preparing for the challenges in the global competitive market Consistent building up of the company’s strengths and targeting new goals Optimization of CSR and management of the sustainability factor Enhancing the compliance of the company with legal requirements and