Final answer:
Phillip is developing a strategic business plan to outline how his business can effectively use its resources and achieve its goals. This plan includes mission, vision, objectives, strategies for resource use, competitive analysis, and setting of SMART goals.
Step-by-step explanation:
Phillip is developing a strategic business plan in which he will determine how his business can make the best use of its resources and meet its objectives. A strategic business plan involves outlining the mission, vision, and objectives of the business, as well as developing a series of strategies and actions to meet these goals.
This plan serves as a roadmap for the business, guiding decision-making processes and resource allocation. In drawing up a strategic business plan, it's critical for Phillip to consider the productive resources available - including capital, labor, technology, and raw materials - and how they can be optimally utilized to produce goods and services.
Furthermore, a strategic business plan will often incorporate mechanisms for assessing the external market environment, insight into competitive advantage, financial projections, and an in-depth marketing strategy. Additionally, Phillip's plan should take into account the organization's strengths, weaknesses, opportunities, and threats (SWOT analysis), which can help in setting SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) and developing an actionable plan for growth and development.