Assignment - Business Strategy of ALDI
Added on 2020-09-17
19 Pages5451 Words32 Views
Business DevelopmentLeadership ManagementProfessional Development
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Business Strategy
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Extent to which mission, vision, goals & objectives and core competencies of ALDIinform strategic planning........................................................................................................11.2 Factors that have to be considered when formulating new strategic plans......................21.3 Effectiveness of technique for making business plans.....................................................3TASK 2............................................................................................................................................42.1 Organization audit of ALDI.............................................................................................42.2 Environmental audit.........................................................................................................52.3 Importance of stakeholder analysis..................................................................................62.4 Innovative strategies.........................................................................................................7TASK 3............................................................................................................................................83.1 Appropriateness of alternative strategies..........................................................................83.2 Selected strategy...............................................................................................................9TASK 4..........................................................................................................................................104.1 Roles and responsibility of individual............................................................................104.2 Resources needed for implementing strategy.................................................................114.3 Contribution of SMART targets for strategy implementation.......................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13.......................................................................................................................................................14
INTRODUCTIONBusiness strategy is very important to every organization in order to achieve particulargoals and objectives in the most effectual manner and within a stipulated time period. It is anessential activity to develop the business policies and plans in organization. Also, it can betermed as a summary which describes the business plan to get goals and objectives in anappropriate manner. It defines the long term business planning to fulfil stakeholders expectationsand define market needs. Present report is based on the ALDI it is a grocery retail store atUnited kingdom. They expand their business to attract larger number of customers to attainsuccess at marketplace. In this report different terms and process are define in mission and alsodefine aim and strategic plans to get success and improve their performance level (Kernbach,Eppler and Bresciani, 2015). ALDI has best business strategies which they can implement intheir organization so they can provide quality service to their customers. This assignment willdiscuss about the planning and procedures of planning and set business objectives. In everyorganization stakeholder is more important to invest in it and attract large number of customers.With the help of strategic plan company have to select best option and implement it to attaintargets in appropriate manner. TASK 11.1 Extent to which mission, vision, goals & objectives and core competencies of ALDI informstrategic planningStrategic plan and aims is more important for every organization to attain mission, vision,goals and objectives. Effective policies and strategies can help in reducing the operational costand increasing sales. ALDI sets the best planning policies and procedure to increase profitabilityand improve performance at marketplace. In the enterprise, strategic planning is an essentialprocess to define organizational goals and objectives. There are some important elements ofstrategic planning without which it cannot be done. Some of them are like:Mission- According to mission of ALDI, they wants to provide best quality productsand service at minimum price. They want to attract large number of customers andinvestors and inspire employee to do work in a team. The mission of ALDI to improverelation with customers and gain their loyalty towards firm. Increased market share is1
also an important aim of company to maintain the customer value. The mission of ALDIexpand their market share and attain customers loyalty.Vision- According to vision of ALDI, their main focus is on introducing new andrevolutionary products. ALDI focus on global environment and applying their services atglobal level. The vision statement of ALDI defines future attitude, growth and potentialwelfare (Wesseling and et. al., 2015). This component is more important to comopany toenhance their performance and profitability. Goals and objectives- As per this function objectives can be long term and short term.ALDI makes the business plans and strategies to increase market share and theirperformance level as well. To attain business objectives, ALDI provides the best trainingto their employees so that they can perform well in organization. They offer manyopportunities to attain profit in the marketplace. Core competencies- This term separates an organization's identity from other companies.Core competencies help in attaining success in the market and developing their businessperformance. It can help in defining the brand image to attract large number of customersto buy their products and build trust among them. ALDI’s core competence is its existingretail chain which can help them in achieving their main targets successfully. Theyprovide the best products and services to their customers and also target potential buyerto fulfil their needs in appropriate manner.1.2 Factors that have to be considered when formulating new strategic plansStrategic planning is essential to achieve goals and objectives of the businessorganization. It can define the best way to reach at specific target of company. It is an effectiveprocess to develop the business policies and aims to take the best decision regarding theiractivities. Top management defines the best policies to face and solve some issues along withidentifying critical options in business process (Verbeke, 2013). ALDI describes the policy planto provide various directions to management which they can implement in their strategies. Thereare majorly three factors required to be considered when formulating strategic plans which are:The industry- This term is more essential to evaluate whole business process. Strategicplanning describe all information respect the industry like market share, expected and previousimprovement, modern market entry. Before implementation of strategy, company should analysethe future threats and profitability present in industry. 2
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