Business Strategy of McDonald - Report
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Added on 2020-01-07
Business Strategy of McDonald - Report
Added on 2020-01-07
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TABLE OF CONTENTSIntroduction .....................................................................................................................................3Task 1...............................................................................................................................................31.1 Assessment how mission, vision, objectives and core competencies inform the process ofstrategic planing ..........................................................................................................................31.2 Factors to be considered at the time of developing strategic plans .......................................31.3 Effective techniques which are used at the time of developing strategic plans for business 4Task 2 ..............................................................................................................................................52.1 Strategic positioning of McDonald's......................................................................................52.2 Environmental audit of McDonald's .....................................................................................62.3 Significance of stakeholder analysis at the time formulating new strategy ..........................72.4 New strategy of McDonald's .................................................................................................7Task 3...............................................................................................................................................83.1 analysis of appropriateness of alternative market entry strategies.........................................83.2 Justification of strategy selected for M&S ............................................................................8Task 4 .............................................................................................................................................94.1 Roles and responsibilities of person which are charged with strategy implementation .......94.2 Resources required to implement new strategy ....................................................................94.3 Contribution of SMART targets in strategy implementation .............................................10Conclusion.....................................................................................................................................11References......................................................................................................................................122
INTRODUCTION In present scenario, business strategy plays very important role in growth and success ofany organization. Further it can be defined as an action plan to achieve goals and objectives of anbusiness enterprise. This report explains how mission, vision objectives and core competenciesare important in the process of strategic planning. In addition to this, it also demonstrate somefactors which are required to be considered at the time of formulating strategic plans. Other thanthis, the report reflects an analysis of McDonald's strategic positioning and environment audit ofthe same. TASK 11.1 Assessment how mission, vision, objectives and core competencies inform the process of strategic planing Strategic planning can be defined as the process in which organizations formulate theirstrategies and make decision regarding how it is going to allocate resources. All these strategiesand decisions are made with an aim to achieve mission, vision and objectives of a businessenterprise (Teece, 2010). Further it can be also stated that strategic planning cannot be donewithout mission, vision and objectives as these all things explains what business wants toachieve. Different organization operates with different kind of mission, vision and objectives.For example the objective of a business enterprise can be achieving 10% growth in next oneyear. Its mission can be to attain high degree of customer satisfaction and vision can be tobecome the leading brand in market. All these things are kept in mind at the time of strategicplanning and if these things are nor present then the plans are considered as senseless or of nouse. On the other side of this , core competencies are also essential as they determine how theresources will be allocated (Olson, Slater and Hult, 2005). Further it can be defined as theresources and skills which makes a firm differ from another. Therefore, effective plans anddecision can be made only after assessment of an organizations core competencies.1.2 Factors to be considered at the time of developing strategic plans Some of the important factors which are required to be considered at the time ofdeveloping strategic plans are below mentioned as: 3
Employee engagement- At the time of strategic planning, organizations are required totake care of the fact that all its employees are engaged in the process (Peng, Wang andJiang, 2008). It can be also stated that participation of workers from all level help indeveloping most effective plans. Innovations- Innovation are considered as key to become successful in the stage ofintense competition. Organization are required to posses that courage to try somethingdifferent and risky. Combinations of resources and opportunities- At the time of developing strategy,businesses are also required to combine all its available resources with opportunities( Baye and Beil, 2006). Successful strategic plan are the one which takes good use offirm resources and opportunities. 1.3 Effective techniques which are used at the time of developing strategic plans for business Effective techniques which can be used to develop strategic plans are discussed below as:PESTEL analysis- As per this technique, business can develop strategic plans byidentifying can environmental trends which can have impact on activities of business.The political, economic, social, technological, environmental and legal factors havevarious kind of impacts on business strategies (Augier and Teece, 2009). Stakeholder analysis- The technique of stakeholders analysis can be also used in whichstrategies can be developed on the basis of interest of internal and external stakeholders.By conducting surveys with the help of questionnaire, analysis of stakeholdersrequirements can be carried out and on the basis of analysis strategic plans can beformulated. Competitor analysis- The technique of competitor analysis can be also used at the time ofdeveloping effective strategic plans (Zack, 2009). In this technique, business enterprisewill be required to identify its major competitors and then it will need to become awareabout their products, services and strategies. On the basis of above mentioned assessmentstrategic plans can be made. 4
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