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Business Strategy TABLE OF CONTENTS INTRODUCTION 1 PART 11

   

Added on  2020-07-23

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Business DevelopmentLeadership ManagementProfessional DevelopmentPolitical Science
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Business Strategy
Business Strategy TABLE OF CONTENTS INTRODUCTION 1 PART 11_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................11.1 Extent to which Aldi’s goals, objectives, core competencies, vision and mission informstrategic planning ...................................................................................................................11.2 Factors to be considered when formulating strategic plans..............................................21.3 Usefulness of techniques used when business develops their strategic plans..................32.1 Organisational audit..........................................................................................................52.2 Environmental audit.........................................................................................................62.3 Significance of stakeholder analysis when formulating a new strategy ..........................82.4 Presentation of new strategy for company.......................................................................9PART 2..........................................................................................................................................113.1 Analysis of appropriateness of suitable strategy for Aldi .............................................113.2 Justification of the most suitable strategy for business..................................................11PART 3..........................................................................................................................................124.1 Roles and responsibilities of personnel who are engaged in implementation of strategy124.2 Important resources required for executing the strategies..............................................134.3 The way use of SMART targets contribute in achieving strategic objectives...............13CONCLUSION..............................................................................................................................14REFERENCES .............................................................................................................................16
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INTRODUCTIONBusiness strategy entails a course of action which are taken in order to attain measurableand specific goals. While formulating any business strategy, management is required to preparean action plan so as to smoothly run all activities and functions. It enhances the sales andprofitability level of firm and thus, appropriate decisions can be made (Ackermann andAudretsch, 2013). Present assignment is based on ALDI that is one of the leading and growingretailing organisations across world. It has over 10000 stores in several countries. The mainmotive of ALDI Ltd. is to provide healthy and value added products and services to customers toretain their interest for long period of time. The report is going to be describe vision, mission,goals and objectives of the business organisation and the extent to which they inform strategicplanning. Readers will also come to know about certain factors which are involved in strategicplanning. Furthermore, organisational and environmental audit will also be conducted fordeveloping new business strategies and policies. PART 11.1 Extent to which Aldi’s goals, objectives, core competencies, vision and mission informstrategic planning A business strategy consists to provide directions or guidance to manpower foraccomplishment of vision and mission statement of the company. While preparing any businessstrategy, it is essential for managers of ALDI Ltd. to determine mission, vision, goals andobjectives of company which they want to attain in the future. Basically, strategic planningencompasses with all management approaches that help in setting priorities, resource allocationas well as in maintaining business operations towards employee benefits (Annabi and McGann,2013). The aim of strategic planning is to fulfil resource requirements of an organisation andmake its activities more effective as well as compatible with external environment. It should bedistinct and flexible so that future outcomes can be attained in a better manner. Below describedare the vision, mission, goals, objectives and core competencies of ALDI Ltd.: Vision statement – It explains future outlook of a company which signifies potentialgrowth and advantages of a company. The vision statement of ALDI Ltd. is to createimperative distribution channels which are enable for fast delivery of goodies at1
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workplace; this can driven up production level. In this manner, organisation will becapable to make higher contribution in increasing economy condition of UK. Mission statement – It is associated with firm's desires so as to meet the expectations ofstakeholders. Mission identifies the ways through which a business will run; it alsoinvolves number of customers, range as well as quality of goods and services, etc. Themission statement of ALDI is to reduce complexity for customers' benefits by providingthem high quality and standard products. Goals – It refers to common guidelines which an association wants to attain withinminimum time period. The main goals of ALDI Ltd. are to deal with an effectivecorporate governance in order to increase accountability. It attempts for evolving variousdrivers of growth as an attractive business profile can be made (Auzair, 2011). Objectives – Objectives are those stages which help in achieving the set goals. The primeobjective of ALDI Ltd. is to determine different factors which are getting involved indecision making process of strategic planning. Core competencies – It states with certain special skills and abilities that aids a businessto compete with its rivals. Core competencies can also boost up the brand image incustomers' eyes to win their trust of faith. 1.2 Factors to be considered when formulating strategic plansIt is fundamental for every business organisation to determine certain major factors whichare related with its strategic planning. Basically, strategic planning is the process of by which acompany will identify its strategy towards grow and diversify in target market. It is also liablefor resource allocation for pursuing strategies and policies and render guidance forimplementation of a business strategy. There are defined major factors which must include instrategic planning, like - Internal factors: These are some factors which are necessary for the development andgrowth of the organisation. They play vital role in success of any firm. Strong internal factorshelp the organisation in fulfilling the objectives in effective and efficient manner (Azar, 2011).There are as follows:Values and Ethical system: The organisation should have strong value and ethicalsystem for proper functioning of the organisation. Today many people from different2
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