Business Strategy for Waitrose

Business Strategy

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................................3
TASK 1..........................................................................................................................................................3
1.1 Assessing the business mission, vision, goals, objective and core competencies of Waitrose...........3
1.2 Analyzing the factors considered in formulating strategic plan of Waitrose.....................................4
1.3 Evaluating the effectiveness of the techniques of strategic business plans of Waitrose...................4
TASK 2..........................................................................................................................................................6
2.1 Analyzing the current strategic positioning of Waitrose by conducting the organizational audit .....6
2.2 Analyzing the environment audit of Waitrose...................................................................................7
2.3 Assessing the significance of stakeholders analysis in new strategy of Waitrose..............................8
2.4 Presenting the new strategy for Waitrose based on organizational audit and stakeholder analysis. 8
TASK 3..........................................................................................................................................................9
3.1 Analyzing the appropriateness of alternative of strategy relating to market entry, growth, limited
growth or retrenchment in Waitrose.......................................................................................................9
3.2 Justifying the selection of the new strategy of Waitrose...................................................................9
TASK 4........................................................................................................................................................10
4.1 Assessing the role and responsibility of personnel in charge of implementation of the strategy....10
4.2 Analyzing the estimated resource requirements to implement the new strategy...........................10
4.3 Evaluating the contribution of SMART targets to achievement of strategy implementation..........11
CONCLUSION.............................................................................................................................................11
REFERENCES..............................................................................................................................................12
INTRODUCTION
Business strategy is the term refers to the process in which to plan the operation to
achieve the mission, mission and objectives of the organisations. As the choosen organisation in
the report Waitrose have the big food retailchain which is struggling in their businessbecause of
poor planning. For them new business strategyimplementation from the utilisation of different

resource to achieve the organisation goals. The roles and responsibilities of the in charge manger
is important to executes the new strategy in the Waitrose.
TASK 1
1.1 Assessing the business mission, vision, goals, objective and core competencies of
Waitrose
Waitrose us the super market chain operating in UK and is having around 350 retail food
division across UK with 5.1% market share.
Business mission:
The mission of Waitrose is to provide the best quality of organic food at the retail stores and by
this growing the market share to 6% then 5.1%. And at present it is the 6th largest convenience
store in UK. With having the physical retail store across UK it is also having a wide spread
online market as well.
Business vision:
The vision is the aspiration of the company for future position in the market. The vision of
Waitrose is to be in the top 3 in the retail food market business in the UK as it is the 6th largest at
the current position(Scholes, 2015)
Goals:
The ultimate and overall goal of the Waitrose is to gaining the larger share of market and to sell
the food products at a lower cost than its toughest competitor Tesco. As this is the only food
chain retail store in UK which is having the royal warrant to supply the grocery and wine to the
royal family from 1st January 2011.
Objectives:
The objective of Waitrose is to be in the top three retail store in UK till 2019 as is on the
6thposition at the time.
Core competency:
The main essence of Waitrose which makes it different from the others competition in the market
is: it sells the best quality of organic product in market and was the first retailer food store which
started selling the organic product from 1983.
1.2 Analyzing the factors considered in formulating strategic plan of Waitrose.
Waitrose always develop the strategic plans to create a market position and to gain the profits by
selling the products in the market. While formulating the business strategic plans there are some
main factors which Waitrose need to consider so that the plan works in a very efficient manner.
The factors are as follows:

Engagement- the involvement of all the employees and all the managers are very important in
the strategic planning process (Osterwalder and Pigneur, 2013). The engagement of the
employee will provide the insights of the issues and concerns which can be only understood by
them only.
Communication- if there are no source or good way of communication from top to bottom level
of employee or management then the strategic planning will never be successful in the company.
Whatever then plans are made by the top level management team need to be conveyed to the
lower level and to all the employees.
Innovation- without using the latest technology Waitrose will not be able to survive in the
competition and now all the other retail stores are selling the organic food products (Alsudiri,
Al-Karaghouli and Eldabi, 2013). So to maintain the technology and make innovation a part
of Waitrose’s working is very essential.
Project management- after Waitrose has made the business plan they need to do 2 things which
are to develop the prioritization among the employees so that they are involved in the planning
and to identify the project which require to ensure the success in execution of the strategy.
Culture- these are the attitudes, values, beliefs and behaviors which the organization is having
within the employees (Smith, 2013). The culture of Waitrose is to work with the team and make
the most of the employee to make them more and more productive.
1.3 Evaluating the effectiveness of the techniques of strategic business plans of Waitrose
To evaluate the effectiveness of the techniques of the strategic business plan of Waitrose it is
important to use the two techniques like the SPACE method and the BCG matrix.
SPACE method:
This is the management tool which is used to analyze Waitrose and what type of strategy
should the company undertake. SPACE is known as Strategic Position and ACtion Evaluation
matrix and this focus on strategy formulation especially as related to the competitive position of
Waitrose. SPACE matrix is divided into four parts and each part suggests a different type of
strategy to be used by Waitrose: Aggressive, Conservative, Defensive and Competitive. The
SPACE matrix will tell Waitrose should pursue the aggressive strategy as it is having avery
strong competitive and market position in the food retail business. Waitrose should use the
internal strength which is their organic products to develop the market penetration and market
development strategy(Jocovic,Melovic, Vatin, and Murgul, 2014).
BCG matrix:
This relate to the marketing strategy which is used by Waitrose and is used under the
product life cycle theory. This is also used to evaluate the effectiveness of the techniques of the
strategic business plan of Waitrose. BCG matrix is divided into 4 categories in the portfolio of
the company which are: