Business Strategy Assignment- Aldi Co
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Added on 2020-06-06
Business Strategy Assignment- Aldi Co
Added on 2020-06-06
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Business Strategy
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1(a) The way mission, vision, objectives, goals and core competencies inform strategicplanning..................................................................................................................................1(c) Factors needed to be considered during formulation of strategic plans............................2(d) Usefulness of techniques during development of strategic plans.....................................3(e) Organisational audit for ALDI and its strategic position..................................................4(f) Environmental audit for ALDI..........................................................................................5(g) Importance of stakeholder analysis for ALDI..................................................................6(h) New strategy for ALDI.....................................................................................................6TASK 2............................................................................................................................................7(a) Appropriateness of suitable strategy for ALDI.................................................................7(b) Justification of strategies for market entry and growth....................................................8TASK 3............................................................................................................................................8(a) Roles and responsibilities of personnel involved in strategy implementation..................8(b) Resources required during implementation of strategy....................................................9(c) Contribution of SMART targets in achieving strategic objectives...................................9CONCLUSION..............................................................................................................................10REFERENCES .............................................................................................................................11
INTRODUCTIONBusiness strategy is a process of deciding future actions of company for attaining the setgoals and objectives in an effective manner. This also indicates allocation of resources and fundsto every function of enterprise (Ackermann and Audretsch, 2013). Formulating an effectivestrategic plan is essential for an enterprise as this guides the manager in taking business relateddecision which contributes in development of firm (Business Strategy, 2015). Number ofelements are there which affect the process of strategic planning and examining those factors isnecessary for firms. With the help of this, company can offer quality products to its customers ataffordable prices. ALDI, a large and leading retailer in the grocery sector of UK is selected inpresent study. Various elements which must be considered by the manager during process ofstrategic planning and which affect this process are all given in this report. Further, importanceof stakeholder analysis and resources required to gain maximum benefits of strategyimplementation are all mentioned here. TASK 1(a) The way mission, vision, objectives, goals and core competencies inform strategic planningStrategic planning is a process in which manager of firm takes various decisions such asallocation of resources, deciding roles and responsibilities of firm, directing and supporting themso that they can complete the assign task in a way that contributes in success and growth oforganisation. It comes under the responsibility of manager to formulate better policies andstrategies for business (Bharadwaj and et. al., 2013). Number of elements are there which affectthe process of strategic planning and considering those factors is necessary. Mission, vision, corecompetencies and goals of firm should be considered by the manager as this affects strategicplans of business.Mission: This indicates the future course of actions and decisions which are required tobe completed by firm. It highlights the market segments to which company offersproducts and services. Aldi's mission is to achieve success and growth in market byattaining high efficiency at every level of firm from manufacturing of products to itsdistribution. Main focus of firm is to offer high quality products to its customers ataffordable prices. 1
Vision: This highlights the principles and philosophy of firm which are required to befollow by employees. Vision of ALDI is to offer high quality products to its customers ataffordable prices- Guaranteed. This guides manager in taking the future actions of firmand affecting strategic planning. Objectives: These are long as well as short term goals which are necessary to achieve forattain growth of firm. Objective of ALDI is to become a leading brand in the grocerysector of UK. Core competencies: This indicates the elements which support in effective completion ofbusiness operations and at the same time provides competitive benefits to company(Azar, 2011). Skilled employees are one of the biggest core competencies of ALDI.Quality products at affordable prices is another competency of firm which focuses onutilising all resources to achieve efficiency in the production process and all this affectsstrategic planning. (c) Factors needed to be considered during formulation of strategic plansStrategic planning is the process of deciding future actions of company. Various elementsare there which affect the process of strategic planning. Some of them are internal elements andothers are external. Following are the factors which are required to be considered by the managerof ALDI while formulating strategic plans for business:Organisational culture: This factor comes under the internal element as ALDI ismultinational firm so number of employees from different culture work in firm. This isthe element which gives shape to their behaviour and attitudes that affect their decisionat workplace. Competition: This is an external element which affects the decisions and actions takenby an enterprise (Azar, 2011). Due to number of rivals such as TESCO, ASDA andM&S, ALDI faces high competition in market. Due to this, company is required to useaggressive strategies of promotion. This helps the firm in attracting a large number ofindividuals towards its products and improves market share of organisation. Technological factor: In today's business environment, technology which firm uses forproduction of its products largely affect its profit and market share. To manufacturequality products and better satisfy the needs of its customers, firm requires using newand effective technology. 2
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