Business Strategy Assignment- Aldi Retail Chain
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Added on 2020-06-04
Business Strategy Assignment- Aldi Retail Chain
Added on 2020-06-04
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Business Strategy
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Aldi's mission, vision, objectives, goals, core competencies................................................11.2 Analysis of factors before formulating strategy....................................................................21.3 Effectiveness of techniques to develop strategic plans.........................................................32.1 Organisational audit to analyse current strategic position....................................................42.2 Environmental audit of micro and macro environmental factors..........................................52.3 Assessment of importance of stakeholder analysis...............................................................62.4 New strategy for Aldi............................................................................................................7TASK 2............................................................................................................................................83.1 Market entry, substantive, limited growth strategies............................................................83.2 Justification of market entry strategy for Aldi......................................................................9TASK 3............................................................................................................................................94.1 Assessment of roles and responsibilities of charged people in implementation stage..........94.2 Analysis of resource requirement for organisation.............................................................104.3 Use of SMART targets to attain strategic objectives..........................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONBusiness strategy is a written document which supports to any organisation to attain it'sdesired objectives in short time and long time period. It is a another name of business planning toachieve their targets in a particular duration (De Massis and Kotlar, 2014). Mostly a businessstrategy is focused on around 3-5 years by which it supports to organisation to maximise andadjust their activities to attain their objectives any how. This report is having based up on ALDIretail chain store and working grocery sector. Cited business entity has a huge competition in it'smarket. This report will provide discussion on organisation's mission, vision, objectives, goals,core competencies and element which has to be consider before formulating plans. Differenttechniques will elaborate in this which help to develop strategic planning, after it will makeenvironmental and organisational. After it will provide a detailed strategy for company, differentstrategies for market entry, substantive and limited growth. At last it will discuss roles andresponsibilities of those people which will have charge to implement it and use of SMARTtargets to attain strategic objectives. TASK 11.1 Aldi's mission, vision, objectives, goals, core competenciesBusiness planning is a set of actions by which an organisation can attain their desiredobjectives in a particular time period (Morgan and Gomez-Mejia, 2014). Aldi is a companywhich is having many stores in UK and they are having a huge market competition so they haveto make a better planning against their targets. Here is assessment of organisation mission,vision, objectives, goals, and core competencies:Mission:It provides a detail about current positioning of the company, where they are existing.Aldi wants to provide low price grocery and they want to increase their market share in a shorttime of period and they want to deliver maximum customer satisfaction within minimum prices. Vision: It is view of organisation where they want to be go and take a particular market position.As Aldi want to make a better position in the market so according to their vision for their futurethey have to make a better action plan against it. Objectives: It is a type of desired ends which company wants to attain after a particular timeduration (Palmer, Wright and Powers, 2015). Aldi is having desired objective to have a 10%1
market share in this year so according to this objective they have to make a better work in theirretail sector. Goals: These are statement which helps to employees to work according to these and attain theirgoals any how (Torrent-Sellens, 2015). Aldi has short time goals policy by which they canmaximise their beneficial elements for their customers. Core Competencies: Each and every company is having some core competencies which makes adifferentiation in between company and their market rivalries. As Aldi is providing groceryproducts on low price which makes them different from others. These all factors helps to company to make a better change in their acts and also itinforms strategic planning of cited company for their better future (Hanks, 2015). All of thesemission, vision, goals and core competencies are futuristics and it creates a path for theiremployees to make a better work for Aldi. 1.2 Analysis of factors before formulating strategyCompany's leaders and higher management are having a responsibility to draft a betterstrategy for organisational betterment perspective but several factors makes a influence onstrategy formulation process. These factors are mentioned in below presented points:Communication: It is an essential element in formulation because leaders, higher and lower levelmanagers makes a business strategy. So they have to make a proper communication in betweenthem to exchange important information among them to make changes and draft a strategyaccording to organisational needs. Lower level managers knows strength and weakness of theiremployees by which they can make suitable changes in their business activities. Involved employees: People which are committed in business strategy formulation it make a hugeimpact on success of planning in actual conditions. Mostly higher management, board ofdirectors and departmental managers are involved in this process which help to make a betterstrategy (Chen and Jermias, 2014). If company does not involve their departmental managersthey can provide actual position of company and what are the requirements of company in frontof their seniors. Management: It defines roles and responsibilities of employees in organisation, in businessstrategy formulation it is essential to take information all management levels by which draft mancan make a better change in organisation.2
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