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Assignment on Business Strategy Planning Process

   

Added on  2019-12-03

22 Pages4799 Words150 Views
Business Strategy1

TABLE OF CONTENTSTable of Contents.................................................................................................................................2INTRODUCTION................................................................................................................................4TASK 1.................................................................................................................................................4a) Steps of strategic planning process..........................................................................................4b) Produce a 2-page informational promotional brochure about the role of strategy and issuesinvolved in Strategic Planning.....................................................................................................6c) The utility and application of BCG (Boston Consultancy Group) as a strategy planningtechnique for managers................................................................................................................9TASK 2...............................................................................................................................................11a) How SWOT analysis help in carry out the organizational audit...........................................11Primark is also a part of ethical trading initiatives (ETI) that mainly focuses on therights of their staff and workers.................................................................................................12b) Carry out environmental audit for Primark using PESTEL framework................................12c) Significance of stakeholder analysis by using MENDELOW matrix...................................14TASK 3...............................................................................................................................................16a) Difference between vertical and horizontal integration when used by managers as asubstantive growth strategies.....................................................................................................16b) Selecting an appropriate future strategy for the client company...........................................17TASK 4...............................................................................................................................................18a) Three roles and responsibilities and three business activities that are necessary forimplementation of strategy and highlight which human, financial and material resources areindispensable during strategy implementation..........................................................................18b) Gantt chart as proposed time line for agreed strategy targets...............................................19REFERENCES...................................................................................................................................212

Illustration IndexIllustration 1: Strategic planning process.........................................................................................5Illustration 2: Mintzberg 5 P's strategy............................................................................................7Illustration 3: SWOT analysis........................................................................................................12Illustration 4: PESTLE Analysis....................................................................................................14Illustration 5: MENDLOW Matrix................................................................................................163

INTRODUCTION In the contemporary scenario, it is effective for the business organization to devise properbusiness strategy that would help them in gaining competitive edge in the external environmentand within the industry (Antony, 2006). However, it is also required to seek the position withinthe competitive environment which assists the enterprise in generating sustainable competenciesto survive with the competitors. For the present scenario the chosen organization is Primarkwhich is one of the renowned fashion retailers in the UK market. The company focuses ondevising effective business strategy by measuring their internal as well as external environmentso that they can succeed in the competitive market. The present will also focuses on analyzingcompany vision, core competencies etc. so that they can focus on strategic planning process.However, the report also emphasizes on formulating the strategy and even understanding variousapproaches for selecting and implementing an appropriate strategy. TASK 1a) Steps of strategic planning processIn the present competitive scenario it is not beneficial for the large organization to engagein the methods like budget orientated planning and forecast based planning (Azar, 2011). Theenterprise must focus on strategic planning process that mainly focuses on defining the missionor objectives, assessing internal as well as external environment so that they can easily devise the4

strategy and implement it. Working as a strategy consultant in the business consultancy firms,they are responsible for measuring their client's vision, mission as well as core competencies thatwould assist them in enabling strategic planning process (Burke and Schreiber, 2004). Thedifferent steps of strategic planning process include: Mission & Objectives- The first step in the strategic planning process include describing the coremission and vision of the company (Burlton, 2010). Mission as well as vision is defined as unchanging values of the firm. They are also termed as visionary goals and objective of firm that direct the company in grabbing future opportunities. For instance, the Vision of Primark Company is to supply superior quality fashionable and affordable prices products to their customers by focusing on new promotional techniques. However, the Mission of Primark clothing is to provide products at the low costs as compared to their rival companies which will further help in staying at the competitive position. Environmental scanning- Another step in strategic planning process includes scanning theinternal and external environment under which Primark company operates their operations. Forthis, consultant focuses on analyzing SWOT of the company (Butler, 2012). However, they canalso measure the external environment by using PESTLE framework that will assist them inmeasuring different factors that directly or indirectly affect the business in formulating thestrategy. Strategy Formulation- After analyzing both the environment, environment strategy consultant ofconsultancy firm will focus on devising the strategy. Consultant must focus on matching Primarkstrength with the opportunities which have been identified (Cinquini and Tenucci, 2010). Strategy implementation- After formulating the strategy, consultant would focus onimplementing the framed strategy within Primark firm so that they can easily accomplish thegoals and objectives. While, implementing the strategy consultant must focus on proper budgetsand procedure to implement the strategy within the organization (Edwards and Ellison, 2009). 5

Evaluation and control- The last step of planning process enables that, consultant whileimplementing strategy for the client company must review and monitor the successfulimplementation of the strategy. b) Produce a 2-page informational promotional brochure about the role of strategy and issuesinvolved in Strategic PlanningThe role of strategy includes: The main role of strategy is to enable proper framework of the operational plan of Primark sothat they may attain competitive edge over their rival companies (Figge and et. al., 2002). Strategy also plays an essential role in enhancing the effectiveness of organization byaccomplishing their objectives and goals. 6

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