Business Development in McDonald's Assignment
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Added on 2019-12-04
Business Development in McDonald's Assignment
Added on 2019-12-04
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BUSINESS STRATEGY
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Mission, vision, objectives, goals and core competencies of a business...............................11.2 Factors to be considered for formulating the strategic plans.................................................21.3 Effectiveness of the techniques when developing strategic plans for a business..................3TASK 2............................................................................................................................................52.1 An Organizational audit of McDonald's................................................................................52.2 Environmental audit of McDonald's......................................................................................62.3 Significance of stakeholder analysis for McDonald's............................................................72.4 A new strategy for McDonald's.............................................................................................9TASK 3..........................................................................................................................................103.1 Appropriateness of alternative strategies of market entry, substantive growth, limitedgrowth and retrenchment for M&S............................................................................................103.2 Justifying the selection of a strategy for M&S....................................................................11TASK 4..........................................................................................................................................124.1 Roles and responsibilities of personnel charged with strategy implementation-................124.2 The estimated resource requirements for new strategy for Honda......................................124.3 Contribution of SMART targets for strategy implementation for Honda...........................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONA marketing strategy is a set of all the business operations based on a plan which focuson achieving the stated marketing objectives. A market strategy is an art of managing thefunctions like formulating, implementing and evaluating decisions which are required to achievethe long term objectives (Teece, 2010). The activity of defining the mission, vision, goals andobjectives and core competencies of an organization. It helps in developing policies and plans, interms of projects and programs, which are designed to achieve the desired objectives. TASK 11.1 Mission, vision, objectives, goals and core competencies of a businessKey Terms DefinitionExamplesMissionA statement that is defined as a set ofimportant goals or purposes that areaccompanied by strong conviction. Mission statement of IKEA is 'tomake everyday life better for theircustomers' (Kolowich,2015).VisionIt refers to the act of anticipating andachieving the purposes of business for theorganization's existence. The statementdoes not cover the time duration or anyoutcomes from the action plan. But, itprovides the base for making decisions onresource allocation.Vision statement of Britvic is tobecome world's most dynamic,creative and admired soft drinkcompany. ObjectiveIt defines a list of desired objectives whichare to be achieved from the workingoperations of an organization (Oltra andLuisa Flor, 2010.).Objective of British Airways is tobe a prior choice airline companyby bringing excellence in theirperformance of services providedto their customers. GoalsThese are referred as SMART objectives ofthe organization which are specific,measurable, achievable, realistic and timebound (Haley and Haley, 2013). Goals of Barclays are based ontheir customer satisfaction,partner's interest, colleagueparticipation and conducting thebusiness. 1
CoreCompetenciesCapabilities of the organization to competein the marketplace, in order to delivervalues to customers and increasecontribution in its wealth. Core competencies of Zara(Inditex) are related to the highervalue of its products from itscompetitor's products. Theirproducts are rare to find and areavailable for limited edition as wellas period. Strategic planning – It refers to the process of organizational planning which is based onthe set activities of allocating resources, making decisions, ensuring that employees andother stakeholders are working towards the common goals (Haley, Haley and Tan, 2011).Presence of all the components such as mission, vision, objectives etc. is very necessaryto formulate a strategic plan for the organization. It also helps in extending the controlmechanisms for guiding and implementing the strategy into the organization structure.1.2 Factors to be considered for formulating the strategic plansManagement of the organization should consider some major factors while formulatingand developing the strategic planning for the business operations. Factors which are to beconsidered are:Persons to consult and involve during the process – They are referred as a group ofstakeholders in the organization which provides better knowledge for formulatingstrategies (Montgomery, 2011). Influence on targets –Factors to be considered in order to maintain the level of achievingtargets are balancing the brand loyalty and its name, rising the customer satisfaction,leading the market position, etc.Impact on managers - Factors like rising the efficiency, allocating more resources,executing the operations, etc. could affect the working condition of managers.Requirement of Strategic planning – An organization should attain the requirement ofplanning a strategic structure and design, when it suffers from the conditions like lowproductivity, low profitability and decrease in market growth (Wantao and et.al., 2012).The prior task of the management is to identify the factors which are the reasons behindsuch results.2
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