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Report on Business Strategy & Entrepreneurship - Aston Martin

   

Added on  2020-06-05

24 Pages8703 Words34 Views
Business Strategy &Entrepreneurship

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Role of organisational values in strategy formulation..........................................................11.2 Factors to be considered in strategic planning and monitoring.............................................2TASK 2............................................................................................................................................31.1 Brainstorming technique.......................................................................................................31.2 Strength and weakness of product.........................................................................................41.3 Market research for proposed new market............................................................................5TASK 3...........................................................................................................................................52.1&2.2 Analyse environment and select target market using segmentation.............................52.3 Porter's five force model of Aston Martin.............................................................................62.4 Business proposal document.................................................................................................73.1 Business Pitch for products and services..............................................................................83.2 Communicate effectively......................................................................................................93.3 Evaluate success of Pitch in meeting business objectives..................................................10TASK 4..........................................................................................................................................102.1 Organisation strategic position............................................................................................102.2 Environmental audit............................................................................................................122.3 Stakeholder analysis............................................................................................................132.4 New strategy for an business entity....................................................................................14TASK 5..........................................................................................................................................143.1 Roles of managers and employees in implementing new strategy.....................................143.2 Evaluate and SMART objectives to monitor progress........................................................15CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................17

INTRODUCTIONBusiness strategy refers to management or administration of art as well as science whichassist in formulating, implementing as well as analysing decision which are made by higherauthorities so that employers can attain their long term goals and objectives. When staffmembers using appropriate strategy then this will help in improving consumer experience so thatthey can find true value and also expand overall experience of buyers (Ackermann andAudretsch, 2013). For promoting products and services they can use digital marketing along withthe different promotional channel so that proper fragmentation can be done in a proper manner.Entrepreneur refers to person who run small business and for improving success in market theyhave to take more risk and reward so that they can generate more revenue. Entrepreneur is anindividual who uses innovative ideas and business processes so that they can do developments orimprovements in a business which will aid in attaining targets which are decided by higherauthorities. Present report is based on Aston martin which is a British manufacturer of luxurysports cars and company having a good revenue that is £593.5 million (Business Strategy &Consulting, 2017). In below mentioned assignment, discussion on role of organisational values,mission, vision, goals as well as competencies in strategy formulation. Further, differentbrainstorming techniques has to be discussed which assist them in generating more and moreproducts and according to that business entity can increase sales and generate or earn morerevenue. Along with this proper analysis of market should be done by using different techniques.TASK 11.1 Role of organisational values in strategy formulationOrganisation values are those basic principles on which the cited company works on.Whatever happens they do not get deviated from their belief and work towards achieving thegoals by maintaining the same values. It is being analysed from various experiences thatcompany that has a significant statement of mission or vision are successful in achieving theobjective. Mission or purpose can be use as a synonym for each other and for every enterprisethe ultimate goal is to achieve the same with the given resources (Acquaah, 2013). Missionstatement of Aston Martin is to simply be the best in every area of our business. It will helps inaccomplishing the most exceptional consumer experience so that they can provide strong supportour community. It is because through this system it becomes clear for all the employees that1

what they are expected to do and how they have to perform their duty with the given resources.When the working staff is aware about their organisation goals they stay focused and worktowards the same. Once when the vision is set workers get the knowledge of what to follow fromthe various options available as the reason behind the existence is defined through this system(Alsudiri, Al-Karaghouli and Eldabi, 2013). Management may also recognise the differentworker who are not working with the flow of business as through the process of settingorganisation vision company can evaluate easily that who all do not wish to follow the providedguidelines. Another benefit of this practice is it helps in translating the desired goals into actionas organisation than follows a set structure which is tested to give the wanted outcomes. Lastly,the working staff gets the philosophy of their presence which is very important because ashuman beings, everyone needs meaning from their work done and the vision and missionstatements gives them a sense and meaningful reason to work with an organisation. 1.2 Factors to be considered in strategic planning and monitoringIn Aston Martin, there are different factors which are to be considered in the strategicplanning as well as monitoring. There are distinctive factors which provide proper guidance sothat they can improve profitability and productivity. Factors are:They have to make proper vision and mission statement for a long term and according tothat they have to make their objectives (Armstrong and et. al., 2015).They should identify and analyse stakeholders which having a influence their business.Stakeholders include management. Shareholders, employees, suppliers and so on. They have to do scanning on their external environment which assist in identifying andanalysing strength and weakness.They have to analyse their external environment by using PESTEL techniques whichhelps in identifying the impact on business (Barberá and et.al., 2012).After that they have to define their competitive advantage so that they can assess theirforms to their business goals and should be in a specific time. This will helps inmaintaining their unique position in the competitive market.They have to prepare their SMART objectives so that they can assess their business goalsand then they have to do formulation in a specific time period (Bentley, Omer and Sharp,2013). 2

Manager and employees of Aston Martin have to maintain their account for personal aswell as business goals. Personal goals represent individual objectives which is related tomanagement as well as other members who are involved in the business. There aredifferent goals which includes earning money, contributing to community. Along withthe development of professional skills. They have to set their business goals which assisttheir business in attaining their personal goals (Bharadwaj and et. al., 2013). Last step is to determine their action steps and for that they have to make their strategiesin achieving their goals and objectives as well as have to fulfil their business purpose aswell as they have to satisfy long term aspirations. TASK 21.1 Brainstorming techniqueThese can be viable conceptualizing apparatuses for a few reasons: The general distributions contain articles around a few businesses, which is useful forconceptualizing new thoughts that can apply to your own industry. Advertising methods and methodologies examined in the diaries can enable you toconceptualize new showcasing thoughts of your own (Blackburn, Hart and Wainwright,2013). In distributions, for example, the Wall Street Journal, the editors incorporate a blend ofshort articles (useful for conceptualizing thoughts in view of what others are doing) andinside and out reports (useful for conceptualizing new item advancement techniques thatdevelop from patterns). By skimming an assortment of business related articles (news articles, highlights, humanintrigue, and investigative pieces) you widen your thought base, which brings about morenew item thoughts (Dey and Sircar, 2012).There are different steps which helps in generating or innovating new products andservices:Each association need to dispatch crisp products in general interim of time since taste andinclination of clients are evolving quickly. The vast majority of the organizations receiveconceptualizing procedures so they can present new merchandise in market. The following is theway toward conceptualizing: 3

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