Business Strategy & Entrepreneurship Introduction
Added on 2020-06-04
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Business Strategy & Entrepreneurship
Table of ContentsINTRODCUTION...........................................................................................................................1Task1................................................................................................................................................11.1Assessment of business missions, visions, objectives, goals and core competencies instrategy formulation................................................................................................................11.2 Factors to be considered in formulate of strategic planning and monitoring...................2TASK 2............................................................................................................................................41.1 Brainstorming techniques to generate new product/service ideas....................................41.2 Evaluation of strengths and weaknesses of proposed new products................................41.3 Market research for the proposed new product................................................................5TASK 3............................................................................................................................................62.1 & 2.2 Analysation of environment and selection of target market...................................62.3 Application of Porter’s 5 forces.......................................................................................72.4 Construction a sound business proposal...........................................................................83.1 Business Pitch for products and services..........................................................................93.2 Communicate effectively................................................................................................103.3 Evaluate success of Pitch in meeting business objectives..............................................10TASK 4 ..........................................................................................................................112.1 Evaluation of Tesco's strategic position.........................................................................112.2 An environment audit for Tesco company.....................................................................122.3 The significance of stakeholder analysis in case of formulating new strategy..............142.4 Construct the new strategy for Tesco company.............................................................15Task5..............................................................................................................................................173.1 The roles and responsibilities of personnel needed to implement the strategy .............173.2 Evaluate the contribution of SMART target to the achievement of strategy implementationin a Tesco company..............................................................................................................18CONCLUSION..............................................................................................................................19REFERENCES..............................................................................................................................21.......................................................................................................................................................22
INTRODCUTIONEvery organisation make some strategies so they can achieve their long term objectives.It is basically a science and art which management can use in formation and implementation ofplans. Normally these programmes are made for 3-5 years but they companies can formulatethem for more or less years, it depends on size and structure of an enterprise. Their are two typesof strategies, one is general other is competitive. Tesco is a leading company in retail industry.Currently they are operating their business in more than 13 countries. They hold top spot in UKmarket and they are also expanding their business in Asian and European region. This report willinclude brainstorming techniques so a firm can generate new product or service. It will alsodiscuss about strengths and weaknesses of fresh commodities which an organisation can developin upcoming time. Important points like company's strategic position, environment audit willalso become part of this assignment. Stake-holder's analyses will get cover at the end of thisproject. Entrepreneurship is a skill of developing and managing a business so owner can earnprofit by manufacturing products or providing services to end users. Entrepreneurs have abilityto take risks and analyse future needs of society. They keep their focus on doing innovation inindustry. Most of the organisations believe that in forthcoming time invention and creativity willbecome key factor in success and failure of an enterprise (Aarikka-Stenroos and Sandberg,2012). This file will discuss about target market by analysing business environment. It will alsoinclude Porter's 5 forces in order to evaluate proposed products/services. Business proposal for acommodity will also become part of this file. At the end this assignment will also include marketsegmentation and positing. Task11.1Assessment of business missions, visions, objectives, goals and core competencies in strategyformulation.Mission: It is a set of goals and objectives that an company want to meet the customer need andwants. The mission of company states the how the business get profits, how they provide thebetter products and services. The mission statement of Tesco company is that they generate theworth for their customer, their main aim is to get to earn loyalty and honesty from the customersand they want to increase their market shares of organisation. If a company has many permanent1
customers then they can run their business in effective manner specially in unfavourablecondition. Vision: This is the roadmap of any organisation. This statement states the future prospect oforganisation, This also helps to identify the factors which are the sources of organisation growthand success. This cited company vision statement states that this is to be valued by thecustomers, shareholders and staff, they mainly works to provide their services in internationallevel, they apply their all efforts in order to achieve goals and objectives of company (Bagchi-Sen, 2007). This firm want to remain on the top spot and making strong connections withstake4holder is important for them. Goals and objectives: These are the road map that an organisation want to achieve their purposeswithin a specific time. Objectives means steps to achieve their goal and worked to short termplans whereas the goals means work in order to accomplish long term plan of organisation. Thiscited company goals and objectives are they mainly works to achieve growth of core businessand improve and develop their retailing services. They want to capture the market of non foodsegment. This is necessary for their long term growth. Core competencies : The organisation has made their special skills and knowledge that helps toachieve their business goals and objectives. They also worked to establish their goodwill in frontof customers so they achieve trust on the business. This tesco core competencies states that theyspread their network all over country which would achieve their core purposes. High number ofskilled workers provide some extra edge to the company over their competitors. 1.2 Factors to be considered in formulate of strategic planning and monitoring.Some factors that must be considered in formulate the strategic plans are as follows:The industry: In case of strategy planning, to evaluate the industry are important. When theassessment of industry some factors are considered such as new market entrance, competitiveprofitability, and their future threats and weakness. If these factors are changes over time thenthey impact the operation of company.The competition: The formulation of strategic planning, the industry analyse their competitorposition in market. Any organisation can not achieve profits without the knowledge of theircompetitor strategies.Strength and weakness: The company analysis the strengths and weakness in order to formulatestrategic planning. Organisation identify their internal strengths and largely works on them. They2
also analyse their weakness and concentrated to work for remove this weakness which exist inorganisation.The company made their planning system in term of top down planning and bottom downplanning;Top down planning: In this planning, a senior level of mangers made better decision makingprocess (Bogers and West, 2010). All the gaols and objectives of company are formed by topmangers so they are not show their interest to take any suggestions from low level of managers.Bottom up planning: IN this planning, the company focus the deeply in their projects. becausemany employees are involved with each are expertise in different field.Evaluation of the effectiveness of techniques used in developing strategic plan for tescoThere are two techniques are suggested for company:BCG growth share matrix:In this matrix, it includes four situations which the TESCOCompany faces are as follows:Stars: It states the high growth and high market share. Company want to large funds in order tomake decision about how to company continuously success.Cash cows: It states the low growth and high market. Company achieve the low growth but atsame time they increase their market share.Dog: It states the low growth and low market share. The company remove the unnecessary costwhich are exist in product.Questionnaire: IT sates the high growth but low market share. The company have earn losses inthis situation.This matrix helps to company to understand their current portfolio, and focus to new business.The Tesco company has too adopt the strategy options for next five years:Market development:This helps to company to enter into new market with existing product. Thisstrategy helps to this cited company to enhance their market share at international level and toincrease their goodwill across all nations (Bogers and West, 2012).Product development:This helps to company to offer their new products in the existing market.The company has to maintain rand technologies and their professional team.Threats to the company – This company is failing to expand their business in emerging marketslike India. The local competitors are getting strong in these market and they are creating more3
challenges for Tesco. Their financial condition is getting weak and they may see some criticalproblems relating to finance in upcoming time.Resources – The have deep pockets and they company has large number of skilled and talentedworkers. Capabilities – This firm is capable of making major changes in retail industry of UK. But theycannot make an effective impact on the global market. TASK 21.1 Brainstorming techniques to generate new product/service ideasEvery organisation want to launch fresh goods in regular interval of time because tasteand preference of customers are changing swiftly. Most of the companies adopt brainstormingtechniques so they can introduce new commodities in market. Below is the process ofbrainstorming:Idea screening – An enterprise can ask their employees to share their thoughts about anidea. They have better understanding about the task which they are doing on daily basis so theiradvice will provide great assistance in development of new product. They can also take help ofsome experts, this will involve some cost but at the end company may get good ideas. In processof screening, firm has to check whether new thoughts will support in achieving organisationalobjectives. If notion can not be converted into reality than they should eliminate it in the firststep. Company should take views of external sources like customers, suppliers etc. because theyhave better knowledge of market and potential customers. Tesco is going to launch new colddrink in their organic food section (Ettlie and Rosenthal, 2012). Before introducing it in market,they should consult with their employees and other people who are related to this product eitherdirectly or indirectly. Development of concept and its testing – They have to develop a formula in order tomake it tasty and healthy. They have to do various kind of searches so they can deliver bettercommodity in market. After formation of right formula, they should shift their focus on testing .After getting approval from experts they an start its mass production. 1.2 Evaluation of strengths and weaknesses of proposed new productsStrengths – Nowadays people want to eat healthy food because they are getting healthconscious. A cold drink which is chemical free will get attention from all the people who are4
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