Business Strategies and Smart Objectives
Added on 2020-07-22
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BUSINESS STRATEGY
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Covered in PPT ..........................................................................................................................1TASK 2............................................................................................................................................12.1 Internal auditing of organisation...........................................................................................12.2 External audit of VOLKSAWAGEN...................................................................................32.3 Stakeholder analysis significance.........................................................................................42.4 Strategies for the organisation...............................................................................................5TASK 3............................................................................................................................................63.1 Study of different strategy.....................................................................................................63.2 Strategy selection justifications............................................................................................6TASK 4............................................................................................................................................74.1 Duties and responsibility.......................................................................................................74.2 Estimation of resource requirements.....................................................................................74.3 Importance of Smart objectives............................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONBusiness strategy is the science or art which are formulated by the authorities of aninstitution in order to achieve the goals and objectives. By implementing to theses code ofconduct a set guideline is provided which helps in maintaining continuity and discipline at thework place. Companies get a common direction once the strategy is designed and hence helps incommunicating the vision, mission and goals of a particular enterprise (Scholes, 2015). In thegiven following report a plan will be discussed which will help R.K. designers in establishing anew brand and placing the enterprise in the market. Later the study will cover the differentaspects of Volkswagen which is an auto mobile company. Its internal and external audit will bedone which will help in highlighting its core affecting factors. Apart from this sections like therole of various stakeholders, strategy analysis will also be discussed which will enhance theknowledge of user to a great extent.TASK 1Covered in PPT TASK 22.1 Internal auditing of organisationEvery organisation operates with an end goal of earning higher objectives. It is necessarythat for same the companies strengths and weakness are discovered so that accordingly futureplanning in respect to the strategies can be done. SWOT analysis is an important tool that helpsin determining the areas which needs to be improved and also brings forward the departmentwhich is doing great in its field. Apart from discovering the companies possible opportunitiesand threats swot study also assist in getting a complete idea regarding what is the current positionof the company (Teece, 2010). Given below is the auditing of VOLKSAWAGEN which willshow its current position:Strength – It is observed that there are a number of companies in auto mobile industry.The referred organisation has made its effective position among all the existing ones. The brandimage is huge and management of same is working continuously on bringing new strategieswhich can help the same in capturing greater market and giving a good competition to otherorganisation in same field. Apart from this another major strength of this organisation is that it1
always get assistance from the Chinese auto makers which is itself very strong and gives helpinghand to the refereed organisation whenever required.This company is also known for bringingsynergy into different brands. The refereed auto mobile enterprise is also known for providingvariety of range to its customers which increases the level of options available with thecustomers. This attracts customers towards it and hence increases the brand demand in market. Ithas successfully utilised the promotional tools like the print and the social media to promote itsname in the market. This assist in making the name famous in the market and hence increases thevalue. Companies major strength is its employees as it has given employment to a great numberof employees which makes the base of same enterprise stronger and also creates positive imagein providing a good number of job opportunities in the market. Its presence in hybrid and motorsports adds more positivity to its brands as this way it becomes stronger than the other in thesame field. Though the company is working in diverse areas it has a great structure with wellmanaged management which further contributes in the growth of the company (Bharadwaj, andet.al., 2013).Weakness – This is the another factor which helps in evaluating the areas of thecompany which needs to be improved. The major drawback with this organisation is that it hasvery less customer loyalty and in order to increase customer satisfaction management needs toformulate effective strategies so that better connection with the customers is developed whichmay result into rise in companies revenues too. Another drawback which was faced was of theemission scandal. It effected the efficiency of the cited company to a great extent. Cars in a greatnumber were return back to the organisation which resulted into breaking up of customers trustwith the brand and hence the image got effected. Immense questions were raised on the name ofthe brand which resulted into loss of market share. After this the another issue was of theexisting competition in the auto mobile company. Due to variety of brands dealing in sameindustry excess of rivalry generates which has its direct impact on the prices. Customers arebenefited due to this and ultimately the loss has to be suffered by the enterprise (Astrachan,2010).Opportunities – With the increase in total population the demand for auto mobiles isincreasing which brings chances for the cited organisation to increase its scale and hence candevelop. By focusing on some major sections of the company like the sustainability policiesefficiency level can be raised. Apart from this VOLKSAWAGEN can increase its market by2
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