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Business Strategy of Footlocker Inc : Report

   

Added on  2020-09-03

13 Pages4100 Words45 Views
Business Strategy

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................21.1 Assessing the business mission, vision, goals, objectives and core competencies..........21.2 Factors involved in developing a strategic plan...............................................................21.3 Effectiveness of techniques for developing a strategic plan............................................3TASK 2............................................................................................................................................52.1 Conducting an organizational audit..................................................................................52.2 Carrying out an environmental audit................................................................................62.3 Significance of stakeholder analysis when formulating a new strategy...........................72.4 New business strategy based on organisational audit and stakeholder analysis..............7TASK 3............................................................................................................................................83.1 Appropriateness of alternative business strategies...........................................................83.2 Justify the selection of new strategy.................................................................................8TASK 4............................................................................................................................................94.1 Roles and responsibilities of a personnel involved in strategic implementation..............94.2 Analysing the estimated resource requirements to implement new strategy...................94.3 Contribution of SMART targets in strategy implementation.........................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12

INTRODUCTIONStrategic planning is one of the important tasks for every business organization whichprovides direction to all working activities and operations so that firms can easily achieve setgoals and objectives. Business strategies contribute towards the organizational effectiveness byproviding satisfaction to personnel. It gets managers into habit of thinking and make themproactive and more conscious about the business environment (Annabi and McGann, 2013).While formulating any business strategy, it is essential for managers to analyse all internal andexternal factors that can hamper all working activities in the organizational environment.Footlocker Inc. is the chosen organisation in present report where its mission, vision, goals andobjectives will be described. Also, there will be discussion on factors that should be consideredwhile formulating a strategic plan. Footlocker Inc. can use different techniques so as to formulatethe strategic business plan. Readers will also come to know about alternative strategies which areconcerned with the market entry as well as substantive and limited growth. Roles andresponsibilities of personnel who are involved in strategic planning process would also bestudied here. Footlocker Inc. is the chosen organization in this report. It is an American footwear andsportswear company that currently operates in 28 countries. There are over 3300 stores ofFootlocker worldwide. The firm was established in 1974 by F.W. Woolworth and SantiagoLopez and found as a separate company in 1998. These are different brands of Footlocker Inc.such as Eastbay, Champs sports, Sidestep, Footaction, etc. The overall revenue of company isUS$ 7.151 billion and its total net income is US$520 million. Besides this, approximately 45000employees are currently working with it. During 1990s, flagship departmental store chain of thefirm fell into decline, then its owners were decided to continue the aggressive expansion intoathletic business in following years. Afterwards, in 1997, Woolworth Corporation acquiredEastbay that is the largest athletic catalogue retailer store. In 2004, Footlocker declared quarterlyprofit that raise by 19% and helped in higher sales. At this time, the firm also adopted a USAbrand, i.e. Footaction and opened 350 stores by investing $450 million. Apart from this, in 2011, Footlocker was joined Dosomething.Org for the scholarathlete’s events that honour high athletes in order to demonstrate academic excellence in localcommunities. In 2013, this manufacturing firm adopted a German Retailer i.e. Runners Pointgroup. On the other hand, vision statement of company is to become a leading global retailer of1

athletic inspired shoes and apparels. In order to achieve its vision statement, businessorganization is always focused on providing qualitative and innovative products to customers soas to attain and retain them for long period of time. In 2014, Footlocker Inc. conducted a marketresearch by investing £400 so as to gain more knowledge from customers; the firm also investsin advertise and promotional activities so as to reach large group of people. Footlocker hasrecorded a turnover of 7.150 billion dollars at the end of fiscal years. It is located in almost 21developing countries like Asia, United States, Europe, Canada, etc. 70% of its products are fromNike. TASK 11.1 Assessing the business mission, vision, goals, objectives and core competenciesVision The vision statement of Footlocker Inc. is to be a leading global retailerof athletically inspired shoes and apparel. Mission The mission statement of Footlocker is to create a clear customer focus inorder to drive performance in core athletic banner. Goals Goals are general guidelines which represents visions of the company.For example- the major goal of Footlocker is to deliver exceptionalgrowth in high potential business segments and aggressively pursue brandexpansion opportunities. Objectives The objectives of Footlocker is to increase the productivity of all assetsand build their industry leading retail team. Core competencies The core values of the company are – integrity, leadership, servicequality, excellence, team work and innovations. It helps the industry toachieve its goals and objectives. 1.2 Factors involved in developing a strategic planStrategic planning is a process that is carried by management in order to set priorities,strengthen operations and identify enginery as well as resources. It ensures that staff membersand stakeholders are working towards common goals and objectives. Therefore, these are thecommon factors that should considered in strategic planning process of Footlocker Inc., such arestated as under: - 2

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