Table of Contents INTRODUCTION...........................................................................................................................1 TASK 1............................................................................................................................................1 Strategic context...........................................................................................................................1 Different strategic planning tools:...............................................................................................2 TASK 2............................................................................................................................................5 Organisational internal environment............................................................................................5 TASK 3............................................................................................................................................9 Analytical tools and models.........................................................................................................9 TASK 4..........................................................................................................................................14 Strategic choices and directions.................................................................................................14 CONCLUSION..............................................................................................................................17 REFERENCES..............................................................................................................................18
INTRODUCTION Business strategy is a roadmap that takes the organisation to desired objectives. It is long term action plan that an entity designs for achieving set of goals. In other words, it is establishment of standards, operational planning, analysing manpower capabilities, arranging resources and assigning roles to distinct department which enhances as well as encourages currentorganisationalapproachforattainingalltheobjectivesinpredeterminedmanner (Agarwal, 2014). Strategies plays important role at organisation as they are form for attracting more customers, innovations, informing market about new products and ensuring growth with survival in the surrounded business environment. For understanding aspects of business strategy, EasyJetis chosen which is an airline company having headquarters at Luton, United Kingdom. It is considered as low cost airline and operates domestic addition to international scheduled services in more than 29 nations. The present report covers analysis of impacts as well as influences that macro environment has on company addition to its strategies. It further access internal environment along with capabilities of the organisation. Model of Porter's five force is applied within market sector and various concepts along with models are also applied for assisting understanding of strategic directions that are with the business. TASK 1 Strategic context Organisational overview:EasyJet is leading low cost airline entity headquartered at Luton. UK. The company employs around 14000 people and since the establishment, it have grown with combination of acquisitions (EasyJet. 2019.).Themissionstatement of EasyJet is to deliver leading returns to various shareholders by maintaining leading network with primary airports and emphasising towards making travelling affordable as well as easy for the customers. Thevisionof EasyJet is to become Europe's most preferred and short-haul airline through combiningleadingnetworksof itsairportwithfriendlyservicesadditiontogreatfares. Objectivesof EasyJet are to make increments within customer equity, to become leader within airline industry, to satisfy expectations of customers, to improve usage of internet based technology and to sustain market position. Strategyis defined as set of rules or actions which are formulated for attaining organisational key objectives. It is knowledge of goals and blueprint of decisions which shows 1
reduction of unnecessary activities and plans to achieve objectives. It majorly deals with development for long term and takes account of probable customer behaviour as well as competitors. Strategy plays most important role at EasyJet as to provide action plans, making choices,allocatingresources,coordinatingtasks,establishingprioritises,defining accountabilities, enhancing communication and providing ongoing decision making framework so that all the staff members works to achieve objectives of the entity. Through strategies, all the situations are carefully analysed that helps the company to attain fit between internal resources and external threats with opportunities which shows achievement of strategic intent along with framing distinct strategic directions. Different strategic planning tools: Macro environment: The major uncontrollableaddition to externalfactors which influences decision making, performance and strategies is said to macro environment. It includes the conditions which have existence within whole economy and affects development efforts of an entity in positive and negative ways(Burlton, 2015). Some of the strategic planning techniques that Corporate strategy manager of EasyJet are as follows: PESTLE analysis It is one of important analysis that provides all the relevant information about macro environmental factors through scanning the pertaining impacts of the outside environment. With this analysis, corporate managers gains knowledge about factors residing in external environment that influences addition to impacts the strategies and working of company. Application of PESTLE analysis on EasyJet is underneath: Political: Factors which emphasis on political stability, consumer laws, government regulations and trade restrictions are political factors. The political environment of UK is generally stable and fair which provides various opportunities to EasyJet to expand in different nations that impacts positive on the company and its expansion strategies. At same time, the incident of Brexit has resulted in imposition on various taxations, contributions and trade restrictions which impacts negatively on the company and its strategies as major long term policies needs modifications as per new impositions. Economic: Factors that are connected with business cycle, GDP of a nation, exchange rates and bank rates results in positive and negative influences on business and its strategies. UK's economic environment is based on free market economic system. The uncertainty that was 2
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followed by Brexit has put various economic impacts on airline industry of UK. As EasyJet operates its key workings in UK's airline industry has faced situations of pound sterling's depreciation that has impacted negatively on its performance and strategies. At same time, EasyJet was benefited from interest rates addition to low fuel prices that impacted positively on its growth in the competition that influenced its strategies on positive path. Social: Factors like buying habits, customer service expectations, education level and population analytics are some social factors that influences the workings of airline industry of UK (Chang, 2016).Population of UK have demands for low prices and higher service quality. For meeting such increasing demand, EasyJet have stabilised their prices for tickets which has resulted in attracting more economically minded passengers and increased sales of the tickets that impacted positively on the company and strategies. But in case with business class passengers of UK, improved communication facilities and services resulted in reducing needs for flying down meetings that impacted negatively on the entity. Technological: Automation, research and development, technological advancement are somefactorsthatfosterstechnologicalenvironmentofUK.Withintheairlineindustry, technological aspects are used heavily and the population of the same nation depends more on accessing ticketing as well as check-in services with their hand held devices. Managers of EasyJet has invested and adopted all the latest digital technological so to provide convenience and easiness to customers while using the services that impacts positively on image of the entity. Legal: This factors illustrates the ways a company operate addition to customers behave. Within UK, various legislations are devised for safety addition to security of passengers and for air traffic. Management team of EasyJet ensures compliance with all the stated legislations Air Commerce Act, employment act, safety and security act that impacts positively to offer high quality and safe travelling services to customers. In contrary, when there are frequent changes within amendments or provisions of these laws by the government then it causes issues for the selected entity to work with the old provisions and it impacts negatively of the strategies and workings of the organisation. Environmental: Factors like air traffic strikes, travelling chaos and adverse weather impacts workings of airline industry. There are various changes within climatic environment of UK due to which EasyJet has to make sudden changes in flights timings and most of the time 3
flights are cancelled by the entity which affects passengers satisfactions and impacts negatively on the revenues as well as additional cost of the entity. Ansoff's growth vector matrix The another strategic planning technique that is used to evaluate performance addition to making changes within strategies or plans of the company so achieving objectives (Chen and Jermias, 2014). As per this matrix, the entity analyses procedures of marketing and sales volume of existing products and makes decisions for diversifying products into distinct categories. With this matrix, corporate strategy manager of EasyJet analyses demands and needs of people that are riding in external environment. The application of such framework in context to EasyJet is as follows: Market penetration: It is the first quadrant of the matrix that is adopted as strategy at the time company has current commodities with known market as well as needs growth strategy in the market. EasyJet managers could adopt the strategy so to emphasis on performing activities in better ways so to increase its sales volume of tickets and revenue margins. Market development: With this strategy, a company uses its current commodities to target new market. EasyJet managers could emphasis on adopting this strategy when they have plans to expand the brand in the new global market through proper research and development. Product development: The strategy is used by institutions when they have good market image in existing market and needs to launch new commodities for expansion. It is generally required when firms have strong customer base as well as have knowledge about market for the new commodity has reached saturation. In context to EasyJet, customer base of such entity is strong and with this they could emphasis on developing new products and make their selling within existing customer market. Diversification: This strategy is adopted when a company wants to introduce a new product in new marketplace. It is generally risky as the company has limited information about needs and wants of new customer segment. By adopting diversification strategy, EasyJet could focus on introducing a new concept in new market so promoting it in new ways. From the above, currently EasyJet managers have adopted market penetration strategy in which the entity uses secondary airports to deliver services to its existing customers at low cost. With this, the company grabs opportunities to discourage competition and create goodwill. SWOT analysis: 4
Thisisatechniquewhichisdefinesasanobjectiveassurance,consultingand independent activity that is basically used for adding valuables as well as improving operations of the company (Chen, Eshleman and Soileau,2016). With this technique, the manager of EasyJet identifies its strength, weaknesses, threats and opportunities. The SWOT analysis of EasyJet is as follows: StrengthWeaknesses EasyJet offers on time travelling as well asreliableserviceswithadditional featuresliketicketlesstravel,travel services and online booking. Thecompanyaddedmoreroutesfor servinglargecustomersegmentand offers huge flight times. EasyJet fails to offer various services suck as free food service to customers using longer flights. The entity do not respond to needs of wide demographic addition to older travellers. OpportunitiesThreats EasyJetcangrabtheopportunityof expandingroutesystemintonew regional areas across Europe as well as cater to wide customer segment (Davies, 2016). The institution could focus on strategic partnerships with many airports so to offerwidetravellingoptionsto customers. Increased airport fees is one of the threattoEasyJetthatreducesits margin and expansion of routes. Thecompetitorsoffershugefrills, route options as well as flights while maintaintheircostsatlowthat threaten position of the selected entity. TASK 2 Organisational internal environment. Strategic capabilitiesare said to the abilities of entity to harness skills, resources together with capabilities for gaining advantages and surviving in the competition so to increase 5
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their values with time. The key components of strategic capabilities are named as analysis tools, strategic purpose, values, vision, goals and planning its actions. Resource based view strategy Resource based view is one of the strategy which perceives resources as key for attaining superior performances (Resource based view strategy. 2019). With the adoption of such strategy, managers of EasyJet combines all their resources in such manner that helps in exploiting external opportunities for getting competitive benefits. In context to EasyJet, resource based view strategy is as mentioned: Illustration1: Resource based view strategy. 2019 (Source: Resource based view strategy. 2019) Tangible resources: These are physical things that are seen and touched. Organisation such as EasyJet have tangible resources in form of machinery, modern warehouses, land and building, financial resources and manpower which are responsible to perform all functions smoothly. Intangible resources: The resources that are valuable and only can be felt but not touched or seen are characterised under intangible resources. The intangible resources of EasyJet 6
are technology, relationships, training programs, organisational culture and skills that helpsthe brand to gain differentiation advantages within the market. These resources stays within entity and are considered as main sources for achieving sustainable competitive advantages. Heterogeneous resources: The resources which have similarities with other and have some differences too. Heterogeneous resources of EasyJet are named as skills, capabilities and many more that are bundle with other resources having similarity in nature so that more advantageous outcomes can be attained to sustain for longer duration in the market. Immobile resources: Resources that cannot be moved from one location to another and are not mobile are said to immobile resources. With the immobility, Easyjet cannot replicate competitorsresourcesadditiontoimplementsamestrategies.Incontexttotheselected organisation,immobileresourcesareprocedures,intellectualproperty,brandequityand knowledge that helps in gaining competitive advantages. McKinsey model: McKinsey 7s model is one of management tool that shows linkage among seven distinct elements that are properly aligned to achieve objectives (Higgins, Omer and Phillips, 2015). It is an useful framework that assist in reviewing capabilities of the company in distinct viewpoints. The elements of the model in context to EasyJet are as follows: Shared values: The values, standards and ethical forms of the company are shared values. It states beliefs along with core values that the entity shares to achieve the vision. Easyjet managers focuses on enhancement of sophisticated leadership techniques to greater standards that makes this element strong which creates sense on camaraderie among people. System: It depicts the aspects in which workings are accomplished. It assist in keeping the company operating along with moving forward. Corporate strategy manager of EasyJet focus on marketing systems, workplace system, managing people system and operational system for acquiring growth. Strategy: it is the method that strengths enterprise performance and states the ways in which activities of the company are conducted for achieving goals. EasyJet managers applies various strategies such as product development strategy and balanced scorecard method. Structure:Withthiselement,alltheoperationsareefficaciouslyhandledand responsibilities are delegated to different people at different hierarchical positions so to manage 7
all the workings smoothly. At EasyJet, hierarchical structure is adopted by the management that facilitates proper communication and responsible relationships to accomplish work. Skills: Skills are considered as strong competence of the company as they define potentiality of a person to execute operations in distinct ways. By the managers of Easyjet, more focusaremadeoncommunicationskills,interpersonalskills,technologicalskillsand promotional skills for achieving competitive benefits. Styles: Styles are termed to the ways performances are influenced, tasks are managed and actions are taken to lead the enterprise. Corporate strategy manager of EasyJet adopts democratic leadership style while directing, supervising and leading people so that they implement strategic decisions. Staff: These are the human resources that are employed at institution either on salary or on wages. It is also linked to the mechanisms used by managers of the company to hire, train, compensate and motivate people. The company such as EasyJet has around 14000 productive staff that contributes their efforts for organisational development. VRIO Analysis: The another framework that entities uses to analyses strength and weakness of their resources and capabilities (Hockerts, 2015). It is combination of four dimensions which are valuable, rare, imitable and organised. The VRIO analysis for EasyJet is as applied: Resourceand capabilities ValuableRareImitableOrganized Routenetwork attractiveness ✔XXX Human resource✔✔XX Patent✔✔✔X Financial resources ✔✔✔✔ 8
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Valuable: According to the above table, the valuable resources of EasyJet are route network attractiveness, human resources, financial resources and patent. The route network attractiveness are valuable as they the company have various routes with diverse airports in multiple countries. In context to financial resources, these are valuable as with effective funds, company makes investment to grab opportunities. The human resources of the company are valuable as they are highly trained as well as leads in producing more output for the entity. The patents are valuable as they allow the company to sell tickets and other commodities without competitive interference. Rare: The resources of EasyJet that are rare to be found among other are human resources, patent and financial resources. Patent are rare to be found as EasyJet have made huge investment so to get patent rights for its services and intellectual property. Human resources of the company are unique from other company that characterised them under rare dimension. In context to financial resources, the company gains income from diverse sources that are rare among competitors. Imitable: Capabilities that are part of imitable dimension of EasyJet are patent as well as financial resources. Patent are difficult to imitate as other companies are not legally allowed for imitating the product that are patented. Financial resources of selected organisation are also costly to imitate as these are gained through prolonged profits. Organised: from the all resources, financial resources falls under organised dimension. Various plans are formulated for using funds in distinct ways such as investments, combatting threats and making opportunities. Hence, financial resources is one of capability that sustains competitive advantage of EasyJet. TASK 3 Analytical tools and models Balance score card: A balance score card is a strategic management tool which is utilised by organisation to evaluate performance, recognise and improve different internal business function and get result regarding external activities (Lee and Smith,2018). Balance score card mainly utilise to measure and offer feedback to businesses. Through particular approach analysis the performance of employees who are working in effective manner. The reason of applied this approach such as: 9
Learningandgrowth:Throughthetrainingandlearningprocedureidentifythe knowledge of the employees in effective manner and handle all the information in appropriate manner.Customer perspective: To gather all the information that helps to provide satisfaction to all customers and fulfil all the requirements. Porter's five forces model: It is a business analysis model that use to describe different industries which are able to continue at various levels of profitability. Porters five forces model can be utilised by the different organisation in order to operate business activities easily and measure the competition, attractiveness and profitability regarding to company at the market place. The manager of Easy jet Plc can use this model and understand how these model influence for profitability and help to get competitive advantages.Threat of new entrants: In the airline industry, it is not possible to enter easily because there is required high capital investment because set up new business require high expenditure. The scale of economy is difficult to achieve in the airline industry because it makes products costly for new entrants. The government rules and regulation is strict for the new entrants so they are not easily enter in the airline industry. So it making the threats for the new entrants as weak force.Bargaining power of suppliers: In this industry no of suppliers is a lot for Easy jet plc is compare with buyers (Laudon and Traver, 2016). So bargaining power of buyers is weak where less control on the prices and provide fairly exchangeable. These suppliers is not provided believable threat for forward and related within industry where a;l activities conduct by Easy jet plc.Bargaining power of Buyer:As there are many people prefer to travelling by flight to save time which are operating by Easy jet plc where bargaining power is high. As a result it shows adverse impact on the company position as well as profitability. The product differentiation is high that means buyers are not able search different options from firm to its customers. Due to low income level income level so they have pressure to purchase low rate tickets that make more sensitive to buyers.Threat from substitute products:When one product can be used on the place of another so it is known as substitute. Such as Easy Jet threat of such items new services by other 10
airline industry. There are medium risk level because potential travellers can select transportation like cars, buses, trains or boats to reach on destination. It is mainly based on the time and according to that customer set which transport select for travelling. Rivalry among the existing players:The rivalry in airline is broadly intense for different causes because air line industry present very inactive. There are different numbers of competitors for the long run and under capacitate. The competition is low due to brand identities in the market. Such as Easy jet is famous for low cost and share seemed to be equally allocated due to every organisation can play important part in the market due to fluctuated cost. Implication of Porter five forces on EasyJet: After porters five forces analysis EasyJet develop different strategy that will help to understand how various factors can show impact on the profitability of business. A stronger forces judge all the strong and weaker point which direct impact on the business profitability. On the basis of judgement apply sufficient strategic planning. Stakeholder Analysis: It is a procedure that apply by the organisation to recognise those people who invest money before project starting and start project effectively (Stakeholder analysis.2019). Create group as per the different stages of participation, interest and determinant for the project and analysis how engage with more stakeholders. In this analysis all the stakeholders such as board ofdirectors,crewmembers,executingstaff,sales,marketingandfinanceteam, Development/engineering/manufacturing, operation/IT and consultants etc. 11
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High power, high interest:In this stage consist of all those important stakeholder who have power to take all the important decision regarding to Easy Jet. They are taking high interest in all the business activities, these members are: Executive directors, board of directors, managers etc.High power, low interest:These types holders have high power to influence the business and continue work to keep satisfied of people. But these types of stockholder do not take interest deeply in any project. And over communicate with higher authority such as crew members and other team leaders.Low power, high interest: This stage people have low power but take high interest in airline industry such as sales, finance and marketing team members and pilot, air hostess etc.Low power, low interest: Just keep these people informed on periodically bases than according to that they work because these types of people have low interest withlow power. There are consisting of customers who travelling by the flight. Ansoff Matrix: 12
It is a strategic planning tool which offer a set framework in order to analysis help executives, senior managers and different marketing strategies in order to get growth effectively. This matrix mainly focus on the growth by analysis of opportunities foe business by increase different combination of new market (Murthy, 2012). In the context of Easy Jet apply particular strategy in order to get growth and success for long time. There are consisting of all four aspects in detailed manner such as:Market penetration: It is a type of growth strategy that is depended on the selling their available products and services in the particular market where already sell out. Any company apply different strategies to increase their market share and apply all the appropriate changes regarding to available products and services. To modification in these productsapply after analysisthe customer perception,tasteand preferences regarding to services. Easy jet can apply particular strategy to achieve market share regarding to existing business products at the existing market after implement different strategies such as provide discount offers etc.Product development:In this strategy consist of introduction and produce new products and services for the existing market. After understanding different elements which is related risks, a company provide several new products to their consumers. Easy Jet plc can select effective strategy in order to attract people for travelling by their flight and attract with the good quality development, acquiring and available resource regarding to competitors and apply sufficient improvements in technology that provide creative and effective products as well as services in existing market.Market development:It is defined as an approach where all the strategies are applied in order to tap into new market with the existing products. For this require to analysis internal and external activities that particular place and related risk with the application of such strategy. Easy Jet Plc can select particular development strategy to meet all the requirements of new market where is products are not sold. So it provides suggestions in which location require to expand business activities such as geographic location. Diversification: It is last growth strategy which is selected by a business to tap into new market with new products and services. Easy Jet Plc can select and apply particular strategy to enter into new market with new product and facilities that attract to people to 13
travel with them. It supports to cover large market and develop all the innovative products after analysis market demands to manage their profit margin. AfteranalysisalltheabovestrategyEasyjetcanselectthatfocusonproduct development strategy in order to attract more customer who are not travel by the flight. Through new product and services easily influence to people which is beneficial for company to increase its business activities at particular market where already conduct its operations. TASK 4 Strategic choices and directions Porters' generic strategies Thestrategicalmodelillustratesthewaysthroughwhichanenterprisepursues competitiveadvantagesoverselectedmarketscope.Itconstitutesvariousstrategiesthat determine directions to the entity (Porter's generic strategies. 2019). It reflect choices which are made by the organisation in context to competitive advantage type as well as scope. The dimension of the model in context to EasyJet are as follows: Illustration2: Porter's generic strategies. 2019 (Source: Porter's generic strategies. 2019) 14
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Cost leadership: Organisations go with this strategy when they aims to achieve leading position across the market in context to product cost that are offered to customers. It is considered as traditional strategy in which companies used to manufacture commodities on bulk quantity so to exploit economic scale. EasyJet is an airline company that offers standards products within airline industry. By adopting cost leadership strategy, selected company could offer products at low cost so that they can have larger market share. Focused strategy: With this strategy, company have objective to focus on limited target market. They target niche market that have little competition so to offer product with unique characteristics. It results in strong brand loyalty within customers. Adoption of differentiation strategy by EasyJet manager could help in selecting appropriate market and staying ahead in the line of competition. Differentiation strategy: With this strategy, company have objective to differentiate their products within broad target market segment. The strategy helps in making product f the entity as exclusive as manageable so to make it attractive against comparable commodities that rivals offer. With adoption of such strategy by managers of EasyJet, they needs to emphasis more on research and development, delivering high quality and innovation. It also requires effective marketing for understanding the market needs for unique product. From the above discussed strategies, it is analysed that adopting cost leadership strategy will help EasyJet managers to gain sustainable competitive outcomes. With this strategy, selected firm will be able to gain better profits, increase market shares, creates more capital for growth, reduces competition and improve business sustainability. Extended model of Bowman's strategy clock The profounder of the model was David as well as Bowman Faulkner. With this model, an entity focuses on realising its position within the market place by making comparison with pertaining rivals (Page, 2016). By adopting this extended model, EasyJet can understand and realise its current position in the competing world. Following are some of the ways in which an institution can position its product in distinct manner: Low added value and low price: Herein, managers of business makes efforts for keeping their product prices low and having valuables at low rates. With this, no entity can gain 15
any competitive position as customers do not prefer to those products that have low values and prices. Low prices:In this, organisational commodities are sold in the market at low rates for grabbing more market attention. Through this, EasyJet could offer large tickets to market keeping the fairs low. Hybrid: It is considered as effective strategy as it adds values to the products that customers prefers the most. With this strategy, EasyJet can provide its products on continuous basis in the market. Differentiation: With this strategy, company offers distinct types of products not are not similar with other companies. These products generally have high quality addition to affordable rates. Focused differentiation: In this, institutions focuses on luxury as well as exclusive commodities that have high quality along with high prices (Peng, 2017). With this EasyJet can increase its overall profit margin as market audiences are ready to make payments for luxurious commodities having high quality. Risky high margin: In this, high prices of the products are charged that perceive high values to market audiences. With adopting of this strategy, it is easy to sustain in competition as high commodity price can help in enhancing growth for EasyJet. Monopolypricing:Withthisstrategy,businessmakesattemptsforpositioning themselves in monopoly position. When the company has monopoly within market, they are the one who offers products. They do not consider customer values and choices. They only emphasis on setting the prices as per their own aspects and tightly regulate whole market. Loss of market share:This is disastrous position in the market. When entity sets standard prices having low perceived value are unable to win consumers. With this strategy, company only faces reductions in shares of market and losses of customer segment. From the mentioned Bowman's strategy, EasyJet must focus on adopting focussed differentiation strategy for offering high product quality at high prices so that they are able to gain interest of maximum customers for their tickets and other products. It will also help in increasing profits as well as overall productivity as compared with competitors. Integration 16
Horizontal integration: In this type of integration, business acquire other companies that have belongings from similar industry. With this integration, entities increases their production along with supply chain. It is done through internal expansion, merger addition to acquisition. If this integration is used by EasyJet, then company captures majority of market in context to products or service. Vertical integration: Within this integration, attempts by the institution are made for acquiring distinct entity vertically in network of supply chain (Yuliansyah, Rammal and Rose, 2016). It is done withthat firm that do not work in similar industry. It is done so to bring changes among variety of services that are presently offered in market. With this integration, EasyJet would either own or control the activities of suppliers and distributors so to control their values as well as supply chain. From the above integration, EasyJet company must go with horizontal integration so to smoothen their supply chain, absorbing streams of profits, making distribution as well as services of after sales more efficient and increasing barriers for the new companies. CONCLUSION As per the above report it has been concluded that to conduct different business activities and operations required to prepare effective business strategy. These strategies based on the mission, vision and objectives. To prepare effective strategy require to analysis macro and micro environment and find out all the weak points. To achieve all the competitive advantages apply McKiney's model that helps to manage all the tools, for identify all the effective resources of business apply VRIO analysis. Apply balance score card to gather vision of the business and Ansoff matrix to tap into new market and handle effectively. At the end after analysis all the strategies select appropriate strategy that provide right direction to business. 17
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