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Strategic Planning for Business

   

Added on  2020-09-03

18 Pages6236 Words71 Views
Business Strategy

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Mission, vision, objectives, goals, core competencies to inform strategic planning............11.2 Factors that consider when formulating strategic planning..................................................21.3 Effectiveness of techniques used when businesses develop their strategic plans.................32.1 Organisational audit for ALDI to analyse their current strategic position............................42.2 Porter’s 5 Forces analysis for environmental audit of ALDI................................................62.3 Significance of stakeholder analysis for ALDI to formulate new strategy...........................72.4 New strategy for ALDI.........................................................................................................8TASK 2..........................................................................................................................................113.1 Suitable strategy for ALDI for market entry, substantive growth, limited growth orretrenchment..............................................................................................................................113.2 Justification of one of the strategies for market entry and growth.....................................12TASK 3..........................................................................................................................................124.1 Roles and responsibilities of personnel which are involved with implementation ofstrategy......................................................................................................................................124.2 Resources required for implementation of strategy............................................................124.3 Use of SMART targets to achieve strategic objectives.......................................................13CONLUSION................................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONOrganisational objectives are highly futuristic and it can not possible for organisations toattain them with out using of business strategy. It is a written document which contains a longterm plan to promote sales and increase scope of trade in new markets. It provides a path tomanagers to determine their working procedures and productivity to achieve business targets.Generally a business strategy contains objectives, time frame and strategy to achieve these predetermined targets in deadline (Cinquini and Tenucci, 2010). This report is based on ALDIwhich is 5th largest grocery retail company of UK. This report is containing details up onmission, vision role to inform strategic planning and factors which influence in strategic plansformulation. Different techniques which can be used by ALDI to investigate it's internal andexternal environment to implement a new strategy. Report is having different market entrystrategies and proper justification to use it. At last it focusing on people which are responsible forperfect implementation strategy in organisation and resources which are required for this strategyexecution. SMART objectives can help to increase effectiveness of business strategy. TASK 11.1 Mission, vision, objectives, goals, core competencies to inform strategic planningAn organisation can't draft a strategy with out using theses above given elements, theseare required to attain success in its target market. As ALDI is a huge structured company so it isessential for them to use these all components in their business strategy. Assessment is givenbelow mentioned points:Mission: It elaborates the set of actions which will be taken the company to attain his vision andgoals in the set deadline. It is a short term objective of a company which can help to organisationto adjust their performance. It is a kind of summary for attaining goals and vision in thedetermined time. As ALDI is having a mission to provide a better quality products in market andprovide it in cheaper prices. By this organisation wants to increase their customers data base infaster manner. Many companies are working in this sector so it is essential for them to increasetheir performance in which mission statement useful. Visions: Vision is a way by which an organisation can run their business activities. It is a longterm view of company for them selves (Teece, 2010). Vision statement shows the futureposition, ideal image and expectancies to obtain future goals of the company. Aldi is not having1

any specifics vision statement according to their mission they want to be market leader in a fewupcoming years. Each and every organisation is having a vision to increase market share and toreach on a respectable position in their market. Vision statement helps to company to enhancetheir performance according to their vision and to implement their vision in actual conditions. Objectives: It is a part of organisation which can help to measure their performance, these arespecifics as compare to the goals. Objectives can be achieved and goals are created by thecompany. Aldi can measure it's performance according to it's objectives. As Aldi is having anobjective to increase their market share and want to achieve third largest grocery retailer in nextthree years so by this company can increase their market position in upcoming three years. Goals: These are short statement which help to determine organisation performance for a shorttime of period (Astrachan, 2010). It set the direction of the company to performa on them andmove forward on a determined path. Aldi is using short term goals to attain their objective in aparticular time period. Sustainable economic growth is the goal of the company and growthwhich can be maintained by the Aldi for a time which can help to them to move on and on. Bythis, Aldi can increase their market share which it's final objective. By this they can adjust intheir plans. Core competencies: As company is working in grocery retail sector and in this their core featuresare helping a lot to make a better service for their targeted customers. Core competency of thecompany to make sale better quality products on lesser prices in the grocery market. Company istargetting to their customers by providing products and services as per needs of customers. These all factors supports to the company in the strategic planning, measuring own performanceagainst the objectives which can help to them to make changes in the planning. 1.2 Factors that consider when formulating strategic planningAs ALDI an international company so it is essential for them to formulate businessstrategy in a better manner so they have to make a proper analysis of those factors which candecrease values of implementation in actual conditions. Here some of the factors which have tobe considered by company in formulation strategic plans:Communication: It is an required element for organisation to implement business plan in actualconditions. As they are having many teams so it is essential for higher management to make aproper communication in between team members which are involved in this strategic plan. Sothey have to establish a proper communication plan before implementing strategy in actual2

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