logo

Business Strategy of Next Plc

13 Pages3814 Words1333 Views
   

Added on  2019-12-28

Business Strategy of Next Plc

   Added on 2019-12-28

ShareRelated Documents
BUSINESS STRATEGY
Business Strategy of Next Plc_1
TABLE OF CONTENTSINTRODUCTION......................................................................................................................1TASK 1......................................................................................................................................11.1 Next Plc. mission, vision, goals and objectives as well as the core competencies..........11.2 Factors that have to be considered when formulating a strategic plan............................21.3 Effectiveness of at least two techniques used when developing strategic business plans................................................................................................................................................3Ansoff Matrix......................................................................................................................3BCG Matrix........................................................................................................................3TASK 2......................................................................................................................................42.1 Current strategic position.................................................................................................42.2 Environmental Audit PESTLE Analysis..........................................................................52.3Significance of stakeholders’ analysis when formulating a new strategy...................52.4 New strategy for Next Plc. based on organisational audit and stakeholders’ analysis....6TASK 3......................................................................................................................................63.1 Appropriateness of alternative strategies.........................................................................63.2 Justification for the selection of new strategy..................................................................7TASK 4......................................................................................................................................74.1 Roles and responsibilities of personnel in charge of implementing the strategy.............74.2 Estimated resource requirements to implement the new strategy....................................74.3 Contributions of SMART targets to the achievement of the strategy implementation....8CONCLUSION..........................................................................................................................8REFERENCES...........................................................................................................................9
Business Strategy of Next Plc_2
LIST OF FIGURESFigure 1 Ansoff Matrix..............................................................................................................3
Business Strategy of Next Plc_3
INTRODUCTIONNowadays most of the firms are trying to develop several strategies through whichthey can achieve higher competitive advantage. For this, they are setting their firm’sobjectives as well as future directions which they want to attain (Roumboutsos and Chiara,2010). In this context, the present study is based on the business strategy of Next Plc. whichis second largest retailers of UK after M&S and having more than 500 stored in the UK itself.The company is listed in London stock exchange and they are one of the leading clothingretailers. Further, this study presents the appropriate information about the Next Plc. as wellas its business strategies to attain their goals and objectives in an effective manner. It is themeans through which Next can set out for achieving its desired objectives. It can also bereferred as a long-term business planning.TASK 11.1 Next Plc. mission, vision, goals and objectives as well as the core competenciesStrategies can be defined as a long term planned actions and activities which are takeninto consideration by every organization. Through this, firms can easily achieve their goalsand objectives. However, Next Plc. can get a correct path by setting their future directionsuch as:Mission: They have the mission to become the natural choice of retailer in the UK forall those people who are having unique choice as well as distinction and quality fromtheir clothing. Vision: The vision statement of company is to deliver long term return toshareholders through the combination of sustainable growth. Goals: They have the goal of increasing the customer satisfaction by introducing newinitiatives such as next day delivery to home etc. They wants to meet the exceededconsumer expectations by providing them beautifully designed, excellent qualityclothing. Objectives: The main objective of company is to deliver quality services to theircustomers such as fashionable clothing, accessories and furnishings for a good price.Another major objective of company is that no one should harm at the time whenproducts are being made. Core competencies: The major core competencies of Next Plc. are their intra seasonalstyle trends and demanding customers, customer values, integration, team buildingspirit etc. Freedom of association, equal opportunity, culture as well as theirPage | 1
Business Strategy of Next Plc_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Business Strategy Assignment PDF
|16
|3758
|77

Business Strategy | Tesco Plc
|15
|4724
|163

Business Strategy Project Report - ALDI
|18
|5531
|54

Business Strategy and Planning Techniques
|16
|3521
|471

Business Strategy of M&S - Study
|14
|4705
|104

Business Strategy of Aldi company - Report
|14
|4862
|72