Business Strategy and Performance Analysis

This assignment requires students to analyze the importance of strategic planning in businesses, with a focus on implementing quality products and services. It also emphasizes the role of HR departments in making policies and procedures for employees' welfare, and providing training facilities for effective business operations.

Business strategy

Table of Contents
INTRODUCTION...........................................................................................................................................3
TASK 1..........................................................................................................................................................3
1. Business mission, vision, goals and objectives as well as the core competencies...............................3
1.2 Factors that have to be considered when formulating a strategic plan.............................................4
1.3 Techniques used when developing strategic business plans.................................................................4
TASK 2..........................................................................................................................................................5
2.1 Current strategic positioning of Waitrose..........................................................................................5
2.3 Significance of stakeholder analysis when formulating a new strategy.............................................8
2.4 New strategy for Waitrose.................................................................................................................8
TASK 3..........................................................................................................................................................9
3.1 Alternative strategies related to market entry, substantive growth, limited.....................................9
3.2 Analysis of the appropriateness of alternative strategies..................................................................9
TASK 4..........................................................................................................................................................9
4.1 Roles and responsibilities of personnel in charge of implementing the strategy..............................9
4.2 Estimated resource requirements to implement the new strategy.................................................10
4.3 Contribution of SMART targets to the achievement of the strategy implementation.....................10
REFERENCES..............................................................................................................................................12

INTRODUCTION
There are many companies who are operating their business in all over the world in respect to
gain profit. For this purpose it is required for company to fulfil the needs and wants of customers and
provides them innovative products and services. Further it can be stated to carry out business successful
there are different types of strategies that can be applied to increase the sales and profit. This provides
opportunities to the company for expanding the business in all over the world. Along with this, the firm
should hire highly skilled employees so that they can work hard for meeting the goals and objectives of
the company. For the present report, the Wiatrose Company is taken into consideration. It provides
quality products and services to the customer and always focuses on enhancing customer satisfaction
level. To fulfill the requirement of customers and to provide them quality products and services
company always conduct research and make strategies accordingly. Waitrose is the British supermarket
which forms the food retail division and it is one of the largest employees owned retailer. It has 350
branches in the UK. It has many rivals that provide the same type of services. Waitrose company had
started its business by selling the single product. Further, it started selling a variety of products such as
Bakery products, frozen, Tea, coffee and soft drinks.
Apart from this, company provides training facility to its employees within the specific period of time so
that they can easily respond to changes and work accordingly. There are many effective sources that is
used by company such promoting strategies for promoting the product in market. The cited firm is
strongly present at online due to which it able to attract large number of customers. In order to promote
their products and services they used social media and online services. As many firms deliver same type
of products and service therefore Waitrose started providing additional services with it so that products
can be differentiate from other firms. In addition to this they provide discount and offers on their
various products in respect to encourage customer for buying it. With the use of penetration pricing
strategy company has made enough profit and it all products are deliver with high quality. Apart from
this company also focus on fulfilling the needs of its different stakeholders such as employees,
customer, government etc. Through this it become easy for company to maintain the position in the
market.
TASK 1
1. Business mission, vision, goals and objectives as well as the core
competencies
Different organization have different mission, vision and objectives which help them in accomplishing
the goals and objectives. Here below are provided Vision, mission and objective of the Waitrose
company that are as follows:

Mission: The organization vision is deliver quality products and services to its customers. The main
reason behind this to retain customers for longer time and earn profit.
Vision: Vision helps company to understand the goals in an appropriate manner. The vision of Waitrose
Company is to become one of the leading brand in all over the world. For this purpose different strategic
actions were taken by them so that their vision can be achieved. There is brand is one of the desirable
brand as people can easily trust on them.
Goals: It is essential for company to set goals so that employees can work accordingly to accomplish the
goals. The main goal of Waitrose Company is to make profit and increase sale. For this purpose it need
to focus on the needs and wants of customer and fulfill them for increasing sales.
Objectives: One of the main objectives of the firm is to make position in the market and gain
competitive advantages. Therefore company needs to focus on providing training facility to customers
so that they can work hard in respect to gain competitive advantages.
1.2 Factors that have to be considered when formulating a strategic plan
At the time of formulating a strategic plan there are various factors that need to be consider by the
Waitrose in respect to implement it successfully (Saebi and Foss, 2015).. The below provided factor
should be followed by the company
Communication: While implementing a strategic plan it is important to communicate it with each and
every department that is involved in it. It is because with communication new ideas can be gathered
from employees regarding the implementation. Further it is important for manager to take ideas from
each of the employees that help in successful implementation.
Engagement: In a strategic plan it is important to have support form each and every employees . The
roles and responsibility allotted to the team member will help in continuously engaging them in the
works. Waitrose can select a team leader who can guide entire team related to the plan of the
implementations.
Financial support: Financial support is one of the important aspect because without fund it becomes
typical for company to formulate a strategic plan (Saeed, Khan and Ahmad, 2013). There are cost
incurred and management needs to make proper planning in respect to avoid unnecessary cost.
1.3 Techniques used when developing strategic business plans
Different techniques which can be use for developing business plans for the Waitrose is as follows:
SPACE: It is determined as one of the management tool and helpful in making analysis of the firm. There
are four different quadrants in it that are as presented below:
Aggressive: In this company focus on improving the areas that help in accomplishing the success.

Conservative: In this firm need to have financial support so that all the strategies can be implemented
effectively.
Defensive: Its aim is to understand risk and make strategy accordingly
Competitive: In respect to make improvement new plan can be formulated by the company.
BCG matrix: It is type of techniques that is based on the observation and Waitrose can divide its
business in different categories as all the techniques are depended on the market and share growth
(Verbeke, 2013).
Star: Star represent the industry that is fastest growing while Waitrose is one of the leading company
and it has high number of shares. Therefore investment can be done in respect to make new products
and earn profit.
Cash cow: In cash cow it shows that industry is slow and mature. It is required for the company to
ensure to make less investment and then generate higher profit.
Questions marks: This sign indicate that company has low market share and company to make different
types of strategies so that shares can be increases.
Dog: This indicate that company has low share in market and it is not developing. There is not way for
the company to make profit and it need huge investment for success.
TASK 2
2.1 Current strategic positioning of Waitrose
In respect to identify the current position of the Waitrose company there are various tools and
techniques can be used by the firm which are as follows
SWOT analysis
With the help of SWOT analysis company can easily identify its strengthen and weakness. Furhter it
provides opportunities to overcome the weakness (Klettner, Clarke and Boersma, 2014).
Strength:
Wiatorse is one of the leading company to provide quality products and services to its customers which
help in retaining the customer for longer time.
The product which is deliver by the company is different in terms features and quality that value for
money.

Wiatorse has more that 1000 stores in different countries so that it can be easily reach to all its
customers and deliver them quality product and services.
Weakness
There is tough competition in the market due to which its sales get affected.
There are many other company who are making fake product, therefore it is important for the firm to
protect themselves so that it image not get negatively impacted.
Opportunities
The organisation can create its website online so that people can easily visit and make purchase from
any place.
Different market segment can be introduced by the company so that it increases its customer’s base.
Further company can expand its business in different developing countries which help in increasing the
sale.
Threats
There is higher competition in the market which is one of the threats.
Due to regularly changes in taste and reference of customer company unable to fulfil their demand
regularly.
Changes in the political rules and regulation make company unable to carry out business operations.
Ansoff matrix
It is effective strategy because it only targets the single market and it consists of four different types of
strategies that focus on growth.
Product development: New products are developed in same market
Market penetration: In this company try to make improvement in its existing products and services
Diversification: There is new business developed for the new market.
Market development: In this company sale its product in new market.
2.2 Environmental audit of Waitorse
Environmental audit assist company in analysing the external environment that can harm the
Waitorse business operations. The selected organisation want to expand its business in new country
therefore, company can conduct PESTLE analysis in respect to analyse the market.

Political factor: Political environment of countries are different from other countries. It is important for
Waitorse to ensure the political environment before entering into a new market. There are different
types of fiscal and monetary policy which can impact the business activities. It is because if the policies
are high then it can negatively impact the sales.
Economic factor: There are different types of economic factor that can harm the company such as
recession, inflation etc. Waitorse need to be carefully at the time of recession as customer avoid
purchase which can impact the company. At the time of recession it become difficult for produce
quality product which can directly impact the sales and profit of the firm.
Social factor: There is a continuous changes in the needs and wants of customers due to which they
switch from one company to another for fulfilling their requirement. It is essential for Waitrose to focus
on retaining the customers which can be done through increasing their satisfaction level (Bharadwaj, El
Sawy and Venkatraman, 2013). There is regular change in the taste and preferences of customer
therefore it is important for to conduct research then make products for increasing the sales.
Technology: There are many new technologies is introduced in the market and used by different firms.
Therefore it is essential for Waitrose to implement new technologies within the organsiation so that it
can easily produce quality product (Bran, Balu and Ioan, 2015).. Along with this new technology is one of
the cost effective techniques that help in saving time as well as money of the firm. Wiatorse need to use
new technologies so that it can sales products and services easily,
Environment: It is essential for company to ensure that it do not harm the environment of the country in
which they are operating the business (Burger and Weinmann, 2012).. Through making environmental
friendly products and services company can easily grab the attention of large number of customers.
Legal factor: it is essential for company to follow all the legal rules and regulation so that no issues faced
by company while carrying out its business operations. Apart from this company should focus on selling
product at fair price instead of cheating the customers so that they can easily trust on them and their
company.
Porter five force is another tool that help company in analysing the factor that can harm their business
activities and help in carrying out them (Chun and Lee, 2013).
Competitive rivalry: Before starting business in new country it is important for the company to ensure its
rivals in particular country.
Supplier power: if supplier power is high then company can easily get raw material for producing the
product (Kumar and Anand, 2013).
Buyer power: The rate of buyer power is high which can impact the profit of Wiatorse.
Threat of substitute: There are different companies which are producing the same product which can be
used by customers.

2.3 Significance of stakeholder analysis when formulating a new strategy
Stakeholders are one of the important part of the company as their activities can impact the business
operations directly (Lipitakis and Lipitakis, 2012). There are different types of stakeholder such as
customer, employees etc who are involved in the business operations. These are described below:
Employees: Employees are important par of the company as they have direct contact with customers.
They sales products to customer and they know their taste and preference. It is essential for the
company to consider employees in decision making process as they it helps in increasing the sales and
profits (Verbeke, 2013).
Supplier: Supplier role is to provide raw material therefore it is important for company to make strong
relations with customers so that it can easily deliver quality product to customers (Saeed, Khan and
Ahmad, 2013).
Government: Different types of policies and procedure are made by government and it need to be
applied in company while carrying out business operations. It is important for company to follow all the
rules and regulation strictly so that it can avoid issues and problems (Saebi and Foss, 2015).
Investors: Role of investor is to provide financial support to company and
2.4 New strategy for Waitrose
In respect to the audit that internal and external carried out for formulating the new strategies it
provided new strategy that can be used Waitrose. It is important for an organisation to increase sales
and profitability for this purpose it need to focus on strategy that can be used by company for
accomplishing goals (McCormick, Mitullah and Ommeh, 2015).. Here below are provided strategy that
can be used by Waitrose that are as follows:
Business expansion: According to the audit company can focus on expanding its business in another
country. Regarding this, China can be selected by Waitrose company for expanding the business. From
audit it is analysed that China economic and political factor are appropriate in respect to expand the
business. Further company can easily target large number of customers through selling innovative
product that are different from its competitor(Matt, Hess and Benlian, 2015). It can also conduct market
research so that needs and wants of customer can be identified and product can be produce
accordingly.
Low price: The audit help to find out the prices of products and services which is delivered by its
competitor. It is essential for the company to take proper steps so that Wiatrose can successfully expand
its business in other market. Firm can kept its price reasonable so that it become easy to grab the
attention of customers.

TASK 3
3.1 Alternative strategies related to market entry, substantive growth, limited
There are various alternative strategies that are available for the Waitrose company in respect to enter
into a new market and for substantive growth and limited (Lipitakis and Lipitakis, 2012).. This all are as
follows:
Market entry : As per the strategy Waitrose company is expanding its business through entering into
a new market. Therefore, company can select a particular country where it can easily expand the
business without any issues(Kumar and Anand, 2013) . Therefore, China is appropriate country for
expanding the business.
Sustainable growth: Sustainable growth is possible for the company at the time when company take
appropriate step and reduce the wastage and make quality products for its customers. For this purpose
company can use new technology that help in reducing the time and cost.
Limited growth: The organization want to improve its products and services. It can make easy to
attract more customers and to increase the sales as well as profit (Chun and Lee, 2013)..
3.2 Analysis of the appropriateness of alternative strategies
All the presented alternative strategies need to be analysed appropriately with the different aspects.
These all are effective in making sure that the goals and objectives which are set by the company are
attained or not (Kumar and Anand, 2013). There are some alternative strategies provided below which
can be applied by the company that are as follows
Focus on service quality: It is important for the Waitrose company to ensure that it make quality
products for its customers. Further, company can focus on improve its products and services and deliver
it to customer in an effective manner. Along with this company can focus on using new technology so
that it can deliver quality products to its customers (Chun and Lee, 2013). All employees should be
provided training and development facility so that they can easily provide quality products and services
to customers.
Market entry: In respect to expand business Waitrose have opportunities to expand its business in new
market. Further, it can be stated that
TASK 4
4.1 Roles and responsibilities of personnel in charge of implementing the
strategy
There are various roles and responsibilities of personnel in respect to implement the strategy. There
are different departments within the firm that work effectively in respect to carry out business
operations (Bran, Balu and Ioan, 2015). The roles of different department are as follows:

Finance department: Role of finance department is to provide fund to different department so that they
can carry out their operational activities. Along with this they make proper plan so that strategy can be
implemented successfully.
HR department: Role of HR department is that to make policy and procedure for employees and their
welfare so that all the activities can be carried out effectively (Bharadwaj, El Sawy and Venkatraman,
2013). Further they should hire skilled employees for the company and ensure that employees get
motivated towards their work.
4.2 Estimated resource requirements to implement the new strategy
There are some estimated resources requirement which are need to implement for new strategy that
are as follows:
Physical resources: It is important for company to have physical resources so that new strategy can be
successfully implemented within the firm (Leonidou, Fotiadis and Katsikeas, 2015). With the help of new
technology it can become easy for the company to sale products and services that are innovative and
liked by customers.
Financial resources: Company must have enough finance so that it can easily carry out marketing
activities and grab the attention of large number of customers. Further it can be stated that if company
do not have enough fund then it cannot carry out its business operations in an effective manner for new
strategy (Bharadwaj, El Sawy and Venkatraman, 2013).
Human resources: it is important for company to have highly skilled employees so that all the objectives
can be carried out effectively (Leonidou, Fotiadis and Katsikeas, 2015).. Skilled employees are pillar of
the company as they work hard for increasing the sales and profit.
4.3 Contribution of SMART targets to the achievement of the strategy
implementation
For Waitrose company it is important to formed smart objectives in respect to successfully implement
strategies. One of the main aim of company is to increase its sales and profit. For this purpose company
need to set smart objectives. Here below are provided smart objectives
To increase sale upto 6% in 16 months
To capture market share upto 5% in 12 months
To increase customer base 25% till the end of 2020.
On the basis of these objectives it becomes easy for firm to perform in same manner. Further company
can hire skilled employees so that it can easily make innovative products for its customers. Apart from
this it is important for the firm to ensure that all its products and services can be sold at reasonable
price.
CONCLUSION

From the above report, it is concluded that it is important for a business to develop different
types of strategies so that it can easily fulfill the needs of the customer and make position in the market.
While implementing a strategic plan it is important to communicate it with each and every department
that is involved in it. It is because with communication new ideas can be gathered from employees
regarding the implementation. Environmental audit assist company in analysing the external
environment that can harm the business operations. Stakeholders are one of the important parts of the
company as their activities can impact the business operations directly. Further, it is concluded that it is
important for the Waitrose company to ensure that it make quality products for its customers. Role of
HR department is that to make policy and procedure for employees and their welfare so that all the
activities can be carried out effectively. All employees should be provided training and development
facility so that they can easily provide quality products and services to customers.

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<https://www.cipd.co.uk/knowledge/strategy/organisational-development/pestle-analysis-factsheet>.