Business Strategy | Sainsbury

Added on - 28 Dec 2019

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BUSINESS STRATEGY1
TABLE OF CONTENTSINTRODUCTION...............................................................................................................................3TASK 1.................................................................................................................................................31.1 Role of mission, vision, objectives and goals inform strategic planning.................................31.2 Factors that have to be considered during formulation of strategic plans.................................41.3 Evaluation of techniques for develop strategic plans...............................................................5CONCLUSION...................................................................................................................................5REFERENCES.....................................................................................................................................62
INTRODUCTIONStrategy has different meanings and it has used for various purpose. In the respect ofindustry, a company needed to take assumptions about the present situation of market. It helps in setout a right plan for the business (Mchenry, 2015). The following study is relating to businessstrategy and to understand its role within the organization, Sainsbury is taking into theconsideration. The purpose of this assignment is to develop the skills and knowledge of the learnerto understand the business strategy importance. The objectives will cover under the present studyare process of strategic planning, formulation of new tactic, approaches for evaluation of strategyand implementation of selected plan of action (Huang, 2011).TASK 11.1 Role of mission, vision, objectives and goals inform strategic planningVision:To develop as a most trusted retailer where customers like to shop and employeeswants to work.Goal:To make the consumer life easier by offering good quality products at affordable pricesat any time and at any place (Business strategy and objectives,2016).Mission:To become a service user’s first choice for food, deliver the products with excellentquality at competitive cost by working together.Objectives:To deliver the food product to the customers at fair prices.To increase the interaction with the consumer via new communication channels.To increase the market shares in retail sector across the world.To develop a sustainable business by taking social responsibilities (Corporate objectives.2011).At the time of strategy formulation, Sainsbury has included various kinds of informationsuch as mission, vision, objectives, goals, etc. On the basis of this, organization has developedstrategies which helped in evolving new core competencies, strategic architecture and strategiccontrol to implement a new action plan. For example, on the basis of mission, vision and objectives,company has developed a business strategy i.e. 20x20 Sustainability Plan. It shows the commitmentof firm towards social and environment responsibilities (20x20 Sustainability Plan – 2013, 2016).Core competencies:It is a consonant mixture of diversified resources and skills whichdifferentiate the company in the marketplace from its competitors (Rouse, 2016). Sainsbury hasthree core competencies: quality, services and innovation. These all make the organization uniquefrom its rivals of retail market.3
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