Assignment on Business Strategy of Waitrose
Added on 2020-06-05
14 Pages4212 Words58 Views
Business Strategy
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Mission, Vision, goals, objectives and core competencies of an organisation.....................11.2 Analysis of the factors that have to be considered while formulating strategic plan............21.3 Evaluating effectiveness of two techniques used in developing business strategy...............3TASK 2............................................................................................................................................52.1 Environmental audit of the company....................................................................................52.2 Environmental audit of an organisation................................................................................62.3 Significance of stakeholder analysis.....................................................................................72.4 Presenting a new strategy for a business...............................................................................7TASK 3............................................................................................................................................83.1 Analyse the appropriateness of alternative strategies ..........................................................83.2 Appropriateness of alternate strategies to organisation........................................................8TASK 4............................................................................................................................................94.1 Assess the roles and responsibilities of personnel in charge of implementing a strategy.....94.2 Resource requirement to implement a new strategy.............................................................94.3 Contribution of SMART targets to the achievement of the strategy implementation........10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONBusiness strategy is defined as an action plan developed by a company to attain its goalsand objectives (Annabi and McGann, 2013). A strategy adopted by the business can becategorised for long and short term. The strategy adopted by the business provides guidelines tomanagement which a business has to follow to achieve goals established by the company. This istermed as a core function undertaken by the management of an organisation where entire focus ison alignment of individual goals to objectives of the organisation. This assignment undertakesbusiness strategy adopted by Waitrose. It is one of the leading retailer carrying out its function inthe United Kingdom. Process of strategic planning will be understood and new strategy will beformulated. The various approaches to strategy evaluation and selection will be discussed. At theend, steps while implementing a strategy will be studied in context of chosen organisation. TASK 11.1 Mission, Vision, goals, objectives and core competencies of an organisationWaitrose as mentioned earlier cater diverse needs of people through its supermarketchain. This organisation has established a name when it comes to serve nutrient needs of peopleby UK fresh fruit growers. The production is done in the sustainable manner giving dueconsideration to each and every factor surrounding. MissionMission defines the plans formulated by management to fulfil desires and expectations ofthe stakeholders (Auzair, 2011). It defines the manner in which operations are carried out so thatpurpose of the company can be fulfilled. The company's efforts are directed to achieve a superiorposition in the market through adoption of sustainable measures. VisionThe vision of Waitrose aims to be a successful business through its people and principlesin its own defined manner. ObjectivesThe main objective of this supermarket market chain is to increase their market coverage.Efforts of this organisation are aimed to improve their market share from 3.7% to over 6% incoming 10 years. It is done through increasing number of stores. Goals1
Goals are the objectives formulated by the company for a shorter duration of time. Goalsof Waitrose are to provide value services to customer and increasing digits of sales volume of thecompany adopting a suitable promotional tool. Core competenciesCore competencies are defined to be major strengths of the company achieved throughassociation of knowledge and technological capabilities of an organisation (Boies, Lvina andMartens, 2011). This supermarket chain is known to possess a superior position in marketthrough its food retailing services. The company carry an expertise in food and drink sector andemphasis on freshness quality and value. 1.2 Analysis of the factors that have to be considered while formulating strategic planThere are variety of factors which are to be considered while formulating a strategic plan.Management has to ensure that vision of the company is to be attained with the help of strategiesdeveloped. The main factors which are to be undertaken while formulating a business plan are asfollows: Engagement: Large number of organisation employ a formal strategy planning process tomake important decisions. Engagement ensures that employee's opinion and ideas are taken intoconsideration before formulating a plan so that major problems and issues can manifest. Communication: It is a trend that major strategies developed in an organisation does notconform to organisational vision. It is necessary for a business to have up-down and bottom upapproach to make sure that employees are aware of decision being taken by the management(Butler, 2012). It is necessary for a business to conduct surveys to involve inputs of employees indecision making. Innovation: This is another crucial aspect in an organisation. As the major initiatives ordecision made by the company are in the sector of product development and innovation. Thecompany should involve innovation to ensure a certain level of success through risk takinginitiatives. Project management: It is very necessary for management to thoroughly understand thestrategy of the company. The reason for the same is that strategy defines projects which are to beundertaken so that success can be attained. The two factors which are crucial in this domain areemployee involvement and commitment. 2
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