Business Strategy of Aldi company - Report

Added on - 22 Jul 2020

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Business strategy
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 ALDI's Missions, visions, objectives, goals and core competencies....................................11.2 Factors which ALDI should consider when formulating strategic plans..............................21.3 Importance or usefulness of techniques used while formulating strategic plans..................32.1 Organisational audit of ALDI...............................................................................................42.2 Environmental audit of ALDI...............................................................................................52.3 Importance of stakeholder analysis.......................................................................................62.4 New strategy which ALDI can follow..................................................................................7TASK 2............................................................................................................................................83.1 Identify a market strategy with its appropriateness...............................................................83.2 Justification of the strategy...................................................................................................8TASK 3............................................................................................................................................94.1 Roles and responsibilities of personnel involved in implementation of strategy..................94.2 Resource required for implementation of strategy................................................................94.3 Contribution of SMART targets in achieving strategic objectives.....................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONBusiness strategy refers to those elements or activities perform by a company forachieving its set goals or end results. It is called long term planning of business activities andinclude the duration of 3 to 5 years. It provides opportunity to business manager to plan futureactivities of enterprise and to utilise all business resources in an optimum or effective way. Ithelps in decreasing the cost of production process and increase the efficiency of businessactivities. ALDI firm deals in variety of grocery products and is one of the leading retailer ingrocery market is taken under this report for studying. How vision, mission core competenciesor objectives of firm affect the strategic planning is given under this report. For making aneffective strategic plan manager can do the organisational or environmental audit of the firm.TASK 11.1 ALDI's mission, vision, objectives, goals and core competenciesStrategy is a process or a sequence of steps which are used by firms for achieving theirobjectives, mission, vision or core competencies. Strategies help the business firms in achievingtheir long success. ALDI can achieve success or can better accomplish its goals by making orusing an effective business strategy. It is one of the fastest growing or leading retailer in the UK.Business strategy provides a framework to the firm for executing all its business activities oroperations. It helps the firm in achieving its goals, vision or mission.Vision: Vision is that state or position which firm wants to achieve in the future. It tellsthe basic idea of owner of company what he want to achieve. Vision statement of ALDIsays that firm wants to make or deliver something qualitative or innovative from its rivalsto achieve number one position in the retail sector.Mission: Mission statement of firm tells about the main objective of firm. It includes thegoals which company wants to fulfil for attaining its vision. It provides direction to theactivities of workers and at the same time, motivate them. Mission of ALDI is to deliverhigh quality products at affordable prices so that everyone can buy the same. Mission ofthe firm helps or guide managers in doing strategic planning.Goals: Goals refer to the desire of organisation and its specific long terms targets. Theseare made according to the vision or mission of firm. Following are the main goals ofALDI:To grow its business activities in the UK and other countries1
To achieve first position in the retail sectorTo make its physical presence more effectiveTo fulfil its CSR (Corporate social responsibilities)Objectives: Objectives are the main aim for which business undertake its commercialactivities. Objectives can be for short or long term both.Corecompetencies: Core competencies are the capabilities of firm which help in gainingadvantage over their rivals.Vision or mission of firms help or guide manager in making strategic plans for the organisation.Strategic plans guides the enterprise in setting its priorities or main goals.1.2 Factors which ALDI should consider when formulating strategic plansStrategic plan is that written document that helps the firm or guide manager in settingpriorities of organisation along with focusing on main goals and analysing the skills andresources required for achieving the same. Optimum utilisation of resources can be done throughthis which decreases the overall cost of final product. Following are the main factors whichshould be considered by ALDI while formulating or developing strategic plans:Needsofconsumers: It is one of the important factors which should be analysed byALDI before making strategic plan. Needs or wants of customers should be analysed bythe firm for making or delivering required products to them. Satisfaction of customershelp business to grow at a higher growth rate. So, it is essential for firm to analysedifferent needs or wants of customers and should try to add features in product to satisfythem.Future goals or direction: Future state where company wants to go also affect thestrategic plans. Analysis of policies or strategies adopted by competitors of firm shouldalso be done by ALDI as this is one of the factors which largely affect business activitiesof firm. All this helps organisation in increasing the number of its profits by increasingthe efficiency of business operations.Competitive advantage:Strategic plans are made by the enterprises for gainingcompetitive advantage. ALDI also needs a plan to get a competitive advantage in themarket. Firm wants to create or generate large number of profits than its competitorLIDL. Strategic plan helps or use by firms to take better decisions than rivals.2
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