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(DOC) Business Strategy Analysis

   

Added on  2019-12-03

15 Pages5192 Words191 Views
BUSINESS STRATEGIES

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11.1 Mission, Vision, Goals and Objectives of the organization.............................................21.2 Factors that have to be considered while formulating the strategic plan.........................31.3 Effectiveness of BCG and Ansoff matrix while developing the strategic business plans42.1 Strategic positioning for the organization........................................................................52.2 PESTLE analysis to carry out the environmental audit....................................................52.3 Significance of stakeholder’s analysis..............................................................................62.4 New strategy based on organizational audit and stakeholders’ analysis..........................73.1 Appropriateness of alternative strategies related to market entry, substantive growth,limited growth or retrenchment of the organization...............................................................73.2 Establishing an alternative strategy for Morrison............................................................9TASK 4............................................................................................................................................94.1 Roles and responsibilities of personal in-charge of strategies..........................................94.2 Estimated resource requirement for implementing the strategy.....................................104.3 Evaluating the contribution of smart targets to the achievement of strategy implementation..............................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONBusiness strategy is the comprehensive business planning to attain the long termobjectives of organization. It specifies the vision and mission of the organization and inculcatesthe process such as the operation's management, logistics management and marketingmanagement. Through the formulation, implementation and evaluation of business strategies,organization goals and objectives are achieved. It means that by using business strategy, firmwill be able to achieve the desired goals efficiently (Jermias, 2008). It incorporates the methodswhich bring the comparative advantage for the organization and develop the revenue stream. Itseeks to integrate the cross-functional activities and develop strategic plans. Operationmanagement refers to the process of controlling and overseeing the production of goods andservices. Logistic management manages the flow of goods from its production to marketing. It isa crucial section of supply chain and plays a significant role in business. Strategic management isone of the managerial activities which is focused on developing plans and strategies in order toachieve business goals. . Under the supervision of executive head and board of directors,employees get the guidance and direction for performing all the operations of business. Further,it includes marketing management which is an overall analysis of market conditions and itsareas. Marketing management explores the opportunities that are beneficial for the firm. It adoptsthe strategies for the market penetration, market development, product development anddiversification. Business strategy helps in developing the business by analysing the currentsituation, determining the direction and enhancing the possibilities to accomplish the specificgoals (Olson, Slater and Hult, 2005). Present report is focused on describing the importance of business strategy in order toexplore the possibilities for enhancing the profitability of Morrison Company which is one of theleading supermarket chains in UK. With 11% market share, Morrison provides products tocustomers at the least possible price and with quality assurance. Group is also operating in othersectors such as providing digital services including Morrison cellor and morrisons.com, sellingalcohol, creating online shopping platform etc. It has bought the kids retail company and onlinegrocer to provide the convenience to their buyers (Ács and Audretsch, 2006). It offers thedistinctive services to its customers with the assurance of quality and freshness. It maintainsgood relationship with customers so that 11 million individuals visit at its stores on the weeklybasis. . With the help of vertically integrated business groups and sound logistic management,1

organization is able to fulfil their promises of providing the best quality of products from farm tofork.This report outlines the missions and visions of Morrison, along with identifying theobjectives and goals set by the management of company. Along with this, it includes thedescription about the competency of strategic planning made by the board of directors. Itidentifies the factors which need to be considered at the time of formulating plans and selectingthe techniques incorporated in plans (Lee and Wu, 2010). Further, evaluation of strategicpositioning, environmental audit and significance of stakeholders is done through using themanagement tools such as SWOT, product positioning and PESTLE. In case of Morrison, newstrategy is proposed after analysing the appropriateness of alternative strategies for the marketentry, substantive growth, limited growth and retrenchment. For the efficient execution ofstrategies and plans, it is required for management to ensure the availability of capablepersonal. , hence the report depicts the assessment of the roles and responsibilities of thepersonal in-charged and analyse the resource requirements.1.1 Mission, Vision, Goals and Objectives of the organization.Mission: With the availability of 1.25 lacs employees, it is focused on offering theircustomers the best value products at the utmost convenience with freshness assured. Inorder to become strong in this challenging environment of food and grocery businesswith skilled employees, Innovation on frequent basis and the prompt availability ofservices are necessary to be considered (Ritter and Gemünden, 2004). Vision: Morrison differentiates itself from the competitors on the ground of freshness ofgoods. Its vision statement clearly states that it wants to become the “Food Specialist” inall over the world. Morrison has the vision of providing quality of services at thereasonable price in order to save the customer’s money and keeping the benchmark interms of freshness high (Wankel, 2008). With the vision of multi-format and multi-channel grocer, Morrison is always committed to the high quality at low prices and theelite food quality through skilled services.Objectives and goals: The leading supermarket chain focus on five dimensions for itsgrowth which are value, food, innovation, skills and organizational structure. Its centralobjective is to open more convenience stores and to develop the organization's onlinecapabilities. From the past few years, the grocery sector is facing challenges and the2

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