( P47 ) Business Strategy

Business please follow the note file from the folder, otherwise the student will failure

BUSINESS STRATEGY
TASK 1

TASK 1.1 Explaining strategic context and
terminologies
• In the business entity there are various kinds of terminologies
are used which are achieved with the help of different
strategies.
• In the organisation, with the context to strategic there are
several aspects are to be used and added.
• With reference to the Iceland supermarket different business
terminologies such as goals, mission, vision, objectives, core
competencies etc. are analysed as below:

Vision and Mission
• Mission: To increase market share by 18% in
the retail industry.
• Vision: To become a leading brand in overall
retail industry across the world.

Objectives
• To attract more number of customers towards
Iceland supermarket for purchasing its
products.
• To achieve economies of scale.
• To improve financial position in the retail
industry.
• To gain competitive advantage with the help
of cost.

Goals
• Use highly effectual and attractive marketing strategies like as
internet and social media networks.
• Increase level of production which lead to reduce total costs
and expenditures.
• Control over the miscellaneous expenses and enhance profit.
• Using cost leadership strategy to attract more customers.

Core competencies
• Providing food products with high quality to
the customers.
• Attracting consumers by offer food items with
high nutritions and hygienic.
• The Iceland charging lower prices of frozen
food and grocery items from buyers.

TASK 1.2 Issues which are involved in
strategic planning
• Strategic planning is a process in which objectives are
determined and strategies have been formulated to reach the
targets.
• Iceland supermarkets have formulated these strategies but the
issues that they are facing are:
• Have a plan
• Not understanding the market
• Partial commitment

Contd....
• Involvement of wrong people
• Not monitoring
• Wrong leaders

TASK 1.3 Explaining various techniques for
strategic planning
• There are mainly two techniques used for strategic planning
are such as BCG Matrix and Product Life Cycle which are
explained as below:
• Boston consulting group has identified the matrix that helped
the Iceland supermarket to analyse and assess their product's
line and portfolio.
• It measures on the basis of growth of product within the
market and with that of competitors.

BCG Matrix
The matrix consists of four groups:
• Star (high share high growth)
• Cash cows (high share low growth)
• Dogs (low share low growth)
• Question mark (low share high growth)

Product Life Cycle (PLC)
PLC has been depicted in the following four
stages:
• Introduction
• Growth
• Maturity
• Decline

REFERENCE
Campbell, D., Edgar, D. and Stonehouse, G., 2011. Business
strategy: an introduction. Palgrave Macmillan.
Meskendahl, S., 2010. The influence of business strategy on
project portfolio management and its success—a conceptual
framework. International Journal of Project Management.
28(8). pp.807-817.
Scholes, M. S., 2015. Taxes and business strategy. Prentice Hall.

THANK YOU