MNGT 425 - Human Resource Analytics
Added on 2020-04-21
14 Pages3122 Words330 Views
|
|
|
RUNNING HEAD: Strategic Management PrimarkStrategic Management
Strategic Management 1ContentsIntroduction.................................................................................................................................................2Description of the business.........................................................................................................................2Business vision, mission and core value......................................................................................................3Business vision.........................................................................................................................................3Business mission......................................................................................................................................3Core value................................................................................................................................................3Analysis of the external factors...................................................................................................................4Political factors:.......................................................................................................................................4Economic factors:....................................................................................................................................4Sociological factors:.................................................................................................................................4Technological factors:..............................................................................................................................5Legal factors:...........................................................................................................................................5Environmental factors:............................................................................................................................5Analysis of the internal factors....................................................................................................................5Strength:..................................................................................................................................................5Weakness:................................................................................................................................................6Opportunities:..........................................................................................................................................6Threat:.....................................................................................................................................................6Setting long term objectives........................................................................................................................6List of alternative strategies........................................................................................................................7Target marketing approach.....................................................................................................................7Product marketing approach...................................................................................................................8Establish annual objectives..........................................................................................................................8Establish certain policies.............................................................................................................................8Allocate necessary sources..........................................................................................................................9Establish evaluation measures (Balanced score card)...............................................................................10Conclusion.................................................................................................................................................10References.................................................................................................................................................12
Strategic Management 2IntroductionStrategic Management is implementing strategies to achieve goals & objectives of an organization. Strategic Management involves planning and implementing all of that is necessary to an organization. It can be setting objectives, executing action plans, analyzing internal and external sources of the environment, implementing strategies and formulation of major goals (Gamble & Thompson, 2014). In this report, we have taken Primark to understand strategic management. Primark is a leading fashion brand of UK. It opened it’s first store in 1969 & having head quarter in Dublin. The store offers a wide range of products from babies to kids, to women, men, accessories and beauty products. Description of the businessPrimark offers range such as clothes- jackets, shirts, tee-shirts, shorts, dresses & hosiery items, footwear, home ware- bed sheets, towels, curtains, pillows & duvet covers, accessories and beauty products. The company offers its products at very competitive prices and has best simple designs and uses good fabrics which attracts customers. The company’s main target is group of below age 35. It has stores in various regions such as-UK, Ireland, Europe & USA. The companyis increasing its stores day by day. It has two hundred seven stores in seven major regions. The company operates a chain of apparel stores for babies, kids, women & men. The company offers range such as clothes- jackets, shirts, tee-shirts, shorts, dresses & hosiery items, footwear, home ware- bed sheets, towels, curtains, pillows & duvet covers, accessories and beauty products. The company offers its products at very competitive prices and has best simple designs and uses goodfabrics which attracts customers. The company’s main target is group of below age 35. The company’s aim is to provide good quality products. The prices of company is cheap but the quality is superior. So, products of the company are quite affordable.
Strategic Management 3Business vision, mission and core valueMission & vision are important to management to achieve their goals. These two are required before other strategies are formulated and implemented. Both vision & mission define the organization’s reason for existing. Business visionA vision describes what a company wants to be in future. A vision is something that a company wants to achieve by knowing it’s mission. Vision of Primark is to be the first choice of customersby gaining social competitive advantage and for this company provides proper training to the employees. The company provides products at the most cost effective price possible. Business mission A mission statement shows the organization’s purpose and why it is in existence. A mission statement describes what a company wants now. Mission includes general details of business as well as objectives and goals. It provides a step stone. A company can build its future on the basis of its mission. As mission leads to vision. Primark’s mission is to provide good quality clothes at cheap prices that any individual can afford. The fabric and the simplicity of designs is the specialization of its clothes. Company’s mission defines the role of an organization. The company provides new innovative products to its customers. The company also makes new marketing strategies to gain competitive advantage.Core valueCore values reflect the company values and support the vision. Core values educate clients about the identification of company. It is the basis upon which decisions & strategies can be made.
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Strategic marketinglg...
|19
|4357
|218
Project Management of Primarklg...
|15
|3368
|78
Different types and purposes of Organizationlg...
|11
|840
|24
Understanding and Leading Change in Primark: An Analysis of Leadership Models and Change Management Theorieslg...
|14
|4822
|358