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Professional Practice Experience (PPE)

   

Added on  2021-06-15

16 Pages3334 Words75 Views
Running head: PROFESSIONAL PRACTICE EXPERIENCEProfessional practice experienceName of the student:Name of the University:Author’s note

1PROFESSIONAL PRACTICE EXPERIENCEIntroduction: Costco Wholesale Corporation is the second largest global retailer in the world thatsupports international group of warehouse. The uniqueness of the company is that it offers highquality branded products at reduced cost. It deals with variety of products like groceries, toys,sporting goods, health and beauty, sporting goods as well as food court. The main vision of thecompany is to promote efficiency in operations and reduce price and cost. In parallel with itsvision, the mission statement of the company is to provide superior goods at reasonable price toall members. High quality and best prices in the market is the main strategy of the company toattract customers and achieve growth in business. Although Costco Wholesale Corporation iscurrently at the top of its business, the main challenge for the company is to maintain the samepave with other top retail organizations like Walmart and Super Target. Hence, the main purposeof the report is to conduct SWOT analysis for the company and focus on threats andopportunities for the business organization. With the use of theoretical framework for analysis,the report also provides recommendations to eliminate threats and maximize the opportunities forthe company. Methodological framework: As the report is focused mainly on considering the risk or threats to business at CostcoWholesale organization, the SWOT analysis of the company is informed by strategicmanagement and risk management theory. Strategic management is the comprehensive businessprocess to set business objectives, analyze competitive business environment and internalorganization of the company and evaluate strategies across the organization. Strategicmanagement process supports a company to identify current marketing strength of the company

2PROFESSIONAL PRACTICE EXPERIENCEcompared to its competitors and recognize opportunities and threats facing the organization 1.The strategic management process in an organization can be analyzed by the method in whichthe four stage of strategic management process is implemented. This includes:1.Environmental scanning- It involves the process used to analyze the internal and externalfactors affecting the business of an organization. 2.Formulating strategic business strategies- It is the approach taken to take the best courseof action to fulfill business objectives and vision.3.Implementation of strategies- Strategy implementation involves restructuringorganization’s structure, resource and decision making process to convert businessstrategy into action4.Evaluation of strategies- The final phase is the step to evaluate internal and externalfactors that affects business activities and influence the business activities of anorganization2 . 1Rosemann, Michael, and Jan vom Brocke. "The six core elements of business processmanagement."Handbook on business process management 1. Springer Berlin Heidelberg, 2015. 105-122.2Wheelen, Thomas L., et al.Strategic management and business policy. pearson, 2017.

3PROFESSIONAL PRACTICE EXPERIENCEFigure 1: Components of strategic management processFrom the above explanation, it can be said that theoretical framework for strategicmanagement is build from three components which includes strategic analysis, strategyimplementation and strategic choice. This theoretical framework has been chosen to analyzeinternal and external factors of the organization 3. The three components will help in the analysisof threats and business at Costco Wholesale Corporation the following ways :1.Strategic analysis: Strategic analysis will help to identify the strategic position of thecompany. Review of internal and external factors can affect business position of anorganization. Different tools can be used for strategic analysis such as SWOT analysis,Porter’s five forces and PEST analysis. SWOT analysis identifies strength, weakness,opportunities and threats to identify the strategic position of the company. This is basedon the assumption that good business strategy is one that fits with the external andinternal situations of a company 4. Similarly, PEST framework helps to understand thedrivers of long-term change 5. 2.Strategy implementation- It involves the steps taken to manage the change 3.Strategic choice: It involves the steps taken to identify possible scenarios or alternative toachieve outcome ). 3Fleisher, Craig S., and Babette E. Bensoussan.Business and competitive analysis: effective application of new andclassic methods. FT Press, 20154Jarzabkowski, Paula, and Sarah Kaplan. "Strategy tools‐in‐use: A framework for understanding “technologies ofrationality” in practice."Strategic Management Journal36.4 (2015): 537-558.5Ho, Joseph Kim-Keung. "Formulation of a systemic PEST analysis for strategic analysis."European academicresearch2.5 (2014): 6478-6492.

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