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Business Strategy INTRODUCTION 3 TASK 13 1.1 Introduction, Mission, Vision, Objectives, Goals and Core Competences

   

Added on  2020-02-03

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Business Strategy
Business Strategy INTRODUCTION 3 TASK 13 1.1 Introduction, Mission, Vision, Objectives, Goals and Core Competences_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Explaining mission, vision, objectives, goals and core competencies of selectedorganisation. ...............................................................................................................................31.2 the issues involved in strategic planning...............................................................................41.3 Explaining different planning techniques.............................................................................4TASK 2............................................................................................................................................62.1 Produce an organisational audit for a given organisation.....................................................62.2 Carry out an environmental audit for a given organisation...................................................92.3 Explain the significance of stakeholder analysis................................................................10TASK 3..........................................................................................................................................103.1 Analyse possible alternative strategies relating to substantive growth, limited growth orretrenchment..............................................................................................................................103.2 Select an appropriate future strategy for a given organisation............................................11TASK 4..........................................................................................................................................124.1 Compare the roles and responsibilities for strategy implementation..................................124.2 Evaluate resource requirements to implement a new strategy for a given organisation.....134.3 Discuss targets and timescales for achievement in a given organisation to monitor a givenstrategy......................................................................................................................................14CONCLUSION..............................................................................................................................14RECOMMENDATIONS...............................................................................................................15REFRENCES.................................................................................................................................16
Business Strategy INTRODUCTION 3 TASK 13 1.1 Introduction, Mission, Vision, Objectives, Goals and Core Competences_2
INTRODUCTIONBusiness strategy is a long term plan to attain established goals and objectives of thebusiness unit. It is also related with achieving strategic advantages over their competitors in themarket. Business strategy focuses on various significant issues such as funding, selection oflocation, supply chain, marketing plan and strategies, potential customers and variousstakeholders (Baye, and Beil., 2006). It shows that a business strategy is a long term planningwhich can make a business organisation successful in the near future. The present report is basedon Primark which is one of the leading retail chains in United Kingdom. It is a well known brandin this area which provides large number of goods with good quality to its customers. The mainpurpose of this report is all about the business strategies of cited company and its role in thefuture growth and development in the near future (Chaffey, 2007). TASK 11.1 Explaining mission, vision, objectives, goals and core competencies of selected organisation.A mission statement is used for the communication of the organization's purpose. , Themission statement of Primark is to provide good quality clothes that are worth their cost. In otherwords, they wanted to make people dress like high class people at very low prices. And this hasbecome the reason for their success as they provide high quality clothes in reasonable prices. Avision statement defines the future goals of the organisation which the founder or owner wants toachieve (Ross.Weill, and Robertson., 2006). Their vision statement is to maintain company'sstandard in the sectors they are dealing in, viz., clothing, footwear, confectioneries etc.Primark main goals and objectives are:The prime objectives of the company are customer satisfaction.Their objective is to create a good image in the minds of public, they don't want to beperceived as the company providing cheap products , their products are low cost but theirquality is very high.Other objective is to be customer friendly.Core Competencies is something that differentiates your company from the competitors.it is what makes you unique.Core competencies of Primark are:
Business Strategy INTRODUCTION 3 TASK 13 1.1 Introduction, Mission, Vision, Objectives, Goals and Core Competences_3
Primark is one of the most reliable brand in United Kingdom which can provide acompetitive advantage over rival companies. Because they are unique competencies which canprovide such kind of edge. The most important thing in the Primark is that they having a widedistribution network approx 300 (Teece., 2010). apart from that also have large number of staffwhich is highly skilled can provide a quality service to its customer. In order to maintain suchcompetencies they provide training and development program for them which can enhanceproductivity and performance. 1.2 the issues involved in strategic planningStrategic planning for an organisation is done to give direction to the organisation toachieve its goals. And it determines the strategic plan for the organisation to grow and lays out aroad map for the organisation to work efficiently and effectively to achieve desired results.Issues involved in strategic planning are:Strategic focus : it is a business imperative but it is not the thing that is understood by allthe businesses. Strategically thinking means to reach at that level of understanding which givesthe idea of desired end state, which considers all the positive and negative aspects that are goingto impact the outcome.. it contains general plan to overcome weaknesses and threats and to focusand improve strengths and take the right step to grab the opportunity (Peng. Wang. and Jiang.,2008).Cultural modification : Culture is very important and it has direct effect on theemployees and their workings. it can impact their performance and productivity.Resource limitations: This is another essential issues which is related with the resourcelimitation. In a effective strategic planning maximum utilization of firm's resources can makethem successful. But sometimes, resource limitation can create a serious problem for Primarkperformance and productivity. 1.3 Explaining different planning techniques.It is essential for Primark is that to make effective business planning which can help toachieve their targeted goals and objectives. For this, there are various tools and techniques whichcan be used by business firm and implement their plan more effectively (Håkansson, andSnehota., 2006). These strategies can be:BCG Matrix: It is one of the most attractive strategic planning approach which can helpto provide consistent growth and development of the business. This strategy most suitable
Business Strategy INTRODUCTION 3 TASK 13 1.1 Introduction, Mission, Vision, Objectives, Goals and Core Competences_4

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