Role Strategic Management in Business
Added on 2020-06-06
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Strategic Management
Table of ContentsINTRODUCTION...........................................................................................................................1Company overview.....................................................................................................................1TASK 1............................................................................................................................................2External analysis of GODIVA CHOCOLATIER.......................................................................2TASK 2............................................................................................................................................7Internal analysis of GODIVA CHOCOLATIER........................................................................7TASK 3............................................................................................................................................9Identification of Competitive strategies......................................................................................9TASK 4..........................................................................................................................................10Strategic directions....................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONStrategic management plays a significant role in every business enterprise. It helpscompany in planning, monitoring and analysing all the organizational goals. In simple words, itis a process of formulating and implementing business goals at workplace on the behalf ofowners. It gives core attention to available resources of company and also helps in assessing allinternal as well as external environmental factors which can affect organization and itsoperations. Basically, it helps the business enterprise by providing it appropriate directions sothat it can accomplish its desired objectives in the most effective and systematic manner (Zhouand Wu, 2011). Main function of strategic management is to develop new policies, design plansand allocate available resources within all departments so that company can achieve its desiredoutcomes in an appropriate manner. This project report is based on Godiva CHOCOLATIERwhich is highly popular for its premium chocolates. In this project report, various internal as wellas external environmental factors or challenges which are affecting this company are discussed.Also, some appropriate frameworks have been evaluated which can help organization indeveloping strategic recommendations in terms of future strategic directions and businessexpansion methods.Company overviewGodiva CHOCOLATIER is one of the leading chocolate manufacture companies. It isestablished in the United States and was found in 1926. Later, it was purchased by THE TurkishYildiz Holding in November 2007. It has more than 600 stores in United States, Canada, Europeand Asia. Its major products are truffles, shakes, cocoa, chocolate liqueur, dripped fruits, sweets,biscuits, coffee and some other related items. This organization produces only seasonal andlimited edition chocolates. It attracts a large number of customers by its special and uniquepackaging. This enterprise also has license agreements for production of cheesecakes, icecreams, coffee pods and liqueur which have taste of various chocolate related flavours. Toconsider diabetic patients, it produces sugar free products as well (Sakas, Vlachos andNasiopoulos, 2014). It has more than 5000 workers which contribute their hard efforts inproducing tasty chocolate items. It has a great presence in Belgium and now a days, it wants toexpand its business in other countries so that it can cover a large market share. In the presentscenario, it is facing various problems because of different micro and macro environmental1
factors. This is the reason; it is giving core importance to its strategic management so that it canoperate business activities in the most effective manner which will result in high financial profit.By taking the help of various strategic management frameworks, this company can successfullycarry out its internal and external analysis. TASK 1External analysis of GODIVA CHOCOLATIER Strategic management is a wide concept which helps in managing organizationalresources in the most effective manner so that they can help in achieving business goals andobjectives. Also, it provides various strategic frameworks through which company can analyseall its micro and macro environmental factors which are affecting organizational growth anddevelopment (Nixon and Burns, 2012). Godiva CHOCOLATIER is facing various problems dueto continuous changes in business environment in which it operates. There are two majorconcepts through which it can analyse all its micro/macro factors and these are as follows: PESTLE analysis: This is known as the most effective strategic tool which is used bydifferent organizations to identify their macro environmental factors. It is highly important for allorganizations to consider external forces while implementing the business plan, strategies andpolicies at workplace. Otherwise, they can suffer with huge financial loss. With the help ofPESTLE analysis, Godiva CHOCOLATIER Company can determine all its macroenvironmental factors which are putting a huge impact on its current business position at marketplace. It involves six components which are as follows:Political factors: This is known as the most important environmental factor which can influencepositive as well as negative impact on business enterprise and its performance. There is nostability in political factors of Belgium which affects the organizational growth and developmentof Godiva CHOCOLATIER. There are various rules and regulations which are made by thegovernment and all organisations are obliged to follow them (Makri, Hitt and Lane, J., 2010). Inthe present scenario, legal authorities have made various laws such as minimum wages act and soon to protect and promote the rights of customers. Company also have to follow all legislationsotherwise, it can suffer with various financial losses. It is highly important for it to make allstrategies and policies according to legal rules and regulations. 2
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