Strategic Management (PDF)
Added on 2021-04-24
13 Pages4408 Words59 Views
Leadership ManagementPolitical Science
|
|
|
qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnStrategic Management: Adair’s[Type the document subtitle]3/23/2018Name:
ContentsIntroduction.................................................................................................................................................2Identification of Corporation...................................................................................................................2Adair’s product and service portfolio......................................................................................................3Strategic Business Units of Adair’s.........................................................................................................3Adair’s Product and Service lines............................................................................................................4Adair’s Revenue Management.....................................................................................................................4External Environment Analysis...............................................................................................................4Factors of sustainable competitive advantage..........................................................................................5Recommendations for Future Strategic Direction........................................................................................6Conclusion...................................................................................................................................................7References...............................................................................................................................................8
IntroductionMost business managers are urged to take wise decisions regarding their businesses. In order toevaluate the direction, goals, objectives and plans of a business a basis of reference is needed.Strategic management is a goal based management of resources to achieve a specific objective; ithelps the managers to focus on effectiveness and efficiency of their decisions and actions(Hilletal.2014). Most practitioners and researchers may agree that strategic management of a companyinvolves at least three elements i.e. strategic goal setting, management of core competence andcorporate governance. Fixing appropriate goals based on the core competences and resources available helps thebusiness position itself favorably in the market. Core competences of a business are the things anenterprise does best or better than others. Researchers have identified three major factors toqualify core competence of a business i.e. competences that are difficult to copy by thecompetitors, competences that are used to produce specific products and services, andcompetences that lead to solutions to customer problems or create customer satisfaction(Bharadwaj et al 1993). Corporate governance is the manner in which a company is run and itsshareholders are managed. Identification of CorporationCorporations are different from other business structures such as partnership, Limited Liabilityprivate enterprise, etc. (Smith 2017). Corporations are required to meet certain legalrequirements such as incorporation rules, listing in stock exchanges, etc. and are considered asseparate from the promoters or owners. Often, corporations are owned by many people throughshareholding i.e. a set of individuals share the profit and losses generated by the companythrough its intended operations. The shareholders and Board of governors have limited liabilityto the creditors of the company and the enterprise continues to exist beyond life span of itsowners because the shares of a company can be transferred to others through sales or gift ofshares. Analysis of strategic management helps the business managers to evaluate their businessdirection (Wheelenet al. 2015); and it helps the investors to assess the present and future position
of the company. In order to demonstrate the strategic management of a company, an analysis of alisted company in the Australia i.e. Adair’s is performed.Adair’sproduct and service portfolioAdair’s is a well-known retail brand in Australia and New Zealand that offers specialty homefurnishing materials to its customers (AO, D.R.H.M 2017). It operates through specialized retailstores across Australia and New Zealand and through a dedicated e-commerce web site. Themajor strategy of the organization is to offer their customers trendy materials for homefurnishing, backed by strong values and enhanced shopping experience (Mall 2017). Adair’s has relatively large product portfolio. A product portfolio is a set or categories of all theproducts or services offered by a business enterprise. Information on product portfolio providesan opportunity to understand the market segment of a company, the current trends related to theproduct consumption, the probable profit margins, future growth prospects, market leadership ofthe company, etc. Information on product portfolio is critical for investors to assess the potentialof the company. Currently, Adair’s product portfolio has a wider range than its nearest competitor. The variety ofhome decorator product is large (Adair’s 2018). However, the business managers in the smallbusiness units balance the range of products to meet the customer demands, optimally utilize thefloor spaces in retail outlets, and create an ambience for shopping experience. It is reported thatAdair’s have included wall art, bedroom chairs, household fragrances, floor carpets, bed sidelamps, decorative mirrors, etc. to the product portfolio. The critical aspects of product selectionfor offer depend on the Adair’s strategy of categorizing products on fashionability, quality,aesthetics, and value for money. The product categorization helps the customers to have anintegrated view of products and enables the retail staff to provide superior service (Varley 2014).The company focuses on enhancing living in the customer’s homes. Strategic Business Units of Adair’sAdair’s operation includes, rolling out new points of sales i.e. specialized stores, manage themerchandise in it, and provide customer friendly web platform for the customers to do shoppingsitting in their places of comfort. Adair focuses on four kinds of specialty stores (Adair’s 2018).i.e. Adair’s home maker, Adair’s Kids, Adair’s Outlet and Urban Home Republic. Each outlet of
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Strategic Management Student's Name: Universitylg...
|15
|3475
|462
Strategic Management of Wesfarmers: Coles Supermarket Analysislg...
|15
|3051
|396
CMG01- Report on Construction Company Managementlg...
|11
|1882
|93
Analysis of IAG Report Pdf 2022lg...
|13
|2877
|22
Strategic Development Within Westpac Banklg...
|16
|3052
|71
Understanding Business Strategy: Mission, Vision, Objectives, and Core Competencieslg...
|16
|562
|346