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Effective Implementation of Plan B in Emergency Situations

   

Added on  2019-12-04

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Strategic Management
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Stakeholders analysis..................................................................................................................1Corporate Governance................................................................................................................3Strategic options and feasibility..................................................................................................3Resource planning and implementation......................................................................................5Monitoring and control...............................................................................................................6Contingency plan and arrangements...........................................................................................7Impact of Strategic plan..............................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONSuccess and development of organization depends upon the degree of effectiveness in theutilization of available resources. Optimization of resources and profit maximization are the corerequirements of organization in order to fulfill goals and targets. Organization performs slew ofduties and responsibilities to establish prominent position in the market place. Among thedifferent operations such as marketing, human resource management, production and otherfunctioning, strategic management has been the crucial element to rationalize the working andincrease the efficiency as well as productivity. The present report has been prepared to elucidatethe strategic management of an organization by inculcating different components such asexternal-internal analysis, strategy formulation and overall review.Stakeholders analysisNo organization functions in isolation, it works under the influence of many factors andother business entities. Elements or individuals that directly or indirectly linked to the working oforganization are referred as the stakeholders (Slack, 2015). Mentioned company, Co-operativeGroup Ltd., functions in a wide range of sectors such as food, banking, insurance, electrical,travel, funeral care and legal services. Organization is a large family of employees, suppliers,customers and other trading partners. Hence, there are many stakeholders of the organization thatare linked in one way or the other. They play significant role in their respective areas of working.Customers: Customers are the central part of strategy which is framed by theorganization working in the customer oriented service industry. Volatility in market andits changing scenario have brought the considerable amount of change in the choices andpreferences of consumers. Their demands and requirements are becoming fluctuating innature. Keeping that in consideration, policies and strategies are framed with the aim toprovide them optimum level of services (Wheelen and Hunger, 2011).Employees: Employees are the fundamental pillars of organization that execute all thestrategies and policies framed by the board of directors. Efficiency and productivity levelhave direct influence on the quantum of consolidation of the customers with theorganization and the level of profitability as well as revenue generation.Government: Each organization is required to abide all the laws and regulations framedby the Government and other legislative bodies in order to maintain legality in the1
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country in which it is operating (Thompson and Martin, 2010). Co-operative group ltdcomplies with all the laws that are imposed in the retail sector with respect to theconsumer protect, employees related issues, travel services, financial services and relatedto other working areas.Suppliers:There are many business entities linked to the organization. Suppliers act as abridge to connect producers with the final destination, customers. Smooth functioningand preciseness directly affect the management.Illustration 1: Stakeholder's analysis(Source: Slack, 2015)Analyzing the degree of involvement and placing them in the above figure according tothe influence and importance for the mentioned organization, Co-operative ltd will give thefollowing inferences.Protect: Consumer falls under this category as the mentioned organization's key focus isto satisfy the needs of customers and to protect their interests.Good Relation: Relational constructs between employer and employee create aframework for the implementation of strategies. Hence, it is essential to maintain goodrelations with the working staff of organization (Swayne, Duncan and Ginter, 2012).Low priority: Though having limited domain of direct influence to the organization,Government policies create foundation element to make working according to the norms.Monitor: Suppliers and partners come in this category of stakeholder's analysis.2
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