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Strategic Management of Waitrose

   

Added on  2020-09-17

8 Pages1916 Words82 Views
Leadership Management
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STRATEGICMANAGEMENT
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Assessing whether formal strategic planning process is appropriate for operatingenvironment of Waitrose or not..............................................................................................1CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
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INTRODUCTIONFormal strategic planning is a process of organisations, which defines their strategy,directions and decision-making on allocating resources to engage this formal strategic planning.The strategic planning process, steps and advantages to understand the business objectives aswell as strategies to implement which help organisation to improve their production andprofitability. Factors that affect the operating environment and formal strategic planning will bediscussed here with which the firm will be able to resolve all conflicts and problems that ariseduring implementing formal strategies and operations. TASK 1P1. Assessing whether formal strateagic planning process is appropriate for operatingenvironment of Waitrose or notFormal strategic planning is important for the Waitrose that it help in decision-makingprocess and allocate resources effectively. Managers of firm believe that it will improve the longterm performance of Waitrose. There is a link between formal strategic planning and businessperformance. A systematic documentary process for deciding, what is useful in decision makingprocess, the firm must get right in order to thrive over next few years. The process give results inthe production department of corporate strategic plans. Strategic planning process includes:Improving long term performance and setting business objectivesDetermination of plans and strategies (Ahern, 2016)Assigning policies which govern the acquisition and allocation of resources effectivelyTo achieve purposes of the Waitrose The formal strategic planning process in Waitrose is generally used to manage theoperational activities and strategy of business to be competitive in the market and improving itsperformance. The planning process includes:Getting ready: Before implementing strategic planning in the organisation, it must beconfirmed that all issues at workplace, essential commitments of leaders and managers aswell as of employees are addressed effectively. The environment of Waitrose should beevaluated before framing a strategy. Some other elements are also there that should berecognised before making formal strategic planning such as:Planning process helps to address specific issues and conflicts.1
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