Running Head: Strategic Management Page | 13 Running Head: Strategic Management Waitrose Strategic Planning Page
Added on 2020-05-16
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Running Head: Strategic ManagementWAITROSEStrategic Management
Running Head: Strategic ManagementP a g e | 1Table of ContentQuestion 1.............................................................................................................................................3Introduction...........................................................................................................................................3Strategic Planning..............................................................................................................................3SWOT Analysis for Waitrose..............................................................................................................4PESTLE Analysis..................................................................................................................................5Cost Leadership.................................................................................................................................7Differentiation Strategy.....................................................................................................................7Focus Strategy...................................................................................................................................7Conclusion.............................................................................................................................................8Question 2.............................................................................................................................................8Introduction...........................................................................................................................................8Differentiation Strategy.....................................................................................................................9Financial Objectives...........................................................................................................................9Financial Objectives...........................................................................................................................9Internal/Operations Strategic Objectives..........................................................................................9People Learning Objectives.............................................................................................................10Customer objectives........................................................................................................................10Marketing Objectives.......................................................................................................................10Product Objectives..........................................................................................................................10Strategic options for MNC...............................................................................................................12Conclusion...........................................................................................................................................12References...........................................................................................................................................12Table of Figure
Running Head: Strategic ManagementP a g e | 2Question 1: Assess whether a formal strategic planning process is appropriate for the organization given its operating environment and why/why notIntroductionWaitrose supermarket is one of the UK’s leading food retail outlets offering wide range of products under its own brand name as well of other companies. The company operates in more than 60 countries and have created a name for it in bringing to the customer fresh farm produce and organicproducts. The company is on a mission to push the envelope of the food trading across the world. The company operates in the environment of click and mortar model which is extremely competitivein nature and thus a formal strategic planning is very much essential and required to grow and stay upbeat in the market. The importance of strategic planning lies in providing a direction for the organization and defining the goals (Wolf & Floyd, 2017) Strategic planning also comes handy when evaluating the existing processes and adopting changing process to move forward in the ecosystem. It also helps to ascertain the goals set for the organization and measure them on the go. Strategic planning is a very critical factor which plays an important hand in the success of the organization in the longer term. Strategic process not only influences and helps in creating powerful forward lookingsustainable business strategies, but it also plays an influencer in the performance of the individuals, investors, human resources and also impacts the performance of the managers. Strategic planning importance lies in the fact that it translates the vision of the organization into personal vision which results in development of positive synergies and collaboration amongst teams to achieve the intended results (Channon & Jalland, 2016)Strategic PlanningStrategic planning is a simple yet complex 5 step process, and each step has to be defined carefully in order to make a formidable business strategy which would result in sustained growth for the organization (Haines, 2017)Figure 1 Strategic Planning ProcessDefineMission & ObjectivesConductEnvironemntal scanningFormulationStrategy FormulationStrategy ImplementationEvaluation & Control
Running Head: Strategic ManagementP a g e | 3All the individual elements in the strategic planning process have to be addressed individually and then act upon to achieve the desired outcome. Mission is not just a statement, it is the building block for the business operation for the company. Waitrose has a mission of pushing the envelope offood trading, now in order to achieve this mission Waitrose has to ensure that the entire organization, its employees, its business process and policies are all directed towards the mission laid down by the company (Dibrell, Craig & Neubaum, 2014). Environmental scanning is the understanding of the various micro and macro environmental forces which might affect the business in the future or at present. It also helps in understanding the strength and weakness of the organization which are internal to the firm and stay away from threat and grab the opportunities arising in the business segment. Models like Porter 5 forces, PESTLE analysis, BCG matrix, SWOT analysis are used to do an environmental scanning and help in gaining a competitive edge and stay ahead in the competition (Grunig & Morschett, 2017). Hence the environmental scanning helps in achieving three objectives:Internal analysis of the firmAnalysis of the firm’s industryExternal environmentSWOT Analysis for WaitroseSWOT analysis is used for accessing the firms internal strength and weakness and focus on the external opportunities and threats. SWOT analysis is a micro environmental force and helps in internal analysis of the firm, which further forms the base for building a good formidable strategy (Hollensen, 2015)Figure 2 SWOT analysis of WaitroseStrengthReputation/Positive customer perceptionOwn LabelsFresh quality farm productsPartnership with John LewisWide range of ProductsCustomer ServiceWeaknessDifficult to expand due to exisitng store coverageDependent on performance of own labelsPerceived as expensiveSmall market shareFew out of town storesOpportunitiesExpansion in the Asian market and north-westOnline shopping modelSale of Non-Food ProductsMultiple retail partnershipsIncreased number of servicesThreatsPremium brands of Tesco and other big giantsOverseas group entering the marketsManufacturers seeking to legally slow down the penetration of the productsSWOT
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