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Strategy and Entrepreneurship Assignment - Iceland supermarket

   

Added on  2020-10-22

13 Pages3271 Words137 Views
Strategy and Entrepreneurship

TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................1MAIN BODY...................................................................................................................................1Tows analysis for determining current situation of company......................................................1Evaluating The threat, weakness, opportunities affecting operation of an organization.............3Strategies For market growth and increasing market share ........................................................5Analyzing the way selected strategy can be implemented listing Canvas approach ..................6CONCLUSION ...............................................................................................................................8REFERENCES................................................................................................................................9

INTRODUCTIONStrategies plays very important role in driving firm towards achievement of success.Entrepreneur with high level of optimism as well as enthusiasm establish company. Manyentrepreneur fails to run their business successfully due to ineffective strategies. Strategicmanagement is a systematic procedure which involves identification as well as descriptions ofstrategies which are required to be implemented in order to accomplish desired objectives. Inpresent highly competitive as well as dynamic business environment, an effective strategicmanagement is very much crucial for providing suitable responses to changes.The present report has focus on analyzing the current situation of Iceland supermarket.An organization is a British supermarket chain based in Wales, with emphasis on the sale offrozen foods, including prepared meals. Study also emphasizes on identifying the threats,weaknesses and opportunities which is effecting the business operations.MAIN BODYTows analysis for determining current situation of companyThe TOWS Matrix is aimed at developing strategic options from an external-internalanalysis and is a practical tool, particularly in the fields of business administration andmarketing.. It is considered to be as an effective strategic tool which assist management inidentifying the suitable techniques for overcoming weakness, converting strength intoopportunities, and reducing the threats. Tows can be utilized by management in Icelandsupermarket for examining the external business opportunities and threats (Baird and Baird ,2017). By utilizing Tows as strategic business tool can compare opportunities and threats to thatof strength as well as weakness. Tows analysis helps manager in making the suitable plan for thefuture.Iceland supermarket is British company. Business entity has achieved leadership positionin retailing industry. TOWS analysis of Iceland Supermarket Strength and Opportunities:Innovation skills. Iceland supermarkethas an opportunity to attract customersWeakness and opportunities:Decline in sales. This weakness can beovercome by developing products or services1

by developing innovative products. Inaddition to this, launching new productin new market firm can capture widemarket share.An organization has its stores located atdifferent places which provide Icelandsupermarket an ease in deliveringgoods or services to customers. AsIceland supermarket have good brandimage in the market firm can formstrategic partnership with othercompanies in an industry, as this tacticwill help an enterprise in deliveringproducts or services to wide number ofcustomers.Iceland supermarket has alreadyachieved leadership position indomestic market. An organization hasan opportunity to move into thegrowing organic food market usingtheir established brand name andmarket position.An organization offers diversifiedproducts. Business entity byconcentrating on quality can capture anopportunity of increasing sales as wellas profitability (Christ, Burritt andVarsei, 2017. ).Iceland supermarket has team of highlyskilled as well as talented workforce.With the support of skilled as well asaccording to the present trends as well ascustomer demand.Profitability as well as liquidity issue. Theseproblems can be resolved by developingconcentration on emerging health food market.Iceland organization is still utilizing traditionaltechnology, an organization has an opportunityto implement advance technology in itsbusiness operation. As this strategy will helpan enterprise in bring positive improvement inbusiness procedure and system.Low market shares and growth. Icelandsupermarket has an opportunity to enter intonew market. In addition to this, firm can formjoint venture with other companies, as this willhelp business entity in fostering growth.2

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