Strategy Evaluation

Strategy Evaluation

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY ..................................................................................................................................3
A critical evaluation of the value of clear purpose, vision, mission and objectives in setting the
strategic direction of organizations using examples from selected organisation........................3
Assess the competitive advantage of the selected company, using the VRIO framework.........5
Using PESTLE framework analysing the external environment of the selected business.........7
Application of the Porter’s Five Forces Model within organisation...........................................9
A review of the selected organisation’s strategy.......................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
The term strategy is explicated as a process and set of actions that are designed for
formulating a competitive-edge in market. Strategy choice is developed and implemented to
match with organisation objectives of enterprise by understanding internal and external
environment of country. Strategy evaluation is defined as a process through which strategist
know about extent of strategy to achieve company objectives by determining strategic choice
which is implemented to match with objectives of business. This report is written from
perspective of Next plc and it is a British multinational retail organisation that perform
operations at global level (Sanzida and Nagy, 2019). The headquarter of Next plc is situated in
Enderby, England. UK from where organisation operate and manage more than 500 stores at
global level. Moreover, this report highlights on vision, mission and objectives of organisation
and also on competitive advantage of selected of business. PESTLE framework and Porter's five
force model will also included in this report to analyse and understand organisation strategy.
MAIN BODY
A critical evaluation of the value of clear purpose, vision, mission and objectives in setting the
strategic direction of organizations using examples from selected organisation
The term strategy evaluation is defined as a significant strategy that formulate and focus
on efficiency and effectiveness of plans that is used to achieve desired results. The manager
assess about appropriate factors of current strategy through which challenges and issue from
dynamic world is evaluated to achieve organisation goals. With understand of strategy evaluation
of Next Plc this is analysed that strategy evaluation consists and undertake different factors that
include development of inputs for new strategic planning, appraisal and reward, development of
strategic management process (Grissom and Bartanen, 2019). They are used to achieve
organisational mission and vision in an appropriate manner.
Mission of Next plc
The mission statement of Next plc is to offer exciting, creatively designed and excellent
quality clothing that are made for comfortable clothing.
Vision of Next plc
According to vision of Next plc management focus to offer outstanding value that meet
with customer expectations.

Purpose of Next plc
The purpose of Next plc is to become natural choice retailer among UK that provide
fashionable cloths to men and women who expect style, quality and distinction from their
clothes.
Objectives of organisation
 To formulate a team of specialist that generate responsible aspects to ensure all products
that are sold by Next plc are safe and comply with relevant customer legislation.
 To develop better relation with customers and it aids to generate expert guidance for
selecting and choosing high quality materials for clothes.
 To perform all work with responsible sourcing and building transparency for trace raw-
materials that not impact on environment.
Strategy evaluation perform an important role for business strategy and it arise out facts
that aids to develop actions that are correct and accurate (Meschke and et. al., 2018). This also
aids management to perform work with detail evaluation and it aids decision-maker to generate
right and appropriate factors for development of appropriate strategic plans. From perspective of
Next plc some steps related with strategy evaluation are mention as follow: Fixing benchmark of performance- To fix with benchmark, management of respective
organisation encounter and generate strategy that set criterion for expressing and
completing organisational work in an appropriate manner. This is also important for
organisation to set and develop essential requirement of business. With understand of
performance indicator this is identified and understand that special requirements are
developed for performing work in an appropriate manner. Quantitative and qualitative
data is implemented and this include net profit, earning per share, cost of production and
many more. In context of NEXT plc management decided benchmark that focus on
selection of strategy that is implemented on all operations and functions of respective
organisation. Measurement of performance- The standard performance is defined as a benchmark and
it match with actual performance to compare (Mungi, 2020). Reporting and
communication system helps to measure standard and performance for completing
organisational work with more efficiency. The term performance standards are
established in right manner and it make strategy evaluation easier. Next plc also develop