Successful Strategic Thinking

This project explores Successful Strategic Thinking, including key theories related to strategy development and implementation, such as Porter's strategy theory criteria and Ansoff matrix. It also discusses how to improve strategic processes within an organization, with recommendations and real-life examples.

Module name : MBK7004M Successful Strategic Thinking
Project title : Successful Strategic Thinking
Effective word count (words used) : 6267
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Successful Strategic
Thinking
Abstract
The following project focuses on Successful Strategic Thinking. This project will deliver the
ideas and theories that I learnt from the module. Referring the ideas and theories, I found out
some documents, books, and article regarding the Successful Strategic Thinking. Apart
from this literature review and various research methodology is being discussed in this
project. Including my own experience and cases in my organization.
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Table of Contents
INTRODUCTION.....................................................................................................................5
MAIN BODY.............................................................................................................................5
Literature review of key theories related to strategy developed and implementation...........5
Porter's strategy theory criteria:.............................................................................................6
Ansoff matrix:........................................................................................................................8
A critical analysis related to theories.....................................................................................9
People of organisation involved in organisational strategy.................................................13
Recommendations about how strategic processes within the organisation could be
improved..............................................................................................................................17
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INTRODUCTION
Diverse definitions represent different perspectives on the principles of strategy
processes and their consequences for businesses and non-profits. Strategic processes are high-
level processes that companies and institutions face in their day-to-day operations. They
might include duties that require a high degree of intellectual capability and have a broad
impact on the structure and operation of businesses, organisations, or corporations. The
nature, organisation, and operation of these strategic processes can be likened to those
performed by the human brain, which are primarily concerned with intellectual talents and
talents. Within and outside the company, several aspects of strategic processes may be
noticed.
The policies, plans, and planning objectives that an organisation incorporates into
operations to improve its performance have a significant impact on strategic processes. This
paper will consider the characteristics of strategic processes in general, the theories and
models that are essential in implementing strategic processes, and recommendations that are
relevant to the implementation of these processes to improve the functioning and
performance of a business organisation in order to better understand strategic processes.
MAIN BODY
Literature review of key theories related to strategy developed and implementation
As per the view point.......A business strategy helps to achieve goasl and objectives It
also helps in long-term business planning. A corporate plan is usually written for a period of
three to five years (sometimes even longer). It can defined as set of principles that help in
working effectively and achieving goals and objectives. Along with that it is based on
effective It is therefore about how employees at all levels of the business should make
choices and allocate resources in order to achieve critical goals.
As per the viewpoint of ....... There are number of authors who provided there contribution in
business strategies Because of his willingness to challenge previously hallowed principles in
business and management, Henry Mintzberg has been dubbed "the great management
iconoclast." His common sense approach to management difficulties has won him a large
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following, and he is arguably most recognised for his work on company strategy, which is
credited with exposing the gaps between academic ideas of strategy and reality. Michael
Porter, the other major modern-day strategist, has published numerous successful books on
business strategy, with a special focus on organisational and governmental competency and
competitiveness. Igor Ansoff, like him, is a well-known contributor to the evolution of
corporate strategy thought and practise. He was a prominent proponent of the 'Planning'
school of thinking, and was widely regarded as one of the pioneers of strategic planning. His
1965 book 'Corporate Strategy' focused primarily on external, rather than internal, concerns
of organisations, such as product matching to various types of markets – Ansoff is one of the
widely used tool and that is still important now a days.
Porter's strategy theory criteria:
Porter's five forces model is intended to discover and evaluate five competitive factors
that assist businesses understand their industry and identify their strengths and weaknesses.
This approach may be applied to any industry to detect and analyse the degree of competition
in the marketplace, as well as to create a company's long-term profile. This model is
commonly used or utilised to analyse a company's structure and business strategy. The five
forces are commonly used to assess and quantify a company's competitive intensity, profile,
and profitability. Porter identifies five forces, which are listed below:
Competition in the industry:
This is the first of the five forces models, and it is based on the number of competitors
and rivalry, as well as their capacity to undercut an organisation. Williamson (Williamson,
2018). If an organization's competitor is capable of providing modified offerings at a cost-
effective pricing, the buyer and supplier look for it. Conversely, when competitive
competition is low, opportunities abound, and the organisation has far more ability to offer
and establish high pricing in order to maximise profit and sales.
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Potential of new entrants into an industry:
Organizations have power, and new entries into the market space have an impact on
that power. It takes less time and money for a competitor to enter the market and become a
more effective competitor. Existing organisations within that Marketplace benefit from
organisations with strong barriers to entry because they may establish significantly higher
costs or prices and negotiate different conditions.
Power of suppliers:
This approach considers how provider may raise material and input costs. This factor
is influenced by the number of major input providers for a product or service, which indicates
how distinctive the product or material is and how much it would cost an organisation to
switch providers. If a company must provide due to its financial soundness, it is more reliant
on its suppliers. According to the research, the company's suppliers have more leverage to
raise input costs and obtain sales benefits. On the other hand, if the firm has several suppliers
or has a difficult time switching prices among competitive suppliers, this technique might be
advantageous to the firm in order to maintain their input costs low and boost profits.
Power of customers:
This is another model of the five forces that explains the capacity of customers to
decrease prices and their levels of power as one of the components of this force. This is also
influenced by the number of buyers or customers a company has, which helps to define how
significant a customer is to the firm and how much it will cost to analyse and select new
consumers or markets for the firm's outputs. A smaller and more powerful client base has
greater negotiating leverage to get better rates. Small and medium-sized businesses find it
simple since their customers are self-sufficient.
Threat of substitute
This is the fifth and last model in the five-force model, and it focuses on substitutes.
Substitute products and services for those used by the firm to create a threat. Customers will
have the choice to forego acquiring and buying a company's goods if closed-won substitutes
are accessible on the market, and the company's power will be diminished. They are mostly
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focused on industry rivalry in order to obtain competitive advantages and become more
successful. The organisation is concentrating on determining the best path or direction to
develop and gain additional competitive advantages, allowing them to improve productivity
and income. They are primarily concerned with industry competitiveness in order to assess
the strength of competitors and the possibility of new entrants.
The competitors of the company
Catering by design and sobers are the company's greatest rivals, and they are working
heavily on them to enhance their profitability and efficiency. It is critical for a firm to analyse
its rivals' strategies in order to get a competitive edge. Sobers provides the catering services.
There are fruits, herbs, snacks, beverages, and other products to choose from. The
organisation provides services to institutions, nursing homes, hospitals, business
marketplaces, and others.
Ansoff matrix:
Ansoff's methodology will be appropriate for HSBC in the context of these goals.
This strategy can help a firm achieve its commercial and corporate goals in a more efficient
manner. It is a tool that assists businesses in determining the most effective growth plan.
There are four techniques in this measure that help the firm assess the risk of each strategy.
These are the guidelines that Company A can utilise.
Market penetration:
Firms mostly utilise it to increase market share. In this technique, the firm lowers
product pricing in order to attract and keep clients for a longer period of time. It is typically
used by companies who have recently entered the sector and wish to meet their goals. It is
computed by comparing the quantity of sales volume to the market of targeted clients. It is
split down into components that must be connected with favourable market circumstances in
this regard. To acquire a foothold in the market, company A might employ a market
penetration strategy. It will enable the business to attract clients who are eager to acquire
items to get a competitive edge. Organization A may also suffer various disadvantages, such
as a tarnished brand, a saturated market, reduced industry pricing, and so on.
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Product Development:
This is a component of Ansoff's strategy, which focuses on producing new products to meet
the needs of current clientele. For this reason, the corporation invests in research and
development so that it is aware of changing client tastes and preferences (Kiss and Barr,
2017). Many businesses desire to expand their product line, therefore they use a development
strategy. It is beneficial to businesses with long-term industry sustainability goals. It can help
achieve greater profitability, customer happiness, a good reputation, lower staff turnover, and
so forth. This strategy can help Organization A since its target consumers are those who
value innovation and creativity. It is also helpful for internal management. Completion,
additional costs, and other risks that the firm may face.
Market Development
The goal of this strategy is to break into a new market by selling current items. It's
commonly employed by major multinational corporations that want to succeed in the
worldwide market after dominating their home market. Because it discovers and creates new
places to market current items, this technique is often referred to as a growth strategy. This
sort of strategy may be used by Organization A to expand into new markets and generate
income. Capital requirements, increased marketing efforts, and the construction of new
locations are some of the obstacles that this approach will face.
Diversification
It refers to the creation of dissimilar parts that are entirely distinct for a business. It
seeks to maximise returns by leveraging resources across several business sectors (Trang,
2018). Organizations that wish to reduce risk by investing in distinct components typically
choose this method. This will assist the company in achieving its long-term financial goals
by decreasing the risk of loss. Organization A may choose this technique since its structure is
complicated and it can achieve its desired goals using this method. The firm may encounter
difficulties such as quality decline, mismanagement, and so on.
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A critical analysis related to theories
A new product is one that has a new brand name, or one that has been launched as a new item
or line extension; it is also used to refer to an enhanced product, an existing brand, or a new
size. New product development (NPD) is a phrase used in business and engineering to
represent the whole process of bringing a new product or service to market. This description
begins with the discovery of a market opportunity and concludes with the successful launch
of the product. Many tasks are intertwined in an NPD project, including categorising needs,
creating and testing a product concept, completely defining and developing the product,
finding suppliers, establishing manufacturing processes and supply chains, and building
marketing campaigns. ..... is credited as one of the most extensive studies on NPD, in which
the NPD is shown as a stage-gate system. An NPD system may be thought of as a series of
development stages interspersed with assessment stages. And each step has a link to a gate,
which has criteria for determining if certain activities have been completed efficiently and
successfully. The performance of the NPD endeavour may then be evaluated, and
management can make any necessary modifications. Various sectors in many countries use
NPD management to maintain competitiveness. They are now transitioning their industrial
structure from labour-intensive to technology-intensive, service-oriented patterns, with a
focus on industrial innovation and new product development capacity. Taiwan's
industrialisation achievement has resulted in an "economic miracle" that has captured the
world's attention. The lessons learned from Taiwan's industries can be recovered and applied
by other emerging Asian countries.
Product development strategy examples
Amazon is a good example of a customer-focused product development strategy. They work
to enhance the satisfaction level of customers. In relation to Amazon they formulate the
strategies that satisfy the customer demand. They use the language that is understandable to
customers There is no technical jargon regarding technology or user interfaces in the press
release. After that, they work their way backwards from the press release to the product. This
is a product development approach that focuses on Amazon's internal method of connecting
with consumers to build a specific product that addresses a specific need.
Apple is an example of a platform/derivative approach to product development that connects
top-level strategy with product development. The IT behemoth is primarily concerned with
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its goods. Apple creates products and then looks for a market to sell them in. According to
Steve Jobs, customers don't always know what they want. Apple believes that people would
pay a premium for exceptional items, therefore it focuses on improving existing products. It
relies on brand loyalty and is content to let competitors control the market for lower-cost
alternatives to Apple's products.
The majority technology is at the heart of Google's new product development strategies.
Google believes that technology can help “solve a big problem in a big way.” This is a
market-oriented strategy, as Google aims to expand the market for everyone, allowing it to
keep its market-leading position. Google, too, places a premium on growth over profit.
Google's product development approach is long-term, as it should be for a firm that has been
a market leader for so long.
Microsoft is an excellent example of a partnership-based approach to product development.
"Our industry does not respect history; it simply values innovation," Microsoft CEO Satya
Nadella said. The mature IT behemoth started its strategic transition in 2014. It abandoned
the smartphone market to focus on artificial intelligence and the cloud. With tens of
thousands of engineers and scientists, it built an artificial intelligence branch. It also become
less forceful and more focused on relationships. It adopted open-source software, becoming
the largest contributor to open-source technology by 2017. Unlike Twitter, Google, and
Facebook, which all sell user data, Microsoft now sells a separate offering.
To increase adoption and retention, Netflix has a profit and margin-driven approach. Netflix
is the world's most popular streaming service. Netflix's main offering is a membership that
includes limitless content access. Its product approach prioritises profit expansion. A crucial
statistic is monthly retention. It has been more focused on producing high-quality original
content in order to keep viewers glued to their screens. Netflix has built a strong, trustworthy
brand that promises "movie enjoyment made simple." Competitors will find it tough to match
its strong brand, simplicity of use, and customisation.
Product development growth strategy
There are several product development strategies that concentrate on various aspects
of the new product development process (including what to do with current goods) and the
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product development organisation. Three types of market position are frequently used to
guide product development strategy:
Products that is high-end, unique, and inventive. High Cost/High Value
Competitively priced items that differ only in minor details, such as price.
When it comes to low-cost items, the quality is frequently adequate.
The first category above will have the greatest product development or R&D
expenditures, generally in the range of 10-20%, the competitively priced approach will be in
the 5-10% area, and the low cost category will require less engineering and R&D spending
will be below 5% of sales. Software businesses generally spend 10-25 percent of revenue on
development and testing, making tech product development techniques costly. This is also
true for businesses that specialise in new product launches. It's worth noting that the
company's risk tolerance may play a role here, and it's typically better to consider a product
portfolio management strategy. By concentrating on time to market, technology and market
risk, a solid platform that spins-off families of goods, or customer insights and internal
procedures to generate the best current solution, product development strategies either
complement or empower those positions.
Approach based on the passage of time
When it comes to product development, one method focuses on when. new product offering
hits the market. Entrants compete on time to market under this strategy. Either a firm is an
innovator, creating a whole new product category, or it is a quick follower, with the objective
of speedy commercialization, or it is a “me too” product.
The following are three product strategies that are frequently used:
First time on the market
Laggard
the Quick Follower
According to the findings, firms who are first to market receive the benefits. There is a
significant link between innovation and long-term product development success. One
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approach that is often used to reduce the amount of time it takes to complete a task is to
shorten time to market is an escalation process.
Approach based on the market
Another typical way to think about product development methods is to think about the
dimensions of target market or target audience (marketing strategy focussed). This is
frequently shown as a focus on technical or market innovation. A new product development
reflects either a technological innovation inside an existing market, the discovery of new
commercial uses for existing products, or the creation of completely new market Five main
sorts of product development strategies emerged from market-oriented research
Innovators who make new technologies with their current resources and offer them in
existing markets.
Technology investors, primarily through acquisitions or joint ventures with other
companies (for example with a university research centre).
Existing items are taken by new market searchers and used to try to identify new
markets for them. A game design business, for example, may market a game-like
software that helps HR screen new applications.
Companies that are doing business as usual continue to put out existing products into
established markets, attempting to compete on price, margins, or distribution.
Companies in the middle of the road are content to adopt a step-by-step approach to
product and market innovation, preferring to focus on updating current items.
People of organisation involved in organisational strategy
Every product began with an idea. Product innovation can start with a team member
proposing a notion that finally makes it to the other side of the arduous product development
cycle: the market. However, not all ideas suffer the same fate since not all ideas are great or
even excellent. Product-driven businesses have an on-going struggle in generating viable
ideas and shepherding the finest ones into the hands of customers. This may be the final
objective, but creativity and execution are difficult to come by. While 75% of executives are
concerned about a lack of ideas, Patrick Tickle the Chief Product Officer at Plainview,
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believes that too many terrible or average come from project funnel and come from a small
number of people. With too many projects and not enough time, resources become
overburdened, and the incorrect projects frequently monopolise that time.
Collecting additional ideas from the same individuals, particularly those on the
innovation team, isn't necessarily the key to product innovation. Instead, businesses should
cast a wider net and then focus on the most promising and low-risk concepts. According to
recent research, 31% of suggestions come from outside the group attempting to address the
problem. Companies that restrict product innovation within the four walls of R&D are
missing out on a third of the potentially game-changing ideas, whether the objective is to cut
product maintenance times or to build new, smart, connected goods to enter adjacent sectors.
How to Engage Employees
Learn about them: It appears to be straightforward, and it is. Spending more time
with employees and understanding their problems. It is also important to build relation with
them and engage them in activities. Asking them about their family background also help to
build good and effective relations. This is a simple and easy way to let r employee know that
their presence is appreciated and that care about them as a person. Employees who feel
appreciated are more interested in their work and perform better, according to research.
Give them the resources they need to succeed: As a manager, must not only
supervise various aspects of the firm, but must also ensure that aer staff understand what they
are doing. Training tailored to their unique job descriptions might help employees feel more
confident in their abilities. When one of r team members is unclear of what to do or how to
handle a problem, productivity might suffer as they try to figure out what to do. It's possible
that a little snag will turn into a major one if it becomes too overpowering. Even if more
coaching or training is required, laying a solid foundation for r workers' future duties is a
smart first step.
Inform them of the company's progress: They are the company's backbone, and
their success or failure is often dependent on them. They should be informed about the
company's accomplishments, problems, and challenges in order for them to have a vested
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stake in its success. Give workers a rundown of not only the company's successful projects,
but also the ones that didn't turn out. Allowing r staff to understand what works and what
doesn't allows them to come up with fresh ideas for the weaker areas while being proactive in
the areas that are working.
Allow them to flourish: went down for an interview with them because saw promise
in their talents to help r company develop. The group put together was hand-picked for a
reason. As their manager, must now provide them with the chance to demonstrate their
abilities and abilities to do their allocated work. Allow them to spread out and execute their
tasks in the most effective way possible. Hovering and micromanaging will just add to stress
level, and no one can function successfully in that environment. If an employee approaches
with a pitch or an idea that isn't exactly what is searching for, select a response that will
encourage them to keep trying to come up with new ideas.
Support them and the power firm have given them: Many businesses have several
levels of management, which means that everyone has to answer to someone. Supporting
workers when they are confronted with a difficult scenario is an essential employee
engagement strategy to remember. Employees will confront difficulties from consumers as
well as other employees, regardless of the sort of firm. As a manager, company may be called
upon to intervene in a crisis, which may force company to pick a side. It's not always simple,
but supporting company employee and upholding whatever power they've established is
critical to the company's leadership hierarchy. In addition to their capacity to pay.
Recognize and appreciate company team's efforts: When it comes to creating
employee engagement best practises, a management recognising and appreciating a job well
done is a vital incentive. It's important to know what kind of recognition works best for
company employees if company want to be a great manager. In this case, encouraging words
can go a long way. A simple "good work" or "thank company" for a job well done may be
just what the person needs to keep going or to perform even better on the following project.
Consider hosting an employee appreciation day or, if the firm has the resources, awarding a
monetary incentive to those who genuinely go above and beyond. Positive attitudes are aided
by recognition.
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Encourage staff to work together as a team: People are drawn to team sports for a
reason. When a group of people works together to win a major game, it typically creates an
infectious sensation that extends to everyone around them—from teammates to fans—a sense
of camaraderie and achievement. The same may be stated of working conditions. Developing
a solid team of employees provides them a sense of greater purpose when a major account or
significant client needs company services. Bringing them together to work on a large
corporate objective may be very rewarding, and it allows them to bounce ideas off one
another to fulfil company client's demands. It provides a sense of belonging.
Find workers who are concerned about the customer's experience: Employees that are
engaged are more likely to deliver excellent customer service, according to research.
Customer service might become a secondary priority in today's environment, where virtually
everything is digital or online. When company look at the most successful businesses,
company will see that their staff provides great customer service. Surveying company
customer base to see what areas need development on a regular basis is a fantastic approach
to keep company team motivated to enhance their communication abilities. If company
workers care about their customers' worries, they will go above and beyond to assist them in
resolving their problems.
Employee input should be listened to and acted upon: It's essential to listen to what
company consumers have to say, but it's also crucial to listen to what company staff has to
say. Regular meetings to identify what aspects of the office environment need to be improved
are a key element of keeping employees involved with the firm. Giving company employees
a voice, whether through a corporate survey or a monthly meeting, is critical in making them
feel like they are a part of the firm. If a problem in the company's internal workings remains
overlooked or handled by management, it sends an undesirable message to company
employees. They will continue to keep a positive attitude if they believe management cares
about them and listens to their problems.
Encourage, motivate, and coach company staff: Not only should company workers be
aware of the breadth of their task, but company, as their boss, should be as well. Happy
workers are the first step toward creating a pleasant office environment, but it doesn't stop
there. From the start, the tone is established by the management team, and one approach to
set a positive tone is to be more than their boss; be the best coach they could have. Approach
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an employee who appears to be struggling with a task to see if company can assist them in
any way. Whether it's a pat on the back and encouraging words, or providing policy and
procedure direction, they'll perceive company desire to assist as a care for their well-being.
Allow them to demonstrate their leadership abilities: Everyone pulls off their training
wheels at some time and simply goes for it. As a manager, there will be moments when
company must delegate authority to company team and allow them to carry out the
presentation on their own. Company workers need to know that the firm believes in them in
order for them to be enthusiastic about their work and strive for only the finest results.
Allowing people to demonstrate their leadership and abilities without interference from firm
managers or owners is one method to do so. If they lack confidence, assist them in gaining it
by guiding and encouraging them. Even if the outcome isn't what company wanted,
acknowledge their efforts.
Recommendations about how strategic processes within the organisation could be improved
The chosen is a retailer that sells a broad array of products and typically sells
substitutes for the bulk of its goods. Considering the chosen Corporation as an
instance, the company is working with both advertising and manufacturing, and it also
provides organic milk, dairy milk, and powdered milk to its consumers. As a result,
the threat of replacement items is meaningless to the chosen's discussion.
The chosen operates in multiple nations and competes in the internal market against a
slew of formidable rivals, particularly in the chosen's most well-known income
nation, the Great Britain. The chosen's rivals spend all this money on advertising and
promotion that they create a lot of competitiveness for the corporation. The chosen
Firm can establish their sustainable product differentiation to enable the industry
develop certain levels throughout the market and compete in a stronger fashion in
order to combat this competitive rivalry in current rivals in the retail business.
These are all the variables that assisted the organization in identifying internal
business characteristics such as strengths, limitations, possibilities, and so on. This
swot analysis that refers for strength weakness opportunity and threat is discussed in
order to uncover domestic problems. The following is a SWOT analysis of the chosen
organization:
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This business has a huge market share in the United Kingdom, and the chosen's
supremacy is a problem, thus it is an important asset of the corporation. Another one
of the organization’s performance is its impressive showing mostly during covid-19
outbreak.
This group's shortcoming is the products quality assurance deficiency. In place to
evade stock outs as a result of panicked shopping, the organization is restricting
specific things. An organization, on the other hand, and its customers are
appropriately stocked in order to create purchasing patterns. Other flaw in the firm's
ability to function better and efficiently excellent results is management turnover.
Other drawback is food production; as a result of the covid-19 epidemic, it is
becoming exceedingly difficult for organizations to uncover food safety issues, which
has harmed customers.
This firm's possibility, as well as increased company unemployment as well as the
expansion of online shopping items According to the findings, to prevent the
spreading of the Covid-19 epidemic, consumers are being discouraged from going out
as often as they used to, thus, to provide better services, the company has begun
delivering foodstuffs via an online network. One aspect that can help an organization
get opportunities is machine learning and artificial intelligence learning, which can
help it open incentives and become more successful.
Brexit and the distribution network are the firm's biggest threats. Changes affect 80%
of its store's imported products which will have a severe impact on the chosen's
production process. Because to many constraints and customer anxiety, the Covid-19
epidemic has also become a threat to the company. The firm's thread is linked to
competitiveness, even as organization has numerous contests such as Walmart,
Sainsbury's, and others. These really are fundamental elements that assist an
organization in identifying its strengths and weaknesses in order to cope with just
about any issues it may face
Look at the whole market through the eyes of firm consumer to discover the true
potential of firm offer. When financial services firms began directly selling insurance
products, some assumed that because everyone required insurance, their market was
as vast as any other insurance provider's. However, because brokers handle the
majority of the insurance business (about 60%), the potential was limited to just 40%
of the entire market. Only a tiny portion of that 40% would be willing to buy straight
from a financial services company.
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Find workers who are concerned about the customer's experience. Employees that are
engaged are more likely to deliver excellent customer service, according to research.
Customer service might become a secondary priority in today's environment, where
virtually everything is digital or online. When firm look at the most successful
businesses, firm 'll see that their staff provide great customer service. Surveying firm
customer base to see what areas need development on a regular basis is a fantastic
approach to keep firm team motivated to enhance their communication abilities. If
firm workers care about their customers' worries, they will go above and beyond to
assist them in resolving their problems.
Many businesses make the mistake of establishing cost plus pricing rather than real
customer-based pricing. When new goods in the communications sector that needed a
significant installation process—for example, Internet services—most companies
attempted to charge the consumer for the whole installation cost. At a time when the
service was just getting started, this limited the amount of prospective new
consumers. The wireless business, on the other hand, recognised this early on. By
including the hardware cost into the monthly charge, the customer's initial cost of a
new phone was decreased.
Include firm client in the product development cycle to reality-proof firm ideas,
especially if firm do so well before launch. Establish the stages in which firm will
communicate with firm consumers. If firm don’t currently have one, consider setting
up a consumer advisory panel. Remember that regular touch-point meetings with a
customer feedback panel have a two-fold benefit: not only do firm gain a better
knowledge of how they feel about firm product, but firm also raise consumer
awareness of it before trying to sell it to them.
CONCLUSION
Based on the foregoing discussions, this has been determined that a business model is critical
for an organization to have a positive direction or implementation plans in order to build a
firm effectively. Multiple brands are being used to examine the firm's micro and macro
environment in order to develop an effective approach. Tesco's domestic and foreign
environments are analysed using SWOT analysis, microenvironment, and the famous five
force framework. All of these models will aid the business in developing a framework to
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overcome numerous changes inside the organization, which is a complicated process that
necessitates cost danger and long-term viability.
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REFERENCES
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