Developing Strategic Business Plans for Mulberry
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Added on 2019-12-28
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Business Strategy TABLE OF CONTENTS INTRODUCTION 1 TASK 1 ORGANIZATIONAL PURPOSES OF BUSINESSES 1 1.1 Mission, vision, goals, objectives and core competencies of Mulberry's 1 1.2 Factors considered for formulating strategic plans2 1.3 The effectiveness of techniques used when developing strategic business plans 3 TASK 2 THE NATURE OF NATIOANL ENVIRONMENT IN WHICH BUSINESS OPERATE 4 2.1 The strategic positioning of Mulberry through carryingoutan organizational audit4 2.2 Carrying out environmental audit for Mulberry's
Developing Strategic Business Plans for Mulberry
Added on 2019-12-28
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1 ORGANIZATIONAL PURPOSES OF BUSINESSES....................................................11.1 Mission, vision, goals, objectives and core competencies of Mulberry's.........................11.2 Factors considered for formulating strategic plans..........................................................21.3 The effectiveness of techniques used when developing strategic business plans............3TASK 2 THE NATURE OF NATIOANL ENVIRONMENT IN WHICH BUSINESSOPERATE........................................................................................................................................42.1 The strategic positioning of Mulberry through carrying out an organizational audit......42.2 Carrying out environmental audit for Mulberry's.............................................................52.3 The significance of stakeholder analysis when formulating new strategy.......................62.4 Presenting a new strategy for business.............................................................................7TASK 3 BEHAVIOUR OF ORGANISATIONS IN THEIR MARKET ENVIRONMENT..........73.1 Appropriateness of alternative strategies..........................................................................73.2 Justifying the selection of strategy...................................................................................9TASK 4 UNDERSTAND HOW TO IMPLEMENT A CHOSEN STRATEGY............................94.1 Assessing roles and responsibilities of personnel who are charged with strategyimplementation at Mulberry...................................................................................................94.2 Analyzing the estimated resource requirements for implementing a new strategy forMulberry...............................................................................................................................104.3 Evaluating the contribution of SMART targets to the achievement of strategyimplementation in Mulberry.................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
1INTRODUCTIONStrategic management in business refers to the formulation and implementation of themajor goals and initiatives undertaken by the top management of firm. Further, it helps indeveloping effective environment in which the company competes. However, it also helps inproviding overall direction to the firm and prepares policies and plans in order to attain long termgoals. Further, business strategy is the process of specifying mission, vision, goals and objectivesof firm. It is made in order to allocate the resources and implement policies with the aim to gainthe best outcomes (Camps, 2011). Here, it is crucial for business to formulate different tacticswith the aim to fulfill the fast changing needs of clients and also planning different changes withthe help of continuous innovation to attain satisfaction. Moreover, operational managementhelps firm to develop primary goals with enhancing skillfulness and controlling costs within theset boundaries to attain goals. In the current report, case study of Mulberry Group Plc has been assessed which is theEnglish luxury brand within UK. Business is famous for its design and manufacture or sourcingof luxury accessories, clothing and footwear within wholesale channels or its own stores. Themanagement of Mulberry Group focuses on continuous long term strategic progress and attainsdesired objectives (Fernando, 2012). Business also assists in identifying different strategicfactors which affects the firm and evaluates current and future tactics with the aim to analyzeexecution of possible new and alternative strategic options. TASK 1 ORGANIZATIONAL PURPOSES OF BUSINESSES1.1 Mission, vision, goals, objectives and core competencies of Mulberry'sStrategic planning is the best tool that assists management to implement and executetactics within organization. It is majorly implemented to attain long term goals of the enterprise.Also, it is significant for firm to develop effectual plans and policies in order to allocate theresources efficiently. Further, strategic planning also helps business to formulate mission, visionand goals of Mulberry (Fulford, 2013). Here, organization focuses on delivering the best qualityproducts and services to clients with the aim to attain customer loyalty and satisfaction. Strongbrand image is the main strength of its working as it owns a large customer base that includesHollywood celebrities. However, business operates both in retail and wholesale market in order
1to improve its market share. Following are the mission, vision, goals, objectives and corecompetencies of Mulberry that are as follows-Mission- It is the statement that identifies the scope of firm's operations in regard to itsproduct and services. It also helps in describing values and priorities of firm. However,the main key factor of any business is to attain organizational goals within stipulated timeframe. The mission statement of Mulberry is to continuously expand its business withininternational marketplace (Galpin and Whittington, 2012). However, the business of firmis also growing within Asian market rapidly and earning high expected revenue around100% during the current financial year. Vision- It defines that the expected or desired future state of business for attaining longterm goals. The top management of business is required to formulate decisions regardinglaunching of English lifestyle brand globally. Moreover, its vision is to become the bestluxury brand within leather goods segment (Hill, Jones and Schilling, 2014). Goals- Mulberry aims to reach the international market through expanding its operationsand attaining huge success within UK market. Firm delivers the best quality luxuryproducts such as accessories, footwear and leather bags with the purpose of satisfyingcustomers.Objectives- Mulberry's objective is to develop and expand the business globally. Anotherobjective is that the top management of firm is required to make individual employeeaware regarding the best leather goods available not only domestically but also forattracting international clients (Demir and Gocer, 2011). Core competencies- Core competencies refer to as the capabilities and abilities of firm tomake it unique and powerful as compared to its competitors. Producing high quality andunique leather bags for women is the core competency of Mulberry Company. Thus, ithelps in enhancing the target market of the firm (Grosse, 2000).1.2 Factors considered for formulating strategic plansFollowing are the different factors that are needed to be considered while preparingstrategic plans. These are as follows-Environment scanning issues- Here firm is required to scan the environment in whichthe business operates currently. Thus, sometimes Mulberry is inefficient in scanning the
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