Table of Contents INTRODUCTION...........................................................................................................................3 LO 1.................................................................................................................................................3 Application of frameworks that influences macro environment..................................................3 Critically evaluation of influence macro environment..............................................................7 LO 2.................................................................................................................................................7 Internal environment and capabilities.........................................................................................7 Critical evaluation of internal environment that states internal capabilities and skill set........10 LO 3...............................................................................................................................................10 Application of porter's five forces in order to evaluate competitive forces in given market....10 Uses of appropriate strategies which helps to improve the competitive edge..........................13 LO 4...............................................................................................................................................13 Application of various theories, concepts and models in strategic planning............................13 Strategic management plan that has tangible and tactical strategic priorities...........................15 CONCLUSION..............................................................................................................................17 REFERENCE.................................................................................................................................18
INTRODUCTION Business strategy is considered as competitive action or move which is taken by management in order to run their business successfully. It is important for corporation to have strategic plan so they can establish their business and make efforts to grow it continuously. In simple term, this is a documented plan which states how a company is setting out to attain their goals (Setiawan and et. al., 2019). This plan helps to deal with competitors by looking at needs and wants of customers which provide long term growth and sustainability. To understand about business strategy concept, this report has been prepared on the basis of Morgan Motor company which is car manufacturing company in UK. This organisation was established in 1910 by Henry Frederic Stanley Morgan. This report covers different topics such as macro environment that determines and inform strategic management decisions, evaluation of internal environment that consider internal capabilities, structure and skill set and appropriate strategies which helps to improve competitive edge and market status in competitive market by using porter's five forces model. Moreover, description of theories, concepts and models would cover in this report which helps to attain the business goals. LO 1 Application of frameworks that influences macro environment Macro environment: The situations which arises in whole economy not in a particular sector is described as macro environment. This is the condition which exists in whole economy rather than specific region and sector. It involves major changes which cannot be controlled because it is related to external environment.The corporate strategy manager of Morgan Motor Company emphasises on using strategic planning frameworks for determining dimensions or factors which impacts strategies and decision of entity. For this, two framework that are PESTLE analysis and Stakeholders analysis are used for analysing impacts as well as influences on strategies and company. Application of both frameworks is as follows: PESTLE analysis PESTLE analysis is a suitable framework for analysing and monitoring situations within macro environment and its factors that may impact on business (Hammonds, 2018). In present era, to analyse the impacts of external factors on strategies and business, all companies use the
framework. It includes few factors which are discussed in relevance with Morgan Motor Company: Politicalfactor:Internationaltradeprogrammes,taxations,restrictionsoftrade, government policies and stability or instability of political system in overseas market are part of political factor. Within UK, it is seen that the country has stable and supportive political system that provides huge opportunities to companies that have unique innovation in automotive or another sector. Positive impacts: In recent years, huge political integrations are happening across nations which provides expansion aspects to business. In addition, government of UK provides incentives and subsidies to motoring companies like Morgan Motor Company and with adoption to them it can enhance its positions and improve image in the market that could impact positively for strengthening financial performance and business strategies. Negative impacts: However, occurrence of few situations can cause hurdles or issues for the entity. For instance, Occurrence of Brexit causes issues for implementing activities related to trade and working with other nations that impacts negatively on expansion strategies and performance of designated business (Chakma, 2018). Economic factor:Disposable consumer income, growth of economy, business cycle and so on includes in economic factor. UK has globalised and highly developed economy that influences entire performance with strategies of entity. Positive impacts: Within UK, Morgan Motor Company implements operations by carefully forecasting changing that can occur within business cycle in upcoming duration. This impacts positively on the strategies as company frames suitable strategies in present and implements them in the uncertain situations which strengthens its ways to operate and margins of profits. Negative impact: When Morgan Motor Company fails in maintaining prices of its cars according to economic circumstances then situations such as reducing on volume of sales and revenue can arise which could result in negative impacts on overall enterprise strategies. Social factor:Population's shared beliefs, age distribution, attitudes and preferences have linkage to social factors. In UK, it is seen that social conditions are in favour of company that allows to make unique combinations of heritage, crafts and others in manufacturing cars.
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Positive impact:It has been analysed that UK population demands innovation, antiques and heritage within the cars. Morgan Motors Company addresses population needs and attitudes and accordingly offers unique mixture of crafts, heritage together with pure driving experience that helps it to maximise sales impacting positively on organisation and strategies. Negative impact:At the time, when Morgan Motors Company ignores implementing approaches and strategies for satisfying demands of targeted and potential population then it will reduce its market share and customer base that will impact destructively on its existing strategies and proficiency (Hyginus and Maria, 2018). Technologicalfactor:Innovation,technologicalup-gradationandautomationare technological factors. In UK, technology changes frequently which automotive companies have to adopt as per requirements. Positive impacts: As Morgan Motors Company brings appropriate modern technology in its cars that helps in making recognised brand image in motoring sector which positively impacts on adopting of latest techniques for creating unique car product and framing suitable strategies for competing in market. Negative impacts: However, it can be very challenging for the firm to research for advancements as it is uneconomic for it to invest heavily on these aspects and ignoring them can hampers establishment ability impacting negatively on competing strategies and position of company. Legal factor:Consumer protection laws, product safety acts, equal opportunity law and advertising standards are legal factors that are set by government in UK (Gumilang, 2018). Positiveimpacts:MorganMotorCompanymakesallitsoperativeattemptsby considering government legislations, regulations and rules in effective modes. This assist in minimum involvement of government and maintaining leading position without any issues or hindrances that impacts positively on all operations, strategies of the concerned organisation. Negative impacts:When government makes modifications in current laws then, it causes difficulties to execute workings as per new provisions that impacts negatively on managing changes, devising new strategies and company's brand value. Environmentalfactor:Variousenvironmentalaspectswhichinfluencesbusiness operations are environmental factors. Charities, government bodies and local councils of UK have initiated for creating programmes for improving environmental situations.
Positiveimpacts:Thecompanydonotusethecomponentsthatarebannedby government and causes pollution in environment. It recycles its wastages and reduces carbon footprints which impacts positively on its strategies to keep environment clean and hygiene. Negative impacts: However, in various cases, Morgan Motor Company unable to initiate action for controlling emission and using scare resources that causes negative impacts to make impressive image in market of UK and its strategies related to limited wastage. Stakeholders analysis Another framework that helps in assessing the power and interest that stakeholders of the company have and the ways they influence strategies of the business. In Morgan Motor Company, stakeholders play crucial part in decision making procedures as well as devising strategies. Stakeholder analysis matrix showing powers and interest in context to stakeholders of selected business is underneath: LEVEL OF INTEREST LEVEL OF INTEREST LEVEL OF POWERHIGHLOW HIGHManagement, OwnersGovernment LOWStaff membersCustomers As per the above matrix, two factors through which the framework is understood helps in understanding the frameworks are gained to assess stakeholders, that are level of interest as well as level of power. The major stakeholders of Morgan Motor Company are as follows: Management as well as owners:These stakeholders have belongings in high power and high interest at chosen motor entity. They are the one who makes important decisions and carry forwards workings as per roles that impacts in positive manner on implementing strategies and attaining results of company. But when, they do not coordinate with other authorities and makes decisions as per their wish then negative impacts on entire company and strategies are analysed. Staff members: Another stakeholder that have low powers but are highly interested in company. In relevance with Morgan Motors Company, staff members provide valuable guidance and thoughts to enhance production and have important role in completion of operations that impactspositivelyonproperlyimplementingsetstrategies.Atsametime,whenthese
stakeholders are not motivated then situations such as conflicts, hurdles and many more can arise may negatively impact towards the company along with its determined strategies (Chirumalla, Oghazi and Parida, 2018). Customers: The stakeholder who have low interest with low power in company are customers. They only focus on buying products, its pricing strategies and many more. When customers of Morgan Motor company are satisfied with the motor products and time to time makes purchases it results impacts on positive mode on strategies and company. However, when customers do not make buying decision then entity will not get revenues for operations then it negatively impacts sales volume of entity, causes negative impacts on entire business strategies (Paley, 2019). Critically evaluation of influence macro environment To run the business in successful manner, it is important to consider external factors as they influence company in positive and negative ways. Morgan Motor Company is one of motor enterprise in UK whose strategic manager analyses factors such as political, technological, social, environmental and many more in order to ascertain positive and negative impacts. Political factor such as Brexit creates issues in trading that impacts negatively the organisational strategies. In consideration to social factor, favourable population attitude for company improves customerbaseandmoresalesvolumeimpactspositivelyonstrategies.Atsametime, technological automation influences strategies positively. However, legislation changes show negative impacts. Moreover, power and interest of distinct stakeholder impacts in different manner (Akindayomi, and Amin, 2019). Unit 32 -1582149540209 (2) LO 2 Internal environment and capabilities Internal environment –This is main component of business environment, that covers different element affects decision of business corporations. Internal environment analysis is a tool which is used to analysis the internal capabilities of business organisation and states efficiency to complete the goals. This is important for organisation to analyse their internal environment by using different tools that can give positive outcomes. The management of Morgan motor are evaluating internal capabilities by evaluating skill set as it has skilled workforce which understand goals and give efforts to attain them effectively.
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SWOT analysis –This is a framework which is used by business organisation to evaluate the internal environment and get organisational strength as well as weakness. This states how an organisation can change threat and weakness in opportunities of business and make higher profits effectively. The SWOT analysis of Morgan motor company is defined as: StrengthWeakness Morgan motors is operating business in lowcostfacilitywherethisproduce high value cars. Different design of cars which creates high demand in marketplace. This organisation is possessing a high attractive brand image and logo which generates profits. This has 42 dealers who build network across the nation. Morganmotorhasstrongsurvival mentalityinwhichitisoperating business. Slow production which is taking time to produce cars. It is providing products at small market and to only targeted customers. Using old equipment to produce cars. Labour has high bargaining power that reduces profits. Outdatedproductionprocess(About SWOT analysis, 2020.). OpportunitiesThreats This focus on reduce to waiting list by taking limited order. Morgancanmakeanotherplantin another location that helps to capture more market. Employeeinthisorganisationare highly skilled. This has good customer relations as it maintains very warm personal touch. Bargainingpowerofsupplierswho charges more. Cancellation of orders which is taken from customers due to high demand of products.
In context to Morgan motor, management are defining internal capabilities by using VRIO analysis such as: VRIO Framework –This is a strategic framework which is used to know the strategic capabilities of organisation. This helps business corporation to gain the competitive advantages. VRIO analysis in context to Morgan motor company is as defined: ResourcesValuableRareInimitableOrganised Skilled employees YesNoNoNo Friendly atmosphere YesYesNoNo Design of carsYesYesYesNo Distribution channel YesYesYesYes Valuable: Skilled employees:This is valuable resource of Morgan motor company who helps to perform business activities and accept the challenges in organisation. With the help of them organisation is running its business effectively. Friendly atmosphere:In Morgan motor company, there is friendly atmosphere where employees share their ideas and thoughts to work collectively. Design of cars:Morgan is producing different model of cars which is consider as valuable because such design is prepared on customer's demand which attracts them and increase profitability (Stander, 2018). Distribution channel:Morgan has good distribution channel which is most valuable strength to increase the sale of organisation and profitability. Rarity: Friendly atmosphere:Morgan motor is having good and friendly atmosphere, which is rare having in other organisation that helps to acquire the competition and increase market presence.
Design of cars:Company produce unique design of cars which is rarely available in other organisation strength to get competitive advantages. Distribution channel:Morgan motor is having good distribution channel which is increasing the sale of manufacturing cars and capturing market share that is rare for another organisation. Inimitable:Unit 32 -1582149540209 (2) Design of cars:Design of cars which are inimitable for other organisation and helps Morgan motor to take competitive advantages and meet with objectives. Distribution channel:This is technique of Morgan motor company which is inimitable for other company and increasing market share of organisation (Kopnina and Blewitt, 2018). Organised: Distribution channel:This is organised and coordinated resources which is used by Morgan motor company giving competitive advantages to organisation by increasing sales as well as productivity effectively. Critical evaluation of internal environment that states internal capabilities and skill set From the above it has evaluated that by using SWOT analysis Morgan motor company can get business opportunities and make efforts to remove the threats which they are facing. Such as in UK the bargaining power of supplier is high for changing this into strength it needs to conduct a contractual relationship with suppliers so it can get material at fixed prices. Moreover, it has good distributional channel as employees are having set of skills which helped to attracts customersandincreasesproductivity.Thisincreasesorganisationalcapabilitiesbyusing strategies effectively. LO 3 Application of porter's five forces in order to evaluate competitive forces in given market Every business is facing many challenges in competitive market which has impacted on their business activities and productivity. In competitive environment, businesses make plans and strategies to grow and develop the business (Samad, 2018). In context to Morgan Motor company,hasmanycompetitorswhoarecreatingcompetitionandrunningitsbusiness effectively. To analysis the competition, Porter's five forces model is used by management which is discussed beneath:
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Buyer's bargaining power –Buyers are the important factor in business market who identify their needs and buy the products which are available in market. In auto mobile industry, there are many existing multinational firms who are also providing cars at minimum prices (Hickman and Silva, 2018). However, there is less industries who are providing hand made cars with an ash body which become an opportunity for Morgan Motor company to sell their products in increasing number. Therefore, in context to Morgan Motor less bargaining power of buyers due to not providing same cars as it is providing. This organisation is providing different cars which is demanding customers that helps to sustain in competitive market. Supplier's bargaining power –This means person who are providing raw material and other parts to manufacture the products. In context to Morgan motor, suppliers have moderate power because there is limited production of hand made cars which are of ash body frame panelled in aluminium and modern cars which is the taste of target customers (O'brien, 2019). This is an advantage for Morgan motor to buy the raw material at reasonable prices because suppliers use negotiation powers to sell their raw material and other products. This gives huge of advantages in competitive market and sustain in competitive market. Substitutes threat –This means when customers meets with homogeneous products in different manner then organisation faces productivity as well as profitability issues. This factor influences emerging market in competitive environment. But in context to, Morgan motors there is threat of substitution because its substitution products are bus, cars and other vehicle which can reduce the sale of business organisation. However, it may be threat for Morgan motor to invest in product segment and compete from others that reduces business activities (Dobni and Sand, 2018). New entrants’ threat –To enter in any business there is need to follow many steps and formalities which limits organisation to enter into new market. Apart from this, capital and monetary resources are mainly factor which influences the entrance of new business in new market (Foss and Saebi, 2018). In context to Morgan motor company, it is difficult for another organisation to enter into new market because it needs high amount of money, resources and human resources which is difficult for new organisation. Therefore, it tends to generate opportunity for chosen company to run their business effectively and sell is different products in order to make profits.
Competitive rivalry –In global market, rivalry of auto mobile is very intense which are creating competition in different business organisation and running their business by facing competition (Ateş, van Raaij and Wynstra, 2018). In context to Morgan motor company, there is Bentley motors, BMW, Rolls Royce etc. are competitive who are providing products. But there is less rivalry because this is one organisation who is providing unique and old-fashioned hand made cars which helps to maintain good market image that states stability and growth of business organisation. Therefore, from Porter's model it has examined that Morgan motor is single one company who has no competitors due to producing old fashioned and hand made cars as per customer needswhichhelpstomaintainthesustainabilityandreliabilityofproducts.Asitis manufacturing handmade and different cars which is difficult for other auto mobile industry to produce such kind of products that is opportunities for organisation and increase profitability. Competitor analysis in context to Noble cars Bargaining power of suppliers:The bargaining power of suppliers in context to Noble Cars is high because there are less suppliers in UK's market who are selling raw material at different prices. So, this can be threat for Noble cars to buy raw material at less prices and manufacture cars accordingly. Bargaining power of buyers:In UK, there are many auto mobile industries are available who are selling different products. This is threat for Noble cars because customers have various option to buy cars if selected organisation is selling cars at high prices. Therefore, to sale its products Noble cars has to reduce its cost which shows high bargaining power of buyers. Competitive rivalry:In UK, many car manufacturing organisations are available such as Bentley, Morgan motor, BMW etc. that are selling different design of cars. In context to Noble cars, there are highly threat of competition due to having many organisations that can reduce the sale and profits of organisation. Threat of substitutes:This is another force of competition which states if there is substitution of products then sale and productivity of organisation will be decrease. Such as bicycle, motor, auto, rickshaw, aeroplane etc. are substitution which may impacts negatively on organisation and can reduce sale of Noble cars which consider as threat.
Threat of new entrants:To enter into new market for other auto mobile industry is difficult which creates an opportunity for Noble cars as it can sale its products easily. This produce different types of car designs and models which attracts customers and increase organisational sale and profitability. Conclusion From the above report it can be concluded in business market Noble cars is performing better than Morgan motor that is capturing market share and customer base effectively. The reason behind performing well is it adopting new technology and designing new model of cars which attracts more customers whereas Morgan motor is manufacturing old designs of cars that targets only its targeted customers. Moreover, by using new technology Noble cars increases it products whereas Morgan gets limited order of cars that reduces organisational productivity and profitability. Uses of appropriate strategies which helps to improve the competitive edge To measure the competitive edge there are many tools and techniques which helps to set the standard and create competition from others. From the porter's analysis it has evaluated that management of Morgan motor should focus on bargaining power of suppliers and competitive rivalry which can help to gain the competitive advantages. To reduce the competition such organisation should use new technology to produce cars that helps to increase the number of customers. Moreover, contractual relationship with suppliers can be competitive strategy for Morgan motor company which helps to reduce the cost and increase the organisational profits. LO 4 Application of various theories, concepts and models in strategic planning Strategic planning is the process of business organisation which is used to make the business decision by allocating the resources and capital appropriately. This helps to increase the organisational productivity and profitability by making effective planning and strategies. With the help of strategic planning, organisation can control the mechanism and implement strategy to run business effectively (West, and et. al., 2018). In context to Morgan Motor company, management is applying Ansoff's growth matrix which is a strategic planning tool used to face the risk for growing their business effectively. This helps to run a business effectively by making
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plans and implement them with the help of appropriate strategy. The description of such theory and model is defined as: Market Penetration –This can be adopted by Morgan motor company to increase their target market by providing its existing products in existing market by using promotional strategy and reducing the prices of its products which can help to increase the number of sales. This strategy is used by business organisation to sell its existing products into existing markets in order to increase the market share of product and enhance profitability. Herein, Morgan has an option to diversify its product range by tapping into existing market by using promotional channel and advertisement that will benefits to increase organisational sale and compatibility. Market development –In this strategy, businesses are selling its existing products into new market by selecting new geographical area and distribution channel that helps to increase the productivity of business organisation. This can be adopted by Morgan motor company which helps to increase the market share and sale of product in new geographical and demographic area which completes the goal of corporation (Dubey, 2018). This will benefit to Morgan to increase their market range by providing products and services accordingly. Product development –This can help to gain huge competitive advantages by filling customer'sneedsandprovidethemsuitableproductswhichhelpstomaintainthehigh profitability. In context to Morgan motor company, this strategy can be adopted by organisation through introducing new car models and new technique that can help to compete with others effectively.This strategy is beneficial for Morgan motor to attracts existing as well as new customers by introducing new products in existing market that can increase sale and market share of company. Diversification -This is also growth strategy where is business are introduces new product in new market in order to develop and continuous growth. In context to Morgan motor company, management can adopt this strategy by introducing new product in new market which can help in balancing the risk and rewards which complete the targets and increase organisational share and profits. This is beneficial for chosen company to increase the productivity and market share of company by diversifying product range, tapping into more market which enhance market share and productivity. Morgan Motor and is multinational car manufacturing company that has adopted to market development strategywhich can help to expand the operation and market share by
providing its product in new market (Madhushree, Kumar nand Aithal, 2018). This is suitable and relevant strategy as by introducing its car in new market it can increase number of customers who wants to get different cars at reasonable price. With the help of this customer get attracts and buys products which grows the business performance and productivity. This is beneficial strategy which will help to increase the sale by tapping into new market which will help to add more customers. Strategic management plan that has tangible and tactical strategic priorities The strategic management plan is considered as documented plan which is used to communicate in organisation and attain the business goals effectively. In this management focus on resources, operations, employees and shareholders who helps to perform all activities and run business. In context to Morgan motor, management are preparing strategic management plan that are discussed: Overview of company: Morgan motor is a car manufacturing company that produce old designed cars for customers which are handmade. The management of such organisation is making efforts to become largest company and earn higher profits (Sousa-Zomer and Miguel, 2018). The strategic management plan for such organisation covers some discussion such as: Vision:“To develop more appropriate production process and good performance in market by providing cars”. Mission:“To adhere the royal heritage in production process and designing of cars for providing superior and classic feel of real sports car”. Objectives: To be most prestigious car producer across the globe with its different and traditional production procedure. Customer satisfaction by providing personalized Morgan car. Incremental in profitability by 20% within 2 years. Strategies: Morgan motor is using market development strategy which is best strategy in order to attain the business objectives. In this, management introduce its existing product in new market which helps to increase the organisational productivity and profitability. Moreover, market
research and development strategy which is used to capture market share and operate business in competitive market (González-Rodríguez and et. al., 2018). Tactics: This means actions and plans which is used to attain the targets and objectives in competitive market. For executing plan successfully, it follows such tactics: Market research:This can help management of Morgan motor company to research about area and interest of customer so it can enter into new market easily. Competitive analysis:This analysis is used by Morgan to get its competitors in market and make effective plan to face the competition by making strategic planning. This helps to increase the market development by providing products in new market. Implementation and control: The management of Morgan motor organisation are executing their strategic management plan which helps to attain the business objectives. To execute plan effectively managers are using KPI tool that helps to measure performance in order to effectiveness. This tool provides a difference between actual and budgeted performance and states corrective action that need to take. There are some strategies which are used by organisation to improve the performanece that are as defined: Engage people in business idea and activities:This is important for organisation and employees that increases confidence level and organisational performance. For instance, Morgan Motor should engage its employees in sharing information and making decisions that can helps to accept the changes and improve productivity. Uses of training and development strategy:The management of Morgan Motor need to make plan to provide training and development programme to employees that helps to learn new cultureandchangesthatincreasesorganisationalperformance(Strategiestoimprove performance, 2020). Focus on business strategy:This is another strategy which can be used by Morgan to improve the business performance as it need to maker plans and focus on them. It states all activities are running good and will help to manage business performance in perfect way. Aligning the Metrics :By aligning the metrics Morgan Motor can get great value of business by taking decision regarding prioritizing work. Moreover, it helps to measure the
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departmentactivitiesandidentifycompanyperformancewhichincreasesorganisational profitability. CONCLUSION From the report it can be concluded that business strategy is the effective planning of business organisation which helps to increase the productivity and profitability. Organisation uses PESTLE analysis to know the impact of factor who has impacted on business operation. SWOT states the goodness, weakness, opportunity and threats which helps to maintain good performance. By using porter's model, it can get competitive edge in market and maintain high profitability. Management plan is prepared by managers of organisation by understanding needs and tactics are used by them to execute them effectively.
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