Strategic Planning Process Report : Waitrose
Added on 2020-07-23
14 Pages4319 Words83 Views
Leadership ManagementEnvironmental Science
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Wait rose
Table of ContentsINTRODUCTION...........................................................................................................................31. Assessing whether formal strategic planning process is appropriate for operatingenvironment of Waitrose or not..................................................................................................32. Factors affecting operating environment and strategic planning............................................63. Reason formal strategic planning is appropriate for Waitrose................................................74. Recommending the way an enterprise can determine departmental/ functional objective toachieve the proposed strategy.....................................................................................................85. The impact of strategy making in an increasingly volatile and turbulent environment.......10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONFormal strategic planning is a process of organisations, which defines their strategy,directions and decision-making on allocating resources to engage this formal strategic planning.The strategic planning process, steps and advantages to understand the business objectives aswell as strategies to implement which help organisation to improve their production andprofitability. This report is going to cover the factors that affect the operating environment aswell as formal strategic planning will be discussed here with which the firm will be able toresolve all conflicts and problems that arise during implementing formal strategies andoperations. Furthermore, will cover the process of making strategies by the multinationalorganisation and its impact on the volatile and turbulent environment. With that the report isgoing to cover the importance and difficulties in formulation and implementing the strategies inthe multinational organisation.1. Assessing whether formal strategic planning process is appropriate for operating environmentof Waitrose or notFormal strategic planning is important for the Waitrose that it help in decision-makingprocess and allocate resources effectively. Managers of firm believe that it will improve thelong-term performance of Waitrose. There is a link between formal strategic planning andbusiness performance. A systematic documentary process for deciding, what is useful in decisionmaking process, the firm must get right in order to thrive over next few years. The process givesresults in the production department of corporate strategic plans. Strategic planning processincludes:Improving long term performance and setting business objectivesDetermination of plans and strategies (Ahern, 2016)Assigning policies which govern the acquisition and allocation of resources effectivelyTo achieve purposes of the Waitrose The formal strategic planning process in Waitrose is generally used to manage theoperational activities and strategy of business to be competitive in the market and improving itsperformance. The planning process includes:
Getting ready: Before implementing strategic planning in the organisation, it must beconfirmed that all issues at workplace, essential commitments of leaders and managers aswell as of employees are addressed effectively. The environment of Waitrose should beevaluated before framing a strategy. Some other elements are also there that should berecognised before making formal strategic planning such as:Planning process helps to address specific issues and conflicts.Process clarifies the roles and responsibilities.It helps to make effective planning committee to develop organisations profile.Identify information and resources which helps to take decision.Setting mission and vision: The missions are generally settled by the firms and designedto explain the purposes of Waitrose. (Davis, Jansen van Rensburg and Venter, 2016). Inthe past, mission’s statements were used to inform creditors and investors about theorganisation. Modern mission statements are related with purpose of the organisationsand it also helps to promote a friendly image towards customers. Thus, it can be said thatmission statement is very useful to determine the strategic directions of Waitrose.Objectives: Objectives are the specific goals which a firm pursue as a part of its overallmission statement. Objectives are established for attaining growth in revenue andprofitability of business. In case of Waitrose, the firm should aim to serve morecustomers or to establish more branches. Objectives of the firm are generally setaccording to the principle of SMART reflect that objectives, must be specific,measurable, achievable, realistic and time bound (Bachmann, Engelen, and Schwens,2016). Situation analysis: When the SMART objectives of business are set, firm needs tounderstand the current situation from which it can attain those objectives effectively. Theexternal environment provides both; opportunities and obstacles to reach at set objectivesand achieve them. Internal audit of Waitrose helps to understand its own capabilities fromwhich it can exploit opportunities and overcome the obstacles effectively. SWOTanalysis will help the business to find its strengths, weaknesses, opportunities and threatsfrom which the firm can understand the internal and external environment and makedecisions according to the objectives.
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