Analyzing Primark's Business Strategy: Growth, Objectives, and Audit

This report provides an in-depth analysis of Primark's business strategy, covering its mission, vision, objectives, goals, and core competencies. It examines strategic planning issues, including strategic focus, cultural modification, and resource limitations, and explores different planning techniques like the BCG Matrix. The report also includes an organizational and environmental audit for Primark, emphasizing the significance of stakeholder analysis. Furthermore, it discusses possible alternative strategies related to substantive growth, limited growth, or retrenchment, and suggests an appropriate future strategy for Primark. Finally, it compares the roles and responsibilities for strategy implementation, resource requirements, and targets and timescales for monitoring strategy achievement. Desklib offers a wealth of similar business strategy reports and study resources for students.

Business Strategy

INTRODUCTION
• Business strategy is a long term plan to attain established goals and
objectives of the business unit.
• It is also related with achieving strategic advantages over their
competitors in the market.
• Business strategy focuses on various significant issues such as
funding, selection of location, supply chain, marketing plan and
strategies, potential customers and various stakeholders.
• The present report is based on Primark which is one of the leading
retail chains in United Kingdom.

TASK 1

Mission, vision, objectives, goals and core
competencies of Primark
• A mission statement is used for the communication of the
organization's purpose.
• The mission statement of Primark is to provide good quality clothes
that are worth their cost.
• This has become the reason for their success as they provide high
quality clothes in reasonable prices. A vision statement defines the
future goals of the organisation which the founder or owner wants to
achieve

The issues involved in strategic planning
Strategic planning for an organisation is done to give direction to the
organisation to achieve its goals.
• Strategic focus
• Cultural modification
• Resource limitations

Different planning techniques
It is essential for Primark is that to make effective business planning
which can help to achieve their targeted goals and objectives.
BCG Matrix
• It is one of the most attractive strategic planning approach which can
help to provide consistent growth and development of the business.
• This strategy most suitable for Primark in order to increase market
share and also enhance industry competitiveness.

Task 2
• An organisational audit for a Primark
• Environmental audit for Primark.
• The significance of stakeholder analysis at Primark

TASK 3
• Possible alternative strategies relating to substantive growth, limited
growth or retrenchment
• Select an appropriate future strategy for Primark.

TASK 4
• Comparison the roles and responsibilities for strategy implementation
• Resource requirements to implement a new strategy for Primark.
• Targets and timescales for achievement in a given organisation to
monitor a given strategy.

REFRENCES
• Baye. M. R. and Beil. R. O.,2006. Managerial economics and
business strategy (Vol. 5). NY: McGraw-Hill.
• Chaffey. D.,2007. E-business and E-commerce Management:
Strategy, Implementation and Practice. Pearson Education.
• Ross. J. W., Weill. P. and Robertson. D.,2006. Enterprise
architecture as strategy: Creating a foundation for business
execution. Harvard Business Press.
• Teece. D. J., 2010. Business models, business strategy and
innovation. Long range planning. 43(2). pp.172-194.