Unit 7 Business Strategy Assignment Sample - Tata Steel
The Unit 7 Business Strategy Assignment Sample Tata Steel has highlighted the business strategy of the Tata steel of UK. The situation is that Tata steel will going to sell its operation in UK and for that the jobs will be at stake. Based on this situation the report will showcase the process and the techniques that are used to overcome the situation. Evaluation of the strategies is also considered in order to understand the best strategy for Tata steel. Based on that substantive growth is considered to strengthen the operation of Tata steel and this can be possible by considering the additional growth of the other countries.
Task: 1 Report
1.1) assess how business missions, visions, objectives, goals and core competencies inform strategic planning.
Business missions, visions, objectives, goals, core competencies are interrelated with the strategic planning in the following way:
- Mission: As per the mission statement the organization for instance Tata Steel gives emphasis on their performance parameters by creating the value that make the business globally recognized. Apart from that business practices of Tata are followed the principle of business ethics and consider the people as a heart of their business. Thus the strategic planning considers the mission statement by the declaration made by Tata steel for the stakeholders about their business policies and philosophies which will attract them towards the business.
- Vision: The vision of Tata steel considers the enhanced value and corporate citizenship as a benchmark. For fulfilling the mission, vision statement is mainly done. Strategic sales planning can be related with the vision statement by establishing a standard for achieving the mission. The parameters for achieving the mission are being formulated in the vision statement which gives a framework for the strategic planning. (Tata Steel, 2016).
- Business Objectives: The business of Tata Steel in Europe considers five dimensions which are Innovation, customer focus, responsibility, people and operational excellence. Tata Steel considers both the customers and employees in a same level where the safety is the first priority for all. Innovation will attract more customers and modernization in the manufacturing and distribution ensures the operational excellence. Thus the strategic planning involves the steps which are necessary to be followed to reach the goal and business objectives made it possible by ensuring the steps. (Norman, 2016).
- Goal: The goal of the Tata steel is to become a leading steel manufacturer by catering the market like automotive, energy, power and constructions with their steel products. The goal is the important part of the strategic planning which set the target for the organization.
- Core Competencies: Core competencies are the key resources that are required to achieve the business objectives. For Tata Steel innovation, operational efficiency, competent employees, training and development plans, modernization of the facilities periodically by conducting research and development are the core competencies which emerged Tata as a reputed global brand. The strategic planning also considers the ways to achieve the goal and core competencies are the ways to achieve the goal.
Thus we can observe that the strategic planning is interrelated with the mission, vision, objectives, goals, core competencies by ensuring the goals, steps and activities to be performed.
1.2) Analyse the factors that have to be considered when formulating strategic plans.
The analysis of the factors that plays a major role in formulating the strategic plans can be done in the following way:
- Managers: It is the top level management that is responsible for developing a strategic plan for the organisations by considering the business objectives, resource allocation and activities to reach the desired goal. But it is the experience and the skills that are required in the top management while developing a strategic plan for the organisation. Otherwise the strategic plan will not support the goal. (Wheelen, 2010)
- Delegation: When the top management formulate the strategy it is the delegation of duties that is to be shared among the employees based on their experience and specialisation. This will bring productivity in the organisation. But the specialised team is needed to be briefed and trained for giving the performances as per the standard fixed by the top management.
- Targets: Targets are the benchmark which is fixed by the management as a part of a strategic plan in order to achieve the goal. But the target needs to be realistic and achievable which must not de-motivate the employees in their performances.
- Resources: Resources can be the physical, financial or human which are the necessities of a business for achieving the goals. But deficiency in the resources can create a barrier for achieving the targets as per the strategic plans. (Lynch, 2014).
- Time: Time is the important part of a strategic plan. Each and every activities of a strategic plan is fixed with a time period in order to achieve the goal at a right time. But fixing the time without considering the volume of the work activities can decrease the employee’s motivation.
Thus we can observe that each and every factors of a strategic plan have their contribution and also issues which are needed to be overcome to make an effective strategic plan for the organization.
1.3) Evaluate the effectiveness of techniques used when developing strategic business plans.
For evaluating the effectiveness of techniques used in the strategic business plans we need to identify the tools and analyse its application in the following way:
1. BCG Matrix: BCG matrix will help the business to understand its position in the industry they are operating. There are four aspects which are covered by the BCG matrix namely, question mark, stars, cash cows and dogs. These four aspects in the BCG matrix highlights four different picture which we need to analysed. Question mark denotes the introduction of a company where the market share is less with relation to the industry share. Stars are the position where the company has improved their business and they have increased their market share which shows they are in a growth stage. Cash cows are a stage where the growth of the company is high but the industry has become saturated which denotes the maturity. Last is the Dog where the business of the company declines as well as the industry. (Hill, 2012).
But the disadvantage which we can observe from the analysis of a BCG matrix is:
- The high and the low points of the business can be traced in the BCG matrix but when the company will perform in a position that is not so high or low then the BCG matrix will not give a true picture.
- In the BCG matrix only two parameters are taken into considerations which are relative share of a business and industry. But the most important factor profitability is not counted.
2. Mc Kinsey Matrix: In the Mc Kinsey Matrix there are 9 cells where the three aspects of contract law are considered which are high, medium and low. The parameters for analysing the business are industry attractiveness and business unit strength. Industry attractiveness is governed by the factors like market size, market growth rate, profitability of the industry and the level of competition. The business unit strength is governed by market share, brand equity that is the attitude of the people towards the brand etc. (Kotler, 2010).
From the features of a Mc Kinsey matrix it is clear that the business will be analysed from the high, low and medium perspective which is more relevant from the BCG matrix as the matrix ignores the medium parameter.
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2.1) Analyse the strategic positioning of TATA steel Europe by carrying out an organisational audit
Organisational Audit is the report which is prepared to determine the asset of the organisation. The capacity, work process, competencies of the human resources, work structure, financial situation etc are considered in the organisational audit for formulating the strategic plan. For conducting the organisational audit different tools are there for instance value chain analysis, SWOT analysis, benchmarking etc. Among all the tools value chain analysis can help to get the actual position of the Tata Steel in the following way:
Value Chain analysis can be divided in two categories which are: (Steiner, 2010),
- Primary Activities : Primary activities as per the value chain analysis are the logistics, operations , marketing, servicing activities of the organisation
- Supported Activities : Supported activities involve the human resource, technology, purchase process as per the value chain analysis.
2.3) Assess the significance of stakeholder analysis when formulating a new strategy for TATA steel Europe.
Stakeholders are the people or organisations involved in a business directly or indirectly. The management of the organisation needs to understand the stakeholders and their importance. The business decision of the organisations is totally depend on the stakeholder’s influence and power. In these circumstances it is the stakeholders mapping that can address the level of influence towards the business.
The stakeholder’s associated with the Tata steel UK is as follows: (Friedman, 2011).
- Key Players: Key players are having high interest high power. For Tata Steel it is the investors who are investing in the projects in respect of a sound return. To manage them, Executive Committee is there who is chaired by Mr. Hans Fischer. The committee holds a meeting periodically with the investors and ensure them about their investment.
- Latents: High power and less interest can be observed from the latents. They are the customers for which the revenue of the Tata steel is coming. Satisfying their requirements are the major criteria for the organisation. For that Tata steel is driving their business by considering the customers at the heart of their strategy.
- Monitors: Communities can play the role of a monitor where they are given less preference due to the low interest and power in the business. But Tata Steel UK has also given preference to them by creating employment opportunities, maintaining environment friendly equipment for ensuring the safe guard to the environment and community.
- Defenders: Defenders are the employees who have a high interest in the business due to their salary, incentives and bonus. Thus they need to be informed about the situation of the company or the upcoming assignment for making them motivated in order to get a productive performance.
The importance of the stakeholder’s analysis can be accessed from the four dimensions of the stakeholders mapping. (Freeman, 2010)
- For instance if Tata steel wants to design a marketing strategy then it is necessary to understand the influence of the customers and the investors. Customers will buy the products and investors will invest in the manufacturing activities. Thus the importance to identify the stakeholders and carefully managing them can only be possible from the stakeholder’s analysis.
- To establish a working environment in the organisation it is needed to understand the influence of the employees. Thus it is needed to keep them informed about the work process or activities in advance for the sake of motivation.
- For maintaining a long term employee relationship with the suppliers of Tata steel it is needed to establish a positive and professional relationship which will ensure win-win situation for both.
3.1) After formulating a new strategy for TATA steel Europe, analyse the appropriateness of the alternative strategies relating to market entry, substantive growth, limited growth or retrenchment for TATA steel Europe.
The new strategy for Tata steel Europe will be focused on the market development in UK. The scenario of the steel industry is not good in UK due to the cheap availability of the steel products from China. The customers of the steel industry namely the aerospace, construction, power are shifted from Tata which has created a critical situation. As a result Tata wants to close the manufacturing site which will make the employment of the employees at a stake. To overcome the situation it is needed to ensure the customers about the quality of the products from Tata steel UK and other than that Tata has to adopt a strong promotion for growing the confidence of the customers towards Tata. The framework for the market development strategy of Tata steel UK will be based on:
- Focusing the needs of the customers. The customers for Tata are shifting towards the Chinese product due to the price they are offering. In that respect Tata need to ensure about their quality value to the customers
- Innovation and the technology is the part of the strategy where Tata needs to develop the products with comparatively low cost so that they can offer the customers at a reasonable price. For instance the Corus process, himselt process can help in this scenario.
- Integration of the marketing communication is needed to be designed effectively for convincing the customers about the quality of the products in comparison with the Chinese products.
The alternative strategy can be analysed in the following way: (Lymbersky, 2013).
- Market Entry: Market entry is the strategy which ensures new market for the organisation due to the significant growth in that market. But Tata steel has their presence across the globe and it will not be justified for the present situation. Tata steel has to operate their business in UK by taking challenges with the Chinese steel manufacturers. For that market entry is not relevant with the situation.
- Substantive Growth: Substantive growth is the strategy which considers the added growth of the other business units of an organisation. For instance if Tata steel is moving significantly in India then they need to utilise the fund in UK by enhancing the functions effectively in order to get an edge over the Chinese and Brazilian competitors. This strategy can be consider to tackle the decision of Tata steel UK to sell the plant.
- Limited Growth: Limited growth is to stop the growth of some activities in order to maintain the financial health of the organisation. But this strategy is not appropriate for Tata steel to beat the competitors whereas it will give chance to the Chinese competitors for expanding their market in UK.
- Retrenchment: This is strategy when the organisation restricts the output in order to mitigate the risk. But this will not be right for Tata steel UK in this situation. They need to give focus on the promotion part and should continue their manufacturing in order to beat the Chinese rivals.
3.2) Justify the selection of the strategy you proposed in AC 2.4 in terms of suitability, feasibility and acceptability
The objective of the Tata steel is to foster the market of UK effectively. For that the strategy of the substantive growth is needed to be followed to overcome the critical situation. It is clear that Tata steel finds it difficult to cope up with the Chinese competitors and for that they want to sell the plan which will affect the employment opportunities. In this respect substantive growth can help the Tata steel to counter the competition and to ensure the customers about the quality of their products. The strategy can be justifies in the following way:
- Suitability: The net sales or the income of Tata steel in India has increased from 8991 crore to 10, 371 crore approximately. This increased profit can be utilized in the UK plant by making an effective promotion and innovation of their technology which can aware the customers of different industry to consider the steel of Tata. (Tata Steel, 2016).
- Feasibility: The feasibility lies in this strategy as Tata wants to sell their plants for the high competition and cheap resources of China in the steel production. In this respect if Tata can convince the customers based on the quality and the after sales service then it can take the challenge and beat the competition without selling the plant.
- Acceptability: The strategy will be acceptable as Tata has a diversified business and they can adjust the profit from one business to another. If they can adjust the additional growth from one country and carry forward it in UK then the jobs of the employees will be secure and Tata can also achieve the leading position in Europe. Maintaining high quality in the steel manufacturing will also the customers who are dealing with the Chinese manufacturers. At the end of the day it is the value that both the parties will concern.
4.1) Assess the roles and responsibilities of personnel in TATA steel Europe who are charged with the strategy implementation.
The roles and responsibilities of the personnel in Tata steel Europe are very much important to implement the strategic plan in order to get the desired result. The assessment can be done in the way mentioned below:
- Role of top Management: The top management of Tata has to deliver the blue print of the strategy by defining the controlling and coordinating factors. The top management of Tata steel should also consider the global team who will be giving the clear picture about the company in different countries. Based on that the top management will design a plan and communicate to the middle management for the sake of implementing. The top management will prepare a budget and based on that the middle management has to divide the activities for getting the desired result. (Bowhill, 2010).
- Role of Middle Management: The middle management is the connector between the employees at a lower level and the top management. Based on the plan of the top management, the middle management will delegate the duties and responsibilities to the employees and will implement the plan as designed by the top management. The middle management will break the targets on the department wise and communicate the employees for following the same. They will measure the performance and convey the feedback to the employees and also to the top management about the status. The middle management will also have to conduct the training session in order to increase the efficiency level.
- Role of the employees: The employees have to follow the guidelines given by the middle management in order to achieve the targets. The employees have to understand that without making their job at stake, Tata steel has adopted another strategy to counter with the Chinese competitors.
4.2) Analyse the estimated resource requirements for implementing the strategy proposed in AC 2.4.
For implementing the strategy we need to consider certain resources which are as follows:
- Budgetary resources: A budget is needed to be prepared by considering the current expected market returns and specific percentage of the fund from different countries. Estimation then market return and including the certain percentage of the substantive growth in another country can give a clear picture. Based on that allocation of the fund to the promotion and technology will be considered. As the main objective is to counter the competition by not selling the plant and for that a budget to include the working capital of other country is needed. (Bryson, 2011)
- Personnel Resources: One of the major requirements in order to successfully implement the plan. After allocating the fund, the personnel will be responsible to make the plant of UK towards profitability. For that the marketing activities need to be strong for assuring the customers to consider the business with Tata steel UK. R and D team of UK will have to be competent to ensure an effective innovation which will reduce the cost of the manufacturing. Thus motivation towards the employees is needed in order to ensure productive performances.
- Physical Resources : physical resources in the sense after sales service counters will needed to be expanded in Europe to maximize their reach towards the customers. The Chinese manufacturer are taking the customers and in this respect Tata steel have to create a strong brand equity for which the after sales service is needed to be expanded. It will be possible with the substantive growth strategy where the investments will be carried forward from other countries where Tata steel is operating in a sound profit growth. (Proctor, 2014).
- Technology: Technology is the key business driver in this situation. Tata steel needs to ensure technology in their manufacturing sites in order to reduce the operating cost and for that they can compete with the Chinese manufacturers.
4.3) Evaluate the contribution of SMART targets to the achievement of the strategy implementation you proposed in AC 2.4.
The strategy that has been adopted is related with the SMART targets. SMART targets will give a direction and justification for the strategy that has been formulated for enhancing the growth of Tata steel in UK. The objective of the strategy will be to continue the operations in UK but the additional growth will be consider from the other countries where Tata steel is operating at a signifi8cant profitability. This strategy is related with the Substantive growth and the evaluation for the SMART targets will be done in the following way:
- Specific (S): Specific part of the strategy is the continuation of the operations in UK and for that substantive growth is the only way to consider. Tata steel of UK can consider the horizontal integration with other steel plants of UK for maximising the operational efficiency and also to beat the Chinese rivals.
- Measurable (M): The measurable part of the strategy can be the business turnover of the following months after the implementation of the strategy. If the strategy is successful then it will reflect in the sales volume of the quarter and if it is not then it also can be measured. But sometimes it takes time to show the desired result which cannot be measured in the limited time scales. (Harrison, 2002)
- Achievable (A): The strategy is only achievable if the result is positive and supports Tata to with draw their decision of selling of their plant in UK. But achievable is also questionable if the business environment is critical. As the business is depending on the customer’s acceptance of the steel products from Tata than the Chinese manufacturers.
- Realistic (R): Realistic part of the strategy will be the present situation where Tata is facing a critical condition to cope up with the Chinese rivals. Based on that horizontal integration by the substantive growth is the only possible way to overcome the situation.
- Time Bound (T): Time bound is the time scale that has been fixed in the strategy for measuring the development. In case of Tata the forth coming quarter will be the assessing time for measuring the success of the strategic plan. But fixing the time is to be done carefully otherwise monitoring the success will be difficult.
Task 2: Design posters
2.2) produce an informative poster that presents an environmental audit for tata steel europe, 2.4) produce a creative poster which presents new strategy for tata steel europe.
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Thus we can conclude that Tata steel can continue its operation in UK without selling the plant. The possibility is the substantive growth where Tata can adopt the horizontal integration with other steel plant in order to compete with the Chinese and Brazilian competitors. The Unit 7 Business Strategy Assignment Sample Tata Steel will showcase the effectiveness of techniques used in the strategic business plans like the BCG matrix, GE matrix. Organisational Audit is also there in the report which is prepared to determine the asset of the organisation. The capacity, work process, competencies of the human resources, work structure, financial situation etc are considered in the organisational audit for formulating the strategic plan is done by considering the Value chain analysis.
Bowhill, B (2010). Business Planning and Control: Integrating, Accounting, Strategy and People . WILEY Publications Bryson, J. (2011). Strategic Planning for Public and Non Profit Organizations . WILEY Publications Drejer., A. (2012). Strategic Management and Core Competencies: theory and Application . Greenwood Publishing. Freeman, R (2010), Strategic Management: A Stakeholder Approach , Cambridge University Press. Friedman L., A. (2011). Stakeholders: Theory and Practice. Oxford University Press Harrison J., S. (2002). Strategic Management of Resources and Relationships: Concepts and Cases . John Wiley and Sons Hill L., W. (2012). Strategic Management: An integrated Approach. Cengage Learning Lymbersky., C. (2013). Market Entry Strategies. Management Laboratory Press Norman., l. (2016). What Is the Business Difference Between Objectives & Goals ? [Online] Available: http://smallbusiness.chron.com/business-difference-between-objectives-goals-21972.html , Accessed on 4.7.16 Proctor, T (2014). Strategic Marketing : An Introduction. Routledge Steiner, G (2010), Strategic Planning , Simon and Schuster.
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Organizational overview, external analysis of gsk, pestle analysis, opportunities, porter's five forces, internal analysis of gsk, organisational strengths and weaknesses, analysing the competitive advantages of gsk via vrio analysis, strategy evaluation of gsk, porter's generic model, evaluation of kpi, value chain analysis, saf analysis of the strategies.
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Incorporation of corporate strategy is vital for all the business organization to enhance the complete financial position and also the brand image. Based on market research, the strategic deployment will provide the organisation with greater competitive advantages in the upcoming future (Zhang, Leng and Zhou, 2020). This particular assignment mainly signifies the current strategic position of GlaxoSmithKline plc. In this regard, the identification of internal and external environmental factor will help the management of this organization to make effective strategies that lead to enhancing the overall performance of the business. Evaluate the strategy and recognize all the independent variable will improve the decision-making process of this organization.
GlaxoSmithKline is one of the popular Pharmaceutical companies all over the world. This organization also expands its business in all over the world, so the overall brand image of this business entity is very high in the marketplace. To gain more strategic advantages, GlaxoSmithKline also used joint venture mode of entries in a different emerging market. In the case of the financial year 2019, the overall revenue of the organization is £33.754 billion, and the net income of the organization is £6.96 billion. More than ninety-eight thousand employees are currently working in this organization. That means the current financial position and brand image are the main strength of this organization so that the company can quickly expand its business in a potential market to grow further shortly.
External Analysis refers to the identification of different external environmental factors that are essential to recognize the upcoming opportunities and threats of the company.
There are different external environmental factors that cam hamper the overall organisational operation completely. For that reason identify all the factor using PESTLE framework will help management to recognise all the threats and opportunities effectively.
The health care sector has seen greater political interest over the past due to the higher appreciation of healthcare's significance as an aspect of social security (Zalengera et al., 2014). Change of policy, country-affected restructuring of Healthcare to all UK operating pharmaceuticals in a large amount, GSK has little difference. The governments also support the health care as well as pharmaceuticals organisations in order to improve social security. In this regard, security measures about drugs also high and it can restrict the overall operation of the company.
There will always be risks to any multinational enterprise. GSK is a multinational company, will face financial challenges from the particular economic pressures of all nations (Mansouri et al., 2020). The factors impacting GSK include influence of interest rate changes, currency exchange effects and rate of inflation impacts. GSK also may be driven by the nation's GDP as well as purchase power of the customer.
This involves social behaviour, types of administration, culture, tradition, etc. As GSK has long been such a multinational company have no risks from such factors. With any of these conditions GSK has long accepted, making it a wide opportunity in upcoming future.
In case of pharmaceutical industry, technology is one of the vital aspects in order to improve the quality of products (Zalengera et al., 2014). Incorporation of information Technology in this sector will enhance the overall operational excellence that leads to increase the production rate to meets the market demand easily. Use of IT in this sector will provide GSK huge competitive advantages in near future.
The pharmaceutical company is a highly controlled industry which enforces different rules and regulations. Therefore, the business is progressively dominated by enormous rules, legislation and enforcement (Mansouri et al., 2020). This severely limits its operation, and in recent times, the state has started to impose this regulation to improve security. In order to avoid the barriers, the GSK needs to spend more on research development work.
Hazards, global climate change, environmental impact, by environmentalist community that can affect GSK at any moment, respond against the supply chain as well as production processes. This organisation needs to create awareness program among public and social communities regarding environmental problems in order to conserve the Mother Nature (Zalengera et al., 2014). ?for that reason, it is one of the major risk for GSK.
The advancement of technology also changes the medical treatment processes, and most of the people are now dependent on different medicines. For that reason, GlaxoSmithKline has the opportunity to expand its product and services in all over the world (Zhang, Leng and Zhou, 2020). The business was formed through a combination of different smaller enterprises. As a consequence, it has established leading laboratories and at the same time, acquired vast sums of resources, investments and income. GlaxoSmithKline Plc. has an opportunity to grab the attention of both new and existing customers to increase the overall sales volume as well as growing its share in the potential market (Vijayalakshmi and Rajalakshmi, 2020). Market growth would dilute the benefit of the rival and allow GlaxoSmithKline Plc. To improve its profitability as opposed to some other rivals.
Modern technology offers GlaxoSmithKline Plc. A chance to practice competitive pricing structure in the growing market. It will allow the company to provide excellent service to its regular as well as existing customers to increase the number of loyal customers.
Different macro-environmental factors can hamper the overall organizational operation ultimately. Increase the total price of raw materials is one of the major threats for this organization (Vijayalakshmi and Rajalakshmi, 2020). Owing to the insufficient knowledge of customers, the risk of ineffective products is substantial. In this regard, Environmental laws are becoming tighter, more specific and much more rigorous. The risk of an economic slowdown in markets in European countries presents serious threats. The organization has also forced to deal with the challenge of new traditional forms of herbal products that are much more successful and have fewer side effects (Duan, Cao and Edwards, 2020). Lack of skilled labour in some market poses a high risk to manage the regular workforce, and it can hamper the overall profitability of the organization. High market competition can be the upcoming significant threats for this corporation. In the last few years, steady competitiveness has expanded the number of competitors, placing pressure not just on competitiveness as well as on sales volume.
Porter five forces are one of the vital tools that help the managers to recognize the five major forces that can influence the overall business operation.
Threats of New Entrants
There is a considerable cost of getting into the pharmacy and healthcare business for that reason; the attention of GlaxoSmithKline is also lower in these forces. Developing new technologies which require research and innovation is a quick and expensive process, and a startup organization needs to identify the overall demand of the market. Still, it is not possible (Tatoglu et al., 2020). For that reason, the chances of new entrants are very low. At the same time, a new organization also needs to meet all the eligible criteria's and different government regulations such as Food and drug impose rules, federal laws etc. to get the license from the government. For that reason, high entrants cost for new business will provide this company with more top advantages and upcoming opportunities.
Threat of substitutes
Complementary Alternative Medicines (CAM) is the primary substitute product of GSK. Such forms of modern medicines pose a significant threat to this business, as they were found to be much cheaper and safer compared to standard medicine (Tatoglu et al., 2020). The customers are now also focused on different traditional medication because these products are free from side effects. Due to high research development, the risk of substitute products is very high, and it can reduce the overall sales volume of the organization.
Bargaining power of buyers
Buyers may not represent a major threat to GSK because the country spends much of its R&D on developing new patent items. As a consequence, GlaxoSmithKline faces a low, major threat from consumers (Junior, King'oriah and Senaji, 2020). The demands of pharmaceutical products are high, and the customer doesn't have the other option to buy. At the same time, words of mouth promotion quality products also reduce the bargaining power of the customer. For that reason, buyers do not pose any threats to the company.
Bargaining power of suppliers
The main suppliers include manufacturing, transportation, and sale manufactured goods and service providers, research staff, health officers, and inspectors. Through restricting or reduce the quality of materials, they will effectively place major threats to GlaxoSmithKline. This organization also has a spotless record of well-treating its vendors by fulfilling their needs (Tatoglu et al., 2020). The firm also gives the staff outstanding compensation. The organization has a spotless record in fulfilling the contracts with its suppliers. This organization also has an alternative option for resources and raw materials, and it generally reduces the overall bargaining power of the suppliers.
The number of the competition is very high in the potential market, and most of the business is incorporating various strategies to improve the organizational sales volume as well as financial profitability (Junior, King'oriah and Senaji, 2020). The management of GSK is also using effective strategies to get more competitive advantages in the operating market. Pharmaceutical companies are growing rapidly, thereby producing higher sales and driving downs the prices for long term benefits. Because of this, GlaxoSmithKline is using strategy and forethought to put itself in the business environment for sustainable and long term success that leads to fulfilling organizational objectives effectively.
Source: (Lewis, 2017)
VRIO Analysis seems to be a great statistical method for the assessment and comparative value of GSK's tools. VRIO is an expression for the descriptions of the measurement factors, namely "Value", "Rarity", "Imitability" and "Organisation". In other terms, the VRIO Framework is indeed an internal analytical tool that organisations such as GSK use to categorize assets because they have specific features defined within the organisational framework.
From the above given VRIO Analysis of GSK, it can be stated that the factors such as "Brand Equity", "Uninterrupted R&D", "Successful marketing network and supply chain" and "Segment of consumption and vaccination in developing markets" are highly sustainable. In the context of ensuring a sustainable advantage in the future, GSK will accept the four paradigms previously described. Many aspects of the market identity such as "imitability" and "uninterrupted R&D" are of a dynamic type. Similarly, "rarity" is unpredictable and has to be played with quite closely in the sense of effective promotion and supply chains.
In comparison, GSK's policy of creating a shared business with Pfizer would tackle certain momentary sustainable considerations such as "Patent and Copyrights" and "Generic Type drugs", primarily because of the assumption that for GSK, "Rarity" and "Imitability" variables are less feasible in "Generic Type drugs". In comparison, the factors for momentary longevity are "Imitability", and "Organizational Support" in "Copyrights & Patents".
Some of the interesting facets of the VRIO study was that the "Consumption and Vaccination Segment in developing markets" model is very sustainable. To reach the demand of developing nations throughout South-East Asia and Africa, it is crucial to say that the synthesis of the firms will be highly beneficial.
To successfully initiate a joint operative venture with Pfizer Inc, GlaxoSmithKline plc can consider potential strategic approaches to ensure competitiveness and service efficiency in a long haul (Islami, Mustafa and Latkovikj, 2020). In this regard, considering the evaluation of porter's generic model can promising.
For the benefit of competitive advantage, generic strategies could be implemented by GlaxoSmithKline. The approaches applied to the degree to which the reach of a business is limited versus wide, and to the extent to which the company tries to distinguish its services.
Figure: Porter's generic strategies
(Source: Hales and Mclarney, 2017)
Cost leadership: With this approach, the company will aim to become the lowest cost service provider in the industry. To achieve that goal, this conventional approach is used to produce on a large scale that helps the company to leverage economies of scale. It is an aspect where the company will act as a cost leader and discount its services to attract customer base and profitability (Islami, Mustafa and Latkovikj, 2020). It has a substantial cost benefit over competitiveness and therefore can boost the market share in this direction even farther. In this regard, the joint venture needs to attain some significant commodities such as high productivity, extensive utilisation of capacity, comprehensive bargaining power and effective use of technology.
Cost Focus: GlaxoSmithKline needs to seek lower-cost advantages by concentring itself in a specific market segment. In this regard, providing conventional healthcare services with appreciatory pricing will be highly promising for the business. With such accommodation, the company will be able to reach a wider market share through its venture.
Differentiation leadership: Through differentiation leadership, the GlaxoSmithKline will be able to enter even bigger markets as well as seeks to create a competitive edge by industry-wide differentiation. GlaxoSmithKline can use this strategy simultaneously with cost leadership in the different market segment (Hales and Mclarney, 2017). With this approach, the company will choose one or more criteria that purchasers use in a sector and then position the service to fulfil certain standards uniquely. The organization will charge premium prices in that regard for the quality of its services. It can also be helpful to represent higher production values and highly attractive extra value-added features. It will, therefore, enable GlaxoSmithKline to offer superior services and products, strengthen the branding and provide promotional support.
Differentiation focus: The organisation will strive to distinguish within only one or a small number of target markets within the differentiation focused approach (Agbali et al ., 2018). The specific customer demands of the segment imply there are possibilities to deliver products which are distinctly different from competing companies that may be targeted at a wider group of service users. With differentiation focus, GlaxoSmithKline will accept the terms of differentiation leadership and develop and provide unique and distinctive services with premium prices. That will attract substantial interest from the targeted market segment.
Porter's model of the value chain is incredibly popular in the corporate world. However, by allocating equal importance to all operations, GlaxoSmithKline Plc. must not treat the model as a static, isolated system to introduce joint venture with Pfizer Inc. The successful study of the value chain analysis allows GlaxoSmithKline Plc. to understand that it does not involve the same level of scrutiny for all operations or roles in a joint venture. The first step in implementing the Porter Value Chain structure (Koc and Bozdag, 2017) is to determine the significance of the activities as per their position in the delivery process of the product/service.
Figure: Porter's value chain model
Source: (Koc and Bozdag, 2017)
The activities of porter's value chain model can be divided into two portions such as Primary activities and secondary activities. The primary activities include the production and sales of drugs as well as improvising the performance of the joint venture of GSK and Pfizer. The secondary activities include synchronising and assisting the primary value chain activities.
It is very important to choose an effective strategy for the business to meet business goals and achievements. The SAF analysis is used to select the proper strategy for an organisation by considering Suitability, Acceptability and Feasibility of the strategies evaluated (Geronimo et al ,. 2017).
The strategies that have been evaluated, such as porter's generic model of strategies, porter's value chain model and the KPI evaluation, are found significantly suitable for the joint venture of GlaxoSmithKline plc.-Pfizer Inc. as all the strategies will help the venture to measure the environmental, expectation and capability suitability of the venture.
Among the evaluated strategies, only Porter's generic model and porter's value chain model are identified efficiently acceptable for the venture. The strategies meet the aspects of acceptability criteria of SAF, such as measuring the returns, threats and investors reactions.
The feasibility portion of SAF is the make or break part of a strategy (Sekhon, Cartwright and Francis, 2017). After analysing all the strategies, it has been recognised that the porter's value chain model can be the most significant and effective strategy to implement in the business of the GSK-Pfizer joint venture. As the chosen strategy can help the venture in measuring the resources, propensity and capabilities, it will be feasible for the venture.
In conclusion, the integration between GSK and Pfizer should be seen to have the ability to exploit the expertise and services as the largest pharmaceutical product business. There is still a long way to go before GSK, as a corporation, becomes a significant player throughout the area of consumer healthcare. Moreover, the fields of concern such as are an uncommon field such as the segment of consumption and vaccination in developing markets around the whole world are highly open. In general, the organisation must concentrate on the approaches above to ensure that correct processes are placed into place for execution to management.
Agbali, M., Trillo, C., Fernando, T., Ibrahim, I.A. and Arayici, Y., 2018, October. Conceptual Smart City KPI Model: A System Dynamics Modelling Approach. In 2018 Second World Conference on Smart Trends in Systems, Security and Sustainability (WorldS4) (pp. 163-171). IEEE.
Duan, Y., Cao, G. and Edwards, J.S., 2020. Understanding the impact of business analytics on innovation. European Journal of Operational Research , 281 (3), pp.673-686.
Geronimo, A., Wright, C., Morris, A., Walsh, S., Snyder, B. and Simmons, Z., 2017. Incorporation of telehealth into a multidisciplinary ALS Clinic: feasibility and acceptability. Amyotrophic Lateral Sclerosis and Frontotemporal Degeneration, 18(7-8), pp.555-561.
Gsk.com, 2018. GlaxoSmithKline plc and Pfizer Inc to form new world-leading Consumer Healthcare Joint Venture | GSK . [online] Available at: https://www.gsk.com/en-gb/media/press-releases/glaxosmithkline-plc-and-pfizer-inc-to-form-new-world-leading-consumer-healthcare-joint-venture/. [Accessed on 29 th Feb 2020]
Hales, G. and Mclarney, C., 2017. Uber's Competitive Advantage vis-à-vis Porter's Generic Strategies. IUP Journal of Management Research , 16 (4).
Islami, X., Mustafa, N. and Latkovikj, M.T., 2020. Linking Porter's generic strategies to firm performance. Future Business Journal , 6 (1), p.3.
Junior, N.K., King'oriah, G.K. and Senaji, T.A., 2020. Manager's Comprehension of External Environment and the Performance of the SMEs in Kinshasa. Journal of Entrepreneurship & Project Management , 4 (1), pp.28-41.
Koc, T. and Bozdag, E., 2017. Measuring the degree of novelty of innovation based on Porter's value chain approach. European Journal of Operational Research, 257(2), pp.559-567.
Lewis, R., 2017. Porter's Five Forces of competitive advantage.
Luu, V. and Price, M., 2018. GlaxoSmithKline Health Care Fraud Settlement with the US Justice Department, 2012. Student Works .
Mansouri, M.A., Sacré, P.Y., Coïc, L., De Bleye, C., Dumont, E., Bouklouze, A., Hubert, P., Marini, R.D. and Ziemons, E., 2020. Quantitation of active pharmaceutical ingredient through the packaging using Raman handheld spectrophotometers: A comparison study. Talanta , 207 , p.120306.
Rogers, P., Burns, C., Cupper, J.K. and Monkman, D., 2017. Healthy choices: GSK's internal and external partnering strategies for growth in Asia. Corporate Real Estate Journal , 7 (1), pp.63-74.
Sekhon, M., Cartwright, M. and Francis, J.J., 2017. Acceptability of healthcare interventions: an overview of reviews and development of a theoretical framework. BMC health services research, 17(1), p.88.
Tatoglu, E., Frynas, J.G., Bayraktar, E., Demirbag, M., Sahadev, S., Doh, J. and Koh, S.L., 2020. Why do emerging market firms engage in voluntary environmental management practices? A strategic choice perspective. British Journal of Management , 31 (1), pp.80-100.
Vijayalakshmi, D. and Rajalakshmi, G.R., 2020. Rural Entrepreneurship: A Review of Internal and External Environmental factors influencing the Performance of Micro, Small and Medium Manufacturing Enterprises. Our Heritage , 68 (30), pp.3568-3582.
Zalengera, C., Blanchard, R.E., Eames, P.C., Juma, A.M., Chitawo, M.L. and Gondwe, K.T., 2014. Overview of the Malawi energy situation and A PESTLE analysis for sustainable development of renewable energy. Renewable and Sustainable Energy Reviews , 38 , pp.335-347.
Zhang, C., Leng, M. and Zhou, L., 2020. Developing Strategies Of Social Enterprises Explained Using Porter's Five Forces Analysis Model: Taking Mental Challenged Car Wash As An Example. International Journal of Organizational Innovation , 12 (3).
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The vast field of the business corporate has made students attracted towards the number of opportunities created for them in the field of corporate strategies. Strategies are those plans that a business or an enterprise focus on for the development of their organization. These giant business units need the knowledgeable and experienced strategy makers for their business units. Most of the universities and colleges all over the globe provide various specialized courses in the strategy related concepts. Students look for corporate strategy assignment help as the subject is quite difficult and needs a lot of research before writing an assignment on it. For the benefit of students, the experts of corporate strategy assignment help are ready to provide the students all the help and assistance regarding the making of the corporate strategy assignment help. The services provided by the experts are authentic and best to their knowledge and experience.
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Corporate Strategy Explained
Corporate strategy refers to the plans and different strategies regarding the expansion and development of the business units in order to expand themselves and to achieve the organizational goals. In order to make a career in the field of corporate strategy, it is very important for a student to understand its concepts clearly and concisely. Our experts would provide the solution to all your difficulties related to the topic with the best of their knowledge and experience in corporate strategy assignment help . This would not only help you in making the assignment but would also act as a boon in your real jobs. In corporate strategy assignment help, our experts have discussed various concepts regarding the corporate strategy:
- Vision of the company: The vision of the company exhibits a lot about its purpose of establishment and its values. It not only provides a framework within which the employees have to work but also provides them the guidelines and a way to achieve the organizational goals of the company. The vision should be a very concise and concrete statement that provides the framework of the organization and its ultimate goals. It also provides the information about the company’s current position in the market.
- Values of the company: Values of the company are the set of beliefs that a company follow and operate in their daily operations. They are quite rigid in nature and do not change very easily or quickly. It provides those statements that a company should follow or ignore. It tells what is important for the company and provides a base to the organization structure of the company.
- Mission of the company: The mission of the company provides the functions of the company that would be operated by the company. It provides and verifies the important elements to ensure the success of the organization. The mission of the company should tell the readers the reason for its existence and its values.
- Strategy Of The Company: Strategy of the company is purely connected with the utilization of its resources to the optimum level. It tells whether the resources are fully and efficiently utilized or not. These strategies would provide a framework within which the company would operate in coming future.
- Enmity between the firms
- Danger of the substitutes( service or product)
- Danger of new entries in the market
- Dealing power of the consumers
- Dealing power of the producers or sellers
- It’s a very common question asked by the teachers to evaluate the internal policies and structure of a business unit and its current position in the market which is a quite difficult task. But our experts here would provide you this facility only in corporate strategy assignment help from which you will get every answer and that too in a very simple way rather than making it difficult for the students.
- Policies of the company: Policies of the company are the principles and values on which the base of the company is established. It helps in providing a mould for the company to formulate its immediate goals and help in achieving the organizational goals of the company. Policies of the company depend upon its mission and vision and reveal regarding the implementation of such policies by the top most authority and the managers
- Company’s growth and turnover: The turnover and the growth of the company reveal its financial position and strategies of the company. It also helps the top most authority as well as the managers to plan their expenditure accordingly and help them to raise the capital structure of the company.
Careers In The Field Of Corporate Strategy
There are many career opportunities that could lure the students to plan their career in the world of corporate strategy. As we have already mentioned earlier that corporate strategy makers are in a huge demand by various business units. It helps the business units to know about their weaknesses, strengths, qualities and their current position in the market. To understand the career opportunities the students may refer to corporate strategy assignment help where our experts would provide you the relevant information regarding the subject. This field would not only provide the reputation but it is also a financially secured career opportunity.
Strategic Planners Defined Strategic planners are those persons who render their professional service to the business units and provide the framework according to which the company could operate and make their business decisions. They provide a direction to the companies and organization to plan their policies accordingly so that they could achieve the profit maximization and expansion goals of the company in the market full of competitive players. The experts define the corporate strategy planners in corporate strategy assignment help as:
- They verify and help in the formulation of the internal policies of the company or the business units that includes business and financial forecasting and other analysis like market analysis and feasibility analysis.
- The decision making done by the strategic planners is the result of their hard work and experience of years.
- The strategic planners focus on maintaining the geographical expansion of the company, issues related to the supply and the harmonious relationship with the vendors.
Qualities Of A Successful And Efficient Strategic Planner As Provided In Corporate Strategy Assignment Help.
A successful strategic planner possesses many qualities and traits. It makes him the most efficient decision maker regarding the company’s strategies. Some of the qualities are inherited in him and some he has to acquire by his experience and practice. Our experts exude some of the qualities which are required to provide a corporate strategy assignment help:
- A strategic planner must possess sufficient knowledge about different concepts like marketing, finance and other such concepts of the business
- He should be well acquainted with the market and should study about the conditions of market in full depth. He must possess the necessary knowledge of the local markets as well in order to help the company in its smooth functioning.
- The strategic planner must be acquainted with the different concepts and strategies of marketing techniques. He should be able to foresee the upcoming opportunities for the company. He should also be well aware of the customer’s needs and demands and also about the latest technology prevailing in the market.
The students who really want to make their steps closer to the achievement of their dreams to become a strategic planner must be well versed with the concepts and features of corporate strategy. It is really important for a student to know about the field before making a step towards it. Our experts are always ready to provide you the assistance through corporate strategy assignment help. This would not only help the students in scoring good grades in their assignments but would also help in their future.
The Key Elements Of The Corporate Strategy
Basically the strategic planning includes six key elements. Before making a corporate strategy the strategy maker should be well versed with the purpose and idea of the business units. He should keep in mind these key elements before drafting a framework regarding the future operations of the company. The strategy planner must be acquainted with the relationship between the employees and the management, the system of the management, the style of leadership followed in the company and the style of the organization structure. The six key elements as stated by the experts of corporate strategy assignment help are as follows:
- Concepts regarding the business: Concepts of a business refers to the objective on which the whole business unit is based on that is it refers to the products, its customers, the selling strategies and the competitors who can prove as a threat to the business unit. It could also be referred as a formation of new plan or an idea regarding a new product or an existent product which requires better selling propositions.
- Configuration regarding the business: The configuration of the business depends upon the environmental forces, strategies of the business and the structure of the business unit. If we take all these components together they form the configurations regarding the business units.
- Coordination: The coordination among the pillars of the business is really important. It refers to the synchronization practiced in the organization between different pillars like employees, managers and the key personnel. It is totally focused towards the achievement of the organizational goals. It is very important for a business to work in sync and harmony to achieve better results and growth opportunities. Coordination could be best explained in corporate strategy assignment help .
- Design of the organization: It should be noted here that design of the organization and the structure of the organization are two different concepts. The design of the organization is a vast concept which includes various elements and their proper functioning. It focuses on the establishment of relationships and the mission and vision of the organization in harmony. It also ensures that these processes work together to accomplish organizational goals. This is provided in corporate strategy assignment help.
- System of management: Management system as described by the experts in the corporate strategy assignment help refers to the system which includes various elements that perform together to achieve organizational goals. In other words it can be said that it is a system of various elements like resources, structure of the organization which are necessary for the formulation of the policies and the objectives of the company. Sometimes it is really difficult to understand the concept of management system but the advancement of technology has made everything possible and easy to avail by the students. Students could seek help from the experts in corporate strategy assignment help.
- Styles of leadership: The leadership style followed by the business also plays a very important role in the development of the strategy. It refers to the arrangement within which the directions and commands are passed by the leaders to the employees working under them. It is also a means of encouraging the employees to work in harmony for the achievement of organizational goals. There are different leadership styles so the company is free to follow any or a mixture of these to ensure proper and smooth working. Our experts can explain the minute details through corporate strategy assignment help .
The concepts of the Corporate Strategy are really difficult to understand but our experts would provide you all the necessary assistance and would love to guide you in your corporate strategy assignment help . Our experts are knowledgeable and have completed this assignment with great efforts and experience in this subject.
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Frequently Asked Questions
Why does a student look for corporate strategy assignment help.
Corporate strategy is a strategic decision made by an organization for its growth and to achieve its goals. Corporate strategies are considered more important as compared to business plans. The corporate strategies are related to long-term goals giving a clear view of business operations in future. Like other subjects, corporate strategy assignments involve different theories and real-life examples to support arguments, so students look for online corporate strategy assignment help services. The students can still write theoretical assignments, but when the assignment involves practical knowledge, the students face many issues. Unfortunately, they have no practical knowledge, so they do not bother to verify the relevancy of the example taken from the internet. Our corporate strategy assignment help experts have experience as well as practical knowledge to deal with problem-based assignments related to corporate strategy. To build a corporate strategy, an organization has to consider the environment in which it works, the financial strength and the competition it faces in the marketplace, etc. Each of the professors expects their students to excel in their subject, but little do they know that assignments related to this subject perplex a student. Corporate strategy assignment help from TotalAssignmentHelp.com is a saviour for such students.
Which key concepts are covered under corporate strategy and governance assignments?
There are certain basic concepts which a student should know while writing a corporate strategy and governance assignment. The concepts discussed below can help them in their professional career:
- The company's vision : The value and purpose behind establishing a company are embodied in its vision. It is a direction for the employees to behave in a certain manner.
- Value of the company : An organization should operate basis of its beliefs which are regarded as values. They showcase the important elements of an organization. They do not change with the change in time.
- The company's mission : The organization's overall functioning can be found in its mission statement. It helps analyze an organization's success and indicates its values, purpose and audience.
- The company's strategy : It indicates the utilization of the available resources to meet the organization's goal. It helps in changing the future activities of the organization.
- Competitive strategy : It helps analyze an organization's strengths and weaknesses. It also helps in analyzing the competitiveness of the organization in the market.
- Policies of the company : It helps an organization to work smoothly and follow a basic framework. It helps in making plans and implementing them as per the process.
- Growth and turnover : This concept covered under corporate strategy and governance assignment relates to the current financial position of the organization and the sales trends. It helps analyze the organization's future capital needs and the ways to raise them.
What benefits does TotalAssignmentHelp.com provide with its corporate strategy assignment help for students?
Apart from writing assignments, students should also be aware of how to reflect their ideas effectively or deal with different situations while working in a corporate house. At TotalAssignmentHelp.com, the corporate strategy assignment help students teach them about ways to impress professors and get good grades through assignments. Some of the benefits that TotalAssignmentHelp.com provides with its corporate strategy assignment help for students are as follows:
- Writing techniques : At TotalAssignmentHelp.com, the students can learn how to address different assignments. The assignments differ basis on format, structure, content, length, etc. The writing technique of our experts can help students to write their assignments in future.
- Analyzing strengths and weaknesses : Corporate strategy assignment help students teach them to work on their drawbacks, know their strengths and make improvements. The students read and understand the solution of the assignment provided by us and refrain from committing mistakes in future assignments.
- Getting knowledge from our library : At TotalAssignmentHelp.com, a student can get access to a variety of sources useful for his next assignment. Students from anywhere can access the sources, and their usage is not restricted.
- Addressing queries and doubts : If, after receiving the corporate strategy assignment help, a student deems it necessary to clear certain queries and doubts, he can ask our customer care executives for help at any time. Our writers solve the queries and doubts within a few seconds.
- Better decision making : The corporate strategy assignment help students from TotalAssignmentHelp.com help them to make better decisions and plans. The assignment teaches the students how to analyze huge data sets and foresee future profits.
Can you discuss the basic elements of corporate strategy in your corporate strategy assignment help services?
Corporate strategy consists of six basic elements, and it helps make plans. The strategic planner should maintain coordination between management and employees and know the configuration of the business and organizational and leadership styles. Let us list down the elements of the corporate strategy:
- Business concept : It contains the idea behind the product or service, target market, and the ideal selling proposition helping the organization to remain above its competitors. It also refers to a new feature about the product or service or a change in the marketing approach. Corporate strategy assignment help services from TotalAssignmentHelp.com will help you to know more about the concept.
- Business configuration : The configuration of an organization emerges from organizational strategies, the environmental forces it faces, and its structure. The combination of all elements leads to the configuration of an organization.
- Coordination : It refers to the synchronization, unity and integration among the members of an organization to meet the ultimate goal set by an organization. Coordination helps in maintaining stability among all components of an organization.
- Organizational design : Organization structure and its design are two different things. Organizational design is a broader concept that includes the mission of the organization. It evaluates the connection between responsibility, workflow, authority, and tasks. It ensures that the process is in accordance with the organization's objectives.
- Management system : Per the experts of our corporate strategy assignment help services, the management system is the element that connects others for a particular purpose. It amalgamates the planning and execution of a strategy. It is divided into five stages: making strategic analysis, developing the strategy, translating the strategy, executing it, and monitoring and adapting it.
- Leadership style : It helps give directions to all employees, implement policies, and encourage people to work for future growth. There are a variety of leadership styles which a student can come across once he takes our corporate strategy assignment help services .
What is the role of corporate strategy in an organization?
Corporate strategy plays an essential role in any organization by devising plans to achieve the company's desired outcome. Some of the critical roles are enumerated below:
- Allocation of resources : Corporate strategy helps a business organization to utilize its resources to a limit to avail of the best business investments. Resource allocation is devised by evaluating the performance of each unit. What is the role of corporate strategy as per a leader? As per a leader, the corporate strategy helps in prioritizing plans.
- Expectations establishment : Corporate strategies helps in building expectations within a business unit. It helps drive the performance of internal and external stakeholders for the company's betterment.
- Enhance competitiveness : Corporate strategy mainly focuses on growth and profits, which is why it can decide a company's structure and activities. Therefore, it helps in improving the competitive strength of a company.
- Adding value to shareholders : With the help of corporate strategy, an organization can add value to its investors. The company's value increases by pursuing strategies related to resource allocation, usage of organizational capabilities, enhancing competitive advantage, etc. To learn more about what is the role of corporate strategy in an organization, contact TotalAssignmentHelp.com. We will help you with all sorts of information.
What is the difference between corporate and business strategy?
Strategies are necessary for all companies to meet their goals and become successful companies in the market. Corporate and business strategy is one of the preferred approaches in the business world. They are different but work hand-in-hand for growth, increased performance and enhanced profitability. Now the question arises what is the difference between corporate and business strategy? Some of the vital differences are briefly discussed below:
- Objectives: Department heads or lower-level managers use business strategies to attain the department's goals and objectives. The CEO or higher management uses the corporate strategy to grow the company as per its vision, and the strategy is applicable to the organization as a whole.
- Duration : Business strategies are made for a shorter period as compared to corporate strategies. Corporate strategies are made to achieve long-term goals, whereas business strategies are made to solve daily issues and goals.
- Focus : Business strategies consider creating value for consumers, whereas corporate strategies consider creating value for the company. Corporate strategies look for expansion, whereas business strategies focus on being competitive in the market.
- Benefits : Business strategies have a clear direction, whereas corporate strategies ensure efficient functioning. Corporate strategies are more related to maximizing profits, whereas business strategies look to improve product quality and performance.
We hope what is the difference between corporate and business strategy is very clear to you after reading the above points of difference.
Which corporate level strategy assignments can you make?
The experts working with TotalAssignmentHelp.com can write all types of corporate level strategy assignments given to a student. Having experience in writing for the last 10 years has helped the experts remove all issues a student faces. The issues are not limited to a specific problem; it relates to lack of knowledge about the topic, inability to understand the concept, limited time, etc. Some common corporate level strategy assignments are discussed below:
- Essay : It is an art where the writer has to build arguments and support them with pieces of evidence. It has a proper introduction, main body and conclusion. The essay has different topic statements, supported by works from different authors.
- Case study : In this type of assignment , a student is made to solve an imaginary problem based assignment or a real problem. It is helpful for students to experience how real problems can be solved. There are different parts to a case study; each has a problem and its associated solution.
- Dissertation : It is a huge task to write a dissertation involving data collection and interpretation. The dissertation is divided into different chapters, and each chapter has set instructions to be included in them. Our corporate level strategy assignments are the best industry; try us now.
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Corporate Strategy Assignment - Nordstrom
by Amany Hamza
This report develops a critical assessment of Nordstrom Inc. strategy’s implementations in relation to its industry development and within its organisational context. It analyses Nordstrom Inc.’s distinctive business model that differs from its competitors, whereas it is driven by outpacing performance and its savvy competitive strategy. This paper also outlines the development of its integrative strategic thinking in a way to relieve the tension embodied by the intense macro environmental forces or as a result of its passion to further grow on the market and yet to sustain its business heritage as it has been operating in the marketplace for more than 100 years. In addition, the assessment cites the core competences of Nordstrom’s leading position in the American marketplace. Yet, this leading position is driven by strong inherent culture that counts for the well execution of Nordstrom’s strategies. Nordstrom attributes its distinctive performance in the marketplace to the implications of its integrated communications which is tightly aligning between meeting customers’ needs and the company activities in order to differentiate its products offerings and to seize the targeted segments. Internally this integrated communication structure, which forms the control perspective, allows a clear understanding of Nordstrom’s corporate objectives. Empowerment, which denotes the chaos perspective, on the other hand is highly regarded to create involvement and commitment in order to deliver these strategies. This internal formation is its gateway to lead the industry- whereas the US retail market is moving towards a Post-Modern market evolution phase which signals an era defined by wall-less Omni-channel stores (PWC, 2012), Nordstrom was the first retailer to integrate its stores into omni-channels back in 2008 (see Appendix PA-CVC-OC). It also adapts to the new customers spending habits as noted further in the report. And with Nordstrom’s consistency in paying attention to the new consumer trends and preferences, Nordstrom will be the market dominant. The conclusion encloses the imperatives for Nordstrom to sustain long term competitive advantages in the industry and to run a profitable business through efficient anticipation to what customers need, or want and effective recognition to its employee’s efforts with taking into consideration the importance to give back to its communities. The pillars of its forward vision strategy will position the company to master the highly dynamic marketplace. Furthermore this format will generate an ethical business to benefit the industry and all stakeholders.
Free Related PDFs
Bonfring International Journal
Global retailing is evolving into hi-tech business Indian retail market is poised to follow the path with large number of global players eyeing the market. 10.6% of growth Indian Retail market has experienced between the year 2010 and 2012. Revolution in Indian Retail has been brought about with the change in demographic profile, increase in income levels, urbanization, technology and globalization. Growth comes along with challenges, which retailers have to manage in order to sustain in the competitive environment. It is imperative for the retailers to offer adequate service levels to sustain. The determinants of service levels for a retailer can be linked to availability and variety which aspects can be maintained through a healthy inventory. The paper attempts to address the objective of identifying determinants of effective inventory management. An exploratory survey was conducted among 60 retailers from Allahabad, Lucknow, and New Delhi dealing with consumer durables. Data was treated with factor analysis and Regression analysis. Four Factors of Retailer Size, Supplier Relationship, Service Level and Demand Uncertainty emerged as the determinants of effective inventory management. Positive relationship emerged between Retailer Size, Supplier Relationship, Demand Uncertainty and Effective Inventory Management through regression analysis.
Assoc. Prof. Dr. Rashad Yazdanifard , Ehren Sze Tseng Lee
In recent years, mobile devices such as smartphones and tablets have been taking over our lives’ as a consumer. Mobile devices had become a necessity to us as a whole. From this aspect, market retailers seized the opportunity to triumph over e-retailing by introducing mobile technology to retail store known as m-retailing. Mobility is one of the key contributing factor in providing the finest marketing tool to create the best customer shopping experience in retail store. The report seeks to understand the impact of mobility in retail towards customer’s shopping experience.
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A strategic management plan is beneficial to a company because it aids in the communication of goals, the defining of priorities, and the focus of energies. Competition in the market is growing and developing very quickly which is why there are a lot of changes which are essential for the organization to have for the long run. Innovation is critical for a business’s long-term success and makes the organization find stability in the market as well. Starbucks established in 2011 and is having its headquarters in Washington, United States (Nair and et.al., 2021). The organization has been successfully been able to have a stable working and expand them for the long run that there would be having the right economic factor. The report would consist of internal and external analyses of the market and also right theories of strategic plan to be used by the company.
Businesses have to make sure that there are good analyses of the external factors which are not under their control but the decisions must be made according to this factor so that the company will be able to have a stable working (Antamoshkina and Zinina, 2019). PESTLE analysis is a tool which can be used by the organization to make sure that there are right actions which are being taken and the follow report would be discussing them in detail.
Figure 1: PESTLE ANALYSIS
(Source: PESTLE Analysis in Digital Marketing, 2019)
- Political factors
Political factors are not under Starbucks control and can change which can impact on the laws and regulations which are set for the company to be able to expand them smoothly. The products and services are priced in accordance with laws and regulations, as well as the hiring of staff, in order for the company to make the appropriate profit in the market, which is critical for Starbucks to be able to expand in the future (PESTLE Analysis of Starbucks, 2020). Raw material for the productivity and operational process, this factor has to be well analysed so that the company will be able to find a better place for themselves.
- Economic factors
Economically the company had revenue of $26.50 billion as of 2019 which is a great factor but there has to make sure that they are having the right investment for the future (Barbosa, de Oliveira and Santos, 2018). Best of services and quality of products are trying to be served by Starbucks in the country so that there is going to be right working and that would be making the reputation be higher as well. Starbucks must ensure that they are investing in a developing country in order to ensure that the company's economic factors are in place.
- Social factors
Customers' pReferences and needs fluctuate over time, which is why Starbucks has been able to maintain such a strong market position. The audience is getting attracted and want quality coffee and products to consume which can be provided by Starbucks and this is a great factor to be able to have a stable working in the market (Holotiuk and Beimborn, 2017). Lifestyle has to be understood of the clients only then the organization would be able to expand them successfully in the market. Customers are always looking for variety in the products and services available on the market to ensure that they are meeting the appropriate requirements. Starbucks is skilled at bringing in new items and services in order to create more drinks for the company's consumers' enjoyment.
- Technological factors
Technological aspect is also changing in the market and this factor has to be addressed to make sure that there is going to be right working and processing. New generations may be readily targeted with the correct technological knowledge, allowing the company to ensure that they have a stable working environment and continue to expand in the market (Lim, Chalmers and Hanlon, 2018).
- Legal factors
Laws and regulations are made different in each country and Starbucks has been able to successfully expand in 83 countries therefore they have the right understanding of market. The business must ensure that all legal requirements are met in order to establish a solid foundation. Rights of customers and employees are the most important factor and also right legal advisory has to be followed to make sure that the portfolio of the company is strong in market.
- Environmental factors
There are different styles of working which is present that would help the company to be able to use the right resources and make the company be able to have better environment friendly tools present. The company has to work according to the rules and regulations for the improvement of the environment which is zero carbon footprint (Suoniemi and et.al., 2020). Direct and indirect working cannot disrespect the regulations of the business put forward by the government has.
Micro environment is under the control and monitoring of the company which is why the organization will be able to plan their working according to it. The company has to make sure that the micro environment is strong to make the working to be higher for better operations (Starbucks SWOT Analysis, 2021).
Figure 2: SWOT ANALYSIS
(Source: 5 Benefits of SWOT Analysis for Your Business, 2019)
The company is having a lot of experience in these last 10 years which is why the company is having a good growth in the stores which is that they have around 31,256 stores globally. The company is having a good quality of products and services as well which is making the customers be better satisfied (Yuliansyah, Gurd and Mohamed, 2017). There is a strong finance as well which is going to be present and the supply chain of the company is also strong globally. There is a good innovation which the company has been able to build for them.
There are an imitability which is present in the products and services of the company and this factor has to be controlled and monitored. European taxes have made a huge impact on the economic factor of the company which has to be balanced effectively. The pricing of the company also has to be improved upon because there is a great limitation which is present in the company because of this factor (Ciampi and et.al., 2020). The procedures which are decided in the company are not being followed effectively and that is going to make the working of the company be impacted majorly.
The company must make sure that they are having price differentiation so that there is going to be right opportunities which Starbucks can have for themselves in the long run which is going to make sure that the company is having a proper competitive advantage. Strengthening the company by having good online channels is also going to make the sales to be higher (Bai, Cordeiro and Sarkis, 2020). Introducing new products and services to the market is critical for the organisation, but it is also necessary for the company to build good market expansion in order to gain a better position in the market.
There is a raise in the pricing of raw coffee beans which is going to make the pricing of the company be higher and that limits the customers in. There are independent coffeehouses which are present in the market and they are going to rate the pricing of the coffee products to be lower which is going to make the working and functioning of the company get impacted (Eikelenboom and de Jong, 2021). Global recession is also getting impacted since 2020 which is going to impact the client base which the organization has been having from a long run. The company has to be promoted and negative publicity is not good for them to have for the long run in the market and this factor has to be well balanced.
Satisfaction of the clients is very crucial in a business to make certain that the organization is having the accurate running. Understanding the customers is going to required making certain that the organization is having the better effectiveness in the market. Customers are the strength of Starbucks for getting in the right economic factor which is very important.
Decisions in Starbucks are made according to the competitors as well to make sure that there is a better working which is going to be there. Products and services of the company have to be unique in nature so that they will be able to provide the customers with the right effective (Matzembacher and Meira, 2019). Audience can shift in this industry very quickly therefore it is important to make sure that there are right actions.
There are a lot of investors which are present in Starbucks currently therefore it has to have better decisions and after making them there has to be good transparency that has to be nearby. There must be good distribution in the firm in order for there to be better understanding and working, which is a critical aspect for the organisation to have for higher productivity (Lin and et.al., 2021).
Analysis using porter’s five forces
To understand the competitive working which is present in the market for Starbucks porter’s five forces analysis is a very good method. In the market have to make sure that they are having the right profit margins to make certain that they are being able to invest in other aspects as well. This would improve the company's productivity and ensure that the necessary tools and processes are in place to keep up with the competition (Moktadir and et.al., 2020). Improvements in business strategy are critical to ensuring that the company's working and profit margins remains steady, which is a critical aspect. The further report is going to consist of the porter five forces of Starbucks.
- Competitive rivalry (Moderate)
Competitive rivalry is high in the market but it is because of the reputation and brand image which the company has been able to gain in the market so that they have a good competitive edge (Rehman and Anwar, 2019). The company has to have a good base for themselves in the market so that there is right working and positioning which will undoubtedly be present. There are a lot of campaigning as well that is present in the company and the trends of the quality of the coffee is also being maintained so that they can build a strong foundation for themselves.
- Bargaining power of suppliers (Moderate)
There are multiple suppliers which Starbucks has understood and they only take quality from the suppliers as well. This gives the organisation an excellent relationship, and with many suppliers wanting to sell their products at high prices, the company has an advantage in ensuring that they can get the best for their clients at normal prices without compromising quality (Yuan and et.al., 2020). Uniqueness must be present in the firm in order for it to have a competitive advantage in the market and to be able to maintain a great working relationship for the long term.
- Bargaining power of customers (High)
Customers are very crucial in the company since they are the one’s getting in the economic factor. Their satisfaction is very important to ensure that there is good operating and functioning, as well as a good focus. Working in a competitive environment necessitates increased focus, but it also necessitates high client retention, which is critical (Siltaloppi, Rajala and Hietala, 2020). Client needs and wants must be fully comprehended in order for good working and functioning to occur. Starbucks needs to ensure that they have the best client base possible in order to achieve larger profit margins.
- Threat of substitute (High)
There are independent coffeehouses which are present globally and despite of them the organization must be able to have a good base for them in the market which is a very important factor to have. Trends have to be followed which is that there are more than products which would have good services is also going to attract the right customers in the market. Influencing the customers is very important to make sure that there are good operations. Any other company, whether it is a local cafe or somewhere else, can readily copy coffee items. Locally, a large number of cafes have opened, posing a significant danger to the company. As a result, they must ensure that the clients' trust in the company remains intact.
- Threat of new entry (Low)
Any business that wants to compete with Starbucks must invest more money, which must be closely controlled. In the event that this occurs again, the company must have the appropriate safety procedures in place. The business is growing at a rapid pace in the market, resulting in an excellent working environment (Pucheta?Martínez and Bel?Oms, 2019). Customers' goodwill must be protected, and the corporation must take additional steps to achieve the desired profit margins and make additional expenditures in the long run. Businesses in the market must ensure that they are acting appropriately in response to market needs and competition.
Business strategy is a process which is used by businesses in the market to make sure that there issues and problems are being solved on time and make the planning of the company be higher in the market. Facing this issue is very important for the manager to be able to make sure that the organization is being able to achieve the targets and goals which are set by them.
The vision of Starbucks is to make sure that they are serving the best of quality of products and services which are present in the market and make the satisfaction of the clients be higher.
Platform of the company has to be utilized well and make sure that the industry is having the right marketing to make the organization is having better reputation in the market.
There is a dignified place which the company wants to have in the market by having the right business environment and making sure that the quality of services and products is well balance with the wages of employees.
Political: - Political changes and the change in the policies made by the government where the business is working it practices to increase profits.
Economic: - Economic condition is vital and this can impact on overall process of companies planning and strategy.
Social: - Social factor are the change in trends which the company need to develop and increase to grow business profits by satisfying the customers more.
Technological: - Technologies are vital for commercial and the use of innovation in business to make the process faster in developing biasness.
Legal: - Following all the legal laws and legislation so that the company works in better resources and can work freely. This controls the conflicts if the business is done with all the necessary legal factor consideration.
Environmental: - Environment factors are the resources which the company are using as they need to make sure that they are not wasting the resources they are having or utilising.
Strength: - Starbucks strength in the market is their brand value and quality services they are offering in market to audience.
Weakness: - The competition in very high in the industry.
Opportunities: - Developing of the expansion of business and working on the necessary changes to increase results in market (Liu and et.al., 2020).
Threat: - Change in the public mindset and preference need to be understood or else it can be a threat to the business.
The company has to divide the customers according to the behaviour factors, psychological factors, etc to make sure that there is going to be a better place which they are going to have. Segmentation of the company is of between the age group of 22 to 60 which is a great number (Dudovskiy, 2017). There is no other segmentation which the company is having on the base of gender, caste, etc to make sure that they are fair to all.
The company is targeting the upper class because of the pricing factor as well as the quality which the company is providing to the people. There has to be a good focus which the company must have to make sure that they are having a good sense of working and make sure that the company is having the right economic factor.
Positioning has to be done in the market effectively so that the company is having the right working and standards (Wahyuni, Fahada and Atmaja, 2019). There is going to be maximum customer base which the company is going to have when there are right actions and improvement which are fixed for the company to have which is a great factor for the organization to have.
It is very important for the company to make sure that the processing of the organization is being well evaluated and improvement in the working as well. Monitoring is good for making sure that there is good team working and have the right decisions as well which can be made in the company so that there is good changes which is going to be present.
According to the report, macro and micro factors have a significant impact on businesses such as Starbucks. To assess the impact of external factors, a PESTEL analysis was performed in the report above. The internal capabilities, skill set, and structure were then presented through the SWOT analysis. Starbucks' competitiveness in the emerging market and approaches to acquire competitive advantage were investigated using Porter's Five Forces Model. Various measuring and formation process were provided to ensure that the plan's efficiency was monitored in order to meet the organization's objectives. The company must ensure that the proper actions are being produced in the organisation efficiently in order to ensure that there are higher benefits available.
Books and Journals
Antamoshkina, O.I. and Zinina, O.V., 2019, May. A methodology for assessing the prospects of modifying business strategy of an enterprise in the external environment. In IOP Conference Series: Materials Science and Engineering (Vol. 537, No. 4, p. 042023). IOP Publishing.
Bai, C.A., Cordeiro, J. and Sarkis, J., 2020. Blockchain technology: Business, strategy, the environment, and sustainability. Bus. Strategy Environ . 29(1). pp.321-322.
Barbosa, L.C.F., de Oliveira, O.J. and Santos, G., 2018. Proposition for the alignment of the integrated management system (quality, environmental and safety) with the business strategy. International Journal for Quality Research . 12(4).
Ciampi, F and et.al., 2020. The big data-business strategy interconnection: a grand challenge for knowledge management. A review and future perspectives. Journal of Knowledge Management .
Eikelenboom, M. and de Jong, G., 2021. The impact of managers and network interactions on the integration of circularity in business strategy. Organization & Environment . p.1086026621994635.
Holotiuk, F. and Beimborn, D., 2017. Critical success factors of digital business strategy.
Lim, E.K., Chalmers, K. and Hanlon, D., 2018. The influence of business strategy on annual report readability. Journal of Accounting and Public Policy . 37(1). pp.65-81.
Lin, Y.E and et.al., 2021. Corporate social responsibility and investment efficiency: Does business strategy matter?. International Review of Financial Analysis . 73. p.101585.
Liu, C.H and et.al., 2020. Co-competition, learning, and business strategy for new service development. The Service Industries Journal . 40(7-8). pp.585-609.
Matzembacher, D.E. and Meira, F.B., 2019. Sustainability as business strategy in community supported agriculture: Social, environmental and economic benefits for producers and consumers. British Food Journal .
Moktadir, M.A and et.al., 2020. Critical success factors for a circular economy: Implications for business strategy and the environment. Business strategy and the environment . 29(8). pp.3611-3635.
Pucheta?Martínez, M.C. and Bel?Oms, I., 2019. What have we learnt about board gender diversity as a business strategy? The appointment of board subcommittees. Business Strategy and the Environment . 28(2). pp.301-315.
Rehman, A.U. and Anwar, M., 2019. Mediating role of enterprise risk management practices between business strategy and SME performance. Small Enterprise Research . 26(2). pp.207-227.
Siltaloppi, J., Rajala, R. and Hietala, H., 2020. Integrating CSR with business strategy: a tension management perspective. Journal of Business Ethics . pp.1-21.
Suoniemi, S and et.al., 2020. Big data and firm performance: The roles of market-directed capabilities and business strategy. Information & Management . 57(7). p.103365.
Wahyuni, L., Fahada, R. and Atmaja, B., 2019. The effect of business strategy, leverage, profitability and sales growth on tax avoidance. Indonesian Management and Accounting Research . 16(2). pp.66-80.
Yuan, Y and et.al., 2020. Business strategy and corporate social responsibility. Journal of Business Ethics . 162(2). pp.359-377.
Yuliansyah, Y., Gurd, B. and Mohamed, N., 2017. The significant of business strategy in improving organizational performance. Humanomics .
Nair, R.K and et.al., 2021. The effect of Starbucks Marketing Campaigns on Consumer Buying Behaviour. Asia Pacific Journal of Management and Education (APJME) . 4(1). pp.72-81.
5 Benefits of SWOT Analysis for Your Business, 2019. [Online]. Available Through: <https://www.startupguys.net/5-benefits-of-swot-analysis-for-your-business/>.
Dudovskiy, J., 2017. Starbucks Segmentation, Targeting and Positioning – Targeting Premium Customers with Quality Products and Service. [Online]. Available Through: < https://research-methodology.net/starbucks-segmentation-targeting-and-positioning-targeting-premium-customers-with-quality-products-and-service/>.
PESTLE Analysis in Digital Marketing, 2019. [Online]. Available Through: < https://www.drivedigital.in/pestle-analysis-in-digital-marketing/>.
Starbucks SWOT Analysis, 2021. [Online]. Available Through: <https://brandongaille.com/starbucks-swot-analysis/>.
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Assignment Sample: Business Strategy of an Organization
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- 1. BUSINESS STRATEGY TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 2. Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1- Strategic Planning Process...............................................................................................3 1.1 Business mission, vision, objectives and core competencies................................................3 1.2 Factors that have to be considered when formulating strategic plans...................................4 1.3 Effectiveness of techniques used when developing strategic business plan..........................5 TASK 2- Formulating a new strategy..............................................................................................6 2.1 SWOT analysis and Value-Chain analysis.............................................................................6 2.2 PESTLE analysis and Porter's Five Forces analysis..............................................................7 2.3 Significance of company's stakeholder analysis when formulating new strategy.................9 2.4 New strategy for the organization..........................................................................................9 TASK 3- Strategy formulation.......................................................................................................10 3.1 Appropriateness of alternative strategies related to market entry, substantive growth, limited growth or retrenchment.................................................................................................10 3.2 Selection of a strategy..........................................................................................................11 TASK 4- Implementing strategy....................................................................................................12 4.1 Roles and responsibilities of personnel who are charged with strategy implementation....12 4.2Estimated resource requirement for implementing new strategy.........................................12 4.3 Contribution of SMART targets to achievement of strategic implementation....................13 CONCLUSION..............................................................................................................................13 REFERENCES..............................................................................................................................14 TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 3. Illustration Index Illustration 1: SPACE Matrix ........................................................................................9 TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 4. INTRODUCTION Strategy refers to a plan that supports the organization in accomplishing their goals and objectives. Business strategy is being termed as long term plan of action for the organization to achieve its desired outputs. Effective business strategy framed by an organization will lead to successful position in their market segment. Morrison is known supermarket chain in the UK market. Major competitors for Morrison are TESCO, Sainsbury and Asda. Morrison have around 515 stores and around 113 local Morrison M stores that are spread across the various countries. THIS IS A SAMPLE ASSIGNMENT BUY ERROR-FREE ASSIGNMENTS FROM EXPERT WRITERS CONTACT US NOW: TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com The report focuses on understanding the process of strategic planning in the organization to gain competitive advantage in the UK market. While, report also formulates the new business strategies for the organization. Report also uses the various approaches to evaluate the strategy effectiveness in the market to attain growth. Lastly, the report also focuses on various techniques to implement the chosen strategy in the organization. TASK 1- Strategic Planning Process 1.1 Business mission, vision, objectives and core competencies Morrison is among world's biggest retail supermarket chains with generating revenue over £54 billion in a year. The chain operates their businesses among various countries mainly in UK, Europe and Asian market (Tiwana, 2000). Company generally focuses on earning customers trust by meeting their needs and requirement. TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 5. Vision: Vision is termed as a long term plan for the organization to sustain in the future market. The Morrison vision is to became a food specialist in the market. They also sever fresh food in their store so, as to serve healthy services for their customers. Company also focuses on integrating services and strengthen their market customers and family. Morrison's vision is to expand their services from national to international markets. Mission: Mission for the Morrison's is to provide best value for the product that customers purchase from their store. Their mission is also to reduce their product cost for their market customers and it also ensure that their price for the product are competitive in the market (Tamer, 2009). Morrison mission is to capture whole market segment by satisfying needs of all the audience. Thus, it will increase their market growth. Objective and goals of Morrison: The primary objective of Morrison's company is to render their effective services in terms of providing healthier food and quality products to their market customers. Morrison's objective is to integrate their supply chain by adopting various multi-channel sources so that products are easily reach to their customers (Teece, 2000). Companies strategic goal is to strengthening their brand image in the market so that they should conveniently expand their activities across the boundaries. Core competencies: As Morrison strength is that they focuses on delivering healthier food for their market customers, this is termed as a strategic advantage of a business. Further, strategic planning is done on the basis of formulated objectives, vision and mission of the company. It is because it sets path for organization thereby management can take appropriate action in the same direction. It facilitates Morrisons to build its competitive edge in the marketplace and deliver good quality of services so as to increase overall rate of return. Similarly, vision assist corporation to develop the long term approach for the management so they can be able to achieve short as well as long term objectives of firm in an effectual manner. In addition to this, mission of Morrisons is to provide best value for the money spend by customers. Owing to this, TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 6. marketing strategy can be selected by taking into account quality perspective and customers specification. These all vision, mission, goals and core competencies of Morrison's company focuses on strategic planning to sustain in the competitive market and maintain an effective position in the market place. Through assessing all these mission, vision and goals for the Morrison will help the strategic management to frame business strategy so that company should achieve its desired outputs. 1.2 Factors that have to be considered when formulating strategic plans Formulating strategic plan will help the company in attaining the strategic goals and objectives to survive in the highly competitive market. There are certain factors that have to be considered while formulating strategic plan for the Morrison's company (Peng, Wang and Jiang, 2008). Availability of resources: Before formulating the strategic plan for the Morrison's it is necessary to identify the total availability of human resource and capital in the company so that strategic plan should work effectively in accomplishing the goals. While, Inappropriate resources in terms of human resource, products and capital will lead to losses for the company and Morrison's would not meet the requirement of their customers. Human resource in the company is responsible for developing and implementing the strategic plan in the Morrison's to accomplish their goals. Customers: As Morrison's company formulates their strategic plan of action to achieve their objectives through satisfying their market customers. Hence, market customers is an important component that has to be considered before formulating the plan, its customers from whom Morrison's frames the plans to satisfy their needs and requirement. Customers requirement should be considered before framing the strategic plan that will lead to successful plan. Top-down planning: Top-down planning is the effective planning system that contribute in the strategic planning of the Morrison. Top-down planning ensure that management constantly be in touch with their middle level staff or employees that assist the TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 7. management in knowing about requirement and the feedback of their guests and customers. Bottom up planning: While, Morrison can also focus on the bottom-up planning for ensure strategic planning of the organization. Bottom-up approach provide the opportunity for the lower employees and staff of the hotel to directly communicate with the management for the betterment of the Morrison. Both planning help the Morrison in strategic planning of their organization so that they should render quality services to their guest. The bottom-up planning is the effective technique to engage the staff or employees of the middle level in the strategic planning process. Hence the strategic planning of the Morrison will result in accomplishing the stated objectives and result in gaining the position in the highly competitive scenario. 1.3 Effectiveness of techniques used when developing strategic business plan Strategic business plan is an important for every organization that will help them in achieving the desired result. There are several techniques that is being used in Morrison's to develop and implement the strategic business plan. These are: The Boston Consulting Group model because this will help the company in allocating their resources effectively to generate their market share. Position of Morrison on the growth share matrix help in providing indication of their total cash generation and the company's total cash consumption. Cash cows: Cash cows emphasis on generating more cash than the amount of cash consumed. Morrison's should spend little investment in the market as because such little investment should be wasted in the retail industry with attaining low growth. Dogs: In this Morrison should generate hardly cash to maintain its market share in the UK market. It is typically known as break-even point as Company have relative low market share and low growth rate that results in neither generating nor consuming any cash (Peng, Wang and Jiang, 2008). Question marks: In question mark area Morrison would generally grow with consuming large amount of cash but as they have low share in the market they would not being in TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 8. condition to generate cash. Here, Morrison need to analyze the market area to determine that they are worth investment in growing their market share. Stars: Stars generate large amount of cash with the relative market share and they also possess high market growth rate with consuming large amount of cash. Morrison here requires huge funding to compete with the rivalries and maintain its growth in the UK market (Fleisher and Bensoussan, 2003). SPACE Matrix: This matrix measures the position of the Morrison organization in the UK market and also suggest the strategy for them on the basis of their financial strength, Environmental stability, competitive advantage and industry strength. The Strategic Position and Action Evaluation matrix that focuses on selecting the effective strategy that will directly result in attaining the competitive position in the market. The different type of strategies are Aggressive, Conservative, Defensive and Competitive. TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE Illustration 1: SPACE Matrix
- 9. SWOT analysis: Through adopting SWOT analysis technique to develop the strategic plan it will help the Morrison's to addresses their strength that will be strengthen to survive in the market. It also focuses on company's weakness, opportunity and threats that will help the Morrison in sustaining in the competitive market (Jermias and Gani, 2004). Through considering their internal strength and external opportunities in the market segment will help the Morrison in formulating the plan as they will act as an input to the development of strategies that will lead to attain growth in their market segment. The effectiveness of SWOT analysis should be measured by implementing the business strategic plan and it will lead to satisfy their customers by rendering quality services to their customers. THIS IS A SAMPLE ASSIGNMENT BUY ERROR-FREE ASSIGNMENTS FROM EXPERT WRITERS CONTACT US NOW: TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com Balanced scorecard: Balance scorecard is systematic technique that is being used by Morrison's to measure and control the strategies that has been framed by the company that support the Morrison in accomplishing their goals and objectives. Effectiveness of balance scorecard technique should be measured by the increasing performance of the company in the market area. Effectiveness of balance scorecard should also being measured by monitoring the company revenue for a year. Scenario Planning: Company uses scenario planning method to make long term plan for attaining growth in the market. Scenario planning also viewed as changing mindset in the prior while formulating strategic plan for the company (Ohmae, 2000). Morrison company uses the TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 10. technique for finding the issues in the business plan and help in developing the new strategic business plan that will help the company in accomplishing its position in the market. TASK 2- Formulating a new strategy 2.1 SWOT analysis and Value-Chain analysis Strategic positioning is a key step in for any organization that help in developing path for the success. It involves making clear decisions that help Morrison's in gaining competitiveness in the market. With the help of SWOT analysis and value-chain analysis Morrison will measure its strategic positioning in the market (Peng, Wang and Jiang, 2008). SWOT analysis: SWOT analysis help Morrison's in measuring their strength and weaknesses in relation to their market competitors and it also analyses market opportunities and threats that the Morrison's will face in the future. Strength and weakness are the internal forces that should be measured continuously to be competitive in the market. While, opportunities and threats are the external factor that directly impact the Morrison to change their policies and structure according to the need. SWOT analysis of Morrison: Strength: Providing fresh food materials for their market customers. Lower prices of their product to satisfy customers. Good brand image in the UK market for their products and services. Wide network of supply chain network. Weaknesses: Inefficient employees service and need improvement in their after sales services. Complicated in house services Less developed information technology in comparison to competitors As compared to the other brands like TESCO and Sainsbury there geographical reach is limited. Opportunities: Expanding activities in the International market. Threats: Changes in government policies and procedure. TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 11. Continuous increase in the demand of organic products Covering rural areas for the different types of products Internet shopping such as internet delivery services for customers Technological up gradation. Increasing cost of human resources Increase in competitors market share. Value-Chain analysis: In Value-Chain analysis model Morrison's identifies the activities that are most valuable and it could be developed or improved so that it act as competitive advantage for company in the market (Ohmae, 2000). These activities are used in the value analysis to reduce the extra costs for the product. Value-chain analysis will help the Morrison in gaining the competitive advantage that enhances their profit and help in generating revenue for the company. Further, it consists of inbound logistics, outbound logistics ans operations management. Along with that, marketing and sales as well as services are also included. Here, inbound activities of Morrisons are in-house services, vendor list and upgraded ordering system. These are the primary activities and for the same support activities are also there in Morrisons. In this regard, management make use of local suppliers who provide raw material on right time. Also, follows the lean production process as the outbound logistic. Similarly, effective marketing strategies are followed along with appropriate advertisement are used in order to attract buyers. For all these primary activities, there are number of support activities such as skilled personnel, good infrastructure along with advanced technology. In addition to this, procurement team is there to select the best suppliers and appropriate delivery system. 2.2 PESTLE analysis and Porter's Five Forces analysis PESTLE analysis is being used to analyze the political, economical, social, technological, legal and environmental factor that will help the Morrison in framing a strategy to accomplish their goals. Political factor: This factor help the Morrison in determining the extent in which government will influence the retail industry (Carbone and Stoddard, 2001). political TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 12. factor that is by imposing new tax policies by which company will change the entire structure and procedure for generating revenue. It will positively impact on the Morrison's and how they do their business. Further, because of changing government policy, the spending limit of buyers has decreased to great extent thereby company have to face the low sales turnover. Economical factor: Economic factor directly impact the company and lead to long term effects on the production and distribution of the product. For example, Increase in the inflation rate will lead to change in Morrison company prices for the particular products. In addition to this, company get its local suppliers which provides raw material that decreases overall cost of production. Likewise, economies of scale is achieved by the firm and customers are offered product at lower cost. Social factor: Social factor also have impact on formulating the business strategy as, social factor include demographics, geographical locations, cultural trends etc (Stonehouse, Campbell and Purdie, 2009). For example, Morrisons make food on the basis of age gourp such as children, old age and young people. Similarly, other products and provide don the basis of age or income group. Further, changing taste and preferences of buyers forces management of firm to bring improvement in the present work enthronement. with these social factors Morrison would understand their market customers requirement that drive them to purchase their product. Technological factor: Innovation in Technology will affect the trading operations of Morrison's in form of production and distribution as it lead to increase in productivity of the firm. Technological up gradation will positively progress the Morrison company's performance in the global market. Through adopting technology in company should research the market gap and formulate the strategies to fill the gap in the market by delivering quality products to their customers (Green and Ryan, 2005). Further, Morrrisons has access to advanced technology such as Pegasus in order to provide quick and good quality of services to customers. Legal factor: Legal factor include employment law, advertising standards, consumer law etc. these legal factors will help the Morrison's to know about illegal and practices in TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 13. order to successfully trade in the market (Tiwana, 2000). The organization ensure compliance of regulatory framework and ensure ethical conduct of business. Environmental factor: These factors are important to be considered while, formulating the business strategy as with the increasing inadequate of resources Morrison needs to frame policies that include optimization of limited resources to meet the demand of more and more market customers. Further, Morrisons formulate strategy for corporate social responsibilities thereby management can be able to create employment and contribute towards making environment clean. It facilitate to increase overall rate of return and deliver good quality of services to large number of buyers. Porter's five force analysis is an important model to determine the competition level within an industry. This force model also help in understanding the business situation where power lies. Morrison's focuses on five forces that help in determining the profitability (Astrachan, 2010). these are: Threat of new entrants: Threats of new entrants in the industry will affect the Morrison's market share and potential customers that purchases their products. Profitable industry will seek to attract new firm to invest their finance to decrease profitability of existing firm in the industry. In addition to this, threat of new entrance is very high because of high bargaining power of buyers. It depicts that, company have to put extra efforts in order to retain customers for longer span of time. Bargaining power of supplier: Bargaining power of Suppliers refers to market of inputs such as raw material, labor, services for Morrison. For example, if there is only one seller in the industry selling the fresh food product then Morrison have to buy from that seller (Miller and Besser, 2000). Thus, in this case suppliers are in dominant position to charge higher prices for the product. The bargaining of power of suppliers is high because of stiff competition in the market. Owing to this, company have to put effort in order to retain suppliers so as to ensure consistent flow of production. Bargaining power of buyers: Bargaining power of buyers should be measured as the market of outputs. Buyer's have significant role in purchasing the products. Morrison TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 14. should formulate strategy taking customers pricing preferences. Hence, customers have power to put Morrison company under pressure that result in changes in prices (Meyer, 2003). Further, the bargaining power of customers is low because of good quality of services are provided by the firm. It assist company to increase the sales turnover and increase overall rate of return. THIS IS A SAMPLE ASSIGNMENT BUY ERROR-FREE ASSIGNMENTS FROM EXPERT WRITERS CONTACT US NOW: TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com Threats of substitute products: Substitute product also threat the existing market players in the retail industry. If Morrison increases their product prices then customers would easily switch over to the another product with their range or budget. Similarly, threat of substitute products is very high as there is high competition in the market. It depicts that organization have to offer product with unique features and affordable prices that aid to increase their attention towards the product and services. Rivalries among existing players: Competitors plays an important role in the retail industry. Morrison's have competition with their rivalries like TESCO, Sainsbury, Asda etc. these all companies have their own competitive advantage through innovation that help them to sustain in the UK market (Nickols, 2012). The TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 15. 2.3 Significance of company's stakeholder analysis when formulating new strategy For formulating new strategy for Morrison's company, it is important to carry out the stakeholders analysis. As, company possess stakeholders in form of employees, directors, shareholders, governing bodies etc (Casadesus-Masanell and Enric-Ricart, 2009). all these have direct impact on formulating the business strategy to accomplish their goals and objectives. Various stakeholders of Morrison's are: Employees: Employees are termed as an important stakeholders for the company as they contribute their potential in accomplishing goals that is serve quality products to their market customers. Through encouraging employee engagement in the Morrison, different suggestion and opinion of the employees will help in developing and formulating the best strategy for the company and it will also encourage their inputs that can improve the quality of their services (Christmann, Day and Yip, 2000). Shareholders: Shareholders are also termed as an investor of the company, shareholder invest their capital for operating the activities in the market so that they should attract their customers. The importance of shareholder in formulating the strategy is that they will help Morrison in gaining resources (i.e. raw material, products or labor) and also lead to formulating a successful plan. Customers- It is the most important party which is indirectly connected with the organization and contribute towards increasing the sales turnover of firm. While developing the strategy, management of Morrisons takes into account the preferences of buyers that aid to increase their attention and address their needs in an effectual manner. Government- Under this, Morrison have to take into account all the factors that are demanded by the government such as tax, employment law and other related factors of corporate social responsibilities. These all facilitate to ensure ethical conduct of business in the marketplace. TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 16. Creditors- This party play vital role for expanding business by providing financial assistance. While developing strategy, management need to take into account the interest of creditors so as to ensure certainty about future business activities. Therefore, stakeholders analysis prove to be effective for developing the strategy. It serve as the guideline for management of firm and ensure successful expansion of firm. 2.4 New strategy for the organization Morrison should formulate their new business strategies to increase their market share and growth in the existing UK market (Kolk and Van Tulder, 2006). The management of Morrison can make use of Ansoff Matrix in order to adopt new strategy. It consists of several types of profitable combination for the firm that aid to increase the sales turnover and reduce the cost of production. Company can make use of market penetration wherein improvement will be brought in the exiting market with exiting product. It facilitate to reduce cost of production and retain customers. It aid to increase the attention of customers and address their need in an effectual manner. Further, product development is also the effective strategy thereby Morrisons can launch new product in existing market. It can be made possible by the help of assessing need of customers effectively. It contribute towards deliver good quality of services to large number of buyers. On the other hand, Morrisons can enter into new market with existing product. It assist management to increase number of customers for existing product. It can be made possible by presenting the product in unique way. In addition to this, new product can be launched in the new market that aid to create brand image of Morrisons. With this, competitive edge will be gained by organization. Also, company will be able to expand itself over the globe and increase the market share. Therefore, four types of strategies are available for corporation by which organization prove itself in the marketplace. TASK 3- Strategy formulation 3.1 Appropriateness of alternative strategies related to market entry, substantive growth, limited growth or retrenchment The company uses several strategies that is being related to market entry, substantive growth, limited growth or retrenchment in the Morrison's company. TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 17. Market entry strategies: Market entry strategy refers to structural method that has been used by Morrison for delivering goods and services to their new target audiences (Verbeke, 2013). There are several strategies through which Morrison achieve the increase in the sales, brand awareness and growth in market share by entering their activities in the new market. Morrison should use direct market entry strategy because through this company will be in direct contact with their regular customers and this strategy not include any intermediaries while delivering goods to their customers. Limited growth: Certain growth strategies that Morrison include such as market penetration, market expansion, product expansion and diversification. With the market penetration strategy Morrison will lowers their product prices to increase the share of company in the market (Holbeche, 2013). Morrison should also uses product expansion strategy to add some innovative features in the existing product to increase their sales and generate revenue. Substantive growth: Growth in revenue is an important objective for all the company. Growth for the Morrison lead to higher profits and powerful place in the market. Targeting new customers and markets or creating a new product for serving their market customers with an innovative product will lead to possible growth strategies. Retrenchment strategies: Retrenchment strategy is being used by Morrison's to reduce their size operation by cutting expenses so the company would become more profitable. Morrison can use turnaround strategies that is termed as retreating the wrong decisions that were taken earlier in the company (Dinsmore and Cooke-Davies, 2005). While, Morrison should also adopt divestment strategies that involve liquidation of any department or an unit of the company. So that unwanted employee should get terminated. 3.2 Selection of a strategy Morrison company select the appropriate strategies those are related with market entry, substantive growth, limited growth or retrenchment for the company. With the arising situation of expanding their activities in the online market Morrison uses the following strategy: TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 18. Market entry: with the situation of expanding business online Morrison's uses the direct marketing strategy to enter in the international market (Tamer, 2009). This strategy is appropriate for the situation because through direct marketing company would be in touch with their market customers. Limited growth: For their growth in the market, Morrison should implement market penetration strategies through which company will lowers its product prices to capture the international market. By lowering the prices Morrison will increase their sales hence, it will generate their company's revenue (Goldman and Gabriel, 2005). Substantive growth: Morrison should adopt targeting new market customer strategies for increasing their growth in revenue. Online platform will give opportunities to the Morrison to satisfy their new customers by offering them quality services and convenient option to deliver their product directly to their customers through supply chain management. TASK 4- Implementing strategy 4.1 Roles and responsibilities of personnel who are charged with strategy implementation While, implementing the strategies in Morrison's roles and responsibilities of a personnel includes: Resource allocation: For implementing the strategies in the Morrison's personnel have responsibility to measure the proper resource allocation in the strategies. Whether financial resource, human resource or any material. Personnel should manage effective resources to align with the company's objectives (Vorhies and Morgan, 2003). Communication: For the successful implementation of strategy the personnel who is the incharged should ensure effective communication in the organization. The personnel through communication ensure that objectives are clearly defined to the staff and employees of Morrison. With the communication personnel should also ensure that information regarding the project or strategy should be properly shared with the teams and individual member working in the Morrison. TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 19. Team work: Personnel (who are in-charge of implementing the strategy of Morrison) are also accountable for planning and managing the work of other individual, and also for coordinating the available resources and phase of the task so that Morrison can achieve the objectives that is ultimately strategy. THIS IS A SAMPLE ASSIGNMENT BUY ERROR-FREE ASSIGNMENTS FROM EXPERT WRITERS CONTACT US NOW: TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com Monitoring the strategy: Personnel should also have responsibility for monitoring the implementation of strategy in the organization. As with wrong implementation of strategy it will lead to the expenses for the company. 4.2Estimated resource requirement for implementing new strategy The estimated resource requirement for implementing a new strategy in the Morrison include: Financial resources: Financial resources is the foremost requirement for implementing the strategy in the Morrison. With the help of proper allocation of financial resources to every department will lead to smooth functioning of the department (Richardson, 2008). Morrison will mainly focuses on allocating funds to the marketing department so that they should formulate effective strategies to promote their product in the large customers. It will also help the company to align with the strategic goals (Porter, 2001). Human resource: Human resource or manpower requirement is the another resource that is being required for implementing the new strategy in the Morrison. With manpower TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 20. planning company would estimate the total manpower inventory required in the future to implement strategy in the company. With inadequate manpower planning it will lead to the loss because Morrison have no skilled manpower for implementing the strategy. Physical resources- These resources consists of raw material,assets and other related factors that contribute towards creating brand image of the firm by providing good quality of services to customers. While implement the new strategy, management have to arrange the necessary resources that aid to ensure consistent flow of production. It facilitate to cater need of different types of buyers. In addition to this, time line is also the imperative factors that need to be decided in advance. It is because company have to provide training for its personnel in accordance with new strategy. It aid to increase overall rate of return and deliver good quality of services to large number of buyers. 4.3 Contribution of SMART targets to achievement of strategic implementation SMART targets are the suitable for Morrison company for achieving the desired outcomes. Morrison should focuses on implementing SMART objectives through which they should attain successful position in the global market. Specific: Specific goals should be clear for the Morrison Company that is company would capture 30% of their market share in the next 3 years through expanding their activities through adopting e-business (Teece, 2000). Measurable: Measurable goals for the Morrison's should be in numerical terms that is company is financial sound in expanding their activities online. Achievable: Achievable goals contributes that Morrison's should possess that much employees that can contribute in achieving the objective. e.g. company should have caliber and skilled human resource and technology that will help the company in adopting e-business strategy (Cagliano, Caniato and Spina, 2005). Reliable: Reliable goals should focus on assigning goals to the employee that will be accountable for achieving the goals. Morrison should dependent on Marketing department activities because the marketing department will frame their policies and procedure regarding e-business. TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 21. Time frame: SMART goals must include the time period so that in which Morrison should accomplish these goals. Company has decided the time period of 2 year for expanding their business online (Auzair and Langfield-Smith, 2005). The smart objectives serve as the basis of motivation for management as well as employees. Because as per the objectives, standards are set at the individual level of team wise. It assist management to communicate the main objectives of implementing the strategy so that employees can put their efforts in the same direction. Further, SMART objectives is the way to allocate resources for each business activities in order to get the desired output. It can be critically evaluated that, without making use of SMART Objectives, it is not possible to implement the strategy. Because company cannot not move forward without specific objectives. Theretofore, SMART objectives is the effective way to reduce the cost of production and increase overall rate of return. Furthermore, it create certainty and provide the path for successful implement of proposed strategy. It enables employees to work in the direction of growth and success of Morrsions. TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 22. CONCLUSION The report have measure that how company's vision, mission and strategic goals and objectives modify strategic planning of the Morrison. It also analyses the strategic positioning of the company by carrying out SWOT analysis and Value-chain analysis. Lastly, Report also measures the roles and responsibility of a personnel that is incharged while implementing the strategy. THIS IS A SAMPLE ASSIGNMENT BUY ERROR-FREE ASSIGNMENTS FROM EXPERT WRITERS CONTACT US NOW: TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
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- 24. Richardson, J., 2008. The business model: an integrative framework for strategy execution. Strategic Change. 17(5‐6). pp. 133-144. Astrachan, J. H., 2010. Strategy in family business: Toward a multidimensional research agenda. Journal of Family Business Strategy. 1(1). pp. 6-14. Auzair, S. M. and Langfield-Smith, K., 2005. The effect of service process type, business strategy and life cycle stage on bureaucratic MCS in service organizations. Management Accounting Research. 16(4). pp. 399-421. Kolk, A. and Van Tulder, R., 2006. Poverty alleviation as business strategy? Evaluating commitments of frontrunner multinational corporations. World Development. 34(5). pp. 789-801. Green, A. and Ryan, J. J., 2005. A framework of intangible valuation areas (FIVA) Aligning business strategy and intangible assets. Journal of Intellectual Capital. 6(1). pp. 43-52. Miller, N. J. and Besser, T. L., 2000. The Importance of Community Values in Small Business Strategy Formation: Evidence from Rural Iowa [*]. Journal of Small Business Management. 38(1). pp. 68. Christmann, P., Day, D. and Yip, G. S., 2000. The relative influence of country conditions, industry structure, and business strategy on multinational corporation subsidiary performance. Journal of International Management. 5(4). pp. 241-265. Jermias, J. and Gani, L., 2004. Integrating business strategy, organizational configurations and management accounting systems with business unit effectiveness: a fitness landscape approach. Management accounting research. 15(2). pp. 179-200. Cagliano, R., Caniato, F. and Spina, G., 2005. E-business strategy: how companies are shaping their supply chain through the internet. International Journal of Operations & Production Management. 25(12). pp. 1309-1327. Online Teece, J. D., 2000. Business Models, Business Strategy and Innovation. [Pdf]. Available through: <http://www.businessmodelcommunity.com/fs/Root/8jig8- businessmodelsbusinessstrategy.pdf>. [Accessed on 17th February 2015]. Casadesus-Masanell, R. and Enric-Ricart, J., 2009. From Strategy to Business Models and to Tactics. [Pdf]. Available through: <http://www.hbs.edu/faculty/Publication %20Files/10-036.pdf>. [Accessed on 19th February 2015]. TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
- 25. Nickols, F., 2012. Strategy. [Pdf]. Available through: <http://www.nickols.us/strategy_definitions.pdf>. [Accessed on 20th February 2015]. Meyer, E. K., 2003. Corporate Strategies under Pressures of Globalization: Globalfocusing. [Pdf]. Available through: <http://www.bath.ac.uk/management/research/pdf/2009- 03.pdf>. [Accessed on 20th February 2015]. Porter, E. M., 2001. Strategy and the Internet. [Pdf]. Available through: <http://collabor.idv- edu.uni-linz.ac.at/static/0855380/files/strategy%20and%20the%20internet.pdf>. [Accessed on 20th February 2015]. TOLL-FREE NO: +44 2038681671 EMAIL: [email protected] WHATSAPP NO: +44 7999903324 WEBSITE: www.instantassignmenthelp.com ASSIGNMENT WRITING SERVICE
Business Strategy Working Plan Sample Assignment
In the modern era, developing effective and result oriented business strategy is vital for the success and growth of companies. Business strategy is defined as the action or working plan which is developed by an organization to accomplish its aim, objectives, vision and mission. Furthermore, the business strategy also plays a critical role in carrying out the optimization of a company’s financial performance and resources in the best possible manner (Hill, 2017).
The present study is based on Boots which is UK based health, beauty and pharmaceutical retailer and at present, the selected organization is operating with more than 2500 shops located in different areas of the country. Boots was founded by John Boot in 1849, and the purpose of the organization is to help its customers to look and feel better in every possible manner. This report outlines the impact of different macroenvironmental factors on the performance and operations of an organization. In addition to this, analysis of Boot’s internal environment and capabilities is also mentioned in the present study.
LO1 Analyze the impact and influence which the macro environment has on an organization
P1 apply appropriate frameworks to analyse the macro environment for a given organization.
The vision, mission and objectives of Boots are mentioned below as:
The vision of Boots is to become the first choice of customers in context of beauty, pharmacy and well-being. Furthermore, the purpose of selected organization is to care for people and communities located in different areas of the world (Boots, 2018).
To heap and support people in the world to live happier and healthier lives
In simpler terms, the internal environment is defined as the environment which consists of different elements which are within a business environment. For example, organizational culture, management and employees are considered as the elements which form internal environment within a company.
The microenvironment is defined as the environment which consists of different small forces which affect the overall effectiveness and ability of a company to serve its customers (Hill et al. 2014). Customers, suppliers, employees, competition and shareholders are some examples of factors included in the microenvironment.
The macro environment is defined as the environment which consists of big forces which are beyond the control of a business and which affect the ability of a company to serve its customers and accomplish its objectives.
The impact and influence of different macro environment forces on Boots is mentioned below as:
Political- At present, the political environment of UK is stable, and this has provided Boots with an opportunity to carry out the smooth flow of all operations and activities. Strong support from political parties and government to pharma, health and beauty companies has also supported the growth of the selected organization (Hitt and Duane Ireland, 2017).
Economic- The economy of UK has grown at a satisfactory rate and this has helped Boots in attracting the desired number of customers. However, it can be argued that the rising prices of fuel in the country have resulted in making an adverse impact on the supply chain of Boots.
Social- At present, the social factors in the country are in favour of Boots as people are now getting more and more aware and conscious about their looks, health and well being. The social factors are supportive because they have resulted in increasing the demand and consumption of products offered by Boots.
Technological- The advanced and upgraded technology in the country is also helping Boots to carry out the smooth flow of all operations and activities (Doz, 2017). Internet technology is supporting the selected organization in generating more than one-third of its overall revenue.
Legal- At present very strict the laws and regulations developed by UK government and businesses such as Boots are required to follow the same in best and every possible manner. Negligence of laws and regulations can impose several fines and penalties on the company.
Environmental - Issues such as global warming and climate change has forced companies such as Boots in employing green and sustainable practices to reduce the impact of their operations and activities on society, environment, and economy.
M1: Critically analyze the macro environment to determine and inform strategic management decisions
It has been identified that at present political stability is supporting Boots in carrying out the smooth flow of all operations and activities. However, Barney, (2017) has critically argued that political decision such as UK government encouraging supermarkets in the country to open pharmaceutical stores are affecting the operations and profits of Boots in a negative sense. The impact of such policies is that it will improve the healthcare within the UK and at the same time, they will result in increasing competition in the industry.
As per the views of Ginter et al. (2018) satisfactory economic growth has supported the company in attaining desired growth. On the other side of this, it can be critically argued that factors such global recession have resulted in making an adverse impact on prices of products and consumer spending. Meyer et al. (2017) have critically argued that technology is affecting the brand in a negative sense by increasing the overall cost of operations as Boots is required to employ new and advanced technology at regular intervals. Factor such as environment is also adversely affecting the brand by encouraging Boots to carry out major changes in its products and operations to become more sustainable.
D1: Critique and interpret information and data, applying environmental and competitive analysis to produce a set of valid strategic directions objectives and tactical actions
From the data and information collected, it has been identified that at present, the environmental factors are affecting the operations and activities of Boots in negative sense. Furthermore, increasing competition in the pharma, health and beauty industry has emerged as the biggest challenge for the organization. The strategic objectives developed for Boots are mentioned below as;
- To increase its market share by 20% by the end of 2019
- To attain 15% annual growth
- To expand operations in two new markets by the end 2020
- To become leader in market of pharma, health and beauty within next 3 years
- To carry out innovations in technology and employ innovative technological tools to serve the customers
- To carry out continuous improvements in the quality of products and services delivered to the customers
It can be expressed that the company innovations and continuous improvement in the quality are the two tactical actions which will be used by Boots to deal with issues and accomplish its objectives.
LO2 Assess an organization’s internal environment and capabilities
P2 using appropriate frameworks analyse the internal environment and capabilities of a given organization.
The SWOT analysis of Boots is carried out below as:
Table 1: SWOT analysis
It has been identified that historical reputation of product quality and excellent customer relationship are the biggest strengths of the selected business enterprise. Furthermore, strong distribution network is also a big strength which is supporting Boots in creating high degree of satisfaction among its customers (Ethiraj et al. 2018). On the other hand, high dependency on UK market and lack of presence in international market are the major weaknesses of the selected business enterprise.
VRIO analysis is also an important model or framework which is used by companies with an objective to carry out analysis and evaluate their resources and capabilities. The VRIO analysis of Boots is carried out below as;
Value: It can be expressed that at present, Boots is capable enough to exploit opportunities present in the marketplace. Its resources and capabilities can play a critical role in neutralizing different external threats (Bettis et al. 2015).
Rarity: The Company is taking complete control over its resources and capabilities
Imitability: At present, Boots is operating with more than 70000 employees and the skills, experienced and talented are not imitable.
Organization: The firm is well organized and at the same time, it is capable enough to exploit its resources and capabilities
M2 Critically analyse the internal environment to asses strengths and weaknesses of an organization’s internal capabilities structure and skill set
From the analysis of the internal environment, it has been analyzed that Boots strength lies within its relationship with customers and the high quality of its products and services. The advantage of these strengths is that they are supporting Boots in attracting new customers and retaining the old ones in the best possible manner. On the other side of this, Ethiraj et al. (2017) have critically argued that to maintain its strength, the business is required to invest a considerable amount of human, financial and technological resources and this is the major drawback associated with its strengths.
It has also been analyzed that high dependency on the UK market has emerged as the biggest weakness of Boots (Lasserre, 2017). The advantage of this weakness is that it has provided the brand with an opportunity to become specialized in one particular market and enhance the effectiveness of its operations within the market. However, Bettis et al. (2016) have critically argued that the drawback associated with this weakness is that it has resulted in creating issues for the company in terms of increasing its volume of sales and profitability because of limited growth opportunities in the UK market.
LO3 Evaluate and apply the outcomes of analysis using Porter’s five forces model to a given market sector
P3 apply porter’s five forces model and to evaluate the competitive forces of a given market sector for an organization.
The application of Porter Five forces model and evaluation of competitive forces is carried out below as
Bargaining power of suppliers
Suppliers are considered as a vital component in the industry because they provide businesses such as Boots with an opportunity to carry out the smooth flow of all operations and activities in the long-run (Michael et al. 2017). The supplier power in the industry is low because they are wide ranges of suppliers operating in the industry and the cost of switching from one supplier to another is very low.
Bargaining power of buyers
The bargaining power of buyers in the industry is also very low as customers of Boots are getting more and more loyal towards the brand along with the passage of time. It can be expressed that boots has introduced nectar card which has resulted in increasing customer loyalty and decreasing the power of buyers (Renz, 2016).
The threat of new entry
Considering the case of pharma and healthcare industry, it has been evaluated that the threat of new entry is very high. In the past few years, many new businesses have entered the industry and this has resulted in affecting the sales, revenue and growth of Boots.
Rivalry among existing businesses
From the application of Porter Five Forces model, it has been identified that there is a high threat of competition in the pharma and healthcare industry and this threat is affecting the success and growth of brand such as Boots (Morschett et al. 2015). Competitors of Boots such as Lloyds Pharmacy and Superdrug are expanding their operations at a very good pace and this has further resulted in making the industry more competitive.
The threat of substitute products
At present, Boots is offering quality products and services to its customers at affordable prices and this has resulted in reducing the threat of substitute products and services. Customers are less interested in buying low cost and substitute products of Boots.
M3: Devise appropriate strategies to improve competitive edge and market position based on the outcomes
To improve the competitive edge and market position, it can be stated that innovation and differentiation is the best strategy which can be employed by Boots. After carry out the porter five forces analysis, it has been identified that increasing new entrants and competition are the biggest threats for Boots and to deal with these threats, the selected organization can now emphasize on carrying out differentiation in its products and services (Bettis et al. 2014).
The company can focus on developing and offering innovative products and services which no other players in the market offering. Product and service differentiation strategy is effective for Boots because it will provide the company with an opportunity to gain competitive advantage over other players operating in the market. Furthermore, the strategy will also play a critical role in supporting Boots in attracting new customers and retaining the existing customers. Apart from this, cost leadership is also a key strategy which can be employed by the selected business enterprise to gain competitive advantage over other players operating in the market (Bryce, 2017). Here, the brand can emphasize on offering products and services at lowest possible prices in the industry by reducing its overall cost of operations.
LO4 Apply models, theories and concepts to assist with the understanding and interpretation of strategic directions available to an organization
P4 apply a range of theories, concepts and models, interpret and devise strategic planning for a given organization.
It can be expressed that Porter Genetic strategies and Bowman extended model of strategy are the two important models which can be used by the brand to understand its strategic positioning in the market (Trigeorgis and Reuer, 2017). The application of models is carried out below as:
Porter Generic strategies
Table 2: Porter Generic Strategies
The model of generic porter strategy highlights the fact that there are four different strategies which can be taken into consideration by a business enterprise to deal with different issues and gain competitive advantage (Frynas and Mellahi, 2015). According to the cost leadership strategy, Boots can gain a competitive edge over other players by increasing profits through cost reduction technique. In addition to this, cost leadership can also be attained by the brand by charging lower prices and increasing its market share.
As per this strategy, the brand will be required to make sure that all resources and efforts are directed towards minimizing the cost. On the other side of this, differentiation is a strategy in which Boots will be required to focus on developing and offering different products and services.
The brand can accomplish this objective by carrying out innovations and improving product quality (Engert et al. 2016). According to the strategy of cost focus, the brand will be required to concentrate on one particular and niche market and in offering products and services at low prices. According to the differentiation focus strategy, the brand will be required to focus on carrying out differentiation by focusing on offering innovative and differentiate products in a niche market.
Bowman extended model of strategy
According to the bowman extent model of strategy, Boots is available with eight different strategies which can be taken into consideration by the brand to gain a competitive edge over other companies and players operating in the market (Stead and Stead, 2014). The strategies and their application are mentioned below as:
Low price and low value added
According to this strategy, Boots will be required to offer products and services which delivers low value at low prices.
Here, the selected business organization will be required to attain cost minimization so that it can offer products and services at low prices.
According to this strategy, Boots will be required to emphasize integrating some aspects of low price and some aspects of differentiation.
In this strategy, Boots will be required to emphasize on offering products and services which are innovative and are of the highest perceived value
In this strategy, the brand will need to position its products at the price level which are highest in the industry to attract customers (Durand et al. 2017).
Risky high margins
According to this strategy, the selected business will be required to offer products and services at high prices without offering any additional value to its customers
This strategy is useful when only one business is operating in the market, and there is no competition in the marketplace. Here, Boots can charge any price from its customers against the products and services.
Loss of market share
In this strategy, Boots will be required to offer products and services of higher value in comparison with the competition.
M4: Produce strategic management plan that has tangible and tactical strategic priorities and objectives
The present plan will emphasize on providing competitive advantage Boots over other players in the market. It has been identified that increasing competition is the major threat which is affecting the growth, success and operations of the business enterprise. Furthermore, the plan has been developed on the basis of Boots strength and capabilities. The selected plan is directed toward providing a competitive advantage to Boots through differentiation and new market entry. It can also be expressed that SAF model has been employed to evaluate the strategic plan.
The selected business enterprise is Boots which is a Pharmaceutical and Beauty company founded in 1849. Furthermore, the brand is operating in lifestyle and retail sector of UK, and its slogan is “Feel Good”. It can be expressed that people who are conscious towards their health and who belong to upper and income level of society are mainly targeted by the brand. The management structure which has been adopted by Boots is a functional structure. Suppliers of pharma-related products are the key partners of the selected business.
At present, Boots is operating with functional organizational structure, and here the entire organization has been classified or divided into small groups which are based on their functional specialization (Morschett et al. 2015). The advantage of this structure is that it has helped in achieving specialization and in enhancing its operational efficiencies..
Figure 1: Organizational structure
The vision of Boots is to become the first choice of customers in context of beauty, pharmacy and well-being. Furthermore, the purpose of selected organization is to care for people and communities located in different areas of the world.
It has been evaluated that encouraging trust, care, innovations, partnership and dedication are the core values of Boots (Trigeorgis and Reuer, 2017).
The market analysis of Boots using Ansoff Matrix is carried out below as:
Table 3: Ansoff Matrix
According to the Ansoff Matrix model, there are four key strategies which can be used by companies to attain the desired growth and outcomes in the marketplace. Considering the case of Boots, it has been analyzed that market penetration is the strategy which has been employed by the brand because at present, it is focusing on penetrating the UK market more effectively. However, it can be critically argued that in future, market development is the strategy which can be employed by the brand and according to this strategy; Boots will be required to focus on developing and entering new markets of the world (Frynas and Mellahi, 2015).
It has been identified that at present, the competition in the industry in which Boots is operating is very intense and therefore, the brand will be employing differentiation strategy to deal with this issue of increasing competition. Boots will offer different and innovative products and services to its customers to carry out differentiation in the marketplace.
Table 4: Generic Strategic
Table 5: SWOT analysis
Figure 2: Porter Generic strategy
From the portfolio analysis, it has been identified that at present, Boots is in the cash cow quadrant of the matrix. Here, the earnings of the business is high and stable, and it has a high market share with low growth rate (Doz, 2017). It is suggested that in future the brand should focus on entering the star quadrant which will support in attaining high market share and high growth rate.
- To develop three new products in every six months to create differentiation
- To enter two new international markets within the next two years
- To improve and increase the product portfolio annually
- To increase sales by 25% within the next one year
Boots will be required to make sure that adequate resources are available to implement the business strategy and accomplish its desired objectives. The human, financial and technological resources will be required in international expansion, hiring staff for new markets and to promote the different product and service introduced by the organization.
Evaluating and monitoring plan
The evaluation of the strategic plan will be carried out using SAF model the evaluation is mentioned below as:
Suitability – Boots is looking forward to improving the lives of people around the world and it has been evaluated that the current strategic plan is suitable because it will assist the organization in achieving its mission and objectives. High quality and strong brand image are the strengths of Boots and the plan has been developed on the basis of the company’s core strengths (Ginter et al. 2018).
Appropriate – The appropriateness of the strategic plan has been evaluated through a method such as cost-benefit analysis and it has been identified that the selected plan is very appropriate for Boots. The brand will be required to bear a considerable cost in implementing the plan but the long-term benefits linked with the plan are very high.
Feasible- The plan is feasible because it has been developed on the basis of Boots resources, capabilities and strengths.
From the above study, it can be concluded that strategic plans are important because they provide companies with an opportunity to accomplish their goals and objectives in the long-run. Furthermore, increasing competition and new entrants are the major threats which are affecting the success and growth of Boots.
It is suggested that Boots should focus on carrying out differentiation in the market by introducing new and innovative products.
It is also recommended that adequate and effective research should be carried out by the brand before entering a new market as research will help in understanding the business environment of the new country and carry out more effective operations.
The study was very helpful as it has helped me in getting insight into the need and significance of business strategy. I have learned about the way in which a strategic plan can be developed for an organization. In addition to this, I have also learned about different models of strategic management and the way these models can be practically applied.
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