Strategic management is a very crucial component for business organizations primarily, becauseof reason that it is a process through which enterprises can sustain and succeed in the market by way of accomplishing their goals and objectives. It lays down the basis on which organization can attainsuccess and prolong its very existence in the market (agliardi, !"#$%. &resent research assignmentconsists of an evaluation of strategic management in terms of its importance for 'ext &lc, a leadingfirm in ) retailing industry.
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*urther, the report consists of a thorough external environment analysis of the retailing industry.+erein, preference has been given in assessing the internal and external environmental analysis whileusing &S- (&olitical, conomic, Social, -echnological, egal, and nvironmental% analysis&orter/s five forces for the organization. 0long with this, an evaluation also has been made to assesscompetitive advantage of companies other than 'ext &lc, i.e. its competitors. *urthermore, internalanalysis of the enterprise also has been made in the present report. 0t last, relationship between currentstrategy of firm and its history, along with assessment of company/s strategic capabilities is discussed inthe report.
0bout company 'ext &1 is the leading retailer of ) that was founded in #23!. -he business entity largelydeals in clothing section or variety of cloths for men ad women, footwear and home product. Inaddition, the corporate entity also deals in range of shoes and some accessories (4eyarathnam, !""3%.
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Strategy is the art of formulating, implementing and evaluating the cross-functional decisions of business to achieve its organizational goals and long-term sustenance. Strategy closely knits the mission, vision and goals of an organization with plans and policies to achieve its objectives. Strategy can also be defined as the course of actions taken and necessary resources implemented to accomplish the predefined goals of an enterprise.
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Two major processes of strategy
Strategy specifically involves two major processes: formulation and implementation. These two major initiatives undertaken by the top managerial level in an organization is regarded as strategic management. Strategyassignment helpexperts focus on these.
Formulation refers to the analysis of the market condition and plotting adequate strategic actions respectively to gain competitive advantage against the rivals. Strategies are formulated based on the following factors and mainly highlighted in strategy assignment help material:
- The nature of organizational business
- The target market for a significant product or service
- The purchase characteristics of target customers
- The geographical scope of the business
- The differentiation capability of business
- The opportunities and possible threats of the business
It refers to the alignment of resources towards the organizational goals. Implementation depends on a number of factors that include structuring of resources, leadership arrangement, effective communication, management, performance monitoring etc. Strategy assignment help experts suggest that implementation is a useful process to evaluate the progress towards achievement of organizational goals.
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Strategy at different levels of business
Business strategies exist at various organizational levels. The various types of business strategies highlighted in our strategy assignment help material are:
It considers the overall scope of business and purpose of operations in order to meet the expectations of internal and external stakeholders. This stage of business is highly influenced by the investors, hence considered crucial stage of strategy. Moreover, corporate strategy guidelines the complex decision making processes throughout the business. The mission statement of an organization is closely linked with the corporate strategy of business.
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It refers to the strategic direction offered to the functioning or operational units of an organization. Operational strategy essentially emphasize on the flaws of people, production processes, resources used, quality control, inventory control etc.
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Business unit strategy
It determines the strategies adopted to deal with individual target market in the industry. This unit of strategy encompasses strategic decisions on products, exposure to new opportunities, meeting customer expectations, to gain competitive advantage over rivals etc.
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It refers to the strategies developed by teams or groups of employees working together to accomplish the business objectives. Each department or team in an organization has distinct set of strategies to carry out the operations allocated to them.
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Three models of strategy
Linear strategy model
Linear strategy refers to the planning, integrated decision making processes and actions taken to accomplish the feasible objectives of organizations. In these strategic actions, organizations modify their range of products and services with the changing needs of consumers. Strategic planning, formulation of strategies and strategy implementation are the three chief factors associated with the Linear model highlighted in our strategy assignment help material.
It refers to the development of strategies respective to the changing or latest interest of corporate culture. Strategies in interpretive model are developed to frame references so that the stakeholders can understand business scenario and industrial environment. Based on this strategy, the stakeholders are expected to produce constructive results for the organization. To be precise, interpretive strategy emphasizes more on the promotional activities to influence the buying decisions of customers rather implementing attractive features on the products. Strategy assignment help simplifies interpretive strategy.
This mode of strategy refers to the alignment of resources and capabilities with the industrial risks and opportunities by continuous assessment of external and internal business conditions. Strategy assignment help give prominence to these.
Environment analysis and making relevant changes to it is continuous and simultaneous operations in an adaptive strategy. Moreover, Strategy assignment help include adaptive strategy that is considered to be the overlapping cycles with the three chief phases in business i.e. the phase of engineering, entrepreneurial phase and stakeholders phase. A constant need of adaption minimizes the scope of strategy planning.
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Five types of strategies development by Mintzberg
Renowned academic and author Henry Mintzberg successfully described the various viewpoints on strategy by analyzing the strategic processes. According to him, strategy is an impulsive domain depending on the situation or operations taking place.
Strategy is classified into five different types by Henry Mintzberg which is discussed in brief below. Our strategy assignment help primarily include the following.
1. Strategy as a plan
It is a planning concept in which a course of action is directed to accomplish pre-determined series of organizational objectives.
2. Strategy as a situation
It is a strategy determined by the external factors. On the basis of consumer and stakeholder’s approach, various brands, products and target market is located.
3. Strategy as a pattern
The strategy that is not preplanned, rather develop over time with experience. The pattern of strategy intended is different from the intended pattern and hence regarded as emergent strategy.
4. Strategy as a trick
This is a type of strategy developed to defeat the competitors
5. Strategy as a perspective
Strategy built in accordance to the theory and ideological perspective of business.
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Overview of strategic planning
Strategic planning refers to the various processes undertaken by a business to accomplish the strategy. The processes include defining the strategy plan, directing programs and policies, making decisions and allocation of resources to execute the predefined strategy. Strategic planning encompasses the entire process of implementing input, synthesis and obtaining of output. A strategic planning involves feedback loops in every execution process. Students seeking strategy assignment help must include all-round planning.
The chief steps involved in strategic planning are:
- Formulation of actual strategy by strategic thinking
- Analysis of business environment and potential competitors within the industry
- Guiding principles to help organization accomplish its strategic intensions
- Chief initiative or implementation of actions plans to accommodate the guiding principles
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Tools used in strategic planning
Strategic planning involves various analytical and tools to accomplish the desired organizational results. The wide-ranging strategic planning tools are described in details below and simplified in strategy assignment help.
This analysis is done to determine the organizational strengths and weaknesses in respect to the external threats and opportunities.
Strategy assignment help give prominence to SWOT analysis.
This analysis encompasses the various environmental factors such that have strong impact on the business performance. These environmental factors include political, economic, social and technological factors. This has been further expanded to environmental and legal factors highlighted in strategy assignment help
Porters Five Forces Model
This analytical model emphasizes on five chief factors: bargain power of suppliers, bargain power of customers, threat of new entrants in industry, threat of substitute products and potential competition within the market. Strategy assignment help emphasize on chief five factors.
This planning process is implemented to determine the future prospective of business. Strategy assignment help point up this factor.
Matrix of growth share
This analytical tool is used to decide possession of productive businesses and dismiss the non-profitable one. Growth share matrix is essential in Strategy assignment help.
Why students find it difficult to manage strategy assignments?
Strategy is a complex process of high-level planning meant to achieve organizational goals. Strong grasp on the multi-dimensional characteristics of strategy would help the students to frame their assignments efficiently. However, being a non-professional personality, majority of learners confuses the applications of situational strategies in accordance to the changing scenario of industries; hence need strategy assignment help. In addition to it, formulation and implementation are two distinct processes of strategic planning that students should consider while weaving their knowledge on business studies with that of the specified case study.
Needless to say, strategy assignments are an extremely time-consuming task for which majority of students fail in their deadline and seek strategy assignment help. Even if you manage to present the assignment on time, the quality of content will go below standard. The significant problem faced by students is the inadequate availability of resources that restrict the research work on strategy. The information given in journals and books are not apt to frame a proficient set of assignment leading them to appeal for strategy assignment help.
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