Unit 7 Basic Tools of Business Strategy Assignment
Introduction
The purpose of the fundamental instruments of business strategy is to teach students about the basic tools of business strategy. Stakeholder analysis, environmental and organisational audits, and other instruments are required for strategic planning in the firm. They will learn how to put rules and procedures into practise in the workplace. It also provides the information necessary to analyse all conceivable alternative strategies, such as large expansion, limited growth, retrenchment, and so on, and to choose the best option for the organization’s future growth. Finally, the students will be able to compare the roles and duties of employers in terms of strategy execution and evaluation. They learn to analyse resource requirements and employ resources in such a way that maximum efficiency is achieved.
Task 1
1.1 Asses how business missions, visions, objectives, goals, core competencies inform strategic planning with reference to Mulberry or any other organisation of your choice.
Business strategy is critical since it establishes the parameters for an organization’s activities and enhances its market position. Business strategy is an important concept since it offers a foundation for an organization’s success in today’s globalised environment. In this project, we will learn how to leverage Mulberry’s present situation, which promotes growth and development, in strategic planning. (2010, Boise)
Mulberry’s vision and purpose are to expand their company and market share, while their aim is to improve their brand name. They aim to make a reputation for themselves in international markets.
Mulberry’s vision and purpose are to expand their company and market share, while their aim is to improve their brand name. They aim to make a reputation for themselves in international markets. They want to modify their purpose and vision on a wide scale because they want to become the most prestigious brand in the luxury goods and services industry. Their method for achieving this goal is to introduce innovation into the organisation, as premium things cannot be made without it. (Child and colleagues, 2005)
Mulberry’s major purpose is to enhance the manufacture of luxury items and products in order to promote growth and development of the company’s position. They have chosen the situation of establishing a unique manufacturing procedure. The major focus is on the highest quality that must be offered to clients in order for them to be pleased for a long time. They believe that the only thing that should be prioritised in the production of luxury goods and things is quality in order to achieve long-term market growth. As a result, they develop the first quality-improvement company plan. (Collier et al., 2010)
They also put effort into financial stability and good planning procedures in order to adequately build out corporate strategy. Missions, visions, objectives, goals, and core competencies, according to Mulberry, have a significant impact on strategic planning. As a result, they work hard to improve each of the parts and accomplish the intended results. (2005, Devlin)
Many elements have a role in the development of an organization’s strategic plans. To obtain the intended outcomes, Mulberry’s vision, mission, objectives, and goals must be met. A corporation will not be able to establish strategic strategies without this. As a result, the goal is given top importance. It directs the employees’ work flow in the desired direction. It aids in the selection of a certain course of action. RoAne (2009, RoAne, RoAne, RoAne, RoAn
Market condition—A market is a location where an essential component is evaluated. It entails- (Hooper, 2013)
The current state of the worldwide market
Market elements that are dynamic
The opponents
Other aspects of the environment
Customers- Customers are the lifeblood of every business. They are the ones who are regarded as the most crucial part of the planning process. Customers, and their purchasing behaviour, have an impact on an organization’s strategic planning. Consumers’ habits play an important role, thus managers must be aware of their customers’ mindsets. Mulberry is working hard to understand people’s mindsets so that they may adjust their plans to meet their needs. (Child and colleagues, 2005)
1.3. Evaluate the effectiveness of techniques used when developing strategic business plans using examples from Mulberry or any other organisation(s) of your choice.
Mulberry employs a number of efficient approaches to aid in the development of the company’s strategic planning. Mulberry employs a number of strategies, including:
Set standards and benchmarks- Mulberry has established some requirements that must be met. The expectations are greater, which encourages employees to put in their best efforts in order to meet the employers’ benchmarks. These benchmarks are established based on the prior performance of employees or the performance of rivals. (Wershing, 2013) (Wershing, 2013) (Wershing, 2013)
BCG Growth Matrix—It is also an useful approach for creating an organization’s business strategies. Mulberry has chosen this method since it gives information on the product’s market position. It aids in determining the product’s and service’s market performance. These marketplaces might be regional or nationwide in scope. BCG development aids in determining the product mix component of any product. (Collier et al., 2010)
Task 2
2.1 Analyse the strategic positioning of a given organisation by carrying out an organisational audit in Mulberry.
An “organisation audit” is a method of assessing an organization’s internal operations. It aids in the examination of the organization’s strengths, weaknesses, opportunities, and weaknesses in the marketplace. An audit may also assist discover a variety of other aspects, such as whether the firm is meeting defined standards and analysing the current state of the product. It also aids in the evaluation of the company’s financial status. Mulberry uses a technique called a SWOT analysis to conduct its audit. The following is the organisational audit based on the SWOT analysis: (RoAne, 2009)
Strength-
The firm’s greatest strength is its defined objectives and distinct business area.
(Wershing, 2013) (Wershing, 2013) (Wershing, 2013)
We can see that Mulberry has been profitable over the previous few years. Despite the fact that the ratio is low, they are able to raise it.
They are expanding their firm to the worldwide market, allowing them to benefit from economies of scale.
They are expanding investment, capital expenditure, factory capacity, and information technology systems.
(Grant, et al., 2008)
Weakness-
Inventories have increased the cost structure.
There is a lack of attention on the company’s expansion.
In compared to the brand name, the price is relatively expensive, and EPS is declining (El-gammal et al., 2010)
Opportunities-
They have the option of rebranding their company and products.
They might concentrate on the untapped market.
They want to expand their business.
They may be able to branch out into other areas of business.
Threats-
Restrictions on entry
Other brands’ market share is growing.
Gucci is the brand that is putting up a tough fight.
Technology evolves and innovates on a regular basis (Devlin, 2005)
2.2. Carry out an environmental audit for a given organisation Mulberry.
An audit is a procedure that allows a corporation to investigate its external environment. It is carried out by higher authorities who come to investigate the internal and external variables that directly or indirectly impact the organisation. An audit can also assist in developing business plans that are acceptable for the company. Mulberry uses a technique known as PESTLE analysis. It is adopted in the organisation to aid in the investigation of all factors impacting it. It consists of: (Collier et al., 2010)
The political environment is defined as the atmosphere that influences the formation of export and import policies. There are less constraints placed under Mulberry, which provides an opportunity for the company. They have the opportunity to extend their business in Asian countries. The tax system is also fairly moderate, which gives the Mulberry an advantage. (Grant, et al., 2008)
The economic environment is linked to the organization’s monetary terms.
Mulberry is a company that deals with high-end items. As a result, the product’s price is likewise quite high, resulting in a decline in demand for the product. They must lower the price and establish a new method for determining a true pricing.
People are growing more familiar with brands, and even middle-class families are embracing a brand culture as the trend of society evolves. It represents the evolution of the brand market. It also demonstrates Mulberry’s ability to grow their brand reputation outside the Asian continent. (2005, Devlin)
Mulberry is adapting to developments in technology in the technological world. The machinery and equipment are up to date. However, in terms of technology, there is still a need for continual improvement. They must adapt new software in order to connect with global company via the internet and IT software. In the organisation, updated database systems, ERS, MIS, and other systems must be employed. Buckley (2009; Buckley, 2009; Buckley, 2009; Buckley, 2009; Buck
Regulatory environment-
Mulberry’s tax structure is not very complicated.
They must implement tax-related legislation.
The government has implemented new policies.
Policy of hearth and safety
European policy, for example (Wershing, 2013)
Conclusion
With the aid of this business strategy analysis, it has been evident that it is an important aspect of the complete organization’s development and progress, including Mulberry. Mulberry, like its competitors Gucci, MK, and others, must put in a lot of effort to get a competitive advantage. The main takeaways for students after studying this are all of the aspects that are crucial for corporate strategic planning. They will also be aware of Mulberry’s strengths, weaknesses, dangers, and opportunities. The BCG matrix and PESTLE Analysis are two additional strategic techniques employed in the aforesaid investigation. Both are quite useful since they provide a clear picture of Mulberry’s current situation.
References
Books
Boise, P. (2010). Go green rating scale training. St. Paul, MN: Redleaf Press.
Child, J., Faulkner, D., Tallman, S. and Child, J. (2005). Cooperative strategy. Oxford: Oxford University Press.
Collier, M. (2010). Business planning for digital libraries. Leuven: UniversitairePers Leuven.
Devlin, E. (2005). Business resumption planning. Boca Raton: Auerbach.
Grant, R. (2008). Contemporary issue strategy analysis. Malden, MA: Blackwell Pub.
RoAne, S. (2009). How to work a room. Pymble, NSW: HarperCollins ebooks.
Sarsfield, S. (2009). The Data Governance Imperative. Ely: IT Governance Pub.
Wershing, S. (2013). Stop asking for referrals. New York: McGraw-Hill.
Journal-
Crainer, S. (2014). UNRULY BEHAVIOUR. Business Strategy Review, 25(4), pp.18-21.
El-gammal, T., El-Sayed, A., Kotb, M., Ragheb, Y., Saleh, W., Elnakeeb, R. and El-Sayed Semaya, A. (2010). Total obstetric brachial plexus palsy: Results and startegy of microsurgical reconstruction. Microsurgery, p.NA-NA.
Gregory, A. (2013). GOLDEN LESSONS. Business Strategy Review, 24(4), pp.76-81.
Hooper, W. (2013). INSIDE CHANGE. Business Strategy Review, 24(4), pp.46-49.
