(P1.3) Once the business strategy is formed, there are different techniques in developing the strategic plans of the business using various tools by the organization. These techniques show the strengths and weaknesses of the organization and as well as their opportunities and threats that are possible to the business in order to form an effective developed strategic plan during the process of operation. In this case, Nordstrom uses these types of tool in developing their strategic plans which are the BCG matrix and SOAR analysis. BCG matrix is the matrix which determines the level industry relative share of the industry and the business with the help of four dimensions. Strategic business plans are set by considering the growth rate of the industry and current situation of the business.
Background Strategic leadership represents a process used by leaders with an aim to achieve a desirable and well-understood vision through influencing organizational culture, resource allocation, and providing policy directive (Schwartz & Castelli, 2014). The process also includes building consensus in complex and uncertain situations that exists in business environments where there are great opportunities and increased levels of risks (Bibu & El-Moniem, 2011). According to Honore (2009) employee motivation encompasses a host of factors that are either extrinsic or intrinsic which cause employees to pursue organizational goals and act in certain ways. Extrinsic factors emanate from aspects related to an organization such as the provision
Moreover, the definition of this goal helps management of Target to take decisions local and global focus their energies and resources on the critical aspects that determine the overall result. The basic principles of TOC could help Target in supporting elements which contribute to improving managerial reasoning in the management of processes and interactions among resources, activities and people of company. Finally, it is valuable to identify the impediments that affect the achievement of the result that Target aims to achieve system (constraints). In particular, it is necessary to know whether the constraints are internal (in the process, resources, policies), or if external (the supplier market, the buyer 's market). After identified the restriction is advisable to apply the continuous improvement process proposed by the
Q. Critically evaluate the contribution of the resource-based view of the firm to the discipline of strategic management. Illustrate your answer with examples. Strategic Management refers to the analysis, decisions, and actions undertaken by an organization to create and sustain competitive advantages. The resource-based model introduces a different perspective - from competitive positioning model - to strategic planning by looking at the resources and capabilities of the firm.
If there is a problem manager normally look back at experience and the solution to the problem. This is a way organization form strategy decision. The existing culture of the organization is a major impact. If it is an organization that is reluctant to change and doesn’t embrace innovation, then they are going to make decisions and approach strategy based on something already existed or their experience. The problem with this is it stifle innovation and can prevent innovative change.
It also needs to make sure the IT strategy complements the Companies business goals. The department head needs to ask: What is each staff member good at? What are they not good at? - Project leaders also must consider opportunities and threats -- or customers and competitors. How attractive is the market or direction they're considering?
Generally, strategic management is based on setting an organization‘s long-term development direction. The main business objective of this is to achieve a competitive advantage over other organizations by properly controlling resources and maximizing competencies within the organization. The culture of the business, the skills
In reference to Marks and Spencer, it is essential for organisation before making use of best-in-class benchmarking to measure organisational performance by analysing internal as well as external competition. It can be an integral part for improvement of organisation, however it is a fact that Marks and Spencer could not able to employ all the relevant strategies patented by competitors. But it can help in making appropriate business decisions as management will be aware of all the advantages as well as difficulties that lies in incorporating specific changes. It depicts that role of best-in-class benchmarking data play efficient role in decision making process which is dependent on the business requirements of Marks and Spencer (Shao L. P.,
Also, External factors will measure current trends, address stakeholders, scan the organization to identify possible threats, and opportunities. All moving parts are deemed vital when creating an external and internal analysis. Moreover, analyzing and prioritizing will assist in the process of explaining operational plans, forecasting, removing barriers, and forming a new direction for the organization. A situational analysis refers to the internal and external environment within an organization. Besides, a situational analysis can be utilized to summarize all problems and opportunities that will affect the company.
However, at the evaluation the unique resources and competencies are capable to deliver the value proposition of the company. It is much difficult in identifying the recognizing driven business capabilities in terms of attaining competitive advantage. The VRIO model is used analyze firm’s internal resources and capabilities to find out if they can be a source of sustained competitive