Preparing a strategic report could help companies foresee current year earnings and run a wider image of shareholder value creation in their annual reports (Hawsons, 2015). The review should be well-adjusted and complete, to the extent needed for an understanding of the progress and performance of the business, include analysis using Key Performance Indicators. This essay will discuss the usefulness of a strategic report to various users of the annual report of a company. It will first consider the users of the annual report and the use of the annual report to them, it will then go on to critically describe the usefulness of the strategic report to users and thereby linking them with examples from the Strategic report section of the 2015 Annual Report of Marks & Spencer and
The opportunities will be determined here as well i.e. where and how their business can expand and become better, this is one of the two external factors of the SWOT analysis. Threats refer to the external factors that may have a negative impact on a business or a company, this is an important as any threat to a business should be known about by the business so that they can make necessary plans to ensure that these threats don’t occur and have a negative impact on the
3 Pro-activity: that measures the activity with external demands. 4 Voluntarism: the firm’s decision to participate in CSR. 5 Visibility: is how the stakeholders react to the CSR activities in response. On the whole the management theory abridges the socio-economic factors with the performance of the organization. CSR is important for the multinationals to perform in foreign countries because of the growing competition and other challenges that are faced by an organization; the management theory is used as a tool to encounter such challenges ( Ismail, 2009).
• It is important for Antone Displays to record and maintain clear records regarding their internal and external operations especially in regards of their environmental and employees policies to avoid any legal issues (Antone Displays, 2010). Ethical • The main issue that the service companies face in the UK service sector includes the pattern of their marketing policies that increases the knowledge of their work among people. • There are limited sources to explain the ethical limits to the company however, it is important for Antone Displays to maintain their marketing and working policies to avoid any ethical issues in their business (Antone Displays, 2010). Extended Marketing Mix – Seven P’s Marketing Mix is an analytical tool that helps the company to highlight their internal working with their marketing campaigns among the people to increase their knowledge range (Barrett & Weinstein, 2015). The four basic elements of the marketing mix include,
To develop my communication skills, I will attend the Toastmasters meeting, sponsored by my organization, once a month, for at least 6 months. Additionally, I will attend more face-to-face meetings, and ask a colleague for a critique on my speaking skills at a meeting, once a week, for 8 weeks. Another leadership skill I seek to develop is delegation. It is of paramount importance that I learn to effectively delegate, since that is one of the
It is able to compare each year and what methods can be used to improve the next year. This is a great evaluation technique as Tesco would be able to compare their strategies on a monthly and yearly basis and fast measures can be taken if progress has slowed down. Outcome evaluation An outcome evaluation would demonstrate what an organisation has done throughout the year and their statistics. It would demonstrate how behaviour patterns may have changed throughout their employees or with their customers. It gives a clear indication what Tesco’s strengths and weaknesses are within the organisation.
Opportunities and Threats are external; they are out there in the business sector, it cannot be change and for them it is critical for organisation to make possibility planning to gives them successfully. SWOT investigation can be utilised for both sorts of organisations in the business center whether existing or new. Existing organisations can utilise a SWOT investigation, whenever, to evaluate a changing domain and react proactively. While on the other hand, new organisations ought to utilise a SWOT investigation as a piece of their planning process (Rao, 2010; Ayub, et al., 2013).
Another face of change focus for the organization is techniques and tools. These are organizational procedures, systems, as well as, other interactions planned to produce a project or service (Spector, 2013, p. 6). In ASDA case, in order to make changes in regard to the poor quality and customer satisfaction, Archie could utilize and implement a total quality management process. Additionally, he could use a balance score card and run operations lean so that there would be a solid balance between the financial objectives and the internal/ external business processes. The balance between non-behavioral and behavioral elements can lead to success (Spector, 2013, p. 6).
The problem with this is it stifle innovation and can prevent innovative change. The experience lens seeks to preserve the status culture of the company. In terms of a saturated market, an organization may look back at what actions they took before when they wanted to launch into the current market that is now saturated. This would help the organization because having experience would give a better understanding of how to approach the problem and furthermore have a routine solution to problems based off knowledge. The problem with this strategy is that it might be 10 years ago, and the environment can be completely changed.
Some companies change their identity for the sake of changing, or the change in market trends (2000: 18). An identity forming project needs a firm guideline to avoid any unnecessary delays or a complete failure in completing the project. It is important to discuss the aims and objectives for achieving an identity that is true to the nature of the company, discussing options of employees and managers opinions and thoughts (2000: 31). This is also relevant in the process of forming an identity or re-creating an identity. It would be important to gather the opinions of others.