Discuss about the Strategic Management for Comprehensive Manner.
For this research paper, I would like to select Myer as a research organization. Myer is related to the Australian Retail Industry. Along with this, this research study is helpful in order to recognize and evaluate major concepts as well as roles of strategic planning in an effective way. Moreover, this research paper would also be beneficial in order to express the history and industry of the chosen business organization. Along with this, this paper would also be valuable to talk about the mission, vision, objectives, and value statement of the organization in an appropriate way. Also, the paper would also be advantageous to recommend some important suggestions for the improvement of the business organization. In addition to this, with the help strategic management tools such as: SWOT analysis, PESTLE analysis, and Vale Chain analysis, this research study would be helpful in order to evaluate both internal as well as external environment of the company. Furthermore, the study would also be helpful in order to develop an appropriate strategy for the growth as well as success of the business. To end with, the paper would be valuable to discuss the importance of the implementation, and evaluation of the strategies in an effective and a more comprehensive manner.
Company:
Myer is a prominent and biggest retail organization that is established by Sidney Myer in 1899. In current, the firm operates loads of departmental stores within nation. Moreover, Myer makes available a large variety of merchandizing and products to the customers. For example, clothing, cosmetics, electrical items, stationery, footwear, toys, furniture, and so on are the major products that the organization offers to its customers (Myer. 2013). Along with this, the firm is well-known for the higher quality as well as customers’ satisfaction in the world.
The Australian retail industry is also a services industry that plays a considerable role to fulfill the requirements as well as wants of the patrons in an effective and an appropriate manner. The industry produces a wide variety of products and services to satisfy the needs of the clients. What is more, it should also be noted down that, there are just about one lakh fourteen thousand retail business organizations in Australia. Along with this, the research shows that approximately 10.7% of the whole working population is working in this industry (Myer. 2013). Moreover, the business area is one of the prevalent sectors in Australian retail industry that generates around $53 billion GDP for the nation.
Vision Statement: The vision of the business is to put forward excellent customer services in order to accomplish upper hands in the marketplace in a more comprehensive significant manner.
Suitability for the Organization: The strategic vision of the organization is appropriate in order to accomplish the strategic goals and objectives of the firm. Along with this, the vision statement of the organization is helpful to accomplish the long term objective of the firm in a pre-determined time period (Myer. 2013). Also, the strategic vision of the firm reveals the core values of organization in public in order to enlarge the market share of the firm in an effective way.
Suggestion for the Potential Improvements: It is recommended that the firm should adopt and implement innovative business as well as operational strategies in order to convey more improvements in the strategic vision of the organization.
Mission Statement: The strategic mission statement of the firm is to be the best retailer in the marketplace to accomplish competitive advantages over the competitors. Along with this, the firm also wishes to be global leader in this retail industry.
Suitability for the Organization: The strategic mission statement of the firm is helpful for the organization in order to increase the profitability as well as revenues in the market. Along with this, the statement is also valuable to offer business opportunities to the firm (Myer. 2013).
Suggestion for the Potential Improvements: It is recommended that the firm should spread out its business crossways the national boundaries in order to convey improvements in the current mission statement of the organization.
Statement of Value: The major values that Myer includes are: Respect, Integrity, Teamwork & Accountability, Reliability, Consistency, Honesty, strong Customer Relationship and so on (Myer. 2013).
Suitability for the Organization: In the main, the values statement of the business provides support to the strategic vision, mission, value etc. that plays a major role in order to enhance the organizational effectiveness effectively. The main reason behind it is that organizational values are linked to the growth factors of the firm (Reynolds and Lancaste, 2013).
Suggestion for the Potential Improvements: It is recommended that, the value statement of the organization should reveal the image and reputation of the firm in the marketplace in a more effective manner.
At the present moment, Myer developed both long as well as short term objectives in order to accomplish the competitive scope in the marketplace. For case, objectives are the long term goals of the business firm that offer competitive advantages to the firm over its competitors. At the present time, business organizations develop different types of smart objectives that reveal strategic vision as well as mission, and organizational values in the global market. Along with this, these smart objectives play a significant role in order to enhance the organizational effectiveness and to reduce expenditures in an effective way (Dawson, Larke and Mukoyama, 2006). The SMART (specific, measurable, achievable, realistic and timely) objectives of Myer are as below:
SMART Objectives
For this reason, all the above listed are the smart objectives of the firm that are helpful in order to fulfill the strategic vision, mission, and objectives of the business.
Internal Analysis:
Resources & Capabilities of Company: It is recognized that resources in addition to capabilities are the essential hotspot for the organization keeping in mind the end goal to build the benefit, piece of the overall industry, profitability and productivity. Along with this, the major resources of the organization incorporate: human resources, financial resources, technological resources, physical resources and so forth. For instance, skilled as well as imaginative workers of the firm are the fundamental human assets of the organization that assists it in satisfying vital objectives of organization in a successful way (Dobson, Starkey, and Richards, 2009). In addition to this, the distinctive noteworthy and surely understood brands of the organization and innovative expertise are the elusive assets for Myer.
In the same way, the organization has a considerable measure of tangible as well as intangible assets that helps it in accomplishing the upper hands in a compelling and legitimate way. Interestingly, Myer’s abilities can be characterized as its ability to perform distinctive capacities and additionally movement. For example, the organization performs diverse capacities identified with HRM, marketing, and research & development movement in a compelling and appropriate way (Estrin and Meyer, 2004). In addition, the organization constructs upper hands by creating and trading particular data all the way through organization’s human assets.
The Value Chain Analysis can be characterized as a vast and comprehensive procedure that assumes an essential part to perceive the essential and additionally bolster exercises of a business association. Along with this, this investigation is additionally utilized by the association as a part of request to add the quality to the last results of the association. What’s more, it additionally manages diverse exercises that are more useful for the association to diminish cost and expand separation of the items in a viable and appropriate way (Bischoff, 2011). In addition to this, value chain analysis connotes the inside exercises that are occupied with request to change over inputs into yields in an appropriate way. Also, the value chain analysis plays a major role in order to clarify a chain of activities such as: primary activities as well as support activities. These activities are imperative for the growth and success of the business associations (Wickramasinghe, Dag and Lubitz, 2007). These exercises are clarified as beneath:
Primary Activities: The Primary activities are correlated with the physical creation of the products/ services. Moreover, the activities are also related to the sale, as well as maintenance & support of the products and services (Finne and Sivonen, 2008). The primary activities are explained as below:
Inbound Logistics: The inbound logistics are connected to the receiving, accumulating, and allocating inputs that are required to produce the products or services effectively (Bidgoli, 2010).
Operations: The operations activities are renovation actions that make over inputs into the outputs in a proper way.
Outbound Logistics: The outbound logistics activities are related to the distribution of the products and services to the purchaser (Hill and Jones, 2012).
Marketing & Sales: The marketing and sales activities play a major role in order to encourage the patrons to procure the products/service of a particular organization (Ebers and Wied, 2007).
Service: The service activities play a very important role in order to keep up the importance of the products as well as services in the minds of the patrons.
(Source: Wickramasinghe, Dag and Lubitz, 2007)
Support Activities: These activities play a major role in order to provide support to the major functions of the primary activities. The support activities are illustrated as below:
Procurement: The procurement activities are related to purchase of inputs for the business firm (Bischoff, 2011).
Human Resource Management: The HRM activities are connected to the recruitment, training and so forth of the workforce.
Technological Development: These types of activities entail automation process, research & development, advanced technologies and so on that maintain the activities of this analysis in an appropriate way (Ebers and Wied, 2007).
Infrastructure: The infrastructure activity is related to the quality management, finance management, and administrative as well as legal activities that are essential to accomplish the competitive activities over the competitors in a proper way (Kim, Song and Kim, 2009).
PESTEL Analysis:
There are loads of internal and external factors or forces that have an impact on the productivity, competence, and prosperity of the company in a direct or indirect way. For case, the political, economical, social, technological, environmental, and legal factors are the major factors that influence the overall business of an organization (Pahl and Richter, 2009). These factors are expressed as below:
Political Factors: There are numerous political factors exist in the economy of Australia that influence the business decisions of the organization. For case, government policy, laws, tax changes, trade barriers, and so on are the major political factors that have an effect on the business and success of the firm (Ebers and Wied, 2007).
Economic Factors: The economic factors entail economic stability, cost of living, capital growth, and so on that influences the business activities of an organization in the industry. Moreover, it should be noted down that, the economy position of Australia is strong as compare to other that reduces the level of risk for the business firm (Mennen, 2011).
Social Factors: The Australian business is portrayed by the social patterns that can influence the demand of products or services of Myer’s (Pahl and Richter, 2009).
Technological Factors: Technology factors also influence the growth and success of the organization. Moreover, with the effective use of technology, Myer would be proficient to decrease costs, and to improve quality of products/services (Ebers and Wied, 2007).
Environmental Factors: Environmental factors such as: weather, climate change, temperature, etc may have an effect on the business strategies and activities of the company (Mennen, 2011).
Legal Factors: The legal factors may influence the costs of the organization in a direct way. The main reason behind it is that the legal factors are linked with the lawful surroundings in which the company works.
The SWOT of the Myer is given under:
|
Strengths |
Ø Strong Brand Image and Reputation in Market Ø Quality Products At Lower Costs Ø Customer-focused Service (Ebers and Wied, 2007). Ø High Range of Departmental Store |
|
Weaknesses |
Ø No Global Presence Ø Lack of Business Strategies and Technology Ø Lack of Skilled Employees Ø Undeveloped Distribution Channel (Mennen, 2011). |
|
Opportunities |
Ø Opportunity to Improve Its Performance By Effective Utilization Of Human Resource Ø Opportunity to Improve Footfalls By Discovering Innovative Promotional Strategies (Pahl and Richter, 2009). Ø Opportunity to Enhance Brand Reputation with the Help of International Business Strategies |
|
Threats |
Ø High Competition Ø Large Number of Competitors Such As: Harris Scarfe, David Jones Limited, Target Australia, and So on (Ebers and Wied, 2007). |
In today’s focused period, there are various types of procedures are accessible that can be utilized by the association as a part of request to accomplish the competitive advantages in a viable and appropriate way. Yet, the organization should adopt and implement cost leadership and differentiation strategy since this technique would help the organization in satisfying hierarchical key vision, mission, goals and value in an adequate way. For case, by utilizing this technique, the organization will have the capacity to augment its efficiency, gainfulness and goodwill in the business sector (Henry, 2008). On the other hand, the cost leadership plus differentiation strategy the incomes of the firm through diminishing the expenses of the products and services as look at its rivals. This strategy also expands the market share, efficiency and productivity of an association in a proper way (Pynes, 2008). Moreover, this procedure would assume a basic part keeping in mind the end goal to make products and services diverse and appealing as analyze its rivals.
The implementation and execution of the cost leadership and differentiation strategy would be beneficial for the success and growth of the firm, It is because of with the assistance of this strategy, the association would have the capacity to centers its consideration on the necessities and cravings of the clients and also fulfills them through giving the required products/services at the lower cost as complexity its rivals. In addition, by Implementation, Execution, and Evaluation of this strategy, the organization can accomplish competitive advantages in a suitable way (Morgan, 2006). Also, association would be able to deliver the amazing products/services as contrast its rivals all together with satisfy the requirements and longings of its clients in a solid way. In the same way, with the assistance of this, the organization can acquire development in its distinctive business forms. It would elevate the business association to achieve competitive advantages as they have been accomplished before. Moreover, the association would give the best quality items to consumers to fulfill their necessities and desires in an appropriate way (Carayannis, 2010).
References
Amason, A. (2010). Strategic Management: From Theory to Practice. UK: Taylor & Francis.
Bidgoli, H. (2010). The Handbook of Technology Management: Supply Chain Management, Marketing and Advertising, and Global Management. UK: John Wiley & Sons.
Bischoff, A.L. (2011). Porter’s Value Chain and the REA Analysis as an Accounting Information System. Germany: GRIN Verlag.
Carayannis, E. (2010). Strategic Management of Technological Learning. USA: CRC Press.
Dawson, J.A., Larke, R. and Mukoyama, M. (2006). Strategic Issues in International Retailing. NY: Routledge.
Dobson, P.W., Starkey, K. and Richards, J. (2009). Strategic Management: Issues and Cases (2nd ed.). UK: John Wiley & Sons.
Ebers, M. and Wied, S. (2007). SWOT Analysis Robert Mondavi and the Wine Industry. Germany: GRIN Verlag.
Ebers, M. and Wied, S. (2007). SWOT Analysis Robert Mondavi and the Wine Industry. Germany: GRIN Verlag.
Estrin, S. and Meyer, K. (2004). Investment Strategies in Emerging Markets. USA: Edward Elgar Publishing.
Finne, S. and Sivonen, H. (2008). The Retail Value Chain: How to Gain Competitive Advantage through Efficient Consumer. USA: Kogan Page Publishers.
Henry, A. (2008). Understanding Strategic Management. UK: Oxford University Press.
Hill, C. and Jones, G. (2012). Strategic Management: An Integrated Approach. USA: Cengage Learning.
Kim, Y.A., Song, H.S. and Kim, S.H. (2009). A new marketing strategy map for direct marketing. Knowledge-Based Systems, 22 (5), 327-335.
Mennen, M. (2011). Strategic Analysis of the BBC. Germany: GRIN Verlag.
Morgan, G. (2006). Images of Organization. USA: SAGE.
Myer (2013). About Us. Retrived From: https://www.myer.com.au/
Pahl, N. and Richter, A. (2009). SWOT Analysis – Idea, Methodology And A Practical Approach. Germany: GRIN Verlag.
Pynes, J.E. (2008). Human Resources Management for Public and Nonprofit Organizations: A Strategic Approach (3rd ed.). UK: John Wiley & Sons.
Reynolds, P. and Lancaste, G. (2013). Marketing. NY: Routledge
Wickramasinghe, N., Dag, K.J.E. and Lubitz, V. (2007). Knowledge-based Enterprise: Theories and Fundamentals. UK: Idea Group Inc (IGI).
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download