This is a solution of Unit 1 Business Strategy Management Assignment Help in which we discuss Developing business
Among top luxury brands, Mulberry Group PLC is a renowned one which has 41 years of experience in the sector of retail as well as design business operations. The company was founded in the year of 1974 and the name of Mulberry has been enlisted in AIM otherwise known as Alternative Investment Market among the other registered companies. Manufacturing and designing of top-quality exclusive products, such as- clothing, footwear as well as other accessories is the specialty of this organisation. This particular project report is based on some of the imperative Learning Outcomes related to strategic planning management of the company, Mulberry. The assignment has been categorized into several learning outcomes and each of the LO holds a specific set of questions on the context of strategic management of Mulberry(Johnston & Bate, 2013). The first section of the research project reflects understanding related to the organisational purposes of Mulberry. In this section, how several major points, like- mission and vision statements, goals, objectives and core competencies of mulberry helps to notify the strategic planning- has been thoroughly discussed. Several factors that should be considered during the formulation of strategic plans have also been described quite clearly. There are several techniques which are used for the development of strategic plans and the effectiveness of these techniques has been illustrated in the assignment. In the next section of the project, the discussion is about- why is it important to understand the operational business environment as well as its nature of an organisation. Likewise the next segments is about selecting a strategy for Mulberry by understanding the organisational behavior in the market environment and about understanding the proper implementation style for the selected strategy(Holbeche, 2013).
1.1 Assess how business missions, visions, objectives, goals, core competencies inform strategic planning with reference to Mulberry.
Strategic planning is a vital factor which helps in sustainable development and expansion of a company and for this reason, Ideas with clear understanding in relation to the processes of strategic planning is vital.Effective implementation related to business strategies is pointless without the consideration of proper and in-depth knowledge related to the involved processes (Foss & Knudsen, 2013). Hence, this first segment of this research project illustrates the mission, vision, objectives, goals and core competencies of Mulberry. In addition to this,there are numerous issues linked with the strategic planning along with different sorts of planning techniques which have been mentioned in this assignment for critical analysis of the topic.
The strategic contexts as well as terminologies linked with an organisation are based on the long-term business strategies of the corresponding organisation, as per the study of Jonson. According to his study, the long-term future route of a company can be defined as strategic planning. Considering the factor by taking the example of Mulberry, strategic planning can be analysed up to a great extent.Mulberry is well-known for its practical methods of strategic planning and it can be further assessed by the selection of three elementary aims for organisational improvement by the creative thinkers of Mulberry(Verbeke, 2013).
Here in this part, the mission statement related to Mulberry plays a vital role and it aims to put forward a specific and clear idea regarding the major purposes of the corporation. Hence, for simplicity,Mulberry’s mission has been classified into three fundamental principles and the company’s aim is always to offer proper understanding of these aims.
- Meet the beliefs of the customers by offering in imitable products with impressive quality.
- With the help of vast system of delivery, conveying greater value to the customers by providing consistent and efficient solutions to their requirements and queries.
- By creating the value among the stakeholders of the company, Mulberry wants to be the leader in the fashion industry. This is possible by establishing pride in the mind sets of the public as well as by offering greater standards of responsibilities to the employees who represent Mulberry all over the world.
Mulberry’s vision is based on shared thought of development that represents the future expectations of the organisation which can be stated as the desires of Mulberry(Mintzberg&Lampel, 2012). On the total,Mulberry’s vision statement has been planned with the help of analyzing as well asgiving appropriate answers to a simple question that reflects the desired focus and abilities of Mulberry. Read more : Consumers Buying Behavior And Related Theories
By analyzing 2013’s annual report of Mulberry, it can be stated that Mulberry’s objectives are the desired outcomes for which the strategic planning processes are implemented so that the company will achieve the organisational goals which have been discussed later in this assignment.Similarly, the key objectives of Mulberry imply the valuable point of attaining beneficial and favorable growth in a lucrative manner(Werbach, 2011).
Goals of Mulberry can be defined as the selected approaches which are focused to achieve the preferred mission. The desired organisational goals of Mulberry along with the aims of Mulberry are categorized under the same concept. The basic points that are the sources of difference in case of an organisation from another are known as Core competencies of that corresponding organisation(Woodcock & Starkey, 2011). These are the basic points of concern which make a distinction regarding a corporation by which it can be easily distinguished from its competitors. Imitation of diverse distinctive factors like- skills, actions, organisational activities as well as the resources linked with Mulberry is not acceptable. These distinctive factors can also be taken as the core competencies of Mulberry. Long-term goals wanted by Mulberry can be achieved through the understanding of the various core competencies by means of competitive advantage.
1.2 Analyse the factors that have to be considered when formulating strategic plans with reference to Mulberry.
The systematic strategies along with a step-by-step method for the growth of the organisation can be defined as strategic plans as per the study of Sadler. Connection of various issues with methodical strategic planning was pointed up flawlessly by Sadler. Mulberry follows these particular set of key issues that are parts of strategic planning and the imperative points of issue are given below(Graham et al., 2013).
- Complex nature of strategic plans
- Detachment of strategic planning from reality
- Lack of effective ownership
- Dampen down of innovation
These issues should be considered at the stage of strategic plan formulation. At times, confusion arises in case of the current strategies in relation to the different stages of strategic business planning. Sometimes, the managers believe that they are in fact planning the exact same strategies which have been already taken into practice in case of Mulberry.Unconcern approaches towards reality is one of the major issues, which had come to the sight once in case of this organisation(Grünig&Kühn, 2015). As said by Sadler, this particular issue can be critically analysed and strategic planning of Mulberry is based on the logical practices and it can damage the factor of actuality which is real in case of the operations of Mulberry. It can be mentioned that because of the involvement scarcity otherwise stated as lack of attachment related to the employees towards the strategic planning. The third issue is known as paralysis of strategic planning which takes place because of the extensive and over in-depth analysis of the strategic planning which results into a situation of paralysis. Effective ownership is one of the key concerns of Mulberry and due to ineffective nature of ownership, the reaching at the desired goals gets delayed or at times it is like almost impossible for an organisation. It has been seen that in many corporations, the business strategies are planned with the help of corporate planning department or else the senior management teams plan the strategies. Hence, it wouldn’t be wrong to state that business strategic management style has lack of wide spread nature of ownership in the organisational structure(Mills, 2012).
Strategic planning often diminishes innovation within an organisation. Due to the implementation of strategic planning inside an organisation, strict rules have to be abided by the employees that are inflexible in nature and this is the reason of limitation towards the flexibility of a corporation.
1.3 Evaluate the effectiveness of techniques used when developing strategic business plans using examples from Mulberry.
The effectiveness of strategic techniques used by Mulberry is as follows:
- Growth-Share Matrix: The Boston Consulting Group formulated an analysis function in order to help businesses allocate the resources based on a ranking system. The cash cows indicate a high market share in a slow-growing industry. The question marks indicate the opposite. The dogs are indicative of low market share in a slow growing industry and the stars indicate just the opposite.
- Directional Policy Matrix: It helps measuring the health of the market with respect to organizations capability to pursue it. It measures the market attractiveness with respect to business strengths in a four-block function namely harvest, divest, grow and invest.
- The Strategic Position and Action Evaluation (SPACE) Matrix: The SPACE matrix the internal and external areas of the company, two each, in order to analyse and advise the company on the type of strategy a company should go for such as defensive,hostile, conservative, or competitive.
- Profit Impact on Market Strategy (PIMS): It measures the relationship between the actions and the desired results. It is a database for identifying the critical strategic factors in order to achieve improved sustainable position.
Since Mulberry adopts a growth to development parameter in it s strategic decisions the most useful technique would be use the Growth-Share Matrix that would be able to define the rate of its product’s acceptability to the industry’s growth rate. The strategic update of 2013 displayed an increase in store expenditure, investment in talent along with improved wholesale ordering timetable. (Bogdanović&Živković, 2013)
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