This is a solution of Unit 4 Business Strategy management Assignment Help that describes about Developing business
Unit 4 Business Strategy management Assignment Help
4.1.Assess the roles and responsibilities of personnel who are charged with strategy implementation at Mulberry.
According to Sadler three roles and responsibilities of personnel implementing the strategy may considered for ensuring that the strategies are implemented by Mulberry. Such may be as follows:
The Chief Executive Officer (“CEO”) is in charge of driving the improvement also, execution of the Company’s long haul methodology with a perspective to making shareholders esteem. The CEO’s authority part likewise involves being eventually in charge of through the regular administration choices and for executing the organisation’s long and transient arrangements. The CEO goes about as an immediate contact between the Board and administration of Mulberry and impacts to the Board on benefit of administration. The CEO likewise conveys for the benefit of the company to shareholders, representatives, government powers, and different partners and the open public. (sterling-assets, 2015).
Visualizing Future: This requires the top business management team to predict the future course of business with respect to external as well as internal environment of the organization. Mulberry requires to structure strategy that is in accordance with the future requirements of both such environments.
Lining Up: It is necessary for the organization to function in accordance with the organizations goal. To line up sources with the organization is required to strengthen the implementation of a strategy. It is required for the human resources to employ people meeting the strategy needs, financial department to arrange of the economic sources and operations department to keep a check on the strategy.
Implementation: The personnel are responsible to implement the strategy chosen in order to ensure the success rate of the strategy. It may be conducted by middle level managers as well as outsiders such as consultants. The management is responsible to focus on the planning and implementing the strategy. The outsiders are responsible to guide the planning and regulate the functions to establish a successful strategy. (Werbach, 2011).
The Stakeholders are the responsible parties to formulate and implement the strategy therefore a focussed strategy should be formulated, organized and implemented. It should focus on formulating specified research project teams and employing relevant workforce experienced to carry out the respective strategy. For example: a team of consultants would be based on one specific consultant for each department in order to advise regarding the gap between the desirable and current position by making the best use of the resources and time.
4.2 Analyse the estimated resource requirements for implementing a new strategy for Mulberry.
Considering the strategy implementation phase, resource allocation is the key factor which can’t be overlooked. Categorisation of the resource requirements can be done which is quite different from a particular strategy stylethan that of another style of strategy. Along with it, categorisation related to the resource requirements may be diverse from afirm to that of another firm. Organisational environment and different resource natures are the two significant facts thatare dependent on the resource requirements that are estimated hereat Mulberry. For the acquisition of competitive advantage, especially in case of the fashion industryvarious experts recommend to choose the interactive strategies for sustainable development at Mulberry
To generate a pool of resources is critical to any strategy. The time and money spent in planning a strategy could possibly the one tenth of what actually the resources would cost to be. To implement a strategy involvement of variety of factors such as cost, labour, physical. To organize and structure such resources in order to maximize the resultant achievement is required to be done by the personnel. The strategy may involve internal as well as external factors.
For Mulberry to implement a strategy as a fashion retail chain the resources would be required as follows:
- Financial: The internal costs of employing cost effective raw material to the strategy to its maximum benefit. For example: using the systemized manner of cutting a cloth piece.
- Human: To employ an experienced workforce to develop a better understanding of the strategy and imply the same. For example: employing a fair mix of young and experienced fashion graduates.
- Physical: To arrange for necessary funds through adopting tested marketing techniques that would certify the results. For example: promotional offers on sale of clothes.
- External Factors:
- Financial: To raise money from outside sources that help the company develop a pool of monetary fund to apply towards the implementation of the strategy. Such as auctions, charities. Read more : Consumers Buying Behavior And Related Theories
- Human: To employ rating agencies to measure the success of a particular strategy and study the loopholes for the purposes of its improvements.
- Physical: To generate new marketing approaches such as advertisements and reaching such advertising agencies for the same.
Technology has made it easier and quicker to gather, organise, and deliver information and communicate with employees. More importantly, it has the potential to reduce the administrative burden on the HR department so it is better able to focus on more meaningful HR actions, such as providing managers with the skill they need to make more effective HR related decisions. Research has indicated that companies who effectively use technology to manage their HR functions will have a significant advantage over those that do not. (catalogue-pearsoned, 2015).
It is noted that Mulberry requires organising the resources for a given strategy in accordance with the factors mentioned above. Since it is a fashion luxury brand the major resources that include would be clothing and accessory related with respect to leather, designs and selling the manufactured products. (Bogdanović&Živković, 2013).
Mulberry shall approach such customer friendly approaches in order gain the maximum competitive advantage over the market. The retail brand should develop relationships with supply chains that provide best in class raw materials for the best price in order to develop goodwill. Also, it requires conducting charities and timely sales and auctions to create a social belongingness and cultural presence.
4.3 Evaluate the contribution of SMART targets to the achievement of strategy implementation in Mulberry
SMART is a criteria whereby the goals and objectives of the organization are framed in an effective manner that are achievable and structured in the best manner possible. The approach is further explained as below:
Specific: the goal should be specific in nature free of any confusion. For it to happen the goals should be formulated after answering the questions such as who would be involved, what does it accomplish, identifying the place, establishing a time limit, laying out the resource requirements and the reasoning for everything so decided.
Measurable: The goals shall be structured in a measurable manner and such criteria of measurement shall be decided before hand. The parameters of measurement shall be quantifiable in terms of dates, start, finish, and effort after answering questions of how much, how many and how to get there.
Attainable: It is necessary to set a goal or an objective that is achievable and practical in nature. To make it attainable the required attributes and qualities should be developed in order to ensure the achievability. This could be done by diving a goal in steps to make it more attainable by considering one little goal at a time.
Realistic: The goals so set should be realistic in nature. It shall be common to the organizational goals and personal goals of the employees. Therefore making it real. It shall be adjusted according to the position of the organization, in terms of labour and costs applied.
Timely: Every goal should be set according to a certain time frame of achieving it. It increases the efficiency and effectiveness of achievement of goals. This time oriented goals encourage achievement of the set goals on time. For example: the goal is to be achieved by 1st December with a monthly review of goals. It restores the faith in achievement of the set goal and makes it real. (Grünig&Kühn, 2015)
For mulberry to formulate a successful strategy it should look into factors such as
- Interest of stakeholders
- Market climate
- Political factors
- Financial stability
- Manpower available
- Technological requirements
Based on the above mentioned factors it shall look into the formation of such a goal that makes it the most realistic and attainable with in a given time frame.
For Mulberry can be concluded that in present business there are multiple factors and strategy today which are responsible for success or failure of the company. The purpose of organisation, responsibility of organisation towards its stakeholders are some of the factors which has major impact on the performance of the business. The new business strategy implemented by Mulberry would increase his performance on the market.
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