Introduction
The organization I chose to present report on is Sainsbury. The reason why I have chosen this organization is that it is very well established and well-known; I am going to focus on their formulation, evaluation and implementation of strategies.
About Sainsbury
Sainsbury Plc is the third largest supermarket of UK which was established in 1869. Fundamentally, it is dedicated to cover the range of tasty, fresh food, safe and healthy quality of food but with reasonable price as per the needs of customer. It has extended its business by acquisition of new retail stores by concerning mainly the satisfaction and needs of their customer (Karim, Huda & Khan, 2012). Presently, it is not constrained with its usual range of product of general
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merchandise and grocery; but it has expanded its scope of business with clothing, electronic goods, insurance services and equipment and banking. Sainsbury has moved towards their new strategy which says 'one stop shopping' it means that customers can buy all acquiring necessity from one spot. It is operating 890 stores throughout the UK in which 457 stores are of supermarkets and 343 are the convenience stores having more than 150,000 employees in order to meet the modern market requirements (Karim, Huda & Khan, 2012). Also, Sainsbury has expanded its number of customer through online which undoubtedly attracts many customers. Research Aim and Objectives 1. To understand the strategic planning process. 2. To be able to formulate the new strategy. 3.
To be able to understand the approaches to strategy selection and evaluation
4. To understand the implementation of chosen strategy (Revoredo‐Giha & Renwick, 2012).
PART (A)
TASK 1.1: Assess how business missions, visions, objectives, goals and core competencies inform strategic planning
Mission
Mission statement is a commitment or function which organization expects to meet requirements of their stakeholders (Revoredo‐Giha & Renwick, 2012). It tells that how organization is running their business, how to identify their consumers and how to serve them as well as to identify the range of products and services. The mission statement of Sainsbury is,
• To be maintained as the leading position in UK market.
• To increase the market share of Sainsbury to overseas.
• To bring happy life for every employee of Sainsbury
• Sainsbury desires to bring benefit and success to their stakeholders, clients and employees.
Vision
Vision statement explains the fascinating and vigorous outlook of the organization in the near future. It shows the potential benefits and growth of the firm to their stakeholders as well as their investors. Sainsbury desires to be a wealthy and strong organization specifically in giving best products to their customers and in innovation of technologies (Revoredo‐Giha & Renwick,
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2012). Goals and objectives Objectives and goals are the particular results which firms struggle in order to achieve their task in a given period of time.
Sainsbury wishes to work efficiently, flexible and creatively enhance their products and services quality (Akter 2012).
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Core competencies
Core competencies make business outstanding between competitors specifically the company’s products, quality, skills or reputation. It helps the organization to build trust in customers mind and make popular the business brand. Every employees of Sainsbury never forget to serve their customer by devoting wholeheartedly and by understanding the customer needs (Akter 2012). They are they are expert in modern technology, creating value in products and services to make customer truly satisfied.
TASK 1.2: Current issues affecting strategic planning
Sainsbury, a leading retailer faces variety of issues which are applicable to their business. Most of the issues are interrelated and complex. They evaluate issues for their capability to effect on their business and set commitment and plans accordingly (Akter 2012). The below questions mostly lies in the heart of strategic and marketing planning process;
• Where do we stand?
• Where would we see ourselves in
future?
Both, vision and mission statements provide purpose to organizations. Therefore, they should set the foundation for the strategic planning process. However, if and organizations strategic direction evolves, leaders should consider revising the organization’s mission and vision
J Sainsbury's aims and objectives Their business is now focused very much on Sainsbury’s Supermarkets and Sainsbury’s Bank following the sale of Shaw’s
My organization, Trader Joe’s, is not an international business. Their stores are all located in the United States; therefore, I chose Whole Foods, who is a main competitor of Trader Joe’s for this assignment.
Tesco’s objective is to be the ‘champion for customers’, and they want to achieve this by being number one in customer satisfaction. They want to grow globally and by doing this they ‘create value for customers to earn their lifetime loyalty’. Tesco is
Strategic planning is crucial for the success of all business endeavors. Analyzing currents trends in technology, consumer markets, competition, and the workforce can play a pivotal part in whether or not the organization can survive. Overtime, strategic planning strategies must be modified in order to compensate for changes in the industry. Goals and strategic planning often necessitate change to ensure that the organization is performing at peak level, while offering the most beneficial and quality services to consumers.
Founded in 1986, Pret A Manger is a fast food chain, which produces freshly prepared, natural food with over 250 stores throughout the United Kingdom, France, Hong-Kong and the United States. Unlike most fast-food chains, Pret is a private company; they do not face the same pressure to grow as a public company does. However there are many factors that affect Pret A Manger’s marketplace such as economy, competition, technology, political environment, and the standard of living. This report evaluates major internal and external factors affecting Pret A Manger using various analytical techniques.
This is the second part of the strategic assignment. In this report the competecies, culture and resource analysis of Tesco is presented. Furthermore in this report SWOT analysis of Tesco is presented and then two strategic options are suggested to Tesco. The strategic options suggested are then evaluated through the SAF model.
We all know Tesco as a food retailer, and we know that they are in constant competition with other retailers such as Sainsburys and Asda, yet we do not know much about what goes on beyond the shelves and the tills, the marketing plans and the day to day tactics that have to be devised to stay the number one food retailer in the United kingdom today.
To most consumers Whole Foods is known as a chain grocery store specializing in organic and natural foods. Some may go as far as say the name is synonymous with quality. This comparison is the result of Whole Foods’ marketing their brand successfully to consumers demanding their specialized foods. As with any organization, Whole Foods may consider evaluating their strategic objectives and decide if necessary course corrections are needed to reach their objectives and goals. Through a fundamental and technical analysis, I will discuss Whole Foods’ mission, vision, and goals, their competitive environment, and some factors within their strength, weakness, opportunity, and threat analysis. With such data and information I will recommend, if needed, and strategic changes in order to sustain a competitive advantage.
Strategic planning directs every movement in a business and is very essential to business performance (London 2002, pp.26-33). The strategic plan and operational plan are extracted from Best Buy Form 10K to better clarify the current situation and future direction of Best Buy.
The purpose of this section of this report is to define the marketing concept; to explain what it means to be a market-orientated organisation; and to show that Tesco’s appear to be a successful, market-orientated company. Furthermore, that Tesco’s employ strategic relationship marketing to offer value to customers’; and achieve higher revenues and brand loyalty in return. Finally, to explain that being market oriented may also have some disadvantages if not carried out effectively.
Bibliography: Lawson, A. (2013). Analysis: Is Asda’s five-year strategy the right one?. [Online] Retail-week.com. Available at: http://www.retail-week.com/sectors/food/analysis-is-asdas-five-year-strategy-the-right-one/5054989.article [Accessed 23 Jan.
Tesco is one of the biggest grocery retailors in the world, it is one of the top five stores, it was founded in early nineties in UK, and now it is well known company around the global and very famous because of their successful strategies in marketing and how they manage any problem that they are facing. However, in recent day Tesco are facing some problems that may threat their career life, and make them loose their market position. This report will cover these problems, how the competitors are doing to take Tesco’s place, and what Tesco are doing to overcome these problems.
Efficiency has been highlighted as a key financial objective for each company – as it is inherent in optimising profit from any business and helping sustain core business – which is the primary objective of both groups. It is also a good indicator of healthy cash flow management – a specific Sainsbury’s objective.
Sainsbury’s is in the market of an oligopoly and few big firms run this kind of market. One of the objectives of Sainsbury’s is to gain market share. Sainsbury’s will be looking to beat competitors. To beat competitors Sainsbury’s will need to research and see what business activity they do compare to Sainsbury’s. If they research they can think of way to beat competitors in the market.