Business Strategy

Business Strategy & its Application

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INTRODUCTION

Business strategy helps the organization to carry out the operations and retain talented employees to manage the work. Although, all the priorities are focused to accomplish specific task and resolve the issues which are encountered within the organization. Business strategies are strategic statement which helps the organization to develop specific policies and plans to achieve organizational goals and objectives.

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Strategic management helps in preparing and executing the major aims and objectives as per the guidance of top level management. All the resources are assessed in a proper manner to compete with internal and external factors of the business environment. By effectively managing the strategies, business strategies provide a logical pattern which bridges the gap between the present realities and the desired future outcomes.

In the present context, many of the organization operate to implement new innovative aspects to enhance entire working in an effectual manner. This will help the organization to ascertain major dimensions which are associated with allotting ample amount of the resources to make the organization function in an effective manner. A well-devised business strategy assists the organization to align its functioning with the core purpose of the business, priorities, aims and objectives. These aspects help the company to sustain into competition and grow to meet the customer demand and requirement perspective. The strategy involves tactical planning which is associated with business activities that are subjected to make use of various models and theories to deal with uncertainties in the work environment.

ORGANIZATION’S PROFILE

The economy of UK comprises of different sectors which operates to generate more and more profitability which have evolved significantly over the time. The market forces help the organization to drive the progress aspects through which the entire industry can grow over the greater perspective. Retail sector is the major operational sector in economy of UK as it comprises of various forces that are driven by demand of the customers. The customers within the retail sector are very specific about the taste and preferences to meet their demand.

For instance

the retail sector comprises of respective groups of companies or organization which are associated with needs and requirement of the customers. There are several underpin aspects that are related to meet the demand with effective flow of goods and services. All the activities depict the values and the integrated objective which motivate the specific growth of the particular sector.

Morrison’s is the fourth food services supermarket that serves customers across UK. Its operations are carried out in more than 500 stores with additional services to the customers that is the online home delivery . The major business of Morrison’s supplies the food and grocery as it is the supermarket chain. The market share of Morrison’s in June 2015 was 11% and the founder of Morrison is William Morrison. The parent company is Wm Morrison Supermarkets plc. The sectors in which it deals are retail and lifestyle. The major objective behind the services rendered by Morrison is to sell quality and fresh goods across entire nation. The workforce of Morrison’s is very skilled and technical to meet the requirement of customers as per their specification and control others aspects related to supply chain of product and services.

STRATEGIC CHOICE AND MODELS

Before identifying strategic choices and theories it is necessary to evaluate various perspectives in an effective manner. There are several models and theories which help the organization to identify and allocate respective elements to manage the entire working of the organization. If the organization needs to develop it strategy to make the operations more effective and efficient it should choose theory and models for the growth and development of the organization.

The strategic theories are adopted to determine the effective contribution of the business strategy that is adopted by Morrison to cater large number of customers within the market place (Shaw, 2012). The models that are used to make the strategic choice are identified underneath:

Bowman's Strategy Clock

This is the strategy choice model which is used by the company to analyze the competitive position by comparing it with other supermarket chains. This will help Morrison’s to reduce the competitions that are represented in the work environment in which they are catering to meet the demand of the customers.

With this strategy choice model, the employees of Morrison’s will be able to generalize wants and requirement of the consumer that to at a better price which is affordable by them to fulfil their needs and requirement. Essentially, this will help Morrison’s to compete with the other competitors by focusing on requirement of the buyers.

This will help them to generate maximum profitability out of the offering made by implementing growth strategy. This will help Morrison’s to deal with the different perspective which is associated with the demand and wants of the customers. It assists in identifying the relevant groups of people which are analyzed to understand the perspective of stakeholders which are present in form of customers.

It visualizes the entire objectives and prioritizes of the customers to identify the issues and resolve them by meeting the demand of the customers. Through this, Morrison would be able to manage the entire operations in effective manner and serve as per the demands and requirement of the customers so that the offering which is made to influence the buying behaviour of the customers. Morrison’s has adopted this model to determine the key aspects that will help into availing the competitive advantage. The prices that are offered are standardised as it will help in determining the suitable demands of the customers so that the entire market is catered in an appropriate from. Hence, Morrison adopts this strategy to perform as per the relevancy so that the barriers are faced in a proper manner.

APPLICATION OF STRATEGIC CHOICE MODELS

These are the models that will help the Morrison to cater the large market share through which they can meet up the demands and wants of the customers. With the application of the strategic choice models, the growth and development perspective will be served in a beneficial form. It focuses on analyzing the gap which is measured within the present performance of Morrison with its future performance. Beside this, with the applicability of the strategic choice models the organization setting of Morrison is determined in a proper manner. These models help the organization to progress as per the adaptation of the external environment which allocates the different opportunities to respond to the customer demand that is catered by them.

Bowman's Strategy Clock

This applicability of the model helps the organization to categorize its position in the market place in order to make the offering to all the stakeholders. This deals with the various elements that can be chosen by Morrison to compete within the retail sector with rest of competitors (Jarratt and Stiles, 2010). All the elements are determined along with the perceived value which sustain with the quality of goods and services offered by Morrison. The product and services which are offered by Morrison are standardized as they are adding on value to the customer requirement. This strategy model will help Morrison to compete in the market place and drive the economy to grow it positions into the market. Hence, the overall position will be enhanced with the help of the adjustment in the applicability of this model.

It assists in identifying the relevant groups of people which are analyzed to understand the perspective of stakeholders which are present in form of customers. With the identification, the need related to the customers is analyzed to meet their expectations. The entire process is engaged into the particular form so that the stakeholders act as a support for the implementation of the strategy and decide the right out of the various options. With the applicability of this model, Morrison is able to grow as per the demands that are developed within the market place to cater the large number of customers.

The products that are currently offered to the buyers are advertised to secure the dominance within the market. Through this, the market will be developed with the effective implementation of the approaches that are adopted in order to meet the demands of the customers. The food and grocery products are developed as per the requirement of the different customers so that they are able to cater the new market (Ward, 2005). With the proper research and development tactics, the entire process is being carried out so that the customers are able to satisfy their demand as per their specification.

CRITICAL EVALUATION OF THE WAYS IN WHICH THE ORGANIZATION USES TO CHOSEN MODEL TO MAKE STRATEGIC CHOICE

As per the viewpoints of Rugman, Morrison has several strategic choice models which can be used to make use of the adaptive mode to the customers for the offering made by them. This mode will help the organization to cater the larger number of the customers. The products and services are evaluated in a proper form to meet the requirement of clients. Through adaptive mode, Morrison will develop an efficient supply chain to meet the demands of customers with proper distribution network. Bowman's Strategy Clock is a model which helps in the implementation of strategic choice to plan the entire business functioning to generate customer loyalty. As business strategy is ideal, it helps Morrison to retain the existing customers and to identify the new one.

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According to Casadesus-Masanell and Ricart, (2010), the portfolio of the product is much diversified as they are implementing the growth strategy to meet the demand and wants of the customers over the larger perspective. They probably adopt the strategy to make the offering into the market over the large basis. The plan is entirely implemented in an effective form as Morrison needs to identify the market requirement of the consumer to satisfy their wants. This strategy will help Morrison to relish with the present demand of the customers are identified and served to meet the requirement of the clients. This will help in building a positive relationship with the customers as they fairly meet their demands. Thus, strategic choice model helps in aggressive growth which is planned in an effective form.

With reference to Wright, Paroutis and Blettner, (2013), the strategic choices make the natural adoption of the strategy to make the offering of the product and services. However, the different dimensions lead to market demand which helps Morrison to identify the opportunities that are available to them and target the different groups of people to expand and diversify the market share. This will help in creating fair value for the money line that is obtained by meeting the demand of customers that are present in the market. This will help in gaining competitive advantage and in responding to the value that is expected by customers.

With the implementation of strategic choice model that is Brown Strategy clock, it will help the business to encourage customers to choose the product as per their requirement and needs . Thus, it will enhance the market supply force which is related to the product and services offered by Morrison. This will help the organization to enhance the quality of services that are offered by them. With the identification, they will be able to grow over the larger perspective. With the reduction in prices and by making the quality product, it will help Morrison to meet the demand of customers in an effectual.

CONCLUSION

From the following report, it can be concluded that strategic choice model need to apply with the working structure of Morrison so that it focuses on catering the large groups of customers over the single place. The applicability of models helps the organization to grow over larger perspective and develop the market share. Through this, Morrison would be able to easily respond to the requirement of customers. Further, it helps to evaluate the profitability and the efficiency of the organization to lead the market in meeting the demands and wants of the customers. Thus, it can be also determined that the business strategy of Morrison is the step towards concerned corporate strategy that helps to meet the expectations of stakeholders.

REFERENCES

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