SUBJECT: BUSINESS POLICY AND STRATEGY This is an individual assignment to submit
ID: 367447 • Letter: S
Question
SUBJECT: BUSINESS POLICY AND STRATEGY
This is an individual assignment to submit a strategic consultancy for a real life organization. You will act as a consulting firm that has been hired to conduct in depth of SWOT Analysis, and make effective and feasible recommendation in the following given format
Q1. Strength, Weakness, Opportunities and Threats of the organization (2 Marks)
Q2. Strategy Formulation (3 Marks)
Formulate a specific strategy, which should be implemented by the company by using the appropriate strategy formulation tools
Q3. Suggest the implementation plan of the specific strategy which should help the company to achieve sustained competitive advantage. (5 Marks)
Explanation / Answer
I want to illustrate with my own business example of making men’s shirt.
a). Knowledge of existing product and market
b). Only manufacturer in my region
c). Good relationship with customer
d). Sales and manufacturing staff is excellent
a). Biggest issue cash flow problem
b). Holding too much stock
c). Add cost of warehousing
d). Rapid change in fashion trend
e). Currently struggling to meet the demand
f). Not yet able to build brand image
a). More scope of this industry in future
b). Similar products are more expensive in market
c). Loyal retailers
a). New competitors
b). Competitors advertising campaign
c). Competitors opening shop nearby
strategy formulation build on organisations strength help to bring efficiency in organisational work. A solid organization strategy that demonstrates to increase upper hand should address each of the four components of the SWOT investigation. It should enable the association to decide how to utilize its qualities to exploit openings and kill dangers. At long last, a solid technique should enable an association to keep away from or settle its shortcomings. On the off chance that an organization can build up a technique that makes utilization of the data from SWOT investigation, it will probably have abnormal amounts of execution.
In my business the best strategy is to create more awareness about the brand in the local market. Because in initial stage of my business people are not so aware about my product.
The best tool to use is porter five forces tool. This hypothesis depends on the idea that there are five powers which decide the aggressive power and engaging quality of a market. Watchman's five powers make a difference to recognize where control lies in a business circumstance. This is helpful both in understanding the quality of an association's present aggressive position and the quality of a position that an association may hope to move into.
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