1. Business planning and developing a strategy.3
2.1. The formation of Burberry’s new strategic business plan.3 2.2. Business strategy, vision and mission 4
2.3.1. Successful strategy and achieving the goals based on analysis.5 2.3.2. Vision and mission7
2. Protect, Explore and Inspire. Burberry values.8
3.4. Classification of Burberry values.8
3.5.5. Inspire 10
3. Monitoring and evaluating of Burberry strategic goals and objectives. 11 Conclusion 12 References 13
The report below tells about the history and development of the iconic luxury brand from Britain, Burberry. It reflects the company’s mission, vision and core purpose, which consequently form the values of the brand. The report indicates the key strategic goals and objectives, which form the competitive advantage of the company, how they are being monitored and evaluated.
Having been found as a small shop in Basingstoke, Hampshire, by a young draper Thomas Burberry in 1856 and developed into a large world-know brand ever since, Burberry is one of the first names that springs in mind when it comes to fashion and luxury. The company went through many-years history of change and development. However, the core Burberry product still remains the trench coat made out of the brand weatherproof but breathable Gabardine invented and introduced by Thomas Burberry himself in 1880. Today, according to Business Weekly, Burberry is the 98th most valuable brand.
1. Business planning and developing a strategy
Creating the strategy of an organisation is a part of business planning, on one hand, but it is the essence of the strategic planning on the other, where the difference between the strategic plans and the business planning is only in timing of implementing and the process of evaluating the two. Different authors writing in the field of strategic marketing give various definitions of strategic planning. However, all of them tend to agree in the fact that it always includes the major points below. * Vision - developing a common “vision for the future” or a “conceptualization” of where an organisation wants or desires to be in the long-term; * Assessment - appraising or determining where an organisation is currently (i.e., its goals, objectives, activities, results, etc.);
* Strategies - identifying how an organisation will actually realise (via concrete and predetermined actions) its mission, goals, and objectives; * Measurement - evaluating the progress of an organisation in the implementation of its action strategies.
The report below will be based on the resumptive understanding of the term as a process of formulating of the mission, vision and goals of the organization and choosing the specific paths for outlining and gaining the desired resources to be used in order to provide the successful functioning of an organisation in future. Strategic planning is a useful tool in making the decisions concerning the total management of an organisation. Its main purpose is to ensure the right amount of innovation and modification for the organisation to be able to respond to the changes on the market. However, creating a strategy does not lead to an immediate action, but it sets up the general direction for the company to follow in order for its fence-mending and growth.
2.1. The formation of Burberry’s new strategic business plan One of the main features that characterizes the strategic plan is its possibility to be adapted to the ever changing circumstances initiated by both internal and external factors. Thus over the decades Burberry has been changing its strategy and approach to trading. So...