Business Strategy Guidance
Strategic Concepts and Terms
Ansoff’s Growth Vector Matrix
BCG Growth-Share Matrix
Directional Policy Matrix
Co-Operative Food Store Audits
Porters 5 Forces:
This briefing pack is to provide help and guidance to the Co-operative Group on business strategy. Included in this pack will be strategic concepts and terms and a discussion of issues the Co-operative group will need to consider when planning its business strategy including thinking and planning. A stakeholder analysis will also be discussed to help the organisation. This briefing pack will also look into the Co-operative food stores and how to do an environmental and organisational audit.
Strategic Concepts and Terms
A mission is a statement of the business purpose and aims. It should include the actions of the business, the stakeholders of the business and how the business plans to meet their needs.
Co-operative Group Mission Statement:
“Our mission statement is working in partnership to identify best practice that reduces risks and losses to The Co-operative Group in a cost effective manner, and provides a safe and secure environment for our people, property, information, profit and reputation in accordance with our values and principles.” Visions
A vision is a statement of what the business wants to achieve in the future and its objectives and goals.
Co-operative Group Vision Statement:
“Our vision is to be a centre of excellence in respect of all Operational Risk areas, which is recognised both internally and externally, as innovative and best in class.” Objectives
Objectives are what a business wants to achieve in the future (long term), according to Peter Drucker these objectives fall into eight different categories: * Innovation: To develop new products or acquire new skills. * Market Standing: Where you want the business to be in current or new markets i.e market share. * Human Resources: Improve employee’s skills and the selection of employees. * Financial Resources: How the business intends to gain capital and how they use it. * Physical Resources: Improve the equipment and facilities in use. * Productivity: Improve productivity by improving efficiency of resources. * Social Responsibility: Being responsive to issues in the community. * Profit Requirements: Achieving growth through profits.
A goal is a means to achieve objectives set by the company and are generally short term. Goals can be set using the SMART technique (Specific, Measurable, Achievable, Relevant and Time-Bound) in order to help set realistic goals specific to objectives. Core Competencies
Core competencies are what the organisation specialises in, it can be either products or services, and give the organisation a competitive advantage. One of the Co-operative Groups core competencies is funeral care as is the largest funeral director in the UK.
Businesses devise business strategies to improve their company in the future and strategies can be in areas such as: * Growth
* Market Leadership
* Mergers and Acquisitions
The first step to planning a business strategy is to start thinking strategically towards the future. There are issues that businesses face and strategic thinking can help find a strategy to overcome these issues. A major issue of a business strategy is the future direction of competition. The Co-operative group must try to either gain or maintain competitive advantage in its different markets by developing strategies with the future direction of its...
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