Topic: The Impact of Strategic Management Decisions – Wilkinson (Case Study)
M. M. Khan
Business Student -- 2nd year, 3rd quarter
Wilkinson & its Strategy
Businesses must respond to change in order to remain competitive. Developing appropriate strategies, which allow progress, is essential. Wilkinson was founded in 1930 as Wilkinson Cash Stores by James Kemsey Wilkinson and has remained largely in the hands of the founding family since its establishment. Wilkinson’s growth places it in the top 30 retailers and is a prime example of a business that has responded to changing customer needs throughout its history. It is one of England’s long-established retailers of a wide range of food, home, garden, office, health, and beauty products. Recently, it faced stringent competition from its competitors. Wilkinson needed to offset the effects of this offence by identifying new realms for greater opportunities. Over a span of two years it conducted extensive market research that abetted it to create a market strategy designed to continue growth by targeting a new market segment – the student population. However, the segment that Wilkinson opted for was not, in all likelihood, the outcome of a casual decision that the top managers made based upon stark intuition. The decision was rather dependent upon a formal, systematic, and comprehensive procedure that rationally allowed them to pursue this path.
The quest for a competitive advantage in this unique market segment began with Wilkinson’s mission aimed at rapid growth and increased stores across England. The mission is the first facet of the strategy-generating procedure. It is something that innumerable companies delineate to commence the procedure for optimum and sustainable market performance -- this procedure is known as the Strategic Management Process. But prior to exploring the first facet, the meaning and sole...