Different Approaches to developing strategy Essay

Different Approaches to developing strategy - Essay Example It can also give a message to employees, project the image before customers, bring intention for future etc. i.e. what should the business to do?. Objectives: Objectives are firm achievable goals / targets of the business in terms of results like growth in earnings, increase in production etc. in medium and long terms. They are measurable and can be monitored and corrected for their progress. Values / Situation Analysis: It is desirable that a strategic developer should take stock of the present status of the business both in terms of its weaknesses and strengths and devise a strategic plan to achieve the objectives already set forth. Weakness of the business could be in any area like management, finance, markets / sales, operations, offerings etc. Strength or success area of the business can include sound financing / cash flow, average or good profitability in terms of capital investment, scope for enhancing targets & market share, brand awareness development, provision to invest in R&D or any other innovation, good customer care, facing strong competition without increase in prices etc. Both external and internal environments should be considered to devise a strategic plan. These environments can be assessed through analysis of ‘SWOT’ elements. SWOT stands for Strengths, Weaknesses, Opportunities , and Threats. Strategic Development: The strategic development differs for different businesses and specific business alternatives can be applied that can serve its best interests. Different types of business development strategies include: Implementation: Strategic planning implementations access to make changes in the organization. A well drawn plan for clear objectives, activities, targets, budget, responsibilities, timings including deadlines etc. would provide a blue print for the organization to combat the implementation plan challenges. However some unexpected or unforeseen circumstances both external and internal can always

Retail Marketing and Logistics Case Study Example | Topics and Well Written Essays - 3500 words

Retail Marketing and Logistics - Case Study Example This paper will identify several theories and concepts on the subject of retail marketing and logistics. The focus of the paper is on one of the biggest international retail stores - 7-Eleven. The company, 7-Eleven, has a worldwide chain of convenience store in different countries. It is a leading operator, franchisor and licensor of convenience stores with 34,800 stores in 17 countries. The name of the company was derived from 7am to 11pm, its operating hours during the early stages of its existence. Today, the convenience stores are open 24 hours a day, 7 days a week. The company started its humble beginning in Dallas, Texas on 1927 when an enterprising dock employee began offering milk, bread and eggs aside from its core business of selling blocks of ice. The first store was opened during Sundays and evenings; a time when grocery stores were closed. The business idea of an entrepreneur regarding convenience retailing was widely accepted by satisfied customers and became profitable through increased sales. Ironically, the story of 7-Eleven can be considered as the story of convenience shopping because it is the company that pioneered and invested on the idea. In 1991, two Japanese companies invested millions of dollar to finance the company in order to emerge from bankruptcy. As a result, 7-Eleven became a wholly owned subsidiary of Seven Eleven Japan Company which controls 70% of the company's stocks. The convenience stores in US and the rest of the world are mostly operated through licensees and affiliates. The paper will tackle the current positioning strategy of the company worldwide. 7-Eleven is positioned as a convenience retail store of consumer goods with diverse products and services that provides easy access to end-consumers. It is in the marketing strategies of the company and its brand name in the market that alleviated the market leadership of the company in convenience stores industry segment. The paper will also explore the competitive environment of global retailing industry where 7-Eleven plays as well as the different business strategies that the company employs in order to be recognised as the world's number one convenience store. At the end, the paper provides several recommendations for the company in order to sustain its growth in the retail industry. Identified opportunities for the company includes further geographical expansions and investment in private label brands as well as natural, organic products. Current Positioning Strategy 7-Eleven stores are positioned as low price general merchandise store that operates for consumer's convenience shopping. The convenience stores are saturated in high income and large traffic locations in order to exploit consumer spending. The strategy of the company is to become the preferred convenience store of consumers anytime anywhere. Retail Marketing Mix - Lauterborn's 4 Cs Consumer wants and needs The relationship marketing strategies of 7-Eleven follows the first C of retail marketing mix. The company identifies the customer's preferences and tastes as well as its buying trend through an integrated information system and in depth analysis of data. As discussed later on the paper, the layout of 7-Eleven store is carefully evaluated and is changed several times a day in order to respond to the buying