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The objective of this assignment is to examine the scope and needs of strategic management in a business organisation. It is a known fact that every enterprise requires adherence to various management policies and practices to be able to sustain in competitive business environment successfully and achieve their desired goals and outcomes, so the fundamental idea is to manage all organisational activities in a planned, systematic and tactful manner through strategic management. Strategic management is extensive collection of continuing activities and operations that enterprise use to consistently coordinate and regulate resources and processes with their mission, vision and strategy throughout an enterprise. Strategic management approaches reconstructs the static planning into a structure that offers strategic performance assessment to decision making and empowers the plan to enlarge and grow as specifications and other occurrences change. Strategic implementation is fundamentally compatible with strategic management and results to systematic execution of a strategy. Iceland Foods Ltd, UK is the chosen organisation for this business research. Strategic business management focuses not on a single aspect of business. It takes all external, internal factors affecting business decision making, effective resource utilisation and cost management with the purpose of achieving business goals (Peppard and Ward 2016). Iceland is a supermarket chain having 2.1% market share in the retail industry in UK. Market share is less compared to other competitors (gain.fas.usda.gov 2016). Hence, this paper proposes an outline that can examine the necessity of strategic management and relevant business strategy for this company.

 

The objective of the project is to develop understanding on the strategic management concept and its application in a business enterprise. As Iceland has limited market share in the UK retail industry compared to its Giant competitors such as Tesco, Morrison, Asda, development of strategic management and planning in this company is important (gain.fas.usda.gov 2016). Strategic management is applied by big companies. Hence, it order to be successful in the competitive environment, it is required to find out the scope, needs and problems for implementation of strategic management in this chosen company. 

In present context of the fastest growing retail industry in UK, strategic management plays important role. In the view of Drucker (2017), strategic management can help to perform better with increasing profitability. Strategic management brings better perspective for employer and employees about their job responsibilities, response to critical business environment. This project may help business decision makers to reach business goals considering changing business environment in UK due to Brexit effect.

 As stated by Morecroft (2015), strategic management is the combination of the strategies regarding cost management, price determination, merger and acquisition, product differentiation and others with the aim of increasing profitability as well as market share. According to Cokins (2017), important criterion for obtaining success in business is aligning strategy with the goals and objectives of the company. Strategic choice in business can be in different forms such as competitive pricing, monopoly pricing, increasing brand value, improvement in product line, innovation in management and business process, cost leadership and others (Maloni, Hiatt and Astrachan 2017).

Key elements of the strategic management process are goal setting for business, analysis of goal, formation of strategy, implantation of strategy and lastly, evaluation and control (Yoo and Bai 2013). At the last stage modification is made in strategy if any gap is found out. At the analysis stage, relevant data regarding market, internal and external environment of the company are gathered. At the strategy formulation stage, planning, resource designs are formulated and business issues are examined. At the implementation stage, employees are assigned with their respective roles and clearly indicated their job responsibilities. Physical and financial both types of resources are put into use for policy implementation. Cokins (2017) opined that these stages of strategic management are not distinct but engaged with each other.

There are several types of business strategy that a firm can adopt according to their nature and resource available and specific problem faced by the business. As mentioned earlier, different types of business strategies are cost management, pricing policy, merger and acquisition strategy, growth strategy, innovation and product differentiation strategy. It is required for the management team to understand the business problem and business objectives before adoption of any strategy (Peppard and Ward 2016). Any wrong decision can result in business failure and may create cost burden for the firm that can hamper further business process (Morecroft 2015). Different types of business strategies are summarised below:

            Cost leadership is strategies that are beneficial for firm, which are affected from any reduction in price of products in the market. This may happen due to short term resource constraints. These firms can choose to develop technologies in production, which can reduce cost. Lesser cost of production compared to other existing firms in the same industry can provide competitive advantage to increase profit margin. Low cost helps to reduce price significantly to increase customer base and market share (Drucker 2017).

Merger and acquisition is a corporate level strategy to enhance market share within country or cross border country. Business firms can obtain quality staff, capital, and additional skill by merger or acquisition. A loss making firm especially a small one can merge with a larger firm to survive in the market. Merger and acquisition is a good strategy for the firms wanting to increase their market share and customer base. Moreover, sharing budget, marketing ideas, cost share can reduce overhead and operation cost significantly (Cokins 2017). However, Peppard and Ward (2016) argued that huge cultural differences, mismanagement, differences in business policies between merged businesses can result in loss for both firms. Therefore, cultural similarity, business goal needs to be similar in this strategy.

Innovation and product differentiation is the widely used business strategy for the large or small business. As demand of customer changes rapidly with changing external environment, firms need to develop or innovate product line accordingly. Product differentiation helps to increase brand value. Through product differentiation and innovation, firms can create new demand for customers (Maloni, Hiatt and Astrachan 2017). However, there are some risks in this strategy. Yoo and Bai (2013) argued that innovation requires both time and cost. If product innovation fails to satisfy customer needs, this can result in waste of resource and time. Therefore, details study of industry is required along with business insight. Innovations in product features, business management process are recognised as growth strategy.

Although theses literatures have discussed about different business strategies that a firm can implement, there is lack of analysis on specific case studied in each strategy. Moreover, as the business problem focuses on retail sector, especially grocery supermarket industry in UK, the reviewed literatures have no depth discussion on the strategic management in this sector. However, strategies reviewed in this chapter are helpful to concentrate on the current business problem and to develop further studies.

hypothesis

Questions     [Needed Primary only 1 question & secondary 3]

Research questions

1.      Which strategic business management process can be implemented in Iceland Food ltd, UK?

2.      Which strategies can be taken to overcome business problem currently faced by this firm due to Brexit?

Hypothesis

H0: Strategic management practice has no impact on market share of Iceland Food Ltd

H1: Strategic management practice has significant positive impact on market share of Iceland Food Ltd

    [ its very important part in assignment, but which you wrote is incorrect whole topic study lecture 6,7,8 ]

 

Research design for this study can be of two types such as qualitative or quantitative. Mixed strategy can also be used for depth analysis. These processes are described below.

In Qualitative research method, sample size is small and dept analysis in the problem is required. Researcher uses own insights, problem solving skill and reasoning to find out the core of the problem and their possible solution (Zikmund et al. 2013). Researcher uses research experience during research question and objective formulation. Survey method through interview, observation, document analysis is the data collection method. Interpretivism research approach is undertaken (Eriksson and Kovalainen 2015). Interviewing 5 managers of the chosen company of Iceland would be possible sample size for this study. Managers would be asked about the problem faced by their firm and present strategic management process followed by them.

Collected data through direct interview to the customers and managers of the firm is the process of this approach for the present study. In order to get reliable data, sample size should be large enough (Hair 2015). 50 Customers will be chosen randomly from different location of UK. Data will be collected through close ended questionnaire about their choices and preference about supermarket grocery industry. All recorded answers of the questions will recorded in the excel sheet in numeric form and data will be analysed using either excel or SPSS data analysis tool. Results generated with statistical method will be used to reach in the conclusion of acceptance or rejection of the research hypothesis.

This present research has highlighted several strategic management processes, their benefits and disadvantages. However, due to time constraint, only details analysis has not been possible in the present study. Mixed approach of data analysis would be better for details analysis.

 

Task

Duration (days)

1.

Research proposal

30 days

2.

Literature review

40 days

3.

Research methodology

20 days

4.

Data collection

60 days

5.

Data analysis

65 days

6.

Report writing

35 days

7.

Final report presentation

-

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Conclusion

It can be concluded from the analysis that strategic management approach has several faces and important in business context irrespective of the size of the industry. Among different alternative options, each type of business strategy has some positive and negative sides. Hence, any firm needs to choose the best application strategy based on their business goals, available resources and nature of business. Both qualitative and quantitative method has been discussed for this study. However, mixed approach would be better for the details analysis on this issue.


 

Cokins, G., 2017. Strategic business management: From planning to performance. John Wiley & Sons.

Drucker, P.F., 2017. The Theory of the Business (Harvard Business Review Classics). Harvard Business Press.

Eriksson, P. and Kovalainen, A., 2015. Qualitative methods in business research: A practical guide to social research. Sage.

gain.fas.usda.gov, 2016. Retail Foods. Available at: https://gain.fas.usda.gov/Recent%20GAIN%20Publications/Retail%20Foods_London_United%20Kingdom_12-13-2016.pdf [ accessed on 6 September, 2017]

Hair, J.F., 2015. Essentials of business research methods. ME Sharpe.

Maloni, M.J., Hiatt, M.S. and Astrachan, J.H., 2017. Supply management and family business: A review and call for research. Journal of Purchasing and Supply Management23(2), pp.123-136.

Morecroft, J.D., 2015. Strategic modelling and business dynamics: a feedback systems approach. John Wiley & Sons.

Peppard, J. and Ward, J., 2016. The strategic management of information systems: Building a digital strategy. John Wiley & Sons.

Yoo, M. and Bai, B., 2013. Customer loyalty marketing research: A comparative approach between hospitality and business journals.International Journal of Hospitality Management33, pp.166-177.

Zikmund, W.G., Babin, B.J., Carr, J.C. and Griffin, M., 2013. Business research methods. Cengage Learning.

 

 

 

 

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