BUSINESS STRATEGY

Business Strategy



Business Strategy

Contexts of business strategy:

Basic strategic planning is comprised of some constituents that construct upon the preceding part of the plan, and functions much like a flow chart. However, former to embarking on this method, it is significant to address the players involved. There should be a firm promise from the largest agency in the organizational hierarchy. Without buy-in from the head ofa business, it is improbable that other constituents will be supportive in the planning and eventual implementation method, thereby condemning the plan before it ever takes shape. Commitment and support of the strategic-planning start should disperse from the leader and/or CEO all the way down through the ranks to the line employee on the manufacturer floor.

Just as significantly, the strategic-planning group should be created of top-level managers who are adept of comprising the concerns, anxieties, and attitudes of all constituents of the organization. As well, organizational idea dictates that there should be nothing less than twelve constituents of the team. This permits assembly dynamics to function at their optimal level.

Marks and Spencer

Marks and Spencer Group (M&S) is a premier retailer of apparel, foods and dwelling ware in the UK. The business noted revenues of £9,022 million (approximately $18,113 million) throughout the financial year (FY) completed March 2008, an increase of 5.1% over 2007. The functioning earnings of the business was £1,211.3 million (approximately $2,431.9 million) throughout FY2008, an boost of 15.8% over 2007. The snare earnings was £821.7 million (approximately $1,649.7 million) in FY2008, an boost of 24.5% over 2007.

The implication of stakeholder analysis

Stakeholder concept is derived from general system theory that all living organisms system) interact with, and are affected from the environment. The major key for survival of the system is the ability to adapt to be responsive to the changing conditions in the environment. This concept seems to have emerged initially in the system analysis work on organisation conducted by researches at the Tavistock Institute in London (Mason and Mitroff, 1981:p.43). It is extensively applied in management science, political science, and public administration. For an organism such as modern business corporation or government, system thinking provides a power tools to help managers appreciate the differences between their companies and the rest of the world.

William N. Dunn (1994:p.85) clears up that policy stakeholders are individual or group who have a stake in a policy because they have an effect on or are affected by government decisions. Frederick and et. al. (1992:p.7-8) defines stakeholders in term of business management as a group or groups "affected by corporation's decisions, policies and operations". The stakeholder group can be, for example, citizen's groups, labour unions, political parties, government agencies, elected leaders, and policy analysts often respond in markedly different ways to the same information about the policy environment and conversely.

"Stakeholders are all those claimants inside and outside the firm who have a vested interest in the problem and its solution" and "[they] are the concrete entities that affect and in turn are affected ...