MGT302 Strategic Management Assignment Sample
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Executive summary
In the retailer industry of UK, three main players are currently exist, for example, Tesco, Sainsbury and M&S. This business report aims to define a comparison of strategic approaches for each retailer organization. Moreover, this business report critically analyse stakeholder approach, dynamic capability and sustainability approach for each business organization.
Introduction
This business report aims to compare and contrast different strategic approach of following organizations, like M&S, Tesco and Sainsbury. Each of these retailer organization are following specific strategic approach to expand the business proficiency and market share. In addition, this report aims to analyse and compare the stakeholder approach in regards with business portfolio and management system. In the segment of stakeholder approach, viability of the approach would be analysed along with proper argument and justification (Sax and Andersen, 2018). Along with that, surrounded benefits are also evaluated related with the stakeholder approach. Implementation issues will also take place in the discussion of stakeholder approach. Moreover, limitation of the stakeholder approach will be also discussed for each business sector like M&S, Tesco and Sainsbury. Therefore, this report aims to analyse and compare the dynamic capabilities in regards with management system. In the segment of dynamic capability, viability of the approach would be analysed along with proper justification. Besides that, surrounded benefits are also evaluated related with the dynamic capabilities. Implementation issues will also take place in the discussion of dynamic capabilities. Furthermore, limitation of the dynamic capabilities will be also discussed for each retailer sector like M&S, Tesco and Sainsbury (Richardson, 2010). On the other hand, sustainable approach is the last factor that would be discussed in this report along with similar configuration of discussion, for example, viability of the approach, suggested benefits, implementation issues and limitation for each retailers like M&S, Sainsbury and M&S. Lastly, this report also aims to discuss the core competency of these strategic approach for organizational growth and development.
Stakeholder approach
In an organization, stakeholders are playing an essential part. In addition, stakeholders are customers, suppliers, owners, partners, distributers and so on. The management of Tesco applied effective strategic approach to satisfy its stakeholders, for example, reward planning. In contrast, the management of M&S applied a different approach to satisfy its stakeholders, for example, profit sharing. On the other hand, Sainsbury also applied an effective strategy to satisfy their stakeholders, for example health insurance plan (Grundy, 2013).
Viability of the approach
Stakeholder approach is one of the critical aspect for each organization as early mentioned. In addition, an organization cannot achieve desired goals and objectives without satisfy its stakeholder. Moreover, each stakeholder has a similar vision regarding the organizational growth and development. With the help of a joint vision of stakeholder, an organization can achieve its desired goals and objectives (Bromiley, et al., 2014). In other words, stakeholder approach is very critical to make the vision of all partner at a similar track. The stakeholder approach is similarly important for impressing the clients. The motivation is also a core component to engage the stakeholders for accomplishing the organizational sales target.
Suggested benefits
As early mentioned, stakeholders are main backbone of an organization who can increase the organizational growth and development. Tesco can get sufficient amount of customer satisfaction with the help of stakeholder approach. In terms of befits of M&S, the management can motivate all stakeholders with the help of this approach to increase the proficiency. On the other hand, the stakeholder approach also plays a critical role in the economic stability of a business firm (Arai and Warham, 2014). Sainsbury applied an innovative approach that satisfy each stakeholder, for example, a life insurance plan. With the help of the life insurance plan, the management of Sainsbury can increase the level of satisfaction among the stakeholders.
Implementation issue
As early mentioned, each retailer organization has applied different stakeholder approach to satisfy them. In other words, the management of Tesco applied an effective strategic approach as reward planning to satisfy its stakeholders (Das, 2014). Moreover, the management of Tesco decided to provide a certain amount as bonus to the stakeholders if they play their role in an appropriate manner. In contrast, the management of M&S applied a different approach as profit sharing to satisfy its stakeholders. In other words, the management of M&S implemented this stakeholder approach to increase the satisfaction level. On the other hand, Sainsbury also applied an effective strategy to satisfy their stakeholders. As a result of this implementation process, most of the stakeholders can realise the importance of health insurance policies to secure from any kind misconception.
Limitation
The management of these organizations has faced certain difficulties while implementing the stakeholder approach in the workplace. Certain limitations are overlooked by the management of Tesco in terms of reward strategy (Pindelski, 2015). In other words, the suppliers are one of the key stakeholder who provide essential raw materials. Due to the implementation process of reward strategy, the negotiation process with the suppliers make certain difficulties and the demand of the suppliers been increased. Moreover, the bargaining power of the suppliers got increased due to this kind of stakeholder approach done by Tesco. On the other hand, M&S also faced many difficulties for the profit sharing strategy to measure the stakeholder approach. In other words, profit sharing along with suppliers and distributers can be considered as the limitation of this stakeholder approach. In contrast, Sainsbury also realised certain limitations of health insurance plan for all stakeholders. In this scenario, the customers demand for full insurance coverage from the management of Sainsbury which is next to impossible (Kondalkar, 2013). Moreover, contradict with customer’s point of view can be considered as limitation of this stakeholder approach.
Dynamic capabilities
The management of these retailer organizations should focus on the dynamic capabilities to increase the productivity. In addition, Tesco, M&S and Sainsbury cannot achieve desired goals and objectives without measuring the dynamic capabilities.
Viability of the approach
Dynamic capabilities can help the management to improve the organizational growth and development. With the help of effective dynamic capabilities, these retailers of UK can achieve its desired goals and vocal points. In other words, effective dynamic capabilities also help to improve the brand esteem of a business firm. Appropriate training program is a vital part that increase the dynamic capabilities of an organization (Bromiley, et al., 2014).
Suggested benefits
As early mentioned, dynamic capabilities can significantly increase the organizational growth and development. Tesco can provide sufficient amount of job satisfaction to the employees with the help of dynamic capabilities. In terms of benefits of dynamic capabilities, the management of M&S can increase the proficiency of the employees by improving this strategic approach. Along with that, effective dynamic capabilities also play a critical role in the progress of employees of M&S. Sainsbury applied an innovative approach that influence the performance of the employees as self-development plan. Moreover, the management of Sainsbury can develop the skills and abilities of the employees by introducing self-development plan as a core element of dynamic capabilities.
Implementation issue
As early mentioned, each retailer organizations have applied different dynamic capability related approaches to expand the abilities of the employees. In addition, the management of Tesco applied an effective strategic approach as motivational theory to increase the dynamic capabilities of the employees. Furthermore, the management of Tesco decided to adopt Maslow Hierarchy Need theory to improve dynamic skills of the employees in an appropriate manner. In contrast, the management of M&S applied a different approach as high compensation to expand the dynamic capabilities of the employees. In other words, the management of M&S implemented high payment approach to increase the dynamic capabilities of the employees (Pindelski, 2015). On the other hand, Sainsbury also applied a different strategic approach like self-development plan to expand dynamic capabilities of the employees. As a result of these implementation process, most of the employees can expand self-knowledge and accountability regarding the organizational development.
Limitation
The management of these retailer organizations had faced many challenges regarding the dynamic capability related strategic approaches. In addition, certain limitation of the implication for motivational theory was faced by the management of Tesco. In other words, few employees rouse voice against the implementation process of the motivational theories at workplace. Therefore, few employees of Tesco believed that, motivational theories have no significance in real life. On the other hand, the management of M&S also faced financial crisis due to the strategic approach as high compensation. In other words, M&S faced economic struggle due to high payment issue for improving the dynamic capabilities of the employees. The management of M&S has realised that, high payment can defiantly increase the dynamic capabilities of the employees but it effects the financial stability of the firm also. As a result, high payment as salary can be considered as limitation of this strategic approach. Apart from that, Sainsbury also faced few challenges regarding the strategic approach as self-development plan to expand the dynamic capabilities of the employees (Gabriel, 2015). In addition, few employees cannot grab this opportunity due to absence of an efficient trainer. Moreover, lack of efficient trainer is another limitation of this strategic approach applied by Sainsbury.
Sustainable approach
An effective sustainable approach can boost the strategic planning of these retailer organizations. Each of the retailer firm like Tesco, M&S and Sainsbury applied different strategic approach to develop sustainable policies. Moreover, with the help of effective sustainability policies, these retailers can survive in this competitive industry. Besides that, Tesco has applied leadership theories to develop effective sustainable policies. In other words, the management of Tesco has applied significant leadership theories like autocratic, democratic and transformational to deal diverse sustainability issues.
Viability of the approach
Sustainable approach can help the management of retailing firm to sustain in the competitive industry. As early mentioned, Tesco has applied leadership theories to develop effective sustainable policies. Along with that, the management of Tesco has applied significant leadership theories like autocratic, democratic and transformational to deal diverse sustainability issues (Richardson, 2010). With the help of effective sustainable policies, these retailers of UK can implement effective sustainable plan. In other words, effective sustainable approach also help to improve market position of these retailer organizations. Along with that, proper analysis of the market opportunity is a key component that help to develop an effective sustainable approach.
Suggested benefits
As early mentioned, sustainable approaches can significantly increase the organizational competitive advantages. Tesco can provide customer satisfaction with the help of effective sustainable policies. In terms of benefits of sustainable policies, the management of M&S can obtain the marketing strategies of rival companies by developing this sustainable related strategic approach, for example low price strategy. Besides that, effective sustainable policies like low price of product also play a critical role in the progress of sustainable policy making in M&S. Therefore, Sainsbury applied an innovative approach as discount strategy as an effective sustainable approach. In other words, the management of Sainsbury can attract the consumers by applying this sustainable approach as a core element of the retailer business environment (Grundy, 2013).
Implementation issue
As early mentioned, each retailer organizations have applied different sustainable policy related approaches to expand the profitability. In addition to that, the management of Tesco applied an effective strategic approach as leadership theory to develop an effective sustainable approach to survive in the retailer industry. Furthermore, the management of Tesco decided to adopt Autocratic leadership theory to develop a sustainable policy in an appropriate manner. In contrast, the management of M&S applied a different approach as low price strategy to sustain in the competitive retailer industry. In other words, the management of M&S implemented low price sustainable approach to defeat the marketing planning of rival organizations. On the other hand, Sainsbury also applied a different strategic approach like discount strategy to develop a sustainable policy for capturing high market share of UK. As a result of these implementation process, these tried retailer organizations tried to sustain in the competitive industry of UK.
Limitation
Above mentioned sustainable approaches include critical limitation also that might reduce the proficiency of these retailing organizations. First of all, accurate implementation of the autocratic leadership style can be considered as limitation due to uncertain activities of the employees in Tesco. In other words, the leaders of Tesco could not completely control the activities of all employees. On the other hand, the management of M&S also faced financial crises due to the low price of the product. As early mentioned, the management of M&S has implemented low price strategy as a sustainable approach which includes few limitations, for example, lack of stock and distribution process. M&S has to speared lots of funds for the distribution of priced products. In addition, the management of M&S also faced financial difficulties for stocking the products at store. Apart from that, Sainsbury also faced similar problems like M&S but their sustainable approach was different. In other words, Sainsbury implemented discount strategy as a sustainable approach to survive in the retailing industry. Moreover, due to the discount strategy, the management of Sainsbury faced lots of supply related issues. Lack of supply of the products can be considered as a limitation of this sustainable approach of Sainsbury.
Conclusion
This business report successfully compared and contrasted diverse range of strategic approach of M&S, Tesco and Sainsbury at the retailing market of UK. This business report also analysed specific strategic approach for each retailing firm to expand the business proficiency and development. This business report also analysed and compared the stakeholder approach for each retailing firm along with proper justification. This business report also analysed each strategic approach surrounded benefits, implementation and limitation for each retailing organization. Implementation process are discussed in for stakeholder approach, dynamic capabilities and sustainability approach. Moreover, this business report also compared strategic planning for each business sector like M&S, Tesco and Sainsbury. Therefore, dynamic capabilities are also analysed in this business report for each retailing firm. Viability of the approach is also analysed in this report along with proper justification for each strategic approach. Moreover, surrounded benefits are also evaluated in this business report related with the dynamic capabilities, stakeholder approach and sustainable approach. Implementation issues are also analysed in the discussion of dynamic capabilities for each retailing firm to present an augmented business report. Furthermore, limitation of each strategic approach is also discussed in this report for each retailer sector like M&S, Tesco and Sainsbury. On the other hand, this business report successfully compared viability of the approach, suggested benefits, implementation issues and limitation for each retailers like M&S, Sainsbury and M&S. lastly, this report also discussed the critical significance of these strategic approach for organizational growth and development.
References
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Das, G. 2014. Linkages of retailer awareness, retailer association, retailer perceived quality and retailer loyalty with purchase intention. Journal of Retailing and Consumer Services, 21(3), pp.284-292.
Gabriel, K. (2015). Organizational Development, Organizational Culture and Organizational Change. SSRN Electronic Journal.
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