| 2013 |
| Business Strategy |
[Hnd business] |
Within this assignment I shall be researching and critically analyzing the process of Business Strategy.
The aim is to gain an in depth understanding of strategic planning, how to formulate a new strategy, the approaches to strategy evaluation and selection and how to implement a chosen strategy.
Once all information is gathered of what strategy entails, I shall apply it to my chosen road transport organization Eddie Stobart; and make explanatory suggestions on how the strategic structure of the company should be widened, in order for maximum combined enhanced effect amongst other aspects of physical ...view middle of the document...
The companies strategy focuses on the brand, people and their systems.
Eddie Stobart ‘Mission’ (overriding purpose in line with the values or expectations of stakeholders)
Although Eddie Stobart aim is to be the UKs leading company, they still have to adhere to the expectations and values of stakeholders as they have a big impact on the success and well being of the company. Their mission is to ‘seize all opportunities, operationally, as the economy comes out of recession, building on our key competitive advantages, such as load utilisation and pooling our customer’. However they state in their plans they intend to take waste out of the system because waste adds to cost and damages the environment, whilst increasing business not just within the UK but within Ireland and mainland Europe also. This in turn, offers an increase in stakeholder activity; such as employment, and suppliers.
Eddie Stobart ‘Vision’- Desired future state
The Eddie Stobart Company highlights their company vision very succinctly, and states it very clearly. Like most companies the Eddie Stobart Company vision is to become the UK’s leading provider within their sector; of which in their case is multimodal transport and logistics solutions.
Eddie Stobart ‘Goals’- General statement of aim or purpose
Eddie Stobart company goals are placed under the company strategy. Their aim is to expand all the different forms of transport offered by the company. Especially, within the rail, sea and air sectors.
‘Under the strategy the aim is to expand all forms of transport provided by the Group; especially with the rail, sea and air sectors; and establishing operational infrastructures in the best places to service the maximum number of customers’
Eddie Stobart ‘Objectives’- More precise statement of the goal
Eddie Stobart company objectives are to achieve company expansion goals in a responsible manner by acknowledging the economic, social and environmental impact of its day to day business activities; whilst maintaining legal and moral obligations.
Eddie Stobart ‘Core Competencies’- Resources, processes or skills which provide distinctive competitive advantage.
Eddie Stobart has a few core competencies but their main competency is the fleet utilization. The Eddie Stobart company have eye catching, unique, modern, fleet of ‘1,500 trailers and 900 trucks’ plus, of which are all exclusively named after a female. Another competency of Eddie Stobart is their ability to merge with different businesses in order to expand and dominate the market, making it a tough competitor. The company also has a network of 27 operating sites with roughly over a 2.6 million square feet of storage space.
Strategic planning is done within companies’ in order to forecast future events and how the company will take action towards those future events.
The issues usually involved in strategic planning are as follows: