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Unit 7 Business Strategy Mont Rose College AB359B7

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Introduction

Business strategy means the company sets out a strategy for achieving the goal of the organization. It is also known as long-term business planning and it covers more than 3 to 5 years. The present report is based on Primark organization, it is an Irish clothing retailer operating it bossiness in Austria. It offers a diverse range of products in which it includes beauty products, kid's clothing and menswear. The present report covers, the environmental audit of the organization. Along with this, the role and responsibilities of personnel who are charged with strategy are assessed. Apart from that, the contribution of SMART targets to eh achievements of the implemented strategy is evaluated.

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Task 1

1.1

Primark is a multinational company that deals in fashion in European countries like Austria, the UK, Ireland, Germany, etc. Business strategy is very crucial for accomplishing the objectives of the corporation, it provides the framework for the manager to implement the planning and policy of the organisation. Strategy assists in increasing the efficiency of the employees by successfully applying the procedure of the task.

Strategic planning: It is the process through which organisations formulate the plan or the framework to achieve business goals or win market competitions. It provides information to the business manager about the present position and the future opportunities of the business.

Vision: It is defined as the long-term aim of the organisation it concerns what the corporation needs and where it can be achieved for a company like Primark. Mostly visions are made for the long-term success of the business by applying the appropriate functional strategies of the firm.

Mission: It is the primary purpose of the business or the organisation. Mission provides a reason why an enterprise stays in that particular segment of trade for Primark the mission of the company is to gain advantage of the market by providing the desire of the customer in the fashion segment. Mission assists the employee of the organisation to perform their assigned task to achieve the organisation's objective.

Objective and goals: Most people think that these both are the same but in reality, these two are quietly different from each other. Goals refer to the desire of the human or an organisation it is the ultimate stage of business for example a company's goal is to reach the highest in the market of a particular market segment of goods or services while objectives refer to the progress of the achievement of the goals of the business. It measures of the accomplishment of the goals of the organisation step by step.

Core competencies: It is the primary element of organisational success, it provides a competitive business climate on the other revelry firm in the market. It stimulates the company to enter in the new market through expanding its business operation in more regions of the nation and foreign demography. For example, for a fashion manufacturer the core competence of the organisation will be obtaining the raw materials, production of the goods and its distribution sources will be included in it. Primark company, objective, mission and vision are interlinked with each other which helps in informing strategy planning. Its mission is to gain a competitive advantage by satisfying the customers for this purpose it needs to focus on strategy for fulfilling its company vision.

1.2

Strategic planning is a wider term in the business has to work for its future growth. If the trade operations are made for the development of the business entity it is essential to take care of all those elements which can affect the business and its future growth. Thus, it can be said that strategic planning is a wider term and it is directly related to the future suitability of the entity it is very important to take care of all those elements which are going to affect this strategy. The essential elements which are to be kept in mind while making the strategic planning are described as under:

Engagement: Strategic planning is a process not an event. So the essential element of this planning is to engage all the staff members in formulating and implementing the plans. It is very important to have the involvement of the workers in making the strategic plan. This can provide insight on the issues related to the plans and procedures.

Communication: Strategic planning is the process in it the interaction can be made with the employees so that they can provide their valuable suggestions to the management. So it can be said that strategic planning is a long-term process and in it the communication of all the relevant materials and data is necessarily to be communicated with all the staff members. By this, the employees will be able to have a knowledge of all those elements which are related to strategic planning so that the process can be made in the most effective way.

Innovation: It is the other most important factor which can affect strategic planning. In it, the new technologies of the plan are made and implemented. It is very important for the development of the business to take care of all the latest technologies and advancements which are going to take place in the market so that these trends can be used in formulating a strategic plan.

Project Management: it is another important factor, in it the employees of the company make the various strategies to obtain the desired goals. The management of the entity must be effective so that the actions can be taken in the most efficient way. To have better management the company can provide training to the staff members so that they will be able to create a good culture and environment. By this, all the activities related to the strategic plan will be done and completed in the most efficient way.

Culture: strategic planning is related to the tools and techniques which can be adopted in the business. The culture of the business is made by the employees so it is very important for the company to have the best talent in the entity so that a good and healthy culture can be made and the desired goals can be achieved.

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1.3

Strategic planning is the most important factor which is to be made by the management of the company. If the planning is made in the most effective way then all the tasks can be done in the most effective way. This is a long-term approach and in it the role of other factors and techniques is very high. If the employees are trained properly then they will be able to perform better in providing the best services to the entity. The plan is a relay in its making and the tools which can affect its business positions. Along with the employees, there are some other factors which can affect strategic planning these are the communication level and innovative tools. It is very important for the company to use effective and innovative tools and techniques in formulating the strategic plan and this can be done by paying attention to the factors which are related to the strategic planning process.

The business has relied upon the various elements of the plan and its implementation process. If the factors are used in the most effective way then the business can grow faster. Primark is a fashionable garments company it is very important for the company to take care of all those elements which can take place in the business while operating trade activities. Along with this, there are some other tools which are having a vital role in making the strategic plan these are the marketing strategies the role of the government, policies and regulatory authorities. The management of the planning process also has a great role in making and implementing it in the most effective way and this can be done by taking care of the roles and responsibilities of the employees of the company. Thus, it can be said that strategic planning is made for the success and development of the business and it is very important for the company to formulate the plan in such a manner that it can sustain in the long run.

BCG matrix is known as the four-celled matrix and it is based on observation in which company unit can be classified in different categories. This all is based on market share and growth. This Market growth is known as the agent for the attractiveness of the industry on the other side market share is a proxy for competitive advantage which is as follows:

BCG matirx

  • Star: This shows that in a growing industry, Primark has a large market share. Therefore, firms can easily earn income from the market. On the other side it is growing fast so, it needs to have huge investments to maintain and to survive in a competitive market.
  • Cash cow: It represents the mature and slow-growing industry which means Primark have a large market share. Therefore, less or no investment is needed by the firm and it can easily earn cash. This can be utilised for investment in other business projects.
  • Question marks: Question marks that show that there is less relative market share and it can be located in a high growth rate. Primark can adopt an expansion strategy if they have enough market share as compared to its competitors.
  • Dogs: This shows the low growth rate of the company and low market share. This cannot earn huge cash and they cannot have a huge amount of cash for investment. Further it there is low market share then Primark may face issues related to cost disadvantage.

This BCG matrix is useful for the organisation. It shows that in the development of a strategic business plan effectiveness of the BCG matrix is that this matrix helps Primark managers to evaluate the balance in the company's current portfolio of star, question marks, cash cows and dogs. Further, this model is simple and easy to understand. It helps in manufacturing new products and selling at low enough prices to gain market share.

The evaluation of SWOT analysis shows that the effectiveness of SWOT analysis is that it helps Primark company in understanding its weaknesses and threats.

SWOT analysis of the Primark company

Strength

  • Primark has more than 50000 thousand employees all over the world.
  • It has an extensive range of clothes for men and women.
  • It focuses on mouth-to-mouth advertising so there is no advertising cost.
  • It has a strong presence across Europe and more than 300 stores.

Weakness

  • There is slow economic growth which leads to the profit of the company.
  • There are poor working conditions which is a big issue for Primark.
  • It does not advertise products which give another competitor a great advantage.

Opportunities

  • Primark has a great opportunity to create an online presence.
  • Sportswear is the fastest growing segment of Primark which helps in increasing the profit of the company
  • It has an opportunity to open more stores in a different country.

Threats

  • There is no presence in emerging markets.
  • It has many competitors which are selling the same products at reasonable prices.

Porters Five Forces for Primark

Threat of new entrants: (Low)

  • The risk that arises from the entry of new entrants is very low
  • The high cost of setting up the business reduces the number of new entrants

Power of the supplier: (Low)

  • There is no single supplier for the products
  • Less bargaining power of the supplier

Power of the buyer: (High)

  • Fierce competition leads to an increase in the power of buyer
  • No switching cost

Competitive rivalry: (Moderate)

  • The competitive rivalry is low as only a few price retailers are there with the same range of products

The threat of the substitute: (Moderate)

  • It is low because the amount of low-price retailers is not much

Further, it also shows opportunities for expanding its business. Further, the effectiveness of PESTLE analysis is that it helps in identifying macro factors which affect a business environment.

Swot

  • Strength- Primark has had an amazing growth and profitability graph in the past years. The company has 160+ stores and large numbers of employees and offers greater job opportunities. They offer their product and services at a lower price.
  • Weakness- Primark lacks in the online stores. As Primark does not advertise they have a bad effect or negative impact on the market condition even from the competitor's side of view. They have poor conditions of environment of working. Primark does not follow the rules and regulations appropriately which may create a bad flow of outcomes.
  • Opportunity- Primark is opening new stores in the US market. In the competitive market with no or little advertising, it is a growing market and stores in many places like the UK and Spain.
  • Threats- Increasing competitors with the growing market. Have a good profit and financial strengths. It can have an effect on the level of marketing or profit because of the growing competition in the market.

Porter's 5 force model:

  • Competitive rivalry- To be very keen and examine the current ongoing market situation and competition. The appropriate and powerful leaders have to be appointed. To see the marketplace and competitors.
  • Bargaining power of suppliers- As there are many competitors in the market there are many options available for the suppliers to switch over the company as relevant to them and suitable to them. If the company have more suppliers then the company has a better position in the market.
  • Bargaining power of customers- This a very powerful tool in the hands of the customer as they have many options lying in the path for them. They can look and buy over other company products and services which are of may be low price as compared to Primark.
  • Threat of new entrants- There is fewer effects from the new entrants in the company because already there are companies running in the market which have more goodwill and position in the market.
  • Threats of substitute products or services- In today's changing environment the taste and preferences of the people keep on changing so Primark should look after their competitors and market force how and what kind of processes are being followed. The design, packing, quality and style of the product should be taken care of. There should be a change for the people so it keeps on attracting them anyhow.

Task 2

2.1

Strategic position is the situation in which the organisation makes its value and creates the policies to defeat the rivalries. The strategic position of the company can be divided into two parts such as one is premium price and the next is the lower cost of the entity. Primark is a UK-based entity and it is operating its business activities in the field of fashionable garments and clothing entity. The company has the motive to sustain in the long run and this can be done by using the strategies of handling business situations. The corporation can provide the services as per the needs and demands of the customers. So the company has to pay attention to its various elements which are to be opted for while carrying the trade operations. It should work in such a manner that at a lower cost it can meet the expectations of the customers and by this, the sales of the entity can be increased. This can lead the entity to defeat its rivalries as well. So the management of the company must work for the development of the business. So it can be said that the entity has to work for the development of the trade activities and the personnel departments. By this, it will be able to manage its identity and existence in the long run. Thus, the strategic position of the company reflects the desired future position of the business in the upcoming years. So the corporation must make its existence in such a manner that it can be able to sustain itself in the long run as well.

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Organisational audit is a wider concept in it the internal and external environment analysis of the business is done. As far as the internal analysis is concerned in the SWOT evaluation of the business strategies is done. And in the external analysis, the PESTEL analysis can be conducted. So by doing the study if the internal and external analysis the business will be able to address the issues of the tare operations. Organisational audit is a wider term in the impact of the regulatory, governing, political and legal regulations on the business is evaluated. And this will enable the entity to address the issues related to the trade operations. The purpose of the audit is to evaluate the problems which can occur in the business so that it can be ensured that the company is operating its activities properly or not.

2.2

Pestle analysis for the Primark company is as follows

Political factor: There are many political factors that affect the Primark company. Government-made rules and regulations which affect the organization's activity. Further companies need to follow those rules such as the Health and Safety Act, and Data Protection Act. Etc, this all affects the activity of the organization.

Economical factor: There are many economic factors such as at the time of rescission company is facing a problem loss because the buying power of the customers decreases. So Primark sells its product to Customers at a discount price. Offering products in offer and discount prices helps in maintaining the profit of the company.

Social factor: Customer tastes and preferences change with the changing lifestyle (Goetsch and Davis, 2014). They want something new every time so the company need to more products according to the needs and demands of the customers. It helps the company increase sales.

Technological factors: There are new technologies coming into the market which Primark need to adopt so that they can make more innovative products. Advanced technology helps increase the productivity of the company and also it helps in lowering the cost of production.

Environmental factor: Primark need to make a product by keeping in mind that the environment is not harmed. All the waste should be recycled instead of throwing it in water (Jang and Kim, 2015). There are many policies created to protect the environment such as by using a limited use of resources and by avoiding exploitation which is a big dilemma.

Legal factor; There are many legal policies which companies need to follow strictly. This legal policy is imposed by the government. Such as taxation if a company charge a high tax from the primark company then they need to sell a product at a higher price (Van den Brink, Van der Laan and Moes, 2013). It helps in maintaining the profit. If the government charge a low price the company can lower it price.

2.3

There are important stakeholders when formulating a new strategy that is as follows

  • There are different stakeholders of the company Customers, shareholders, employees, government etc. At the time of formulating a strategy, it is necessary for Primark to focus on the interests of different stakeholders.
  • They need to make a strategy which satisfies the needs and wants of customer and their demand which is done by stakeholder analysis.
  • An increase in the sales of the company is also significant because by doing this profit can be earned and some interest gets to its shareholders. Stakeholder analysis aids in sales enhancement.
  • The government are important stakeholder of the company so the company need to make products without breaking and rules and regulations made by governments. Therefore analysis is needed.
  • Further primark also needs to focus on a strategy which helps its company gain a competitive advantage so that it can share its profit with employees to satisfy them

Stakeholder analysis is the process of analysing the potential stakeholders and diverting their interest towards Primark's particular project, program or procedure. It can be done on a regular basis to check whether the stakeholders have an interest in the organization's project or not. Strategic planning will be helpful for Primark in deciding in advance what to do, how to do when to do and how the result would be evaluated. Stakeholder analysis has a vital role in the formulation of the strategies. It is important to know the interests of stakeholders according to which strategic plans are made. Stakeholder analysis is used to generate data to know the stakeholder instincts, objectives, intentions and the resources that they have contributed to the process of decision-making. This data is used to formulate strategies to manage the stakeholders and to accomplish the organization's goals effectively and efficiently. Strategic Planning is a complex process which involves both internal and external factors. Stakeholders are the external factors. Primark can use stakeholder analysis for the predetermined goals as the future is unpredictable.

2.4

The new strategies are as follows -

Substantive growth strategy: In this strategy, primark can focus on its growth. The following strategies are franchising. It helps in company issue more and more franchises without any investment. Horizontal integration is that Primark can merge with other companies in the same industry. It helps increase the monopolistic power of a company.

Limited growth strategy: This strategy for primark involves product development and innovation. The organization can make new innovative products so that it can easily retain existing customers and attract new customers by selling its products (Gendron, 2014). Further company can also develop its existing products and it can also develop new products to increase market penetration

Retrenchment Strategy: Remedial action taken when an organization face retrenchment. It can use the following strategies so that can control the sales turnover. When company sale decreases it can reduce the cost of the products. Further, it can sell its unnecessary assets So that it can manage the profit of the organization. It also focuses on regenerating revenue by increasing the price level or by working on the stock turnover ratio.

Recommendation

Retrenchment strategy for Primark

Turnaround strategy – This strategy is to be followed by the Primark company as the decision not to grow the scale should be dropped it should continue to keep on the scale increasing. Quantitative and quantitative methods have to be adopted. And to be grown in the other parts of the city and market area too. So its credibility will be increased and more competition will be there which will lead to better enhancement. It will need better working and employees in the company so it will work innovatively and more efficiently. They have to change their price policy as compared to the other high-brand companies because it is stated that price and quality go hand in hand. So better price and quality of the product it will attract the people to buy the products and services of Primark. There should be a store available for the women's clothing. The different sections are to be provided. It will be more comfortable for the women to do the shopping.

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Task 3

3.1

Business strategies play a prominent role in sustaining and growth of a business. There are various strategies for market entry, substantial growth of the business and for the limited growth of the business. These strategies are used by the organization, especially for MNCs. Primark requires using these strategies carefully and implementing them in an effective way so that they can achieve their goals and objectives. There are following strategies are used by the company:

Strategies for Market Entry:

Direct exporting: This strategy is used by Primark for entry into a new market. It is used when the company wants to expand their business much wider so that it can increase its profitability through a new market. In this strategy, they identify countries where they want to export their products and also select their appropriate distributors in that country.

Licensing: It is another strategy for market entry. It is an arrangement where a company transfer its rights to their agent or distributors for use its products and services. Primark can use this strategy to increase its market share.

Franchising: As we know Primark is a well-known brand in the UK. Therefore they can use their brand through franchising foe sell their products into another country.

Analysis of all the strategies suggests that direct exporting is the most appropriate strategy which could be used by the cited company. It is because the expansion of the company is the most important aspect of market entry. The exploration of new markets provides immense opportunities and benefits.

Strategies for Substantial Growth:

Diversification: Diversification is a strategy which is used by organisations for substantial growth in their business. Primark requires that they diversify their business activity into different sectors to maintain their profitability. They can invest their capital in to various businesses which gives a good rate of return for their investments.

Product development: It is another strategies for substantial growth for their business. With the help of this strategy, Primark can increase their existing product range or they can also come up with a new product range for their customers.

Market development: In this strategy, a company can make a new product range for different market segmentation. Primark can choose a different segment it can be a niche market, a young market or any other. It is used by the company for maintaining their market share and profitability for their business.

Evaluation of different strategies reveals that diversification acts as the most appropriate strategy for achieving market growth. This is because diversification can attract more customers having varied needs and choices.

Strategies for retrenchment:

Turnaround: It is a retrenchment strategy which is used by the companies if they feel that they face continuous losses in their business, declining market share etc. in this strategy Primark can close their store where the market share and business declining continuously.

Disinvestment: In this strategy, the company reduces the scope of their business. They can sell a portion of their business which is facing the maximum losses. So that they can protect themselves from future financial losses in their business.

The disinvestment strategy proves to be an effective and efficient strategy for retrenchment. Selling units facing losses helps the companies to deal with the losses and focus on units which provide better profits.

3.2 Reasons why they should use the strategy given in 2.4 and why this is suitable, acceptable and feasible?

Primark is a leading fashion brand that offers superior quality clothing brands for its consumers. Expansion of business operations requires a strategic approach to implementing the action plans that are formed by management for expanding the operations of the enterprise. Different types of strategies are used by enterprises to accomplish this objective and some specific strategies have been used (Frynas and Mellahi, 2015). The action plans used by enterprises aid in entering into new market areas and enhancing consumer base in existing markets. Direct exporting strategies have been used for selling clothing brands in new market areas. If products are directly sold on the market then it will aid in saving the investment cost of the firm for starting a new manufacturing plant. When expansions are done in a new country then there is a need to get approval of the government (Hair and Ringle, 2012). Legal and regulatory frameworks are different across diverse nations and due to that it becomes complicated to execute desired operations. When clothing products are directly exported it will aid in saving various costs and time of the firm. This is the most suitable strategy which will aid in selling a large number of clothing products to a large consumer base.

Moreover for substantive growth company has adopted a product development strategy. Consumers are becoming more aware due to technological advancements and fashion trends are also changing at a faster pace. It is vital that the clothing brands of an enterprise should be developed as per the needs and preferences of buyers (Global Retail Challenge, 2016). To achieve this objective designers can be hired which will support in development of the product as per the needs of consumers. Attractive clothing brands can be launched by Primark Group for selling large amounts of products. In addition to this Turnaround strategies also have been planned by management. It is a backup plan that has been used by the company if expansion strategies of business fail to deliver the required results. However, it is imperative to always form a backup plan for reducing the risks and dangers that are associated with implementing strategies in business. Two strategies including product development and direct exporting aid in meeting the required objectives of the business in successful manner (Morgan,2012). But there are some risks and dangers that are associated with these strategies and it can be reduced by making a backup plan. Primark has decided turnaround strategy for reducing the danger that is associated with it.

Justification for a recommended strategy using SAF analysis

This Survivability analysis framework (SAF) is interconnected with a global operation means that it is a critical analysis in which the work process can be supported by a multiple system. This SAF is the structured view of people, technology and activities which help the company in implementing its business strategy. The SAF analysis helps in identifying potential problems so that at the time of implementing a retrenchment strategy company can keep in mind all problems.

SAF es rendered will be more feasible. Handling the minimum and appropriate stock in hand will be better than handling the bulk. It should according to the tastes preferences and trends in the market. It will be less to handle and to keep an overview of.

Task 4

4.1

Roles and responsibilities of personnel require some strategy implementation which divides work among employees according to their roles and also considering of level of organization. Employees of Primark need to change their strategy which is implemented because, through this, they may get the successful implementation of the strategy. Moreover, personnel roles and responsibilities need to be clear and concise because they can understand and communicate well by providing some information to employees and other parties (Muhammad. and Abdullah, 2016). CEO of Primark is responsible for communicating strategy to employees moreover, it is also responsible in guiding of strategic planning.

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Strategic planning in Primark is responsible for maintaining their record because it is very essential in strategic planning which helps in avoiding legal responsibilities within an organisation. Furthermore, they need to maintain ethical and legal standards which is involved at the time of implementation of strategy. In an organisation, proper monitoring is also required because if any problem arises then they can make some changes at that time only. Monitoring and controlling involve of periodic overviews of activities because they help in evaluating employee performance properly (Barney, 2012). Thus, from this they can implement their roles and responsibilities accordingly which helps in meeting our goals easily and effortlessly. However, they can implement their strategy by considering all factors which may affect personnel. Firms need to analyse all strategies because they help in identifying proper roles and responsibilities for implementing of their target. Moreover, through strategic implementation organizations need to maintain and consider all legal and ethical factors because through this no bias among organizations is involved.

Organizations need to consider some legal factors related to personnel that are equal opportunities for employees, discrimination acts, employment acts and health and safety acts. Through this, they may able to implement all strategies correctly and accurately. Through defining roles and responsibilities CEO of the firm needs to consider all planning accurately because this will result in the development and performance of individuals. In addition to this, they may also allow some essential and corrective actions which are required at the time of implementation. Thus, it leads to encouraging the overall performance of strategic planning.

Top management– It can be stated that the top level of management will be responsible for the formulation of strategy which can result in the growth and success of the business. Furthermore, the top management of the company will also play a very important role in the process of decision-making and formulation of policies.

Middle level- This layer of management will be responsible for implementing the strategies and action plan which has been developed by top-level management. Along with this, the middle level of management will play a key role in monitoring the strategy and directing efforts of workers for the accomplishment of the same.

Lower level- This level of management will play an important role in making the implemented strategy successful in the market. Along with this, they will be responsible for communicating and dealing with the issues and challenges faced in terms of strategy implementation.

4.2

Keeping the analysis Primark in focus the organisation should implement various resources for its growth and long-term sustainability in the market. Being such a huge company Prim Ark must access in all the senses and may attain success in all aspects of the business. Every business is required to forecast and plan the future requirement of resources so that the organisation may out suffer in the long run of the business (Al-Deen and Hendricks Eds., 2013). So considering the case of Primark there are various strategic resources which can be implemented for the future, some of which are given below.

Managing Plus Size Clothes:

As Primark is a huge organisation dealing with a vast variety of products related to men, kids, babies ad women but lacks in providing plus size clothes, considering the fact most the people in UK are suffering from obesity and look for plus size clothes as if we talk about UK out of 100, 80% people are suffering from this problem and Primark doesn't provide clothes for these size people till yet as some of the stores are already providing due to which customers have stopped going to the store for their needs and desires (Morgan 2012). So if Primark would focus major on maintaining plus-size clothes it may enhance the growth of the organisation on the whole.

Scope of Online Shopping:

As we all deal with the digital world today and pay more attention to online stores for shopping and avoid carrying heavy bags and roaming around in the city for shopping where Primark is still lacking behind in providing online products to their customers who could not reach to the stores (Van den Brink, Van der Laan and Moes 2013). We are aware of the fact that most of the crowd is busy working in offices and organizations and they hardly make time for shopping so they prefer online shopping which saves their time plus their unwanted cost. So if keeping these strategies in mind Primark would attain success and will able to sustain itself for the long term in the market which may result in the overall growth and desired targets will be attained.

Financial Resources- It can be stated that it is the most important resource which will be required in order to implement the strategy in the best possible manner. The selected business enterprise will need to analyze the key resources of finance available and then select the best out of them to implement the strategy.

Human Resources– along with finances, an adequate amount of human resources will be also required in order to get the best possible and desired outcomes of the strategy. Here, the company will need to look for effective and efficient personnel.

Technology– It is another key resource that will be required by the selected business enterprise in terms of strategy implementation. The use of high end and advanced technology will help in carrying out a smooth flow of all activities.

4.3

Importance of evaluation of control for implementing the recommended strategy strategy. At the time of implementing the strategy, it is necessary to evaluate it and control it regularly so that no negative impact no take place. Further it proper control helps in removing barriers which if faced at the time of implementing the strategy.

Below mentioned SMART targets are required for monitoring the successful implementation of the recommended strategy. This SMART target helps in accomplishing the goal and objective on time.

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SMART objectives are formulated in business to meet the decided targets on a timely manner. It is required that proper action plans should be formed and they should be implemented in an organized way so that These objectives are as described-

SPECIFIC– Primark has set specific objectives where the major goal of the organisation was to expand business operations in new market areas. Management of the firm decided to adopt a market entry strategy for selling clothing brands of enterprise to a large market area (Peteraf, Stefano and Verona, 2013). Asian countries including India and Pakistan will be targeted for selling the clothing products of the enterprise. A direct exporting strategy has been planned which will aid in reducing the overall investment cost of the enterprise and it support in gaining huge profitability (Primark .2016).

MEASURABLE- The major objective for expanding the operations of the business will be broken into small targets. It will aid in measuring the performance of the business in a successful manner and also support in assessing the performance of the business against set targets (Barney, 2012). It has been decided that in a three-month company, we will try to gain a 2% market share in the chosen area.

ATTAINABLE – The goals set by Primark company are feasible and easily attainable. On the basis of the target set some small-term goals will also be set and it supports in achieving the long-term objectives set by the business.

RELIABLE- The target for gaining a 2% Market share in the target market areas of Primark group is reliable and attainable. Proper qualifications have been used and analysis of external and internal business has been done to set targets which makes them reliable (Eden and Ackermann, 2013).

TIME-BOUND– Targets are set on time time-bound basis and it has been decided that within three months company will try to achieve its desired objective is a time-bound objective and it is required that proper monitoring should be done (Frynas and Mellahi, 2015). When objectives are set in time time-bound manner it aids in measuring and monitoring the performance of the business against set targets.

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Assignment Desk Unit 7 Business Strategy Mont Rose College AB359B7. (Assignment Desk, 2024) https://www.assignmentdesk.co.uk/free-samples/business-assignment-help/unit-7-business-strategy-mont-rose-college-ab359b7
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Assignment Desk Unit 7 Business Strategy Mont Rose College AB359B7. [Internet]. Assignment Desk.(2024), Retrieved from: https://www.assignmentdesk.co.uk/free-samples/business-assignment-help/unit-7-business-strategy-mont-rose-college-ab359b7
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