Author : Robert Stolt
Publisher : GRIN Verlag
ISBN 13 : 3640560957
Total Pages : 33 pages
Book Rating : 4.6/5 (45 download)
Book Synopsis Adopting a Strategic Approach Within Retail Organisations by : Robert Stolt
Download or read book Adopting a Strategic Approach Within Retail Organisations written by Robert Stolt and published by GRIN Verlag. This book was released on 2010-03 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2009 in the subject Business economics - Marketing, Corporate Communication, CRM, Market Research, Social Media, grade: 1,0, University of St Andrews, course: Retailing Corporate Strategy / Corporate Strategy, language: English, abstract: "Strategy is defined as the determination of the basic long-term goals and objectives of an enterprise" (Chandler, 1990, p. 13). As the quote by Chandler suggests, strategy is concerned with the alignment of a corporation to the market in order to achieve its long-term targets. Therefore, the adoption of a strategic approach is essential for large organisations (especially retail organisations) as it is fundamental for the development of a company and consequently its success in the long run. With increasing differentiation in product portfolios, notably in the retail industry (e.g. with retailers like Marks & Spencer or Bhs both adding food to an existing non-food offer, or the grocery supermarket chains offering clothing and other merchandise categories) companies are more frequently separating their product range into several corporate divisions, which are also known as independent, market-oriented strategic business units (SBUs). In this strategy (business strategy), the strategy formulation (i.e. how the company can achieve a competitive advantage in each area of business) is carried out by the head of each business segment. The strategic alignment of each business unit is then determined by the top-level corporate strategy, where decisions are made by the upper management. Next to these two areas of strategy formation (i.e. corporate and business unit level), strategy can equally be developed from a functional viewpoint (also known as functional strategy) when making decisions as to which marketing concepts should be used or which capital equipment the company should employ to be flexible and cost-efficient for example. Within this multi-level structure of strategic decision-making there must