BMM6422 Business & Management Strategy Assignment Sample

Introduction of Business And Management Strategy

Strategic management is an important part of the business which refers to the formulation and execution of the goal and proposal concerned in the strategy that is laid out by the stakeholders of the company. To ensure insightful decision-making processes, it is significant that strategy is in place to carry out the business operations and functions (Gunarathne, et. al. 2021). It entails evaluating business goals and vision. Mission and objectives and plans. In adding up, a strategic management procedure is engaged to make sure that the company runs efficiently and resourcefully.

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The report will discuss the retail company Wm Morrison supermarket that retail foodstuff during a chain of supermarket and online home delivery service in England. The corporation offers groceries and food, with sources and processes fully through its manufacturing facilities. The report will highlight the organization's influence on competition and profitability. The report will critically evaluate customer and competition requirements to identify opportunities for competitive advantage with the help of the porter 5 forces model (Ciampi, et. al. 2020). The key features of the report will highlight the WM Morrison supermarket ltd. tangible and intangible resources that help to explain management's strategic implementation. It will also critically evaluate the company's strategic capabilities in creating a sustainable competitive advantage. The report initially categorizes by identifying the way through which a company can build up its capabilities and resources to achieve the approach. The report is made to discuss the consequences of capability and resource analysis to diagnose the achievement or lack of success of their present strategies and advice the organization on future strategies (Bogers, et. al. 2019).

Main features of the industry

The firm was founded by William Morrison which is operated in England, UK in the year 1899 under the name of Wm Morrison Limited. The case company is an incorporated retail business that procures, manufactures, markets, and supplies various goods throughout online and in-store portals. The company's product range includes meat and fish, grocery, gift cards, fruits, vegetables, alcoholic, cold food products, non-alcoholic beverage, dairy-based products, baby goods, bakery items, health care, beauty, tobaccos, school uniform, backyard furniture, and tools. It also provides Wm Morrisons supermarket with more benefit for its user (Ansoff, et. al. 2018). The case company also offers a store-pick option for its refined customers that are be inherent in an outside customer fulfillment center (CFC). The firm also offers these goods to retail, manufacturing, and profitable customers in England. It manages and operates manufacturing supermarkets, facilities, and allocation centers in the UK markets. The company's core aim is to create and offer food, where everyone's endeavor is valuable, so the customers can afford to enjoy eating well. The company's food retail business is serving consumers across the UK through a network of 496 advantageously located supermarkets and a variety of online home delivery channels. The company's main business is grocery and food which is focused and unique, the company source and processes are parts of the fresh food that sell in its manufacturing amenities and provisions which give secure control over quality and attribution. The company's professional and committed skilled food makers and shopkeepers arrange food in-store for consumers and more skilled staff prepare food in-store than any other trader. The company offers great job opportunities to over 118,000 workers across the business who works with full enthusiasm to provide better services and products to its customers. The company covers over 96% of UK postcodes through the online delivery platforms service (Santoro, et. al. 2018). As the company faces huge competition in the market, so they are focusing on permanently lowering prices to help its customers save money every day.

Figure 1: Wm Morrison Supermarkets Plc

(Source: Wooler, 2022)

The organization is nested that influence competition and profitability

The company offers affordable and quality products to its customers so that they can save money and at the same time satisfies their needs. This will also help the company to gain a competitive advantage and attract a large number of customers. The company is continuously investing in prices and improving product and services requirement across hundreds of its customers' favorite stuff (Al-Suraihi, et. al. 2020). The company listens to its customer's needs and demands to make improvements across the business. They are continuously improving offers with friendly and helpful staff available wherever and whenever they are needed. Most consumers now have the right to use quite a few different online and home delivery options. The case company contributes to the community by providing products, local jobs, services, and amenities, sustaining food banks, receiving food to the susceptible rapidly with the way in deliveries, and going the extra mile. The company to speed up and simplify, structuring a culture base on cooperation. They are cost-aware and find way to be a more well-organized company that is approachable to customers. Wm Morrison has introduced more flexible and isolated working across 6 days a week for workplace to its staff to facilitate enlarged sustain to sites and stores. The firm uses digital technology to offer accessible, easy, and suitable services for customers. The company is focusing on digitizing the consumer shopping experience through an initiative that includes the scan and go app. The headset has been given to staff for improved service, communication, and availability while at the same time helping to reduce wasted efforts and stock loss (Lindawati, et. al. 2021). The firm has launched its food maker and shopkeeper with high principles of hygiene and their culture maximize cleaning hours and position across depots, provisions, industrialized sites, and offices. They carry on spending extra cleaning, and purifier dispenser and their staff are responsible for maintaining hygiene levels at the place of work. The company has further urbanized its food-to-go variety through a new market kitchen concept and is learning, innovating, and applying improvement transversely to the estate (Mukonza and Swarts, 2020).

Critical analyzes of customer requirements and competition

The company is at present the fourth largest supermarket chain store in provisos of annual turnover and sales revenue. In adding up, the company boosts over 500 stores across the UK as well as over 12 well-located set-ups. Above and beyond, the company's major customers comprise individual buyers, companies, and institutions that mainly purchase mass fresh products. Currently, the company competes with main retail chains including Sainsbury, Tesco, and Aldi. The devotion of the company to offering fresh goods to customers is one of the significant measures that distinguish it from competitor (Kumar and Balaramachandran, 2018). The company has been enthusiastic to offer its customers quality new products, which are mainly sourced nearby.

The firm has increased the consciousness of its brand through the stipulation of commitment and fresh products to increase environmental sustainability. The supermarket has well-developed supply chains, which make a sure steady supply of foodstuffs to the customers. Highly trained and expert workers with augmented experience in the supply chain organization control the supply chain (Jin and Shin, 2020). The main role of the supply chain section is to put a worth into the final products delivered to customers. The extremely dedicated and trained labor force remains important in the stipulation of exceptional services to customers. The case company emphasizes the service of skilled workers within major service delivery areas. For instance, the company focuses on the employment of expert grocers, bakers, slaughterers, and fishmongers among other significant skillful workers. Moreover, the company is proud of contributing to career growth opportunities in a variety of areas ranging from logistics to finance and marketing. The company's customer services release is attained through rising motivated and well-trained personnel that can work successfully in an extremely competitive marketplace (Morgeson et. al. 2020). The company's long-term sustainability depends on dedicated and skillful personnel. To make sure a permanent provider of fresh products to the customers, the company to a great extent controls its supply chain (Satar, et. al. 2019). Their well-developed supply chain ensures a steady supply of fresh products to customers.

Opportunities for competitive advantage within this industry

The company uses Porter's 5 forces model to appreciate how the competitive forces manipulate productivity and expand an approach for attracting the company's long-term profitability and competitive advantage in the retail industry.

• Threats of new entrants: it brings innovation, the latest ways of doing business, and set force on the company through lower pricing strategy, reducing expenses, and on condition that new value proposals to the customers. The corporation can face competition by innovating new products and services and also provide old customers a basis to buy Morrison Supermarkets products. The company constructs economy of scale so that it lesser the fixed cost per element and expenditure money on research and development.
• Bargaining influence of suppliers: the firms in the retail business buy their materials from many contractors. The company by structuring an efficient supply chain with numerous suppliers and experiments with product design and uses dissimilar resources if the price goes up of one raw substance then the corporation can move to another can gain this advantage.
• Bargaining power of buyers: the purchaser is frequently a challenging lot and wants to buy the best contributions accessible by paying the least amount price possible. The case company build a huge base of customers which will help them to decrease the bargaining power of the buyer plus it will offer a chance for the firm to make more efficient production and sales process more (Baxter, 2019). Customers frequently look for offerings and discounts on familiar products so if the companies keep on approaching new products then it can border the bargaining power of buyers.
• Threat of substitute services or products: When an innovative product and service meet comparable customer requirement in dissimilar ways, manufacturing productivity suffer. The company can take advantage by being examine tilting rather than just product learning and by understanding the demands and needs of the client slightly than what the client is trade.
• Rivalry among the existing competitors: If the competition in the middle of the existing company in a business is strong then it will force down price and reduce the general productivity and productivity of the business (Bruijl and Gerard, 2018). The company can gain this advantage by structuring a sustainable differentiation and by structuring the level so that it can participate better. They can work together with competitors to enlarge the market size to some extent than without delay contrasting for small market.

The company works with intangible and tangible resources

Tangible resources comprise those resources that are objective and can be effortlessly recognized by competitors and organizations. The land is a tangible resource intended for the company that include all space own and borrowed by Mw Marrison's supermarket for purpose of hosting construction units and also for warehousing purposes. The company's utensils are also a tangible resource which includes all the tools owned by the corporation for purpose of manufacture and wrapping, and other equipped purposes. Materials comprise all the raw materials and other wrapping materials that the company uses for the successful packaging and production of its goods (Silva and Oliveira, 2020). The firm's supplies comprise all products and materials that are used and required for sustaining the production and packaging functions of the firm. The amenities include all the warehouses, offices, production units, and sustainable buildings and purpose for the firm which help it in reformation its operations and processes and also guide to booming performance.

Intangible resources pass on to those resources that have no corporal worth but are still own and obsessed by the organization. The brand reputation of Morrison firm is construct over its uniqueness where the company offer high-class goods and bring in consumer trust over decades. The company's production product and process distinctiveness are protected by academic property rights which put off other rival players from copying and having access to its exclusive product merge, and product inputs and ingredients (Jawed and Siddiqui, 2019). The case company enjoys patents and copyrights not only for its product symphony and manufacturing processes but also for research and development actions that it takes on for product enhancement and improvement. The goodwill for the company is again developed through past individuality where the customer experience and brand's reputation have permissible the expansion of admired goodwill for the corporation. The trademark is also an intangible resource for the firm as other companies cannot reproduce this name. The case company provides an exclusive customer skill to its consumers throughout its marketing activities and brand activities, marketing content, audio and video material intended, urbanized, launch, and unconfined by the case company is also an intangible resource (Barney, 2018).

A tangible and intangible resource helps in management's strategy implementation

The [RBV] resource-based sight Model is a strategic organization framework and tool that is used by firms and organizations to make use and identify the possessions accessible deliberately to generate a sustainable competitive benefit for the company in the long-run. The model helps the firms to have an access to and control and possess resources that permit them to construct a comparative advantage (Mikalef, et. al. 2019). A separation of these resources allows better long-term performance. The control and possession of important resources might direct to long-term, sustainable competitive gain.

Figure 2: Resource-based view of the firm

(Source: Ovidijus Jurevicius, 2021)

Critical assessment of the company's strategic capability

As specified, superior quality customer service is an important capacity through which the company is distinguished from its competitors. The company's customer service delivery is attained through mounting a motivated and well-trained workforce that can work efficiently in an extremely competitive market. The company's long-term sustainability depends on a dedicated and skillful workforce (Zgarni, 2019). They also believe in the capability to improve with the development and growth of the workforce.

The company has emphasized continual training of workers including an in-store butcher, bakers, and fishmongers to make sure quality. The company offers constant training of workers that ensure a better degree of customer satisfaction, which creates an important competitive advantage for the firm. The firm believes in high-quality services that add value and improve the customers' experience. In adding up, modified quality services create customers feel valued which helps the company to achieve this through investments in the development and training of the workforce on the best superior customers services delivery. To make a constant supply of fresh products to the customers, the company to a great extent controls its supply chain. Fundamentally, the supply chain originates from the local companies where fresh products are sourced (Mamédio, et. al. 2019). Once the fresh product has arrived at the firm, the goods are processed within the factory and ended fresh products are supplied to a variety of stores around the country. Fresh produce from the factory is delivered to warehouses and stuffing plants to be supplied to the international market.

These capabilities tie in with their stated strategy

The company cares about its customers and provides better services and products to meet their demands and needs. The company's staff plays a crucial role in the team and recognizes to move further together. The significance of helpful managers, serving each other, and honest and open communication is standard. The company's major goal is to talk and listen to staff and customers to service a better working environment for staff and quality products to its customers. The employees are believed to create their own decisions in the company's plan and are confident to develop things for themselves and their customers (Rialti, et. al. 2019). Employees of the company are curious, and adventurous, remove barriers and embrace new ways of working and ideas. The company is always focusing on serving its customers with the best products and services and is also focusing on hiring talented staff who can handle the business operating efficiently.

SWOT Analysis is a recognized management framework that enable a brand like Mw Morrisons supermarket to standard its performance and business as compared to the competitors. SWOT stands for strength, weakness, threats, and opportunity which helps the company to identify its strong areas and eliminate the weaker part of the business.

The means through which a company can build up its capabilities and resources to accomplish its strategy

The VRIO study is a strategic technique that is used to evaluate and assess the company's possessions and influent its planned competition and advantage. The tools facilitate the recognition of enduring competitive advantage for the corporation throughout assessing the internal capabilities and resources of the firm and serving the company to identify its main competency to be able to extend a sustainable long-term competitive advantage for the building up the capabilities (Hanaysha, et. al. 2022). It makes use of the traits of the company to evaluate if the corporation has the skill to develop its resources for purpose of competitiveness and growth. This association is intimately linked to the non-substitutability that is current in the previous model of the company. The case company Morrisons also makes use of this strategic tool VRIO for frequently increasing competitive strategies that are based on the business core resources and strengths to help in means through which a company can build up its capabilities and resources to accomplish its strategy. The four stages of using this model are explained below:

• Valuable:Competencies that are valuable assist out the case company in making use of the opportunities obtainable and in defusing the threats from the external and internal environment. The company has a definite corporate social responsibility purpose and is frequently engaged in social accountability events. The Wm Morrisons supermarket brand image is unique and contains high brand honesty that has been developed over a long time through continuous quality and effort in product offering by the company. The Mw Morrisons brand name enjoys high recognition in the market that directs as a consequence of high truthfulness and positive equity. It is important for not only sales but also for the company's value in the long-term goals. The company has been valued internationally for its distribution system and successfully provides products and made them tremendously reachable for a country where in-service units do not exist. They are highly innovative in their product contributions and services and are also planning to expand into further purposeful areas of the business including advertising. The Mw Morrisons supermarket is a huge multinational business and can raise its equity through internal sources' which helps the company in expanding and diversifying its business in other areas.
• Rare:Unusual competencies are obsessed and develop by only a handful of the company in the business, and this helps in structuring a competitive gain for the company. The Morrisons has a better international presence and is operated in manifold regions and countries. The worldwide existence has allowed the Mw Morrisons to construct an extended customer base and receive income through numerous region. The firm fosters an organizational society of trouble-solving among its management and employees and allowed high teamwork, innovation, and creativity in the business. The case corporation shows a high tendency towards captivating intended and guide risk which is significant for a firm to be able to expand and grow in different areas and countries (Ariwibowo, et. al. 2021). The Mw Morrisons supermarkets have global operations and presence and have high exposure to different societal norms and values and global cultures.
• Inimitable:These competencies assist in adding up value to the long-term sustainability and competitive advantage of the company. The firm provides high-class product to customers that have been a basis of the trademark application and its constant quality guide to replicate purchase and increases the expenditure of the company's goods. The firm operates from side to side multiple stores in different regions and countries and has finished use of marketing interactions tactically to persuade higher consumption. The company provides an inimitable customer experience to its customers and provides high brand engagement with a better experience that satisfies them and creates good brand recognition for the company in the market.
• Organization:These capitals are exclusively urbanized for the company, and cannot be used by rival players in the industry. The company enjoys considerable monetary strength in adding up to its brand strength and supporting the brand in discover opportunities for new product launches and development. The technical integration and advancement at the company are also significant resources for increasing competitive benefit. The firm provide in-house education specific for diverse job designs and roles to its workers which help them in accomplishing their preferred job responsibilities. The firm makes substantial investments in research and development which enables them to stay side by side with consumer behavior and market trends. The strength and possessions enjoyed by the company are its organize over the development of division channels. The corporate vision and leadership are also no substitutes and cannot be functional to other companies in the industry. The Mw Morrisons supermarkets have high production capacities and supply products internationally at different locations, in many countries. They invest substantially in their human resources which helps the company in structure a competitive advantage for the corporation by providing it with improved talent (Yudiono, et. al. 2019). The firm has an expansive consistent strategic focus for its promotion policy and communications.

The results of resource and capability analysis to diagnose the success/ lack of success of their current strategies and advise the company/organization about future strategies

The case company should focus on constructing and developing online sales which will help them to attract a large number of customers in this technological era. The UK online retail markets have enlarged potential for development, Wm Morrison supermarket should take benefit of the expansion opportunities in the online business market and must focus on hostile development of online stores that propose augmented buying opportunities for its customers. The company should incessantly develop handiness stores in the area where it has not been there. The requirement for foodstuff and other custom products is growing with easy admittance to handiness stores. The growth of enlarged channels will make sure improved customer ease and a greater than before market share (Zerfass and Volk, 2018). The case company should also focus on rising the value of its goods and services as quality products play a significant role in attracting and retaining customers. The company's strategies should turn around to ensure superiority that differentiates the products from competitors' strategies in the global market.

The company can create a sustainable formula to stay relevant in the long haul is a major goal for any organization. The skills of the company's resources are the fundamentals that are used to produce a product and create output. The products industrial by your talent pool drive clientele, brand loyalty, and profitability which help the company to be successful in global market and help them to gain competitive advantage. The company's lack of success is in the area of strategic benchmarking which will help the company to compare and evaluate the competitor's data and will help the company to improve its performance in long run.

The company's strategy be if they don't appear to have resources with the lack of success or success of current strategies

To carry on in retailing a case company must satisfy its consumer needs and demands. A company must provide various services like giving customers a reduction rise of loss, market information, using distribute skills and personal selling, and appropriate sources of market intelligence and customer behavior to them. To enchant the customers, the products must be satisfactory and with innovative design and style. A company should have cautious knowledge about the products they deal with to be able to make happy customers and handle their feedback. The case company should select a suitable location for his business that is with no trouble accessible to the consumers.

Conclusion

The report has concluded with the main features of the retail industry and where the company is nested which influences its competition and profitability. To achieve the objective of the report it has critically analyzed customer and competition requirements to identify opportunities for competitive advantage within the retail industry. The report has discussed upon identifying the case company's tangible and intangible resources which helped them to explain its management's strategy implementation over a selected period and analyzed them to its strategy and implementation. The above report has critically evaluated Morrisons' strategic capabilities in creating sustainable competitive advantage and how they are tie-in stated strategy. Key features of the report have Identified means through which a case company has developed its resources and capabilities to achieve its strategy. To achieve the objective of the report the company has used its resource and capability to analyze success in its current strategies and future strategies.

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