1. Identifying Malayesa plc business strategy
2. Reviewing Malayesa plc business strategy
3. Recommending improvements to the strategy
1. In terms of progress in the first heading/identifying, I have already fully identified our company’s business strategy, which is:
Malayesa plc aims to maximize and achieve the company’s full potential. This will be achieved by providing excellent railway construction and design services, maintaining annual profits of over £20 million, ensuring high quality customer service and fulfilling the monetary expectations of shareholders.
The process by which I identified this strategy was:
- To first define a business strategy to understand what I was looking for. Definition – "Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations". (http://tutor2u.net/business/strategy/what_is_strategy.htm)
- Next I had to create a strategy for Malayesa plc and this was achieved by creating a company profile (seen in earlier slides) and 3 key company objectives to base this strategy upon. (Side note: When creating the company profile, I aimed for Malayesa plc to be an established but yet stagnant company. This lack of success/growth would be attributed to the poor business strategy that it currently employs and would allow recommending improvements to the strategy [heading 3] to be easier). Specifically, the business mission and vision were key to identifying the strategy, as the vision serves as the direction of the strategy (what the business is trying to accomplish long term) whilst the mission displays the scope of the business (what market the business operates in). [Continue to explain thought process behind other sections of company profile].
- Additionally the 3 company objectives were:
- Achieve annual profits of over £20 million
- Ensure high quality customer service
- Ensure monetary expectations of shareholders are fulfilled
2. In terms of progress in the second heading/reviewing, I have already planned out the process and information required to review Malayesa plc business strategy. The first thing I did was to decide what makes a good business strategy and from there, identify factors that can determine the quality of a business strategy (when searching for what makes a good business strategy, I used the definition of strategy as a base for my research). As a result, I have found six factors, which are:
1. Has appropriate scope/direction – The scope and direction of a good business strategy must be neither too vague nor specific. If the scope/direction were too vague, the products and operations of the company become unclear whilst if the scope/direction is too specific, that is, identifying a different direction and scope for each and every slightly differentiated product would require too much work and effort.
2. Identifies genuine customers needs – Specifically, a good…