Topic: The Impact of Strategic Management Decisions – Wilkinson (Case Study)
M. M. Khan
Business Student -- 2nd year, 3rd quarter
Wilkinson & its Strategy
Businesses must respond to change in order to remain competitive. Developing appropriate strategies, which allow progress, is essential. Wilkinson was founded in 1930 as Wilkinson Cash Stores by James Kemsey Wilkinson and has remained largely in the hands of the founding family since its establishment. Wilkinson’s growth places it in the top 30 retailers and is a prime example of a business that has responded to changing customer needs throughout its history. It is one of England’s …show more content…
Managers ought to adhere with uttermost sincerity as far as company standards are concerned. To keenly scrutinise on individual employee performance and take corrective measures when necessary is crucial to success as a single unit.
Poor performances should not be taken lightly and thought to be a result of economic crises, fierce competition, rising costs and so forth. The standards of thriving performance invoke self-realised employee effort.
Apart from the aforementioned internal predicaments, the external predicaments may include government policies and deregulations, social values, regional preferences, cultural trends, the cost of labour, the number of competitors, severity of competition, geographical location, demographic density, technological advancements and so forth.
The Vital Strategic Management Process -- Defining the Mission
It is rather brave for a company to ponder upon uncharted territory to compete in -- although, this is seldom the case. A well conceived mission statement exhibits the purpose of a business and the reason for its existence. It stimulates thinking amongst top managers and urges them to voice their opinions for what they best understand will guide and benefit the company. Emphasis on the products to sell, the segment to sell to, and on product differentiation; is a prime concern. Therefore, the most basic of strategic decisions involve defining the business’s current form and