Critically Evaluate Two Approches Used During the Strategic Analysis Process

A market analysis, or market research, helps to understand the community an organization is working for, as well as come up with ideas for the future (Berkowitz, 2011). This is true for any organization, and even more important for smaller organizations, as that may not have a large amount of money to use for new ventures, services, and products. Not to mention the organization needs to determine the best plan of action for their consumers, as well as those that are not yet utilizing the services and products being offered.

Location - where regional divisions of the business take responsibility for a specific function or particular products, whether locally, nationally or internationally

"Total Quality Management (TQM) is a participative management style that stresses total staff commitment to "customer" satisfaction (Eskimo, 2001)." Quicken Loans utilizes TQM along with the other management styles to provide the high quality of service to their clients. Quicken Loans expresses Total Quality Management in their ISMs. The ISMs Are: Obsessed with finding a better way, Responding with a sense of urgency is the ante to play and Every client. Every time. No exceptions. No excuses (Quicken Loans, 2008). These three ISMs express the care of their clients and illustrate the things that need to be done to ensure that TQM is still effective and efficient within the organization. Quicken Loans focuses on creating a lifelong relationship with

These three function groups are categorised based on their fundamental and immediate functions required to carry on the primary and ancillary (supportive) business processes. These three groups cannot operate independently, as they are interdependent for execution of their respective tasks or

These different functions have their own roles and work together to optimise performance. Different functions work together by communicating with each other and sharing information so that everybody has relevant up to date information on the company’s plans and tenants issues. Each function carries out its own

4. An analysis of the industry, i.e., degree of competition, growth of industry-wide sales, profitability of competitors, life cycle stage of the industry, Porter’s five factors, and P/E ratios of competing companies.

Market analysis is determining the attractiveness of a market and looking for growth opportunities and threats related to the strengths and weaknesses of the company (Aaker, 2008).

The main functional areas of a business are marketing, human resource, finance, information systems and production. All these interact with each other in different ways but all contribute to effective management. Management would not be completely effective if one of the above areas are missing. They are all needed in different ways to make sure that the business reaches objectives, achieves effectiveness and efficiency and while doing this trying to get a balance in which they can satisfy different stakeholders.

Before we can talk about the Strategy Hudson Bay uses we must first answer the the question of what a Corporate and Business Strategy is and how The Bay inaugurates this into their company;

Businesses have many functional areas, these are important in ensuring the business runs efficiently. Here I have described 4 functional areas that most large businesses and organizations should have.

There are various ‘products’ some name it components or levels that constitute a product offered by a company. These can be described as core product, actual product, augmented product and potential product.

Primary functions are those who bring people to specific places, to ensure safety in regions and from economic views such as people passing by shops to ensure incomes in certain places. Jane Jacobs underlines the importance of time spread, to create balance in the district.

Once the analysis has been evaluated, there have some key factors that used for marketing planning.

Functional products are those that are bought at a wide range of retail outlets like grocery stores and gas stations (Lee). For such products they do satisfy basic needs hence they don’t change much overtime which provides staple, predictable demand. Innovative products require a different supply chain from that of the low margin functional products. This strategy is very basic because it gives assurance to companies to know that they are taking the right approach. This helps

Organizational functions within an organization are Sales and Marketing, production, human resources, finance, Research & development, and Purchasing etc. Each of them work together to achieve the organizational objectives. Interrelation of these function relay on the base on dependency and also the structure of organization. Relationship of these function different in each organizational structure. Interrelation of these function have some advantages and disadvantages.