Business Strategy
Business strategy refers to the overall plan for a business. The strategy sets out the direction for the company and what it wants to achieve in the long term for business success. The strategy defines which markets the business needs to compete in,which activities will give it a competitive edge and how its resources will be used to achieve the overall plan business strategies and practices continuously adapt to a changing world. In an increasingly competitive global environment, without a clear vision a business will lack direction and may not survive. A vision should be both aspirational and inspirational for stakeholders.
The Vision is: to earn the lifetime loyalty of our customers by consistently delivering frequent, high performing public transport services which offer
excellent value. Underpinning the Vision are a common set of Values, an organisation's values are the guiding
principles that influence its activities across the business. Values show how the company expects everyone within the business to behave.
The Values are:
Excellence – We constantly strive to be excellent in
all that we do
Safety – We only do what is safe and stop any
unsafe behaviour. Safety is our priority
Customers – We place them at the heart of our
business and relentlessly meet their expectations
People – We develop the talents, reward the
exceptional performance and respect the rights of
all our employees
Community – We are active in the communities we
serve to generate economic, social and
environmental value.
For example, under the Safety Value the National Express ‘Driving Out Harm’ programme encourages staff to make sure that their workplace is safe and
ensures that the safety of customers and colleagues is put first at all times.
Analyse the impact of the National Express vision and values on its strategy
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- Determine the organization's strategic management, planning, implementation, and monitoring process. How effective is their strategic management process? How well does their strategic management process align with their results? How can you tell? What factors contribute to their overall effectiveness? Briefly present and discuss such aspects. If there are many, select the top three to discussarrow_forwardStrategic planning is an integral part of effective management, providing a roadmap for achieving organizational goals and objectives. It involves analyzing internal and external factors, setting priorities, and aligning resources to maximize efficiency and effectiveness. By anticipating future challenges and opportunities, managers can develop proactive strategies to navigate uncertainties and drive sustainable growth. Moreover, strategic planning fosters communication and collaboration within the organization, ensuring that everyone is working towards a common vision. With a well-defined strategic plan in place, managers can make informed decisions, allocate resources wisely, and adapt to changing circumstances to stay competitive in today's dynamic business environment. Question: How does strategic planning contribute to fostering communication and collaboration within an organization, and what are the key benefits of this collaboration for achieving strategic objectives?arrow_forwardSelect an organization. Determine the organization's strategic management, planning, implementation, and monitoring process. How effective is their strategic management process? How well does their strategic management process align with their results? How can you tell? What factors contribute to their overall effectiveness? Briefly present and discuss such aspects. If there are many, select the top three to discuss.arrow_forward
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- Strategy: a set of choices for how we will differentiate ourselves with customers and from competitors Assess the current strategy for your department, unit, or organization. How does the current strategy align with the contextual factors and vision you’ve identified for your business for the next three years? Use the following questions to guide your development of a strategy and think about your strategy as a set of choices. What set of key choices will define how your team, department, unit, or organization delivers on the vision and mission in the next three years? Think about how you will execute externally: What choices are you making about differentiating yourself in the marketplace? Think about how you will operate internally to make that execution possible. How does those set of choices differentiate your team, department, unit, or organization from others trying to deliver value for end users? What sensible and attractive options are you NOT going to pursue as an…arrow_forwardYour marketing staff (again) wants to invest $20 million in advertising to increase consumer willingness to pay per unit by a projected 6%. Your operations staff (again) wants to invest $20 million on a technology that will reduce production cost per unit by 5%. As Director of Strategic Planning, you are responsible for allocating resources to these subordinate functions. Which of the following recommendations and rationales should you offer the CEO if her goal is to create a long-run sustainable competitive advantage over rivals? O A. The marketing staff should be supported because consumers view all producers' offerings as homogenous. B. The marketing staff should be supported because a 6% increase in willingness to pay per unit exceeds a 5% decrease in cost per unit. C. The marketing staff should be supported because buyer switching costs are low. D. The operations staff should be supported because industry producers compete primarily on price. O E. The operations staff should be…arrow_forwardResearch strategic management and the various definitions that scholars and industry have come up with. Provide a brief explanation of the similarities and differences in definitions between scholars and industry. Construct your own definition of strategic management based on what you have researched together with any industry/working experience you may have. Comment on whether your definition is similar to the scholars and industry experts that you have researched and possible reasons for the similarity or difference.arrow_forward
- Write two to four sentences setting forth the long-term direction and strategic path that management intends to follow. The statement should clearly articulate your answer to "Where we are headed?" and should explain why the direction in which you intend to point the company makes good business sense. Your strategic vision statement should describe the kind of company that management is trying to create and the market position you are trying to stake out. You may want to summarize the essence of your strategic vision with a phrase or company slogan.arrow_forwardRead the case below and then complete the SWOT analysis for each brand: Natural Gourmet and Natural Chef. After completing the SWOT analyses, answer the questions that follow. Natural Grain is a kitchen equipment and accessories company that sells mainly cutting boards, bowls, platters, and mugs. It is not alone in this relatively saturated Industry. As such, it has two brand divisions: Natural Gourmet and Natural Chef. Each brand has its own product lines: Natural Gourmet boasts "one-of-a-kind items that sell at high-price points in high- end retall and specialty shops. Natural Chef boasts high-quality, easily recognizable, mass-produced Items that sell at low- cost in department stores and other mass-merchandise outlets. A recent, company-wide marketing research study revealed that there exists a growing demand for mass-produced products among its Natural Gourmet market and retailers that sell Natural Chef products. Armed with this new information, Natural Grain proceeded to conduct…arrow_forwardWhat is the meaning of strategy and the role of strategy to achieve business objectives and goals, strategic intent anddifferent strategic direction.arrow_forward
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