Business Strategy

Business Strategy

Rules and regulations:

Plagiarism is presenting somebody else’s work as your own. It includes: copying information directly from the Web or books without referencing the material; submitting

joint coursework as an individual effort; copying another student’s coursework; stealing coursework from another student and submitting it as your own work.  Suspected

plagiarism will be investigated and if found to have occurred will be dealt with according to the procedures set down by the College. Please see your student handbook

for further details of what is / isn’t plagiarism.

Coursework Regulations

1    Submission of coursework must be undertaken according to the relevant procedure – whether online or paper-based.  Lecturers will give information as to which

procedure must be followed, and details of submission procedures and penalty fees can be obtained from Academic Administration or the general student handbook.
2    Late coursework will be accepted by Academic Admin Office and marked according to the guidelines given in your Student Handbook for this year.
3    If you need an extension (even for one day) for a valid reason, you must request one, using a coursework extension request form available from the Academic

Admin Office. Do not ask the lecturers responsible for the course – they are not authorised to award an extension. The completed form must be accompanied by evidence

such as a medical certificate in the event of you being sick.

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4    General guidelines for submission of coursework:
a)    All work must be word-processed and must be of “good” standard.
b)    Document margins shall not be more than 2.5cm or less than 1.5cm
c)    Font size in the range of 11 to 14 points distributed to including headings and body text. Preferred typeface to be of a common standard such as Arial or Times

New Roman for the main text.
d)    Any computer files generated such as program code (software), graphic files that form part of the course work must be submitted either online with the

documentation or on a CD for paper submissions.
e)    The copy of the course work submitted may not be returned to you after marking and you are advised to have your personal copy for your reference.
f)    All work completed, including any software constructed may not be used for any purpose other than the purpose of intended study without prior written

permission from St Patrick’s International College.

LEARNING OUTCOMES AND ASSESSMENT
Learning Outcomes    Assessment Requirements for pass
To achieve each outcome a learner must demonstrate the ability to:
LO1.
To understand the process of strategic planning
1.1    explain strategic contexts and terminology – missions, visions, objectives, goals, core competencies
review the issues involved in strategic planning
1.3 explain different planning techniques
LO2.
Be able to formulate a new strategy
2.1    produce an organisational audit for a given organisation
carry out an environmental audit for a given organisation
2.3 explain the significance of stakeholder analysis
LO3.
Understand approaches to strategy evaluation and selection
3,1 analyse possible alternative strategies relating to substantive growth, limited growth or retrenchment
3.2 select an appropriate future strategy for a given organisation
LO4.
Understand how to implement a chosen strategy
4.1 compare the roles and responsibilities for strategy implementation
4.2 evaluate resource requirements to implement a new strategy for a given organisation
4.3 discuss targets and timescales for achievement in a
given organisation to monitor a given strategy.

AN ANALYSIS OF IKEA’S STRATEGY

INTRODUCTION
IKEA is one of the world’s most successful global retailers. In 2007, IKEA had 300 home furnishing superstores in 35   and was visited by some 583 million shoppers.

IKEA’s low-priced, elegantly designed merchandise, displayed in large warehouse stores, generated sales of €21.2 billion in 2008, up from €4.4 billion in 1994.

Although the privately held company refuses to publish figures on profitability, its net profit margins were rumoured to be approximately 10%, high for a retailer. The

founder, Ingvar Kamprad, now in his 80s but still an active “advisor” to the company, is rumoured to be one of the world’s richest men.
What are you required to do:
Read the detailed Case Study on Ikea given to you in the class and on stponline.co.uk. Answer the tasks below and write an assignment in essay format. You must address

the key learning outcomes evidenced by solid research. Your assignment must be well-referencing (in Harvard referencing format).

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TASKS
TASK ONE
1.    In the context of IKEA, explain with examples what you understand by strategy, mission, vision, goals, objectives and core competencies. (AC 1.1)
2.    Identify and review the issues usually involved in strategic planning. What are the planning issues IKEA have had that you can identify.  (AC 1.2)
3.    Describe any planning techniques you know that IKEA may have adopted.
Strategic planning techniques: BCG growth-share matrix; directional policy matrices; SPACE, PIMS (AC 1.3)

TASK TWO
1.    Identify and describe any suitable organizational analysis which IKEA carried out to fulfil their internal audit. (AC 2.1)
2.    What are the factors that IKEA would consider in their environmental audit of the company? (AC 2.2)
3.    Who are the stakeholders of IKEA and how does the stakeholders influence the strategies of the company? (AC 2.3)

TASK THREE
1.    Define and explain what you understand by substantive growth, limited growth and retrenchment Strategies (AC 3.1)
2.    In the case of IKEA, critically analyse any growth strategy the company might have formulated in the past 5 years and explain their rationale behind their

choice. Mention any realistic improvements made which have yielded success or issues which might have impeded success.(AC 3.2)
3.    Suggest an alternative strategy which, in your opinion, would yield better success and eliminate issues identified in LO 1 above. (AC 3.1,3.2)

TASK FOUR
1.    Compare IKEA’s existing strategy and the alternative strategy proposed in Task 3 in terms of the roles and responsibilities for strategy implementation. (AC

4.1)
2.    Evaluate the effectiveness of IKEA’s strategies in light of its current financial and market performance and how IKEA is likely to evolve and develop in the

future.(AC 4.2)
3.    In your opinion, has IKEA been successful in meeting time scale and target objectives of the implemented strategy (or strategies)? (AC 4.3)
(You may look at the company’s annual report for further information regarding its future plans and strategic objectives).

Preparing Your Assignment
Your assignment must strike a balance between theory and practice. Your work must avoid bland description of what is already stated in the case study; description

should be limited to what is absolutely necessary to emphasise a point of view or make your analysis clear. Similarly, you should not simply regurgitate theories in

your assignment with no practical application of them. You should show due diligence in writing your assignment to ensure that it reflects the highest standard of

presentation.

Other key considerations
•    Your assignment must include a cover page with title, student name and number, student contact details (email & mobile phone number), date, word count, and

contents page with page numbers.
•    The Introduction in your assignment should cover the background, the issues and the aim of the investigation.
•    Your assignment must use good quality sources (academic material or credible news sources, up to date and relevant to the topic) and correctly referenced using

the Harvard system.

General guidelines
•    The assignment must be neatly typed using Font Size-12, Ariel or Times New Roman.
•    Your assignment must word processed on A4 paper, single sided and double line spaced.
•    Both right hand and left hand margin must be suitably spaced.
•    Your written work can be above or below the 10% range of the word limit which is 3,500- 4,000 words.
•    An electronic copy of the assignment must be submitted on Moodle by the due date.
•    Plagiarism, spelling and grammatical errors are unacceptable.

Please see the Assignment Evaluation Sheet for Merit and Distinction criteria

Feedback
Strengths

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Business Strategy

Business Strategy

Research the company on its own Website, the public filings on the Securities and Exchange Commission EDGAR database (http://www.sec.gov/edgar.shtml), in the University’s online databases, and any other sources you can find. The annual report will often provide insights that can help address some of these questions.

1. Analyze the business-level strategies for the corporation you chose to determine the business-level strategy you think is most important to the long-term success of the firm and whether or not you judge this to be a good choice. Justify your opinion.
2. Analyze the corporate-level strategies for the corporation you chose to determine the corporate-level strategy you think is most important to the long-term success of the firm and whether or not you judge this to be a good choice. Justify your opinion.
3. Analyze the competitive environment to determine the corporation’s most significant competitor. Compare their strategies at each level and evaluate which company you think is most likely to be successful in the long term. Justify your choice.
4. Determine whether your choice from Question 3 would differ in slow-cycle and fast-cycle markets.
5. Use at least four (4) quality references. Note: Wikipedia and other Websites do not quality as academic resources.
• Identify various levels and types of strategy in a firm.
• Use technology and information resources to research issues in business administration.
• Write clearly and concisely about business administration using proper writing mechanics.
Thoroughly analyzed the corporate-level strategies for the corporation you chose to determine the corporate-level strategy level strategy you think is most important to the long-term success of the firm and whether or not you judge this to be a good choice. Thoroughly justify your opinion.

Thoroughly analyzed the competitive environment to determine the corporation’s most significant competitor. Compare their strategies at each level and evaluate which company you think is most likely to be successful in the long term. Thoroughly justify your choice.

Thoroughly determined whether your choice from Question 3 would differ in slow-cycle and fast-cycle markets

 

 

 

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