Corporate Strategy Assignment: Environmental Changes Impacting Aldi
Task: Write a corporate strategy assignment critically appraising the corporate strategies and models?
The concept of corporate strategy discussed in the corporate strategy assignment can be defined by the highest strategic plan of a business organization that incorporates and signifies the organizational goals and suggests the ways that can lead to the achievement of the goals through strategic management. The corporate strategy helps business organizations in determining their own overall value while setting strategic goals and by inspiring the employees to reach them. The process of implementing the corporate strategy is continuous and the strategy must be developed in accordance with the ever-changing conditions and situation of the market. This report on corporate strategy assignment critically appraises the corporate strategies and models and investigates how these strategies are applied in the global context.
1.1 Critically analyse strategic theories and models.
Figure.1: PESTLE Analysis
(Source: Aithal, 2016)
The external environmental factors outlined in the corporate strategy assignment are potential in affecting business and the PESTLE model acting as a tool helps the business organizations to identify the critical environmental factors. In the strategic management of business organizations, in the views of Pröllochs and Feuerriegel, (2018), PESTLE analysis is very important as it helps to identify the opportunities that may earn the business competitive advantage in the market. The analysis done in the corporate strategy assignment is based on six macro-environmental factors of businesses that are Political, economic, social, technological, and environmental and legal factors. Every factor that is incorporated in this analysis concentrates on the specific industry to which the business belongs and determines how the environmental changes can positively or negatively affect the health of the organization. Aldi, a grocery retail organization based in the UK can benefit from the PESTLE model as the analysis of the macro-environmental factors would help it to understand how the political change in the UK could affect its functioning, besides the change in disposable income of the consumer groups and faming of modern government policies and taxes like the Sugar tax. The organization may set organizational goals more effectively by analyzing the macro environmental factors.
Porters 5 Forces model
Figure.2: Porters 5 Forces Model
(Source: Rizea, 2015)
Herein corporate strategy assignment, ‘Porter's five forces’is a strategic model that has been designed to identify and analyze the 5 competitive forces that are responsible for shaping every sector or industry. The model has been named after Michael E. Porter. The model also helps in determining the strengths and weaknesses that are possessed by an industry or an individual organization. The model is very useful and applicable in any economic segment for searching for the attractiveness and profitability of a company. Business organizations frequently use the model for identifying the structure of the industry and develop a corporate strategy accordingly. The five competitive forces that are looked into this model are Threat of substitute, Bargaining power of the customers, Bargaining power of the suppliers, Competitive rivalry and Threat of new entrants (Bock et al., 2016).Porter's five forces model can help Aldi in understanding its competitiveness, analyzing the power of the suppliers and customers. It would also help Aldi to identify to what extent the substitute products can affect its sales. In this way, by identifying all these factors the organization would be able to develop an effective corporate strategy for gaining more competitive advantage.
Marketing Mix Model and STP Theory
In the present context of corporate strategy assignment, the marketing mix can be defined by the set of factors that a business organization can control for influencing its potential customers in order to buy the products and services. The 7Ps of marketing mix include 7 factors that are the product, price, people, place, physical evidence, promotion, and process. An effective marketing mix allows businesses to become established in the niche market. The model helps in taking up a strategy based on each element of the marketing mix which one of the greatest approaches to develop a corporate strategy in businesses.
Figure.3: STP Theory and Marketing Mix
(Source: Venter et al., 2015)
Segmentation, targeting, and positioning (STP) are a concept of applying the marketing strategy for a certain product or service. It illustrates how a business organization must operate in order to compete in the market. The STP of a company must be applied in the marketing mix for gaining success. Aldi can utilize the concept of the marketing mix and apply the STP theory to it for segmenting the market based on different variables and position the products to the target group accordingly. The identification of the target group within this corporate strategy assignment is essential and helps Aldi to formulate corporate strategies after proper identification of the segments.
McKinsey 7 S Model
Figure.4: McKinsey 7 S Model
(Source: Teh and Corbitt, 2015)
This is a framework illustrated in the corporate strategy assignment that provides effectiveness to the business organizations by identifying and analysing the different internal factors which must be arranged and strengthened for succeeding. According to the theory behind this model, there are seven elements within an organization that help it to achieve its goals and objectives. The elements can be classified into two groups, the hard elements, and soft elements (Channon and Caldart, 2015). The three hard elements noted in the corporate strategy assignment are strategy, structure, and systems and the four soft elements are shared values, skills, style, and staff. The hard elements can be easily identified and influenced by the management of the organizations. However, the soft elements are less tangible and are affected by the organizational culture. Aldi can use this model for identifying the elements that could be further improved, maintained or realigned for increasing the organizational performance.
1.2 Assess and determine how successful different strategies are when applied in the global marketplace.
The sources utilized to prepare the corporate strategy assignmentmentions that there are a number of corporate strategies that can be applied to the global marketplace and yield greater results for the companies that apply those (Wirtz et al., 2016). For expanding in the international marketplace, organizations may choose the vertical integration strategy. This is a growth strategy that concentrates on controlling the process of business operation with the integration in a key segment. The acquisition of a manufacturing company is a very effective vertical integration strategy for any retail organization. This strategy is helpful in keeping control over the flow of certain products. Another effective growth strategy outlined in the corporate strategy assignment is the Diversification strategy, which is very effective in the global context. The strategy involves the selling of new products in the new markets. The strategy succeeds when there is a clear understanding of the market trend, competitiveness, environmental factors, and opportunities in the new market. A diversification strategy is followed by Aldi, for expanding to different countries.
Consolidation Strategies are another example of powerful corporate strategies for expansion in the global market (Ralston et al., 2015). Horizontal integration is one of the important consolidation strategies which are characterized by the acquisitions and merger of other organizations for entering into the new market. The strategy helps to enter potential markets by buying new organizations. However, it also helps organizations to take major steps like classifying the components of an organization to several smaller components or divisions so that the need of the customers can be met easily. There are some global expansion strategies that are highly accepted by multinational businesses across the world (Lloret, 2016). Cost Leadership strategy is a widely accepted expansion strategy which is also followed by Aldi. The organization has mostly concentrated on reducing the prices of the products to target the people who want quality products within their budget. Herein corporate strategy assignment, this corporate strategy has enabled the organization to enter the potential market and compete with major supermarket chains like Tesco and Walmart.
1.3 Evaluate how individual and organizational ethics, also global ethical issues can impact corporate strategy.
Set up of corporate business strategy, values and vision of a company is the primary function of a business. The strategic planning process is dependent on the development of a strong sense of ethics and well-being of all the stakeholders of the business. Different ethical factors and issues as illustrated in the corporate strategy assignment impact the business functions by influencing the behaviour of the employees, managers and other people who are involved in the business (Anand and Lee, 2016). The ethical concerns of business are incorporated within the CSR concept that accounts for the integrity and morality within the business. The global, organizational or individual ethical issues in business are mainly concerning business communication, external and internal business regulations, production processes, human resources management, and trade policies. While developing the mission and vision statement of the business, the management must consider business ethics. A code of conduct is an important part of the corporate strategy of a business (Baumgartner and Rauter, 2017). The code of conduct is developed by the business owner to guide the employees regarding their behaviour in specific situations that they may encounter during their tenure. The ethical issues like improper marketing techniques or telling improper things about the products to the customers are very critical for any organizations. Hence, it is clear on this corporate strategy assignment that during strategic planning, organizations include the code of conduct that limits the behaviour to a level.
Issues like unintended disrespect to social or religious values are a very common form of an ethical issue in the global market. For eliminating such behaviour of the employees, companies produce strict guidelines for them. The enhanced environmental concern of people is another source of ethical issue that generally affects the production process of organizations. The usage of enhanced natural resources, production of huge wastage may hamper the reputation of the business (Crane et al., 2019). This forces the businesses to include processes like recycling in their strategy and also expense more on the CSR approaches. Safety of the employees is another biggest concern for businesses identified in this section of corporate strategy assignment and if not maintained may develop ethical issues that can disturb the working environment of the company leading to employee turnover. Aldi prefers fair trade products over the products that are priced lower and produced following unethical means. The unfair means of trading is also harmful to the company. Aldi also relies on a global network of suppliers who supply materials from those countries that are much developed in protecting the environment by reducing emissions, banning child labour, utilizing strict regulations for health and well being and implementing sustainable development. ?
2.1 Critically analyze supply chain methods, models and theories.
The supply chain is an integrated procedure that is used by business organizations in order to work cooperatively with a number of entities involved in the business such as the manufacturers, suppliers, retailers, and distributors. The aim of the supply chain stated in the corporate strategy assignment is to gather the raw materials for production, transform the raw materials into the final form of products and their delivery to the retailers.
Figure.5: Supply chain process
(Source: Rajeev et al., 2017)
The method of supply chain planning includes some strategies that have been explained below within this corporate strategy assignment:
Adequate data and figures regarding the products and services enable business organizations with an overall insight of its supply chain. Data gathering helps organizations with real-time data which aids in the quick critical resolution of the situation.
Lean principles in supply chain management are very essential as in time management of the supply chain allows reducing the inventory cost (Rajeev et al., 2017). With lean principles, the orders are fulfilled with effectiveness, the overhead cost is eliminated. This ensures a steady flow in the inventory.
Certain kinds of miscalculations and mishaps are often included in the process of the supply chain. The operational visibility could be enhanced for mitigating such mishaps. This would ensure a reduction in the amount of wastage and missing inventory.
With regards to the scenario of corporate strategy assignment, standardization is the process that helps the supply chain of an organization with efficient growth for increasing the overall revenue of the company. The enhanced revenue is achieved in the short and long run of the business.
Supply Chain Operations Reference (SCOR) Model
The investigation on corporate strategy assignmentsignifies that the SCOR model is a tool that is used for addressing, improving and communicating the decisions made in supply chain management in an organization. It is a process reference model that is developed and upheld as a standard diagnostic tool in supply chain management. The model explains the activities within a business that are linked with customer satisfaction by fulfillment of their demands (Touboulic and Walker, 2015). The model can be divided into 3 segments that are process modelling, measurement of the performance and supply chain best practices. Process modelling includes planning for the operations of the supply chain, sourcing for the products and services, production, delivery of final products and handling product returns. The performance measurement segment of the SCOR involves the indicators that can be used to measure the success of a particular supply chain operation in Aldi. The supply chain best practices include four requirements that ensure that the process is structured, current, proven and contain clearly stated procedures and goals.
Resource-based view theory
The research on corporate strategy assignmentsignifies that resource-based view theory is mainly a framework for the management of business organizations and related to supply chain management. The framework of the theory is used for determining the strategic resources that an organization can utilize to achieving a competitive advantage that is also sustainable. The theory is focused on the attention of the management to the internal resources of the organization by identification of the assets, competencies, and capabilities for delivering a strong competitive advantage over the strong rival organizations. The Resource-based view includes an interdisciplinary approach which is the representation of a substantial shift in thoughts. The retail organization Aldi can utilize this model for supply chain management as the model would help it in identifying all the internal resources in an effective way.
2.2 Can you critically assess the role of global supply chains in organizations in the present context of corporate strategy assignment?
The global supply chain is referred to as a globally established dynamic network through which an organization uses or purchases different services and goods from across the world (Tseng et al., 2015). This supply chain in the global arena includes people, processes, resources and information that are involved in the production, distribution, management, and handling of the finished outputs. This concept mentioned in the corporate strategy assignment is value much by Aldi because of its numerous advantages that the organizations are offered, such as, improving the financial position, increasing the profit leverage and similar other advantages.
The first and foremost function of the supply chain that is related to obtaining raw materials which are necessary for the manufacturing of the goods and services that the organization provides. In order to avoid any delay in the production requires a complete collaboration of the company with the suppliers and also as Aldi exhibits good and cordial relations with the suppliers helps the concerned organization to avoid many unavoidable circumstances.
This refers to the forecasting and demand planning for the organization. Elaborately speaking, ere procuring the raw materials, evaluation of the market demand of the concerned product or services are needed and this is considered as the chief responsibility of the operations management. As noted in the corporate strategy assignment, the worst part of the mismanagement of the operation department is that the outcome of under evaluation of demand for any given product or services is that the organization inevitably fails to meet the customer demands which will affect the brand image.
The global supply chains help organizations to develop immense coordination with the supplier as well as the retailers (Dubey et al., 2015). When the products are delivered outside the country the logistics help in ensuring the delivery of the product to the retailer without any breaches.
An effective and efficient process of production involving raw materials, labour, time and technology are maintained by the function of resource management in the global supply chain. Resource management in the global supply chain ensures the allocation of the resources at the right time and activity for optimization of manufacturing with decreased cost.
The need for information distribution and sharing is of extreme significance as the other functions of the supply chain are kept on track with the same. In the words of, there is a possibility of a breakdown of the whole supply chain if there are a poor information workflow
2.3 Identify the factors that can affect global supply chains and how they can impact on corporate strategy, and any mitigating actions organizations can take to reduce any negative impacts.
There are various kinds of factors that must be considered during the development of an supply chain management since the factors critically impact the global supply chains of business organizations. The factors are illustrated below within the corporate strategy assignment:
Environmental factors such as the weather condition are directly linked with the effectiveness of the supply chains. Any type of natural disaster hinders the path of global supply chains. Extreme weather conditions can also prevent the supply of goods from the supplier to the organization and from the stores to the customers. The changes in the environmental conditions also affect the corporate strategy of organizations by forcing businesses to take alternative ways to collect raw materials or deliver products that may be costlier.
Factors like political instability, corruption, piracy, trade restrictions, terrorism, and theft are some political factors that can impact on the supply chain of organizations like Aldi, UK. Corruption may influence the practice of bribery which forces businesses to spend more during the flow of the goods. The geopolitical factors noted in the corporate strategy assignment are much stronger in affecting corporate strategies. Trade restrictions with different countries that are rich in quality goods force organizations to choose other suppliers from other countries. Political instability may lead to a delay in the supply of products.
In the corporate strategy assignment, economic factors such as fluctuations in currency, the volatility of price, demand shocks, energy shortage may change the process of supply chain management of an organization. Currency fluctuations may lead to a reduction of prices for which companies like Aldi may encounter huge losses. Such changes direct businesses to change their corporate strategies based on their organizational goals.
Failure in the infrastructure is the biggest problem that a global supply chain may encounter. The maintenance of the infrastructure is crucial for effective global supply chains. Disruptions in the transport are although rare but are potential to hamper the process. The effectiveness of information technology is another important factor that can lead to the failure of global supply chains. Corporate strategies are also influenced by the disruption in the technological infrastructure.
For maintaining the production level and ensuring long term enhanced profitability, businesses are bound to manage the risks or factors that are associated with the global supply chains. In the present case scenario of corporate strategy assignment, Aldi can take mitigative actions for reducing the negative impact of the factors on its global supply chain. The mitigative actions must address the sources of the risks that the global supply chain encounters (Dubey et al., 2017). The consequences of the risks must also be addressed with the contingent actions of Aldi. The supply chain can be segmented and regionalized for acquiring better supply chain management. The control over the supply chain could be enhanced through enhancing stockpiling, vertical integration and maintaining the capacity of storage and production. Security of the production are can be enhanced for mitigating the risk of disruption of the infrastructure, and the impact of the natural disaster on the production.
3.1 Evaluate how corporate strategy can be applied in a range of organisation functions
The department of corporate strategy is known to function as coordinating body that can develop as well as implement the strategies, which can eventually satisfy certain objectives related to individual departments along with the promotion of corporate goals. However, there are certain steps that can be applied for the creation of a corporate strategy within the organizational functions (Nicol?escu et al., 2015). These seem to gather the facts along with developing a mission and vision statement of the particular organizational culture that is Aldi. Identification of strategic objectives is another step that can be used for tactical plans as well as performance management. Thus, the application of corporate strategy in organizational functions seems to be valuable as it identifies the barriers for achieving organizational objectives and also develops an approach which may allow the organizations to overcome obstacles. Thus, these functions are mentioned below within the corporate strategy assignment:
Development in HR as well as other departments
Development of corporate strategy is known to survey the people who are generally more responsible for the operations of the company for gathering information within objectives and challenges. It however, consolidates the strategic aims of the individual towards overall approach and also invites feedback through the concerned department of HR. Thus, in this department, a corporate strategy achieve consensus for the obstacles that are faced by the company and the strategic activities that can result in being successful for the company. Thus, in the case of the concerned organization that is Aldi explored in the corporate strategy assignment, a broad agreement is developed by the HR department in accordance with the corporate strategies and the tasks are assigned that are required to carry out the involved departments. This helps the particular company for the overall development.
Implementation of creativity and innovation
Each and every company consists of a creativity and innovation department that implements innovative strategies to keep up the pace within the market and to attract more and more customers through creativity. Thus, the sources utilized to prepare this corporate strategy assignment depicts that for implementation of a strategy, the department of corporate strategy first communicates the details based on the work that is expected by each of the departments for carrying out in an efficient manner. Corporate strategy is generally developed by the management of the organizational culture and is also considered as the overall leader of Aldi and it is dependent upon certain departments such as the marketing department for implementation of strategic components that may fall in the area of responsibility. For instance, in the case of the particular organization that is Aldi examined in the sections of corporate strategy assignment, the overall strategy involves development of innovative and new products where, marketing plays a significant role to carry out the market survey for knowing the features that must be added additionally to the products along with the design department for creating best products and making best production out of it.
Coordination of organizational policies
The key function based on the corporate strategy that is to coordinate with various initiatives that is required. Nevertheless, the department needs to have a proper work schedule and must ensure about the available resources for proper execution of strategic components. For instance, in the case of the concerned organization, development based on new products are dependent upon the responsible departments that executes the process of design, market survey, production launch along with the promotion as per the schedule that is developed by the department of corporate strategy. Thus, after completion of all these processes, the respective department needs to monitor the progress of the products along with taking accurate initiatives in case a department is seen to fall behind schedule. Hence, it can be said in the corporate strategy assignmentthat each and every department of an organization needs to coordinate with the department of corporate strategy to execute a proper production to the customers along with building effective strategies as well.
3.2 Critically assess how corporate strategy can be successfully integrated into organisations
Strategic integration is considered as a significant element within the improvement process of the organizational core competencies that may be implemented. In the UK, it is generally credited for the successful strategic integration of the company. However, in the concerned organization “Aldi” undertaken in this context of corporate strategy assignment, the company makes integration of regulations based on corporate strategy for the welfare of the organization along with following certain models of corporate strategy.
Corporate strategy regulations
The regulations associated with corporate strategy explored in this section of corporate strategy assignment is considered as the system of decisions within the company that displays and settles the corporate goals of the company along with affecting main plans and policies regarding completion of those goals and taking systematic actions for uniqueness of the company. Each and every organization consists of its own process of regulations that is followed within the organizational culture coordinating with the corporate strategy department. Firstly, a strategy must have clarity to set clear rules for the company that may guide the streams of a strategic procedure. Clear rules help in finding the frameworks for assistance of managers for catching quick opportunities in a successful manner. However, it has been evidenced that corporation success can primarily rest within the vision that is declared by the top management of the corporation. In case of the concerned organization Aldi discussed in the corporate strategy assignment, functioning of corporate strategy is known to be joined when the vision of the company seems to perform a significant part for improvement of performance within a corporate structure that is well ruled along with responsibility and clarity that provides adequate support for the future path of the organization.
Corporate strategy model
For building a holistic model based on strategic planning for the concerned organizational culture, the integration of Hoshin Kanri model along with the integrated strategy model is considered to be necessary. However, the most advanced system that is used in the particular organization of Aldi examined in the corporate strategy assignment is Hoshin Kanri model that was developed in Japan in the year of 1960s. This was considered as a derivative of management objectives. Thus, this model is known as superior as compared with the other forms of total quality management, planning and similar other forms of the organizational culture.
Figure 6: Hoshin Kanri model
Source: (Engert and Baumgartner 2016)
However, the respective approach is known to require a system of planning which can integrate the PDCA cycle actions and language along with specific activities regarding longer term thinking (Fremeth et al., 2016). Hence, planning is a crucial part of the company that must be integrated within the daily work in respect with strong cross functional and vertical communication. However, the main elements of the particular model that are used by the respective organizational culture are mentioned below within the corporate strategy assignment:
- To develop a vision for five years that can involve a planned draft which must be created by the executive group or rather president of the company.
- To develop a plan for a year that can include a choice of activity regarding the ability and feasibility for achieving desired results.
- Development for each department step by step that involves the selection of means and objectives for the company along with detailed implementation for development plans.
- Monthly diagnosis for representing the analysis based on the elements that support the progress of the activities for the benefit of the process of learning and analysis.
Thus, the argument raised on the corporate strategy assignmentillustrates that for implementation of the particular model, the company also needs to develop a strategy that is relied upon various stages. Some of the stages that have been applied by the respective organization are improvement of communication; PDCA implementation, and methodology for execution and parallel planning. However, the other stages apart from these must also be applied by the organization. However, another model discussed in the corporate strategy assignment that is Integrated Strategy Model is considered as better than the previous model that is used by the particular organization as; this model seeks in accomplishment of corporate goals through the use of project management and enabling the technological advancements within the organizational culture. The respective model has been developed by Jean Fahmy. This is generally based on the present situation of the organization outlined in the corporate strategy assignment along with its clear mission and vision for more growth. This also highlights the proposition of unique value that can have a positive impact over the organization.
Figure 7: Integrated Strategy Model
Source: (Spear and Roper 2016)
3.3 Discuss how different organisation functions can affect the success of corporate strategy across the organization
In this corporate strategy assignment, corporate strategies mainly include growth, stability and renewal. Organizational functions like planning, development, marketing, resource allocation and similar others impact the success of the corporate strategies (Lawson et al., 2019). Thus, corporate strategy can be termed as the way through which businesses can strive for creating value and developing an advantage for unique selling as well as capturing maximum share of the market. However, in case of growth platform with regards to the case of corporate strategy assignment, the corporate strategies are seen to seek scale revenues for the level of profits. This usually requires opening of new markets; looking for new demographics and also to roll for competitive products as well. In case of renewal corporate strategies, the organizations generally look for opening a new product line. This usually happens when the customers are seen to buy less products of the company that consists of unexpected increase of cost for the materials. Thus, introducing new product line can help in attracting more and more customers and increase the total revenue of the organization. Thus, this eventually brings stability for the organizations to sustain in the market.
However, different organizational functions are known to affect the success based on the department of corporate strategy. For instance, after the trace of development within many organizational culture, the case histories of different companies like General Motors, New Jersey and Sears concluded that the changes within corporate strategy can affect the changes of the organizational structure as well (Lozano, R., 2015). With the help of various researches considered in the corporate strategy assignment, the relationship of strategy structure has been confirmed along with the use of strategy terminology. For example, Aldi is known to match best with the corporate strategies such as growth strategy and stability strategy as it maximises adaptability and is flexible enough. The efficiency and stability helps in producing goods that are low cost and can also be achieved best with the mechanistic organization.
Nevertheless, technology also plays a crucial role in a successful corporate strategy within the particular organizational culture. It makes use of three different types of distinct technologies such as Unit Production which can be described as the items of the production in units along with smaller batches. The next category noted in the corporate strategy assignment is the mass production that can be described as the production in a larger batch of manufacturing and the third category is considered as the process production. This is known as the most complex group of technology that can transform the inputs into outputs. Thus, this routine technology can help in mechanistic and standardised structure of the organization.
4.1 Evaluate personal skills against the skill set needed to operate effectively in a global organisation at strategic level
There are five approaches outlined in the segments of corporate strategy assignment that may be used for the concerned organization that is Aldi to operating the departmental functions in an effective manner. The skills that are generally needed for operations within global organization are Global strategic thinking interpersonal influence, adaptive thinking and similar others (Giordani da Silveira et al., 2016). These approaches are mentioned below within the corporate strategy assignment:
Key performance indicators
In the case of any business, this approach can help in determining the process of contribution within the business as an employee. However, KPIs are also known to be significant for the identification of competency gaps within the workplace. For instance, Aldi makes use of this approach for determination of performance trends in relation with the company as trends are generally signs that can help the company to find out any issue along with the process that may require much more work in comparison with other interventions.
As noted in the corporate strategy assignment, assessments are yet another excellent ways that can help in identification of skill gaps. This includes the process through which an employer can assess their employees which takes into account the methods of quizzes and tests. In the present company, this can be implemented in an effective and fast manner through technological advancements such as LMS that is an engine for identifying strong skill gaps.
Thus, for understanding the qualities that are needed for operating effectively in case of the strategic level of global operation can be depicted through a SWOT analysis that has been mentioned below in the corporate strategy assignment:
Proficient Technical skills
Inability to take decisions
Strong Interpersonal skills for effective communication
Decision making can act as a threat as in the case of developing corporate strategy, decision making can be a challenge for the individual.
Strong Conceptual skills
In effective problem solving ability
Good leadership skills for managing teams
Ineffective problem solving ability can be a threat in a strategic perspective. For instance, in case of renewal stage of corporate strategy, it can be a threat to introduce new product line.
Table 1: SWOT Analysis
Source: (Created by the Author)
4.2 Understand and make use of theory, relevant techniques and practices that enables learners to develop their individual skill set
Regarding the development of professional skills, there are certain techniques in general that can be used by the individuals. Through the development of IDP along with the progress by training, the individuals can be encouraged to improve the professional skills that are critical for their own development. These techniques are mentioned below within this corporate strategy assignment:
Assessing individual skills
- Filling out the self-assessment skills through the use of IDP
- Obtaining feedback by former and current mentors through the use of forms named skills feedback from IDP or rather from the research committee form of GSBS.
Developing the skills
- Getting training: This can help in attending a workshop through enrolling into a specific course and observing any other individual who can excel in the particular skill. These are the ways by which strategies can be added to the toolbox.
- Practice: Deliberate ways must be considered in this case for practicing the skills.
- Getting feedback: This needs to assess the progress and identifying the areas where an individual has improved along with the areas based on continuous growth.
Professional skills important for success are mentioned in the following section of corporate strategy assignment
• Leadership and management along with mentoring
• Ethical and professional conduct
However, apart from these practices and techniques stated herein corporate strategy assignment, there are certain theories that can be undertaken by the individuals for their professional growth (Hutchins, 2016). One of the theories isskills theories that are somewhat similar to the trait theory. These skills theories are mostly leader centric and are also focussed upon the characteristics of leaders. This theory is generally utilised in the respective organization of Aldi to make the employers much more responsible and efficient. Thus, the primary theories for developing skills approach has been Mumford’s skills model and Katz’s threeskills approach. The respective theory defined in the present context of corporate strategy assignment that is skills theory depicts the set of accurate skills such as human skills; technical skills and conceptual skills as well.
Figure 8: Skills Theory
Source: (Brewster, 2017)
- Human skills can be described as attention and strong communication to the relationships with the other people within the organizational culture.
- Technical skills can be termed for accomplishment of tasks regarding those who generally work in the front lines. This can include practices, tools, processes and techniques as well.
4.3 Provide personal examples where a range of professional skills were demonstrated
There are certain personal skills that can help in enhancing the professional skills which in turn has been used in the respective organization of Aldi being as an HR manager. These skills are mentioned below within the corporate strategy assignment:
In the present case scenario of corporate strategy assignment, time management is considered as the process based on controlling and planning specific activities. Good management of time is known to enable any individual for completion of any task within a specific period of time along with lower stress and this eventually leads to career success as well (Cascio and Boudreau, 2016). However, being as an HR manager within the concerned organization, I possess this specific quality and this has helped me throughout my professional life to manage a team in a planned manner. It has also helped me to recruit people within stipulated time, thus allowing me to excel in my career.
Professional communication is referred to as different forms of listening, speaking and responding as well as writing that is carried out in the workplace. Being an HR manager, I always make use of different types of professional communication that can help the employers and the employees to adapt with the changes. For instance, the interdepartmental communication has helped me to select the appropriate employees and maintain a balance within the organizational culture. However, in the corporate strategy assignment, effective professional communication can also be termed as critical for the recent days.
This is yet another example mentioned in the corporate strategy assignment based on professional skills, it is considered as the most significant skill to adjust in any environment. This skill also helps individuals when they are found to change their jobs that is, the people move from one environment to another. This provides the individuals an ability to change their actions along with the approach for doing certain things according to the new situation. Thus, this skill describes the flexibility of an individual to various situations and developing solutions in a faster rate.
4.4 Communicate effectively with fellow professionals and competently present ideas and proposals
As per the research on corporate strategy assignment, effective communication is considered as the communication within two or rather more people within which, the intended message can be described to be properly encoded and delivered by appropriate channels as well. A skill of effective communication is significant for the completion of any particular task (Howes et al., 2017). Corporate strategy can be closely related with communication as it can act as a framework for planning effective and professional communication within the employees, suppliers, customers and investors. This framework can be used for building better understanding for the respective company and eventually can enhance its reputation as well. This can also help in influencing actions and attitudes of the individuals for the success of the business. Thus, it is stated in the corporate strategy assignment that corporate communication needs to be managed within the professional areas and this involves the use of particular strategies such as collaboration, teamwork and similar others.
Conclusion Based on the above discussion on corporate strategy assignment, it can be said that the present study has depicted a critical analysis regarding the particular topic of corporate strategy. It has also mentioned about the functional strategies along with the relationship of organizational strategy as well. However, professional skills for effective management of business along with the use of various theories regarding corporate strategy have also been mentioned in the above discussion on corporate strategy assignment. Hence, it can be concluded that the development of corporate strategies are essential for any organizational culture and must be coordinated with the respective departments of the organization.
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