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Business Strategy

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help@onlinedissertationwriting.co.uk TABLE OF CONTENTS

INTRODUCTION .......................................................................................................................... 1

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TASK

3:

UNDERSTAND

APPROACHES

TO

STRATEGY

EVALUATION

AND

SELECTION ................................................................................................................................... 1 3.1 Analyse possible alternative strategies relating to substantive growth, limited growth or retrenchment ............................................................................................................................... 1 3.2 Select an appropriate future strategy for a given organisation ............................................. 2 TASK 4: UNDERSTAND HOW TO IMPLEMENT A CHOSEN STRATEGY .......................... 3 4.1 Compare the roles and responsibilities for strategy implementation in two different organisations ............................................................................................................................... 3 4.2 Identify and evaluate resource requirements to implement a new strategy for Sony mobile communication ............................................................................................................................ 4 4.3 Propose targets and timescales for achievement in a given organisation to monitor a given strategy ........................................................................................................................................ 5 CONCLUSION ............................................................................................................................... 6 REFERENCES ............................................................................................................................... 7

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INTRODUCTION Technological organisation in today’s scenario has to be competent enough to innovate their products in an efficient manner. The survival of business in this environment is possible only when management is able to achieve long term objectives and has a potential to survive in a competitive culture (Bergeron, 2005). For achieving strategic objectives of the company there are some set of planning made by higher authorities relating to vision, mission which provides strategic direction for growth of firm. In the present study the researcher is going to understand the approaches for evaluation and selection of strategy formed by multinational companies. The report will also discuss about corporate strategy adopted by Sony Mobile communication.

TASK 3: UNDERSTAND APPROACHES TO STRATEGY EVALUATION AND SELECTION 3.1 Analyse possible alternative strategies relating to substantive growth, limited growth or retrenchment Formulation and evaluation of an effective business strategy is a difficult task for any organisation. They have to take alternative strategies for expanding their operation to varied geographical boundaries (Ebaid, 2011). Sony mobile communication conducts their internal audit for checking out their employee performance, financial activeness and competitive advantage. External audit is conducted by the organisation to look after political, economic, social, technology, environment and legal aspects (Elbanna, 2009). Management of Sony has been very keen while taking decision for expanding their business, as it is never easy to expand at a larger level at shorter period of time. For expansion Sony is required to undergo planning process in which they analyse functioning through internal and external audit. This helps in drawing out some strategic decision which can be used in business operation. Sony mobile communication after analysing all these aspects goes for evaluation and formulation of newer strategy in the organisation. Alternative strategies which can be adopted by business in their operations are as follows: 

Substantive growth strategy- This strategy will be adopted by Sony mobile communication for enhancing or expansion of their business activities. Companies can

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expand their functioning either by moving to a varied geographical regions of the world or by increasing product line (Shah and Nair, 2014). Both these strategies will help organisation to acquire more customers for their product and will also increase the profit of the business. In today’s competitive world if organisation wants to survive, then they have to move from one place to another in search of new market for selling out their products to potential customers. Sony mobile communication has to bring out such attractive products in the market which can help them in fetching more customer attention. Sony has faced a large amount of competition from their competitors such as Apple, Samsung in the present and from Nokia in past (Acur and Englyst, 2006). The venture between Ericson and Sony were divided in the year 2012 which helped Sony in restructuring their activities in a much better way. Sony mobile communication has brought out various variants in their product by launching Sony Xperia smartphones and tablets. Company is presently focusing on substantive growth strategy for bringing out continuous improvement in their products and to expand their operations in an effective way. 

Limited growth strategy– This strategy is adopted by the organisation when market is moving towards less potential to be generated. It is a situation in which there is falling demands in products of Sony mobile communication (About Sony, 2014). This effects the functioning of organisation by excessive lack of cash balance within the company and this can even take them into liquidation due to increased cost of production against falling revenues. By adopting this strategy Sony Company will be able to explore the opportunities that are available to them. Here business generally works on breakeven point and it is a situation where organisation has no earning for the periods. In such position larger companies like Sony give huge discounts on their product so that they can cover their production cost by increasing the sale of products (Dandira, 2011).

Retrenchment strategy- This strategy is adopted by the organisation when they are making larger losses in production of some of their products. Retrenchment strategy is adopted by the company to stop down production of such products which are leading them to heavy losses (Davis, 2012). This strategy will help Sony mobile communication to come out of the burden which they are bearing on continuous basis to avoid risk in their future operation.

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3.2 Select an appropriate future strategy for a given organisation Sony mobile communication should go with substantive growth strategy by expanding their operation into various potential markets and by bringing out newer innovation in their products (Kruger and Mama, 2012). The growth strategy must be adopted by organisation after having a proper evaluation of internal and external audit of Sony Company. Audit of business will help management to take proper strategic decision with respect to growth strategy which they are going to employ in their operation. Growth strategy will help firm to bring out newer innovative product in market according to the need and preference of society in which they are operating. By proper research and development planning organisation can find the loopholes in the market for their expansion (Lopez, 2005). For organisation like Sony mobile communication it has become very significant to look after proper research so that they are able to fulfil the present demands of market.

TASK 4: UNDERSTAND HOW TO IMPLEMENT A CHOSEN STRATEGY 4.1 Compare the roles and responsibilities for strategy implementation in two different organisations There are different individuals in the organisation that looks after various functions which have been assigned to them. These officials are assigned with various tasks in which they have to take various strategic decisions for devising those strategies into business. Sony mobile communication is very keen towards implementation of various strategic planning and it plays very crucial role for sustenance of firm in long term (Marren, 2007). The roles and responsibilities which have to be fulfilled by individuals of Sony Company in proper implementation of their strategy can be: Role and responsibilities of: 

Top level management- There are the personnel who look after the entire functioning of the Sony mobile communication. Every strategic decision of the business implemented by them for proper growth of business. They can take decisions with respect to requirement of various raw materials which will be required for proper manufacturing of mobile phone and tablet accessories (Eigenhuis and Dijk, 2007. Top management have to look after continuous improvement in bringing out newer strategy in the business. They

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are the core person who looks after each and every department of the organisation. They have to ensure that all departments are functioning properly as per the standards for achieving goals and objectives of business. 

Middle level management- Here the major roles are played by managers of Sony Corporation who looks after implementation of new strategy formulated by top management (Kourdi, 2010). Their task is to provide proper training for development of employees according to strategy designed for achieving target goals. Managers have to identify work based problem which are associated with implementation of new strategy within the organisation. The identified issues are reported to top level management so that necessary actions can be taken with respect to such situation at that specific time (Strategic planning, 2014). After modulation of strategy managers again apply those strategies within the firm, so that optimum utilization of resources can be made for reducing the cost which company is going to incur in its production.

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Lower level management- The roles and responsibilities of lower level management is to look after various instruction provided by higher level managers. These employees are engaged in production activities, so they must be clear of what working process and technology they must adopt in their operation for bringing out quality products and services to their customer (Stonehouse and Houseton, 2005). From time to time they have to update their managers regarding availability of various resources so that they can carry forward the function in a proper way. Performance of lower level management is very important for success of Sony Corporation in achieving goal and objectives of the organisation.

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Role and responsibilities of human resource department- This department plays a very significant role towards employee training and development (Uliwick, 2005). HR department is considered to very important in Sony mobile communication, as they motivate employees in the necessary direction for achieving the strategic decision planned by top level management. They have to fulfil their roles towards company in achieving proper long term goals of the organisation. It is the responsibility of HR to look after recruitment and selection process for selecting highly qualified and efficient employees for proper growth of Sony Corporation functioning.

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4.2 Identify and evaluate resource requirements to implement a new strategy for Sony mobile communication There are many aspects which have to be looked upon by Sony mobile communication for ensuring development of newer strategy in organisation. Company have to be confident enough in implementing the newer strategy in achieving the long term objectives of the business. The key resources which have to be looked upon by Sony Corporation for implementation of new strategy in its activities are as follows: 

Requirement of proper finance- For bringing out any new innovation in Sony mobile communication they have to look after proper availability of finance. For achieving success in any newer strategy it is important for the organisation to have sufficient adequate finance (Turner, Paul and Cadle, 2010). By having proper resources business can undergo their operation efficiently in the areas of higher production capacity, development in new product and evolution of newer market. This also helps management in proper evaluation of entire functioning of Sony Company.

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Human skills and competencies - In this situation HR department plays an important role. They have to look after various skills requirement which the new strategy is demanding and accordingly they must go for selection of new candidates for Sony mobile communication (Porter, 2008). Decision regarding the personnel is taken by organisation on basis of core competencies which management team will be requiring for achieving target goals of business. Sony Corporation will be requiring the employee who is highly innovative in their minds in developing newer product for the modernized market.

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Requirement of research and development- Sony mobile communication is an industry where there is continuous need of innovation and development of newer features in product (Kouridi, 2010). In present scenario, it has been that every day there is a change in technology. For achieving proper targets of the company they have to go through research and development process on regular basis in identifying the changes which have adopted in the market.

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4.3 Propose targets and timescales for achievement in a given organisation to monitor a given strategy Sony mobile communication must monitor their strategy on the basis of SMART technique. This will help organisation to measure their targets and timescales properly through specific, measurable, attend able, reliable and timely. The objectives of Sony Corporation must be specific in content. The goal of firm is to achieve 5% increase in their sale and profit. Timescale for achievement of these target must increase on a yearly basis. Individual’s performance must be analysed on daily basis to check out the targets achieved by them which has lead to increase in production and profits of organisation (Feranado, 2011). Business has to continuous look after the benchmark which has been set by them for bringing out enhancement in quality production. The set targets of company can be analysed through balanced scorecard approach for proper evaluating the newer strategy, framed for bring out growth in the operational activities of business.

CONCLUSION The study concluded that organisation frames new strategy for bringing out change and to achieve long term objectives of the company. Sony mobile communication has adopted substantive growth strategy in formulation of their working towards innovative and product development strategy. There are various roles and responsibilities which have to be fulfilled by various hierarchical management levels for achieving new strategy within the business. SMART and balance score card technique can be adopted by Sony Corporation for evaluation of their performance.

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REFERENCES 

Acur, N. and Englyst, L., 2006. Assessment of strategy formulation: how to ensure quality in process and outcome. International Journal of Operations & Production Management.

Bergeron, C., 2005. Making site selection decisions in the worldwide economy. Journal of Business Strategy.

Dandira, M., 2011. Involvement of implementers: missing element in strategy formulation. Business Strategy Series.

Davis, P., 2012. A model for strategy implementation and conflict resolution in the franchise business. Strategy & Leadership.

Ebaid, E. I., 2011. Internal audit function: an exploratory study from Egyptian listed firms. International Journal of Law and Management.

Eigenhuis, A. and Dijk, R., 2007. High Performance Business Strategy: Inspiring Success Through Effective Human Resource Management. Kogan Page Publishers.

Elbanna, S., 2009. Determinants of strategic planning effectiveness: extension of earlier work. Journal of Strategy and Management.

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