INTRODUCTION TO STRATEGIC PLANNING
The plan of action or procedure that assists the business unit in attaining stated objectives and goals is mainly known as the strategy. If the business strategy that is framed by company is effective then organization will attain successful position among rivalries (Meyer, 2003). The present report is on UK's top supermarket chain that is Asda Stores Ltd. The supermarket chain mainly deals in selling the variety of grocery products, home ware and clothing etc. Asda is being acquired by the American retail company that is, Walmart in the year 1999 and became the UK's third largest supermarket chain. The company currently operates more than 568 stores in different locations to serve their market customers.
The main objective of report is to understand the process of strategic planning through measuring the vision, mission and objectives of organization. The report will also measure the strategic position of company by conducting the organizational and environmental audit. Along with that, the report will also analyse several strategies and will select the appropriate strategy for organization so that they would easily accomplish their objectives.
LO1 UNDERSTAND THE PROCESS OF STRATEGIC PLANNING
1.1 Business missions, visions, objectives, goals and core competencies
Asda stores Ltd. occupies the second position in UK's retail sector with having the operating income of £1 billion. The organization along with other clothing brand, that is, George is capturing the clothing market of UK sector. The role of strategy is important for each and every organization as it depicts the path for business to attain goals. Main key terminology used in the strategy includes:
Mission: The mission statement mainly focuses on current activities for which company exists in the market. The Asda's mission is to become the top retail supermarket chain in UK that mainly serves the needs and requirements of customers (Strategic Planning Tools, 2015).
Vision: Vision is termed as the predicted long term future plan for organization so that they would run their business in future marketplace among their rival companies. The vision statement of Asda is to be at the top position in delivering the cost effective products to target market