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BUSM3125 Assignment 2 - Strategic initiative and Implementation
BUSM3125 - Strategic Management
7 Found helpful • 34 Pages • Essays / Projects • Year: Pre-2021
The purpose of this report is to formulate, implement and measure a strategic initiative for Myer in correspondence with the external environment and their current strategic vision. Analysis frameworks of Porter’s Value Chain Model, Three Generic Strategy Model and a Stakeholder Power Grid have been used to verify Myer’s current strategy with respect to the external environment and stakeholders in order to formulate an initiative that will add the most value to Myer. The implementation of the strategic initiative used McKinsey’s 7s Framework and a Force field analysis in order to determine the most suitable methods of implementation and management styles. The measuring of the strategic initiative has been done through using the Balance Scorecard paradigm. This offers critical performance drivers across four main aspects of Myer as a means for management to track the progress of the implemented initiative. The external environment is constantly evolving with Myer continuously being threatened from many rivals. In order to stay competitive the strategic initiative that has been proposed looks to add value to the service offered by Myer through market-leading omni channel capabilities and exceptional customer service. A number of recommendations have been made that are designed to create the ultimate online and offline shopping experience to ultimately achieve sustainable profits in the future for Myer.
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