Formative Assessment
The Covid-19 pandemic has thrown the world into turmoil, and upended virtually every aspect of our lives. The business arena is in the midst of tumultuous changes-with more shocks to come. The global economy has been badly hit, and years of problems lie ahead. Many companies have taken a massive hit to sales and profits.
But no matter how hard things may be, there will be both winners and losers on the way to a "new normal." And by acting fast, and with a clear purpose, you can steady your business and keep growing.
'No matter how well or how badly you're doing today, a strategy reset is now a matter of extreme urgency. That means a critical rethink of both your strategy and how you create and execute it'
Identify a known organisation of your choice in the retail industry. You are to ensure that you have full access to the relevant information required for this project. Please note that the information you will collect will be purely for the purposes of this project and will not be shared with third parties.
In light of the above extract and the selected organisation, you are required to answer ALL of the following questions:
Answer ALL the questions in this section.
Question 1:
1.1 Provide a brief overview of the company clearly stating their vision and mission statements.
1.2 Discuss the approach to strategic management process that the organisation can utilise during this period.
1.3 Critically discuss the types of risks that the organisation faced during Covid-19 and the responses to risk it can implement to manage the risks.
1.4 Recommend turnaround strategies that are needed to rescue the retail organisation.
1.5 Visit tonymanning website and discuss how the retailer you have selected can simplify their strategy to focus on a few actions that will have the biggest impact in this crisis period.