STRATEGIC MANAGEMENT OF BURTON RETAILS

  • 12 Pages
  • Published On: 19-12-2023

Introduction

This assignment is going to highlight the strategic direction, mission, vision and corporate culture of a chosen business called Burton retails. The company's future position can be described after finding out the goals of the business. The company's future situation is described in terms of internal and external audit analysis. A organization Burton retails is a leading one in the UK's men’s fashion and clothing range. It asks people to look and feel good after using their products.

The research is carried out for analyzing the current growth strategy of the company. The report will follow the format of an internal and external audit that is further defined in strategic direction, corporate culture, resources, and capabilities along with competitive analysis, market demand, and user experience respectively. A SWOT is drawn based upon the market-specific characteristics of the organization. Different external pressures are also calculated within this project. The purpose of this assignment is to demonstrate knowledge in the application of frameworks used in internal and external audits.

Section 1: Internal Audit

Internal auditing assesses the company's internal controls and highlights the different types of strengths and responsibilities. Internal audit will focus on Burton retail's cultural direction and resources along with its abilities.

1.1 Strategic Direction

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A mission statement helps in strategic planning and in the case of Burton's the mission statement comes as "Good clothes develop a man's self-respect”. With this particular belief, Montague Burton established the organization in the year 1929. They try to deliver quality products at an affordable price range. The company was a constituent of the FTSE 100 Index. However, their internal deficiencies are leading them to lose the pride that is gained (Manita et al. 2020). Almost 2500 jobs were about to be closed while there was no maximization of profit seen. However, stakeholders making the company sustain in this competitive market make it easier with internal market positioning of people. High-quality clothing gives a clear demonstration of the customer base and provides clarity on their business purpose. Boohoo is seen to snap up Arcadia's remaining brands to manage the high street fashion. Beyond the profit, stakeholder analysis is taken into consideration and this organization wants its customers to feel confident while they buy goods. This clothing brand is following up the paradigm that has power structure, control systems, organizational structures, and symbols. The Boohoo group has brought up the brand and it is going to relate strongly to the Boohoo PLC group.

The vision is that “Our vision is to lead the e-commerce fashion market globally in a route which provides services for the customers”. This organization is still carrying out the business using offline mode. There is a long way to go before the company moves forward with the e-commerce section (Lateef, and Omotayo, 2019). As the customers buy in goods, the organization wants them to be confident and feel valued. Based on performance and mission statement a strategic analysis can be presented such as:

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1.2 Corporate Culture

The corporate culture is expandable as there is almost every type of employee working. Greater harmony and indigenously are observed in between them. They are actively participating in the work of the company whether it is sales or accounting services. Employees are the assets of this organization and there is diverse nature and cultural competency observed. Ethnicity, gender, and race are not the factors in this case. Burton retails are determined to have a strong corporate culture and engage in the positive development of work breakdown structure. Ethical understanding is important for the complete growth of the company, which they are provided during the training period. A cultural web framework is followed in this organization.

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1.3 Resources and Capabilities

Greenlay’s classification of resources is essential in terms of Burton’s development:

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Section 2: External Audit

This happens to be focusing on frameworks, which give market competency and a total improvisation of market shares.

2.1 Competitive Analysis

“Competition, marketing demands, customer/user preferences, and other external pressures will all be examined using various frameworks in this case." It has a monopolistic market infrastructure with market penetration, market diversification, market development, and the development of products (Boskov, and Drakulevski, 2017). Here, the porter five-force framework can be explained in support of the content:

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2.2 Market Demand

“The apparel market in the United Kingdom is dominated by ten companies that control more than 40% of the overall market share.” Hence, it becomes one of the greatest competitions for the organization to sustain (Bentley-Goode, Newton, and Thompson, 2017). The brand is trying to connect with youth and that too using internet connectivity and online sales. 60% of market share is held by top apparel wear and competitive structure will report being achieved unless there is collaboration with e-commerce done.

2.3 Customers/Users Expectation

Customers expect to gain maximum delivery of the clothing and that should be encouraged with taking customers' opinions. The clothing line is included with the factors of designing seasonal clothes and comfort wear other than suiting (Manita et al. 2020). The lockdown situation due to the pandemic has reduced the sales in jeans and people are prone to wear pajamas while they are working from home. The company needs to make the product accordingly.

2.4 Other External Pressures

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Conclusion

The main goal of this organization is to reach an essential element of e-commerce development and stakeholder management. Global routing on fashion markets is yet to be discovered by this organization as it is concerned with the employees and client development. The organization has robust mission and vision components that demonstrate the attitude of customers. Production of fashionable products with ethical pricing and managing the environmental responsibilities can be discussed for the customers. All these aspects are well defined in this case.

References

Androniceanu, A., 2017. The three-dimensional approach of Total Quality Management, an essential strategic option for business excellence. Amfiteatru Economic, 19(44), pp.61-78.

Bentley-Goode, K.A., Newton, N.J. and Thompson, A.M., 2017. Business strategy, internal control over financial reporting, and audit reporting quality. Auditing: A Journal of Practice & Theory, 36(4), pp.49-69.

Boskov, T. and Drakulevski, L., 2017. Strategic and Finance Management–Determining Factors for the Success of the Companies in the Business World. Calitatea-acces la succes (Quality-Access to Success), 18(157), pp.119-123.

Camilleri, M.A., 2018. Strategic planning and the marketing effectiveness audit. In Travel marketing, tourism economics and the airline product (pp. 117-135). Springer, Cham.

Chen, Y., Eshleman, J.D. and Soileau, J.S., 2017. Business strategy and auditor reporting. Auditing: A Journal of Practice & Theory, 36(2), pp.63-86.

Jiang, L., Messier Jr, W.F. and Wood, D.A., 2020. The association between internal audit operations-related services and firm operating performance. Auditing: A Journal of Practice & Theory, 39(1), pp.101-124.

Lateef, A. and Omotayo, F.O., 2019. Information audit as an important tool in organizational management: A review of literature. Business Information Review, 36(1), pp.15-22.

Manita, R., Elommal, N., Baudier, P. and Hikkerova, L., 2020. The digital transformation of external audit and its impact on corporate governance. Technological Forecasting and Social Change, 150, p.119751.


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