The current strategic aims and objectives of Grandvision optical
Disclaimer: This work has been submitted by a student. This is not an example of the work written by our professional academic writers. You can view samples of our professional work here.
Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UK Essays.
Published: Mon, 5 Dec 2016
Grandvision optical is one of great optical solution company of UK as well as Europe, produce by Daniel Abbittan and Michel Likerman in 1989. It establish with different optical concept and brand name of Grandvision Optical with the new, unique, innovative and revolutionary idea about extremely good customer oriented service and vary in product according to market demand.
The beginning of 1990’s saw the Grandvision in the market. It has particular purpose of optical solution especially customer base service with commitment of always maintaining the pick level of quality and extreme good service with the expansionary vision. Grandvision merger with vision express in 1997 which has leaded in UK’s market network. Since joining the family of HAL investments Grandvision expand it’s business in rapid growth and involved with sister company. As a powerful market leader Grandvision Brand presents in 15 countries with over 770 stores with acquisition of Grand Optical, Vision Express and Solaries. Beside this it also produce digital camera.
entify the current strategic aims and objectives
Every organization stands with strategic aims and objectives which draw the shape of organization. It directs towards to achieve target. However, aims and objectives differ according to organization such as profitable and non-profitable. Profitable organization’s strategy focuses on maximization of profit rather than social welfare. Nevertheless, organizational aims and objective draw the clear direction to business to move further. As an innovative organization Grand vision has the following aims and objective:
Strengthen market positions in all GrandVision markets: grow turnover for existing stores and grow own store and franchise/joint venture networks by new store-openings and acquisitions
Achieve operational excellence: deliver the best results in serving our customers
Achieve organisational excellence: deliver the best results in the best possible and most efficient way
Establish world class teams: develop and optimise talent in all functions in line with the business strategy
By identifying above strategic aims and objectives, GrandVision with aiming to be a market leader in optical retailer through growth strategy such as joint venture, acquisitions, new store opening by delivering excellent customer service with most efficient way. To achieve the customer’s faith GrandVision has providing services by developing skills talent and efficient team work. To support these above strategic aims GrandVision retailer optical has short-term strategic aims and objectives
Short-term strategic aims and objectives of GrandVision optical
Increased margin by marketing promotion and sales
Work and time management
Achieving the key customer pledge
Reducing staffing cost
Reducing administrative overhead
Reduction in machinery overhead
Reduction in management overhead
Promoting staff efficiency
Use of Information Technology
Ultimately aims of GrandVision are to be the best optical retailer in Europe with the market leader intending towards monopoly.
Undertake an evaluate the component parts of strategic plan
Grand vision will be the best optical retailer in Europe
Grand vision will take a leading market share position in every country in which its brands operate, and achieve, best in class, operations and therefore operating. 1.2>>>>>>>>>>In this competitive market every business organisation has so many challenges with tackling many direct and indirect challenges. GrandVision’s ultimate goal is to achieve their strategic aims and vision, for it organisation have their strategic plan. So Grand vision also has it’s strategic plan to achieve ultimate aims and vision. To be market leader it needs to earn more customer in other words it have to sell it’s products and services in large scale to capture the market grand vision has given impressive and unique service to it’s customer by selling it’s quality products and services in low price which is affordable to all economic level of customer. Beside this grand vision has taken social responsibilities by providing many services to different group and level of customer such as it has divided age group to provide it’s impressive services to provide free NHS service to elder people as well as children who are under 16 and again it provides noticeable discount in some products to them. This type of social activities helps to organisation to leave good message in society.
Similarly grand vision rational about administrative overhead as well as its management team proper managing administrative cost there is no any misuse of resource.
In term of technology grand vision has life with technology so now grand vision using latest modern technology. This is strength to meet the organisational strategic plan as a strategic manager.
By this research saw many obstacles in grand vision retailer optical to achieve the strategic plan. There are many breakages very expensive lenses in lab which reduce the profit. This project recommends reducing breakages by appointing skilful manpower. Another weakness is this organisation is focussing only in shopping centre. To expand its business, better to go in high street as well.
Analysis the factors affecting the strategic plan
An organisation is a part of society if there is any small fluctuation then it affects the organisation. There are various factors which affect the organisation directly indirectly and Grand Vision also cannot escape from it.
There are many factors which affect the organisational strategic plans
Political factor:- Grand vision is a global optical retailer. So different country has different political scenario similarly market policy, monitory policy and import, export policy and labour. Law also different so each political decision can affect from good or bad way to grand vision optical. As a example UK’s government decided to increase VAT 17.5% to 20%. This decision affected strategic plan of grand vision badly
Economic factor: – Being a global organisation economic scenario can give positive or negative affect to the grand vision such as world economic recession, money exchange rate, interest rate, level of inflation, per capita income. The annual report of grand vision 2009 shows that foreign money exchange affected grand vision badly.
Social factor:- Every business stand in society to prove the attachment with society grand vision has giving discount to elder people, child also student which is strategic plan as well as social responsibility of grand vision
Technological factor: – With intention of giving best quality to customer. Grand vision ever conscious towards technology. Today’s market is very competitive if any company ignore the technology then company have to bear loss market share. Now grand vision as attach company with technology getting benefit which are follows:-
Accountable with stakeholder
Legislation factor: – Grand vision as a global company facing various legislative problems in different country. Different country has different type of labour law health and security, TAX, VAT.
Competitor: – Optical sector has hundreds of competitor to be the market winner. Grand vision plays the strategic game such as offers, discount, membership card, advertisement etcNABIN2010-10-13T12:18:00
Include internal factors such as strength and weakness.
2.1 Apply a range of strategic analysis tools to audit progress towards strategic aims and objectives
There are many analysis tools to measure strategic aims and objectives like PEST, SWOT etc.
SWOT analysis of grand vision optical
Strength:- Since 1989 grand vision is a great and strong within the global optical market scenario and it well known as optical retailer in Europe. It has done acquisition with many other optical. Among of them are vision express, grand vision optical, solaries, Batemans opticians, +vision optical, loop vision which is going mutually. It established in 20 countries in Europe. It has more 1200 branch. The company has approximately 9850 employee. Main strength are
Grand vision is well known as a innovative quality, product and service provider. It has 42 designer brands which are access within 24 hours. This organisation working 20 countries including UK and it has 770 stores, 5770 skilful employees which are wealth of grand vision financially support by HAL investment group who invested in various sector.
Grand vision is providing good customer service in parts of UK as well as most part of Europe but it is ignoring the growing Asian economy like China, India and Korea because Asian market. This optical do not give attention to advertisement comparative to competitive. It is weak in economic analysis because of this it has loss 2 million euro in 2009 by miscalculating exchange rate.
By scanning external environment this study identified grand vision can grabs opportunities in order to achieve vision. Statistic shows that grand vision has large market share in UK as well as Europe which indicate the level of buying power to ensure to mainstream economic of scale. Grand vision has great opportunity to goes in Asian market through acquisition to spread brand and business especially economic boom countries like South Korea, India, China and Japan. Grand vision can produce optical lab equipment and can supply internal as well as external optical lab.
Economic research and forecast can be one of the great threat to grand vision because economic suffer like recession anytime. It can reduce customer purchasing power which is harm for optical business. Grand vision is a global business so it’s another challenges forecasting exchange rate. Grand vision should have studied customer’s desire, willing and behaviour which are challengeable. Maintain the peak level of customer loyalty.
Quality customer service
Unique product and service
Guaranteed satisfaction in all store
42 designer brand
Assets to any brand frame within 24 hours
Ignorance of Asian market
Week in economic analysis because of this it has lost 2 million euro in 2009
Weak in advertisement
Expansion across- Asian market
Competitors – Specsaver, Optical express, D&A, Boots
Foreign exchange rateNABIN2010-10-13T12:22:00
Recommend few points stating how they can turn this weakness into strength and how they can create more opportunities from their strengths
2.2 Review and asses the expectations of major stakeholders and their influence upon the organisational strategy.
Every organisation has stakeholder may be organised or individual. It affects the business organisation by various ways. Stakeholder may have direct and indirect interest in business.
Financial sector:- If financial sector does not support financially Grand Vision could not expand it’s business and financial sectors concerned is does it making profit or not? What is it’s financial strength? So the role of financial sector is very important to Grand Vision.
Customer:- Without customer we cannot imagine business so customer’s main concerned with Grand Vision are quality product and cheap price and in other hand Grand Vision’s concerned is fulfil the customer needs with making balance profit so if Grand Vision cannot balance it then there will problem in organisation. If organisation response customers need and demand then it can make profit which good is for meet the strategic aims and objectives of an organisation.
Government:- Government also a main stakeholder of an organisation and governments concerned is to providing welfare to people for it government needs budget which comes from business organisation through tax and vat which reduce the profit of organisation such as UK government that increase 17.5% to 20% in 2010 by which decreased profit of Grand Vision. Similarly government provide safety and secure to the business organisation.
Trade Union:- Trade union is union of employee and it is another stakeholder of organisation. It’s concerned is to secure welfare of employee. It helps to organisation as well. But sometime it create problem in organisation by putting many demands with organisation. Sometime it harm to organisation and sometime good to organisation.
Society:- Society is another stakeholder of organisation all business organisation stand in society and it for society so if the product is in favour of society then society help to organisational development and if product is not favour with society then society react it. Grand Vision is social based organisation and it’s products are related with health of society. So Grand Vision is very closer with society.
Shareholder:- Shareholder’s main relation with organisation is benefit of organisation which is same as organisation. Organisations have to be benefit to its shareholders as much as possible same time it have to expand business as well. Grand vision investor is HAL investor group. This group looks outcome from organisation. So organisation responsibility is balanced both side.
Employee:- It is another stakeholder and it is concerned with job security, payment, insurance, allowance, bonus. If they are unhappy to organisation then it affect the production and service sector and so employee should be treated in good way. Organisation wants from them maximum output according to market demand. So organisation should balance it in effective way.
Supplier:- Supplier wants quantity supply in good price. Organisation wants good and services in cheap price from supplier. It depend upon how many supplier in market and how many demand in market if there is many supplier then bargaining demand side will be high and if there is few supplier demand side will be weak in bargaining. It more depend upon in market condition. Grand Vision bargaining power is low because there are few suppliers in market.
Management:- Management looks for expand the business and minimize division side for shareholder and shareholder try to get more dividend. If manager change in organisation then it will affect the whole organisation. Management more like diver if there is skilful management then it drove organisation from right way and vice-versa.
Who are the main stakeholders of grand vision?
Management and employees:- Grand vision has 1200 branch within the 20 countries and 5770 employees are working within the organisation. There main concerns are job security, good working environment, health and safety, appropriate allowance and prospectus and pay.
Banks and other financial sector:- Grand vision is business organisation so it’s ultimate goal is expand the business and capture market for this it needs financial support which is depend upon banks and financial institute.
Customer and supplier:- Optical business is customer oriented business and customers concern is quality goods and cheap price which is depends upon suppliers. So suppliers and customers are also one component of stakeholder.
Government:- Mainly government concern TAX, VAT and manage the market infrastructure which can affect the grand vision for example UK government hike VAT 17.5% to 20% which affect GrandVision badly.
Trade Union:- Trade union give pressure to organisation by putting various demand so trade union also one stakeholder of Grand vision.
Society:- Social responsibility is another obligation of Grand Vision because of the social responsibility GraVision has given free NHS service to older people and kids, who are under 16 years old.
Pressure Group:- Pressure group can influence to sales product and service. So it is a stake holder by demanding various things in their interest.
How and what do stakeholder affect to GrandVision.
Stakeholder can value add to the organisation and all stakeholder, as opposed who only maximize the value of themselves
Stakeholder can influence in decision making process and they cannot ignore by the organisation
Stakeholder can affect product, sales and supply
2.3 Analyse, interpret and produce a structured evaluation of the organisational strategic position
As a global optical market leader grand vision have faced many problem so Grand vision have to develop skill that would help to fight with cross cultural environment, international communication, political intervention, legal setting etc. GrandVision as growth strategy follower it is expanding in different country so it has great thereat about cultural crash, it’s the organisation having different background people it is another challenge, it operating in different country so different has different law provision in term of establishment, labour law, similarly politically tax, vat etc, GranVision as business organisation it has many rival business organisation such as spacesaver, optical express, boots etc,
Challenges of Grand Vision
To tackle with these challenges Grand Vision has determined few strategise which is based on Porters Genetic strategy.
Broad (industry wide)
Cost leadership strategic
Narrow (Market Segment)
Focus strategy (low cost)
Focus strategy (differentiation)
Cost leadership strategy:- This strategy also called price war. In this strategy organisation set the price in such a way that rival organisation cannot sell at that price but profit will be same by selling in large scale of product. When sing this market strategy by cutting price in different product but in same time organisation has to think about can our organisation can manage the flow of customer and demand and how competitor’s reacting possibilities by considering these things GrandVision has throwing this strategy to face the challenge.
Differentiation point:- GrandVision set seller offer the product by adding some value in goods and it will be unique then other competitors. After research because if the product is not as market demand the product will fail as well as strategy doesn’t work and it will be big loss to organisation.
Focus Strategy:-GrandVision has set low cost and products differentiate organisation start to gain high level of consumer’s loyalty. This makes consumer loyalty narrow down the other competitors market.
To identify the external forces which affect the organisation Grand Vision have used PESTAL as a analysis tool.
MILAUNA PARNE â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦..<<<<<<<<<<<<â€¦â€¦â€¦â€¦>>>>>>>>>>>>>>>>s
Political:- This political forces affect the organisation many way and can create advantages opportunity for organisation such as
Cite This Work
To export a reference to this article please select a referencing stye below: