Relaunching Strategy For ABC Company: Vision, Mission, Values, And Behaviors

Overview of the Retail Industry in the UK

The retail industry is a crucial part of the economy of UK. According to the UK report, 2016, the retail organizations of UK generate 358 billion dollars of retail sale every year. Apart from this, retail industry is the largest private sector employer of UK. In 2018, there are approximately 290,315 mortar retail outlets in UK (Foss, Lyngsie and Zahra 2013). In this report, the re-launch strategy of ABC Company has been developed in order to enhance the number of employees as well as overall yearly revenue of the company. ABC Company was established in 2008, and now the company has 150 employees. Therefore, it can be clearly understood that the company requires a more effective strategy to enhance the number of employees along with the yearly revenue. Therefore, this report consists of the new vision, mission, behavior and values framework of the company which are directly associated with the organizational culture.

The vision statement of an organization provides the consumers with the knowledge of the organization’s culture and strategy.  Apart from describing the purpose of the organization, vision statement of an organization includes the organizational values of company (David, David and David 2014). Considering the fact that ABC Company is suffering from issues associated with employee retention which in turn is imposing a negative impact on the overall revenue of the company, according to the CEO of the company, the vision statement of the company needs to be modified. The current vision statement of the company is ‘To provide an ideal market for the consumers’. However, considering the fact that the company is re-launching its marketing strategies, the chief goal of the company is to achieve the top position of the retail industry, the new vision of the company is ‘To be the best retailer in the minds and hearts of the consumers as well as the employees.’ The new vision statement of the company also points out that in order to fulfill the goal of achieving the top position in both UK as well as global market, the company needs to own the mind and heart of the individuals that matters the most for the business that is, employees and consumers. The ABC Company is looking forward to realistically influence the hearts of the consumers on the basis of financial advantages. While employees can be satisfied by providing reasonable leave facilities as well as quality remuneration, the strategy of the company to satisfy the consumers is by providing products in a low price which in turn will allow them to save money.

Development of Re-launch Strategy for ABC Company

The mission statement of an organization can be defined as the organization’s statement of purpose (Lee, Olson and Trimi 2012). Considering the fact that the chief targets of a mission statement are the shareholders, supervisors and employees of the organization, the chief purpose of the mission statement is to act as a guide for the company’s decision making.

The current mission statement of the company is ‘Creating a better tomorrow’. The chief targets of the mission statement are both the consumers as well as the employees of the organization. However, ABC Company’s proposed mission statement is ‘Ensuring a better life of people by saving their money’. From the new mission statement of the ABC Organization, it can be clearly understood that the chief target of the retail organization is to attract more and more consumers by selling products at a cheaper price compared to the market price. This strategy will also ensure increment in the consumer loyalty of the ABC Company. Increment in consumer loyalty will also ensure increment in the brand equity of the Company. Therefore, it can be understood that both the vision as well as the mission statement of the ABC company is pointing out to a prolonged positive impact on the company.

The organizational value of a company can be defined as the core principles or ethics the organization always abide by at any situation and circumstances (Friesen et al. 2014). A clearly articulated and strong organization value not only inspires the employees to give the organization their best effort but also plays a crucial role in building a positive work culture in the organization. The new values and behavior framework of ABC Organization includes:

• Providing a solid foundation for the employee policies in order to fill up the gaps where the policies were silent.
• Providing proper guidance to the behavior of the employees along with implementing both operational and strategic decisions.
• Improving the company’s ethical characteristics in order to maintain the positive culture of ABC Company.
• Demonstrating accountability as well as integrity to the external stake holders of the company (Hill, Jones and Schilling 2014).
• Reducing the risk of inappropriate behavior along with setting the organization apart from the competitors in the global market.
• Strengthening the employment value proposition.

Organizational behavior of a Company may be defined as the study of different way in which individuals interact in a group. The organizational behavior of the ABC Company is highly dependent on the culture of the company. The Human Resource Professionals has the best understanding of how the culture of this organization can facilitate or hinder the productivity of the organization (David, David and David  2014). In order to enhance organizational behavior of the ABC Company, the following strategies were adopted by the CEO of the company:

• A series of tests and friendly conversations were arranged in order to identify whether the employees are fit to provide a better workplace experience to his/her fellow employees. Along with that, these methods should also enhance the knowledge of the employers about how to motivate a particular employee.
• In order to ensure the job satisfaction of the employees, the organization should implement several strategies including rewarding system, satisfactory working conditions along with good supervision.
• The leadership provided by the management of the mentioned organization should be decentralized, intrinsic and decision oriented.
• Authority, power and politics should be operated interdependently in the Company. Both the employers as well as the employees should have clear understanding of the rule and ethics of the organization.

The four basic features of the newly implemented organisational sturucture of ABC company includes span of control, centralization, fomalization and determentalization (Bahill and Madni 2017). Considering the fact that the organisational structure of ABC Company is not multilayered, the organisation is much relaxed. Flat organizational structure of ABC company not only ensure speedy and effective decision making but also ensures highly minimized delegations. Apart from this, the communication between the employees are found to be better compared to the communation between the employees in a multilayered organisation (Blok et al. 2015). Therefore, flat organisational structure of ABC Company, enhances the level of responsibility of  the employees. Besides that, this structure of organisation encourages an easier decision making process among the employees. Another crucial advantage of flat organizational structure of ABC Company involves elemination of  the salaries of the middle managerial post which in turn ensures reduction of the budget cost of the ABC Organisation.

Conclusion

From the above report, it can be clearly understood that in order to enhance employee retaintion as well as to increase the number of employees, relaunch of the vision, mission, values and behaviours framework of the ABC Company is highly crucial. While the new mission and the vision statement ensures more effective strategies to enhance consumer loyalty as well as brand equity of the company, the implement of new organisational values and behaviour strategies ensure a highly work friendly environment. This will not only ensure employee retention of the company, but this strategy does have the potentiality to enhance the number of employees in the organisation. All this together will ensure an effective increment of revenue of the ABC organization.

Reference list:

Bahill, A.T. and Madni, A.M., 2017. Discovering system requirements. In Tradeoff Decisions in System Design (pp. 373-457). Springer, Cham.    

Blok, V., Wesselink, R., Studynka, O. and Kemp, R., 2015. Encouraging sustainability in the workplace: a survey on the pro-environmental behaviour of university employees. Journal of cleaner production, 106, pp.55-67.

David, M.E., David, F.R. and David, F.R., 2014. Mission statement theory and practice: a content analysis and new direction. International Journal of Business, Marketing, & Decision Science, 7(1).  

Foss, N.J., Lyngsie, J. and Zahra, S.A., 2013. The role of external knowledge sources and organizational design in the process of opportunity exploitation. Strategic Management Journal, 34(12), pp.1453-1471.

Friesen, J.P., Kay, A.C., Eibach, R.P. and Galinsky, A.D., 2014. Seeking structure in social organization: Compensatory control and the psychological advantages of hierarchy. Journal of Personality and Social Psychology, 106(4), p.590.

Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning, pp.238-312

Lee, E.S., Park, T.Y. and Koo, B., 2015. Identifying organizational identification as a basis for attitudes and behaviors: A meta-analytic review. Psychological bulletin, 141(5), p.1049. 

Lee, S.M., Olson, D.L. and Trimi, S., 2012. Co-innovation: convergenomics, collaboration, and co-creation for organizational values. Management Decision, 50(5), pp.817-831.