Domino’s Pizza Enterprises Limited (DMP): Study of Strategic Management Practices
Introduction
In today’s world, competition makes businesses to have an edge over other players in its field as well as protect itself from competitive practices of players outside its core business domain. To maintain that edge, organisations have to constantly lookout for different strategies that will position them well in the market they are operating and give them a strong advantage over their competitors. It is also a well-known fact that internet has revolutionised the way businesses operate. The greatest inventions affecting the business landscape today being the smart phones which have an “app store” for downloadable “apps” and the social media
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About Domino’s Pizza Enterprises Limited
Domino’s has come a long way after starting its first store in Australia in 1983 and later being taken over by Silvio’s Dial-a-Pizza in 1993 which then rebranded its own stores as Domino’s pizza as well. It was listed on the Australian Stock Exchange (ASX) in the year 2005. It is run successfully by the CEO Don Meij who was once a delivery driver at Silvio’s Dial-a-Pizza and later merged 17 of his stores into Domino’s for getting a shareholding in the company which was privately held in 2001. It has expanded globally now and has operations with more than 1500 in Australia, New Zealand, France, Netherlands, the principality of Monaco and Japan.
Strategies & Strategic Management
When we talk about the strategic management practices of organisations, it is first necessary to understand what strategic management is. It is considered that organisations exist for a purpose and this purpose is well stated in the organisation’s mission statement. A strategy refers to the plans made by management of an organisation to develop and sustain competitive advantage so that the organisation’s mission is accomplished. Strategic management is a process by which the management analyses the environment in which it is operating before even making the strategy and then makes a plan for implementing and controlling the strategy after it is made for
Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of the firm 's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm 's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales and production to achieve organisational goals. It is the highest level of managerial activity, usually
In this report an explanation about the strategic management process will be given, utilizing the model illustrated below. Firstly, the different elements will be explained followed by a clarification of the different relationships, in terms of impact, between them. First of all, an explanation about strategic management is given. According to Fred R. David, strategic management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. Additionally, four stages could be defined in the strategic management process: environmental scanning, strategy formulation, strategy implementation, and strategy evaluation. Lastly, a
"Strategic management is a set of managerial decisions and actions that determine the long-run performance of a corporation" (Wheelen & Hunger, 2006, p.3). The benefits of strategic management helps the firm focus on the objectives and develop the steps involved in obtaining the vision and financial wealth of the organization. An effective strategic management plan should include the following three questions: (1) Where is the organization now? (2) If no changes are
Strategic management is the process where leaders establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all external and internal changes, and undertake effective strategies to manage these changes and execute action plans.
Strategic Management is the theory and practice of making decisions that shape the future of the firm. This course looks at the content and process of strategic decision making from the perspective of managers who are responsible for an entire business unit. These may be individuals who are acting in the capacity of a Chief Executive of a company, divisional General Managers, or departmental heads. It is also the perspective most
The purpose of this paper is to explain the definition of Strategic Management and why it is critical to the success of an organization in meeting its goals and mission. The paper will include a brief analysis of the situation and pending decision problem, as presented in the case and in relevance to the answer. In addition, the major issues will be surrounding the organization or individuals involved with the organization. Included will be alternate courses of action to
Strategic planning involves making decisions about the organization’s long-term goals and strategies and how the organization decides to implement their goals (Bateman, Snell, Konopaske, pg. 113). Strategies help organizations to have a clear perspective on how to go about accomplishing the goals they have in place. All organizations have a clear vision of what their mission and purpose as a company is, they know how to fulfill the mission, vision, and purpose and they know how to ensure that they accomplish all their goals. However, the route the organization takes to define these things determines how effective they will be.
What Is Strategic Management a process for defining and addressing the management implications of an organization's strategic and operational plans? A long-term context for short-term activities. Strategic management is the analysis of the work done by the management of an organization on behalf of the owners. It gyrates around expressing the purposes of the organization and coming up with an appropriate mission and vision statement. Mission and vision statement together are used to help develop policies and plans to be used in long term and short term goals often categorized as projects or programs. It also involves the right resources of management to ensure that the business profit are maximized to grow the company. Strategic Competitiveness
To deal effectively with the wide array of factors affecting the ability of a business to grow and prosper, managers need advanced processes they feel will facilitate the optimal positioning of the business in its competitive environment. Such positioning is possible with strategic management because this process improves preparedness for unexpected internal or competitive demands.
The strategic management is actually defined as the process in which an organization actually formats and also implements the plans which espouse the objectives and goals of that organization (Diana Wicks, 2011). The process of the strategic management is continuous and it changes with the evolution of the organizational goals and objectives.
As explained by Hill & Jones (2012), strategic management entail the process of implementing ways that would help an organization achieve its long term goals. Hill & Jones (2012) adds that organizations would be unable to attain their projected goals if they do not employ proper ways for strategic management. Through strategic management, companies strive to create ways that can create a balance between the external and internal environments. Management of information technology and innovation is among the most important aspects in strategic management. Schilling (2010) notes that managers have to establish the proper platforms to ran information technology in their respective organizations. Through the implementation of proper strategic management ways, organizations are able to capitalize on different opportunities.
Domino’s Pizza is the No. 1 Pizza Delivery Company in the world and the undisputed pizza delivery expert. The Company has a unique business and operation model and is a pioneer in the fast food industry. Since 1960, Domino’s Pizza has successfully expanded from 3 outlets in the United State to 9,350 stores operating in seventy countries. Domino’s operation in Malaysia and overseas uses the franchise model. The parent company, Domino’s Pizza LLC is head quartered in Michigan, United State of America. It maintains overall control on the sourcing and supplying of raw materials to the master franchises and enforces quality of the service and products sold. Founded in 1960, Domino's Pizza is the recognized world leader in pizza
‘Strategic Management’ is a very complex term as many eminent researchers and scholars have had different views and conclusions on strategy. According to White (2004), “Strategic Management involves both systematically developing an idea together with its implications and testing the empirical validity & usefulness of that idea against the real world.” Thus strategy is not only about planning for future but also about confirming the validity of the hypothesis considered and implementing it successfully. Strategy formation may take various forms such as implicit, explicit or emergent. Implicit strategy is a strategy formed by intuitions of an individual. As per implicit strategists, strategic management is about reading the environment
In this competitive world, it is necessary to be updated about all perspectives to run an organization. Organization can do different analysis such as PESTLE, Porter five forces, Value chain; to know the market demand andessentially of the products. On the other hand organization should have their strategies and knowledge about the market. Strategic management is the process to get different terms of planning, monitoring, analysing and assessments which are necessary to operate an organization. In the other word, it can be defined as the continue processof making decision and actions by which organization can match or fit with different environments for the most effective way to work (Hitt, 2012).Strategic management can be
This essay will look at strategic management processes and how they can be used to improve organisational performance; it will also describe