Strategic Choices For Asda
ASDA is the leading supermarket that provides variety of household products. They target people of all income groups such as lower, middle and higher income segments. They offer clothes, groceries, electronics and other household products. The competitors of ASDA are Morrison, Tesco, and Sainsbury. There are various strategic choices that can be used by the organization in order to achieve competitive advantages and to increase the market share. The transformation of an organization is essential in order to successfully survive into competitive business environment (Heap and Varoufakis, 2004).
There are two strategic choices that can be used by ASDA such as transition from traditional energy to solar and switching products from processed food to organic food. With the help of game theory it has been found that ASDA can transform their products from processed food to organic food as it will provide the opportunity to attract customers and to satisfy their expectations. From the game theory it has been evaluated that development of organic food will help the organization to become market leader. This will help them to satisfy people and to gain their trust. In the present era, people are highly aware about the importance of organic food and therefore they highly demand for this type of food. The organic food is free of genetically modified organisms which provide people long standing well being and good health. It is safe over the long term as they are less prone to diseases and infections (Myerson, 2013). This type of food helps in eradication of health and environmental hazards. It is free from chemical fertilizers and pesticides and removes all the harmful effect of chemicals on the nervous system that can cause cancer. In the modern era, people select organic food because they want to lower their exposure as it is free from pesticides. It is an environmental friendly product that helps in removal of illness or diseases from people. Organic food is highly safe for children and babies as it significantly decreases the chances of illnesses. Therefore, organic food diet is incredibly important for children and infants. The organic food alters the molecular structure as well as the life force of the food. The taste of these types of vegetables and food is superior then any conventional produce (Chen, 2003). It highly contributes to improve quality of soil in order to save environment. The production of organic food helps to prevent spoilage, reduction of harmful bacteria and increases the shelf life of foods.
The transformation of food into organic will assist the company to attract customers and to satisfy their expectations. It will help to gain loyalty of customers and encourage them to increase repeat purchase. This will increase the sales of organization which leads to revenue generation. This strategic option will also minimize the cost of production as this will reduce the usage of chemicals and other equipment that are required for manufacturing of processed food. This strategic choice will help them to increase their business operations which will result in enlarge market share. It will also provide opportunity to introduce their products into new market as people in all across the world are interested in organic food. This type of grocery has more nutrition and usually tastes better in addition to providing healthier life to people. There are various diseases that are taking place in the present time and therefore people are moving towards organic food to eradicate hazards regarding health (Leyton-Brown, 2008). Organization can conduct market research as this will assist them to identify the needs and expectations of customers which will result in development of high quality organic food for people. In addition to this, company can utilize effective promotional strategy such as social media, news paper, television, magazines and websites in order to increase customer awareness about the importance of organic food offered by them. This will help them to attract people towards their products and services and will encourage them to make purchase. This will assist ASDA to increase their sales and to enhance the profitability ratio (Gints, 2009).
The switching of product from processed food to organic food will aid the company to increase repeat purchase and to gain commitment of buyers. The high quality organic food will result in development of positive corporate image among people in the marketplace. This will also help in the creation of reputation and will develop brand identity. The utilization of this strategic option will aid ASDA to expand their trade operations in newer market in which they are not operating currently (Lahkar, 2012). This will provide opportunity to enlarge market share and to gain competitive advantages over rivals. The development of organic food will help ASDA to increase number of their potential buyers and to become market leader in the competitive business environment. Game theory helped in selection of effective strategic choice that will result in higher profitability for ASDA. The transformation of product into organic food will assist them to attain desired outcome (Hutton, 2009).
Critical Evaluation Of Group Dynamics
Group dynamics refers to the psychological processes and the system of behavior in a group. It is significant for understanding decision making behaviors, distribution of work or any type of discrimination in the group. In our group there was healthy collaboration and good focus over the objective. Any kind of prejudice was not there in our group. It can be evaluated over four aspects of group dynamics:
Forming:At the first stage of grouping we explored our campus for students who were interested in conducting the research over the given topic. Me and my friend Member 2 shortlisted some individuals who had undertaken effective research work previously. Out of them one student Member 3 was finally selected on the basis of his caliber of making analysis using game theory. Further, we conducted searched for an individual who was good at critical analysis.
For this we sent mail to individuals whom we had shortlisted. In reply to the email interested individuals sent us a sample of their work. On the basis of that we selected Member 4. Hence the group was formed by us. We were four group members. The aim was to give a power point presentation giving strategic options for ASDA using game theory. It was clearly communicated and explained to all the members.
Norming: After the formation of group was complete, we delegated tasks and duties to each member. The work was broken down into various tasks including researching over the topic, collecting data, integrating data, entering data into power point presentation, demonstrating, identifying loop holes, rehearsing presentation, cross questioning, finalizing and performing. It was done by using flowcharts.
We undertook a brainstorming session for generating and discussing ideas over the topic. Further we laid down the plan for completing the presentation. In the proposed plan everyone was assigned duties according to their willingness to perform a particular task. Everybody’s suggestion was welcomed and given a good concern by the group members
Storming:Later we distributed duties among the group members. Every group member had to participate in the task of researching. Two of the members had to indulge in primary research and the other two conducted secondary research over the topic. Data was collected by all four members. Further, Member 3 and I did the integration of data collected by each member. Once the data was properly integrated, we handed it over to Member 2 and Member 4 for making the power point presentation. Everybody participated in formatting and animating the presentation.
Further, we conducted a trial presentation among us. In that the presentation was divided into two sections. The first section was demonstrated by Member 3 and Member 4. I and Member 2 played the audience and did the task of cross questioning. In the second section the roles were reversed. In this activity we identified certain major loop holes in the presentation and also listed difficult questions that may arise from audience.
Finally we made the required modification and collected the additional information for formulating the final presentation.
Performing:For giving the presentation effectively, we made certain preparations. We selected the seminar hall which had projector and microphone. We checked them beforehand. Further we arranged additional microphones that each member had one and presentation was not interrupted by passing microphone among the members. The seating arrangement of the audience was monitored and needed changes were made. One microphone was kept for to be used by audience.
Before beginning the actual presentation we gave a demo presentation to our friend circle in order to warm up each member. We took our position on the podium before the audience arrived. When they did, we welcomed them and assisted them in taking seats to create a positive and light environment.
Thereafter, Member 2 began the presentation. All four of us participate in presentation. Member 2 demonstrated the concept to audience. Member 3 explained the game theory analysis that we had conducted for deriving the results. Member 4 wrapped up by giving conclusion and recommendations. Thereafter, I took over to answer the cross questions that were put up by the audience. In the end all of us gathered to acknowledge the audience for their contribution. Later, we celebrated our successful attempt.
- Chen, S. 2003. Valuing intellectual capital using game theory. Journal of Intellectual Capital. 4(2).
- Gints, H., 2009. Game Theory Evolving: A Problem-Centered Introduction to Modeling Strategic Interaction (Second Edition). Princeton University Press.
- Heap, H. S. and Varoufakis, Y., 2004. Game Theory: A Critical Text. Psychology Press.
- Hutton, M. D., 2009. Insights into Game Theory: An Alternative Mathematical Experience. Kybernetes. 38(6).
- Lahkar, R. 2012. Evolutionary game theory: an exposition. Indian Growth and Development Review. 5(2).
- Leyton-Brown, K., 2008. Essentials of Game Theory: A Concise, Multidisciplinary Introduction. Morgan & Claypool Publishers.
- Myerson, B. R., 2013. GAME THEORY. Harvard University Press.