The paper "Strategic Planning and Approaches in Business - Taylor’ s Wine" is a great example of a business case study. The problem of price changes that took place sometimes back in around the year 2000 caused the Australian dollar to rise significantly against other countries currency, thus affecting their local and international markets. As a result, most of the local wine industry performance decreased because most of the customers preferred imported wine products. In addition, the idea of wine industries in Australia is owned by overseas companies, gave Taylor’ s wine a stiff competition both locally and internationally because they were able to adjust to changes that resulted due to global financial crisis.
Moreover, the low growth rates in the local market and free trade increased the international availability of wines and high interest in international wine products. Based on the strategic theories, it is only the best or smart organization that will compete effectively in the competitive market due to their strategies. As a result of the market or environment changes, the capabilities and resources in the organization need to be revitalized for the competitive advantage to be maintained.
However, when the company realized the new opportunities under the new management of Mitchell Taylor, it improved its performance because of the strategic management model that he introduced. Through the commitments of the family, Taylor’ s wine was able to produce the great wine that spanned three generations and four decades. The new leadership and management of winery under the coordination of Mitchell Taylor, the family business managed to enhance their performance because of the management strategies formed through brainstorming and maintaining close relationship among themselves.
Further, the creation of independent board members and incorporating experienced members from outside improved the company’ s performance. However, Taylor’ s wine business needs to do more market research in the international market and even the local market, to facilitate the development of suitable management strategies and models such as balance scorecard frame. Introduction Organizations are able to achieve great outcomes by devising strategies and goals that will ensure effective management, good culture, and friendly environment that will encourage high production in the business. The vision and objective of Taylor’ s wine were to achieve great performance both internationally and locally.
However, the external forces influenced the business negatively due to an increase in wine prices that resulted due to the rise of the Australian dollar in the market. Despite these challenges of external forces, the business needs to be powerful for it to create opportunity and appeal members to be focused and effective. In addition, the commitment among the members that leads to productivity encourages innovativeness and creative strategies. On the other hand, Leadership in the business environment facilitated the establishment of a good environment and atmosphere, which encouraged effective operation, inclusion and trust among the members in the organization.
Trust is an antidote that means confidence towards team vision and leadership. When trust prevails among the members, they are able to go through potential loss, risk, downs, supported through ups, and difficult process. Based on the great achievement of Taylor’ s wines, the members have a reason to celebrate. In the late years, the business has won so many international and local awards because of its great performance that are realized through strategic management.
The reputation gained by Taylor’ s wines has enhanced its performance in the Australian’ s wine industry. Taylor’ s wine was an entrepreneurial organization whose main mission is to provide quality services and products to their targeted customers. The organization managed to take advantage in the market place due to its strategic position and the quality service that is offered to its customers. As a result of customer satisfaction, customers were willing to buy their wine products. According to Taylor, the quality of services and products was the main factor that positioned the brand of the business in the market.
In addition, the time and resources invested in the business contributed greatly to their success because of the relationship building in the market. On the other hand, a continuous revisiting of the market will enable the organization to interact with customers, a factor that improves the quality of the wine products by considering the needs of customers during the design stage. However, despite the challenges that exist in the market industry, Taylor’ s wine finally managed to perform well due to their strong management and strategies that enhance capabilities and productivities (Kotler & Keller, 2011).
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