Strategic Development of Stratford
Strategic development is the most important aspect associated with growth and development of business. It helps to integrate all limited resources and determine success of businesses operation. The present report is based on strategic development of Stratford which is district of the London Borough of Newham in East London. At this juncture, different aspects are studied related to roundabout model that what kind of issues are being faced by town related to movement of vehicles. Furthermore, PESLTE analysis has been conducted whereby focus can be laid on explanation of socioeconomic and environmental factors. In addition to this, strategic models are used along with recommendations for development of town in the marketplace.
The town Stratford is currently known as centre of primary detail, leisure and culture which has also become the second most appropriate destination for business world in east of the London. Here, a proper management of town is the foremost concern of the affiliated bodies in the city that includes a balanced perspective of both its general public and governmental bodies where they are hereby required to implicate some effective measures to outlook the same (Stratford town centre improvements, 2017). An adopted strategy will hereby aid them to refer the same with a prior assistance of roundabout theory to ensure a proper management of the accessible resources.
Fig: Roundabout Information Guide
It is therefore in accordance to the above implicated theory that has presented some strategic elements in it that are required to be concerned by the official bodies of the town to carry a step wise configuration of their work. This abstraction is hereby entitled as managing the invisible hands with a primary approach of creating a base for it. Below explicated are the five leading factors of this model, mentioned as-
1. Identifying core challenges and setting goals- It is the foremost measure in which, the respective bodies of the town centre are hereby required to determine the core challenges that are being faced by them. It is basically in order to eliminate any deterrent prospect of their work that they are referring to perform for the overall benefit of the city. It is after discovering the dealt challenges that are hindering the developmental context of the town centre, it will necessitate the regimental bodies of the town to frame accordant objectives for resolving the same. It together requires a planned foresee-ability of the managerial bodies of the city by conducting a primary investigation of their township. It is with a fundamental sense of analyzing the factual issues that are being faced by their citizens by together ascertaining any such factors that can together hinder the upcoming visitants in the town centre.
2. Assessing the prevalent situation- It is in accordance to the above applied tact of identification to acknowledge the core challenges that are being faced by the town in order to set prior goals for solving the same. With reference to which, this section will tend to evaluate the appropriateness that refers to assess the effectiveness of all selected options. It is generally considered under the planning phase which is followed by operations where three preliminary stages must be completed such as optimal roundabout size and optimal position a well as optimal alignment along arrangement of approach legs. These stages are completed for development of town and it also ensured that project is completed in relatively less time span. However, initial layout is created for the purpose of ensuring certainty of future business activities. Under this, it is noticed that no further changes take place in future through which it becomes easy to implement the selected plan in less time span.
3. Managing execution- In this particular step, it is hereby important for the management to shed light upon the prevalent issues that are being faced in context to the developmental aspect of the township. Owing to this, focus is laid on principles of roundabout so that accordingly policies can be framed as well as other related aspects can be effectively considered in it. This is generally done by referring to an obstruct mean of conflict among the specified outlook of work. In context to which, the administrative bodies are hereby required to outlook a specialized approach towards their other associated bodies by opting for a vital format of interaction. This will facilitate them to promote the sense of industrialization in the city in regard to tourism, retail and other related prospects in it. However, more shops can be opened along with tour operators to grab the opportunities provided by capital of UK (Negus, 2011). This will together contribute them to deliver fine quality of services to a large number of parties and support them to access appropriate pathway for the movement of resources like raw materials, etc. This will also consider the delivery measures undertaken by the organizations in making a smooth transportation of their offered goods and services to their end users. Hence, roundabout model can be applied to provide better pathway by taking into account different curves related to entry and exit. This enables corporations to ensure their long run growth with increased rate of return in the marketplace.
4. Reducing uncertainty- It is yet another substantial measure that is required to be envisioned by the affiliated authorities of the management in the selected town where it is a composite form of uncertainty. This section is however in order to reduce any future possibility of risk with a primary stage of discovering the strategic uncertainty. This step concerns about no clear identification of any right strategies with incomplete set of data and lack of reliable sources in it. It is with another step of analyzing the actual impact of uncertainty where in case there exists a high state of risk, then the governmental bodies should hereby refer to outlook the tactic of wait and watch. It is because a high rate of uncertainty is more bound to risky assumptions of work that in turn results into make more bias decisions that may also result in underrate the future. Coping up with uncertainty by designing lens with its three powerful means called rationality, innovation and legitimacy is another step towards the eventual measure of reducing the uncertainty where this will require to state own assumptions. This is for instance to outlook the future occurrence as per the current situation.
5. Solving the core challenges- It is the last stage of this model in which, after a successful accomplishment of the above configured steps it is evident to solve the core challenges. It is however with some profound strategies by the affiliated bodies of the town where with a prime recognition of varied sort of uncertainties that are being evaluated in the preceding parts of this model. It is by building accordant strategies to overcome the challenges.
London is regarded as the complex network of town centres. Under this five broader kinds have been determined. This is comprised of international centres, metropolitan centres, major centres, district centres as well as local and Neighborhood centres. It has been determined that there is presence of 35 major centres (Bayo and Mirón, 2006). This is comprised of Stratford as well as East ham in Newham. Such centres are characteristically essential for the purpose of shopping and service centres in Borough-wide catchment. The attractiveness of such can be derived from the mix of both comparison as well as convenience shopping. The two elements under pestle includes socio economic as well as environment. These are discussed in the manner below:
Socio-economic: There is greater need towards increasing the attractiveness of the town centre as well as managing their restructuring where necessary such is comprised of the comprehensive development of the Stratford as a new commercial, retail as well as residential area of London, making the most of its European links as well as its pivotal role connecting the areas of growth. London one having stronger economic position in comparison with other nations. It has higher GDP, diverse economy but also possess few issues. It has been assessed that the major major factor is the larger population that is allowing for even small markets to be profitable. There is presence of diversified economy that is having both larger public as well as private sectors. Along with this another major socio-economic factors involves free market. This has increased the trade with the market in an effective manner. Increase in the foreign direct investment is considered as another major factor that assist in enhancing the growth of the economy to a greater extent. This has lead to attainment of the growth target of the nation to a significant level. The major issues under this is related with slower recovery from the recession which is affecting the economic development. Along with this by the means of such the population in the nation has not enhanced its standard of living that is creating major issue. Another major issue is that greater amount of money has been spent on offering free public services as well as financial aid, even for the migrants (Jhunjhunwala, 2009).
Environment: The policies of environment within the particular town centre is based on the principles that are related with command as well as control that might offer polluters a certain fixed or standard. The government plays an essential role in developing European environmental standards with all the EU policy making (D’Anna and Cascini, 2011). The strategy of sustainable development strategy offers management structure to ecological, economic as well as social development of EU and to assist in new environmental directives that are being integrated into the other policy areas. There is presence of four major aspects that relates with the climate change as the foundation for sustainable development that is comprised of nature as well as biodiversity, natural resources and waste, health as well as quality of life.
From the analysis that is being carried out in detain it has been assessed that Stratford town centre highlights greater number of strengths as well as weaknesses and clear opportunities and threats that are being increasing for the future development (Bermingham and Brewer, 2013). The town centre is having good demonstration of low to mid market comparison good retailers across the Stratford shopping centre. However it is significant that major purpose for which the city is visited relates with food shopping. Thus the role of environmental prevention is significant. This has been gained that overall comparison as well as role of convenience in the town centre is sufficient though the number of mix units does not make comparison in favourable manner with the national average (Brinson and Dove, 2010). This has been assessed that the number of service is higher than the national average which eventually undermine the retail function of the centre. The major issue that is moving forward is related with the importance of the linkages as well as integration among Stratford city as well as existing town centre. As such has important role in attaining the growth in the economy to a greater extent.
There is presence of other factors of pestle analysis as well. Such is comprised of political, social, technological as well as legal. Such have been enumerated in the manner stated as under:
Political factors demonstrates that London is fair as well as stable country that has plenty of opportunities in and the country as whole. The major positive factor include under this relatively fair with the public and have large influence on the inner workings. Further it has been assessed that there is proactive government (Bond, 2014). The town centre is politically stable. However it has been determined that there is presence of some well hidden corruption. In addition to this Social factors reflects the positive factors such as several free public services. Further it has been assessed that open to migration leads to cosmopolitan environment with around 1 in each 8 residents born abroad. This has lead to large and cheap workforce. There is presence of higher standard of living. However the negative factors involves that there is higher as well as increasing dependency ratio. There is presence of some social unrest in relation to migration as well as ethnic group. Along with this the issues relates with the increase in the education costs. Technological development demonstrates that town centre that is Stratford is having sound access to technology (Furham, 2012). The positive of such is that there is quality innovation skills. Along with this there is presence of effective laws in relation to intellectual property. There is presence of plenty of internal competition for the purpose of stimulating the aspect related with growth. There is slower technological development in comparison with other developed nation. The legal factors demonstrates the laws that have been developed specifically for the particular nation. Under this it is demonstrates that laws are complied with in order to attain the enhance the peace within the nation that can enhance its development.
The blue ocean strategy can be considered as the most effective for determine sustainable growth in the marketplace. It facilitates to utilize limited resources in a most effective manner. It assists management to determine higher rate of return by adopting the most system approach for making the competition irrelevant. At this juncture, 8 key points can be considered for implementation of the proposed strategy where the first element is about grounded data. It shows that data from different companies can be clubbed together for producing valid outcome for development of growth of the nation or town. However, second element is showing that low cost and differentiation must be brought for the purpose of ensuring betterment of entire town. Apart from this, uncontested market space is created by corporations operating in the marketplace with increased rate of return (What is blue ocean strategy, 2017).
Furthermore, tools and framework are created by the businesses or managers so that can effective create the uncontested marketplace for offering varied product and services. It facilitates to break the competition and accordingly sustainable growth can be ensured in the marketplace. Apart from this, step-by-step process is followed by business so that growht of village can be ensured in the marketplace. It enables companies to make customers understand regarding the specific features of product or services. At the same time, focus is laid on maximization of opportunities while minimizing the overall risk associated with project. Similarly, strategies are executed effectively by taking into account visual aspect and clear communication as well as collective wisdom of businesses. This tends to ensure long run survival of company with higher rate of return.
In addition to win-win outcome are created wherein value profit and people are considered. This facilitates to ensure well begin of general community and other related parties of business. It aids to deliver good quality of services to all associated buyers and ensure to meet their expectation level to a great extent.
The theories that can be executed for the purpose of offering recommendation presents central place theory. The assumption of this theory is that human would always make purchase of the commodities from the place that is near for them. This is being assessed that there is evenly distributed population. Further all the settlements are equidistant as well as exist in the triangular lattice pattern (Gharajedaghi, 2011). This would assist in establishment of the linkages among the Stratford town centre and other. There needs to be evenly distribution of the resources so that recovery from the recession can be done in an effective manner and within the minimal time span.
Another theory is relating with the public choice theory that reflects that urban politicians as well as governing regimes are subordinates to the overall economic principles. The competitiveness nature of cities offers encouragement to the business elite as well as politicians to favor the new development in an effective manner (Isaksson, Hallencreutz and Garvare, 2008). This theory is appropriate in terms that it assist in overall growth and development of the town centre in an effective manner. With this better protection can be made towards the environment as well (McCusker, 2014).
According to the above mentioned report, it can be suggested to management and entire team to follow the roundabout model for resolving all issues associated with infrastructure development and other related aspects. It enables east London and entire Stratford town to focus upon specific need of local people and provide them all basic facilities along with promotion of industrialization (Marx, 2010). However, blue ocean strategies should be adopted by management of respective work so that accordingly competitive edge can be created for businesses operating in the town. Though, small businesses or several shops are opened in the town so that basic requirement of people can be accomplished. However, some firms are facing competition in term of rate of return and variety of products and services. For this purpose, blue ocean strategy can be applied which might incur cost at initial stage but helpful to increase higher rate of return for different firms.
Furthermore, roundabout model should be applied for growth and development of town whereby focus is laid on infrastructure development. It aids to cater need of all people living in the town and accessing good quality of services which are being offered by the business.
Another fact related to socio-economic is found that recovery from recession is very slow which can affect living standard of people. Owing to this, appropriate strategy can be applied for better research and development activities. It would be effective to anticipate the changes and accordingly ensure development of town (Marmot and Bell, 2012). Apart from this, free public services should be offered only to needed people. It is because rich people might take advantage of the same. Owing to this, such kind of services can be provided after doing proper research and categorizing people. In addition to this, Stratford city should provide subsidy and cost effective source of finance for local entrepreneur so they can contribute towards improving living standard of people by creating more job.
It can be concluded from the present report that the two elements of Pestle that is socio-economic as well as environment are important in assessing the condition of the town centre. With this issues that are arising can also be assessed. It has been inferred that major issues is related with slower recovery from the recession which is affecting the economic development. Along with this by the means of such the population in the nation has not enhanced its standard of living that is creating major issue. Another major issue is that greater amount of money has been spent on offering free public services as well as financial aid, even for the migrants.
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