For this assignment select a real company in the fast food industry. You have just been hired by (your selected company)
For this assignment select a real company in the fast food industry. You have just been hired by (your selected company) as its new vice president of strategic planning. The corporation’s performance in recent years as well as the changes with business and economic conditions will be a central focus of your new job.
Given the size of the corporation and the fact that it is in a highly competitive industry, the chief executive officer (CEO) to whom you report has already given you permission to hire a staff of recent Master of Business Administration (MBA) graduates to assist you in your efforts. You recently completed the interviewing and hired four people with minimal real business experience.In coming months, you and your team will be creating a completely new—and, presumably, more effective—strategic plan. You plan to begin by holding a kick-off meeting with your team.
Deliverable Length: 1,000–1,250 words
To feel confident that all of the employees in your strategic planning team understand all that you have taught them, you require each to prepare a streamlined version of the key elements of a strategic plan. You require each employee to prepare the following sections of a strategic plan for the corporation’s next 3-5 years:
- Mission and Vision Statements (Simply copying from an existing real company is unacceptable.)
- Specific, Measurable, Achievable, Realistic, and Time-Bound (SMART) Goals and Objectives
- Industry Analysis
- Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) Analysis
- A Perceptual Map
- Choose any criteria that you think are important to plot.
- Explain why you picked the criteria.
Expert Answer and Explanation
Strategic Choices for Starbucks Company
Organizations want to be competitive to ensure their survival, and this is particularly crucial in the fast-food industry which is highly competitive. An example of such organizations is Starbucks which distinguishes itself as a major player in the global fast-food industry. Just like various companies, Starbucks strengthens its competitive edge by pursuing strategies focused on improving performance, and developing the company’s brand image. When examining the level of the company’s competence, one would conduct the SWOT analysis, and evaluate the industry as a whole (Eizaga et al., 2020). Part of this study also include a description of the mission and vision for the organization, and a perceptual map with pricing as a criterion.
The Company Profile
Just like most businesses, Starbucks started as a small business before expanding gradually to become a large firm that operates in international markets. The firm opened its first store in 1971 in Seattle, and 12 years after it began, the company established a new branch in Italy. From 1987, the business began expanding by opening more stores, and by 1988, it already had 33 stores with one being situated in Chicago.
In 1992, the company, with 165 stores, completed its initial public offer (IPO), and this was accompanied by the opening of other businesses including the drive-thru (Starbucks, 2020). As it gradually grew, it launched various products to meet the changing consumer tastes. An example is the Cold Brew iced tea which it launched in 2015.
Mission and Vision Statements
Starbucks does not prioritize making of the profits, but instead, the company focuses on providing the best products to consumers. While the firm distinguishes itself as a maker of the best coffee, it operates a chain of fast-food stores not in the United States (U.S.) but in oversee markets. The mission and vision of the organization communicate what it wants to achieve as well as its commitments.
The organization, for instance, is committed to inspiring and nurturing the human spirit, and serving coffee to individuals as well as communities (Starbucks, 2020). According to the firm’s vision statement, it looks forward to being the maker of the finest coffee as it operates by the principles such as respect for the human dignity, and engaging in sustainable business practices.
SMART Goals
Starbucks wants to realize certain key goals and objectives. For example, the organization aspires to be a global leader in the fast-food business, and it hopes to meet this goal within a 10-year period. It equally wants to expand the market it serves by a half in a span of five years (von Kodolitsch et al., 2015). While it pursues strategies to meet these expectations, Starbucks hopes to be socially responsible.
Industry Analysis
Certain key features can help one determine the status of the fast-food industry. Firms can easily enter or leave the industry, and the competition is stiff within the industry. Starbucks has to compete with companies which are equally large. Some of these companies include the McDonald’s and Costa Coffee. Given that the industry deals with food, the government regulates it.
However, the government does not impose restrictions by regulating the industry. However, players in this industry also face parallel competition from companies which produce and sale soft drinks. Coca Cola is an example of such firms, and customers may opt for soda instead of buying the coffee.
SWOT Analysis
Strengths
Starbucks exhibits strengths which it can leverage on to grow and be more competitive. Other than being a global brand, and a popular firm, Starbucks has over 31,000 stores spread across various countries. It also has assets and financial capability to start new businesses.
Weaknesses
The company has flaws which can negatively affect its operations. For instance, it charges high prices on products, and this may cause customers to shy away. Still, it does not provide unique products which customers may want to try. These flaws can have undesirable impact on the firm (Zhu et al., 2019).
Opportunities
There are various opportunities which the firm can pursue. For instance, it can take advantage of the existing innovative ideas such as home delivery. It can also use expand operations in the developing markets.
Threats
While the company has a chance of growing, it faces threats such as the increase in the global coffee prices. It also has to deal with the threat of shortage of workers.
Perceptual Map
Explanation of the Choice of the Criteria
The price is the criteria used for the perceptual map, and it is used in this case because the price of the Starbucks products may fluctuate.
Conclusion
In conclusion, Starbucks, as a global fast-food business, can compete effectively in the fast-food industry given its size as well as the number of stores it operates. To continue maintaining this advantage, the company should engage in innovative practices such as door delivery to achieve its goals and objectives of expanding. It is equally imperative that the firm differentiates its products to attract and retain customers.
References
Eizaga, R., García, M. V., Fernández, M., Arroyo, F. J., Márquez, R., C. M., Carnota, M, A. I., Morales G., J., & Torres, L. M. (2020). Strengths-Weaknesses-Opportunities-Threats Analysis for a Pediatric Anesthesia Program. Pediatric quality & safety, 5(1), e254.Doi: Doi: https://doi.org/10.1097/pq9.0000000000000254.
Starbucks. (2020). Starbucks Company Timeline. https://www.starbucks.com/about-us/company-information/starbucks-company-timeline.
Starbucks. (2020). Our Mission. https://www.starbucks.com/about-us/company-information/mission-statement#:~:text=To%20inspire%20and%20nurture%20the,one%20neighborhood%20at%20a%20time.
von Kodolitsch, Y., Bernhardt, A. M., Robinson, P. N., Kölbel, T., Reichenspurner, H., Debus, S., & Detter, C. (2015). Analysis of Strengths, Weaknesses, Opportunities, and Threats as a Tool for Translating Evidence into Individualized Medical Strategies (I-SWOT). Aorta (Stamford, Conn.), 3(3), 98–107. Doi: https://doi.org/10.12945/j.aorta.2015.14.064.
Zhu, Y., Zhong, N., Su, H., Ruan, X., Bao, J., Zhang, L., Du, J., Xu, D., Ding, R., Xiao, K., & Zhao, M. (2019). Strengths, weaknesses, opportunities and threats (SWOT) analysis of reinitiation into methamphetamine abusers: qualitative findings from an exploration of methamphetamine abusers in Shanghai, China. General psychiatry, 32(3), e100062.Doi: https://doi.org/10.1136/gpsych-2019-100062.
FAQs
How to Implement a New Strategy Without Disrupting Your Organization
Implementing a new strategy is a vital part of any organization’s growth and success. However, it can be challenging to introduce change without disrupting daily operations and affecting the morale of employees. Therefore, it is essential to have a proper plan and strategy to implement changes effectively. In this article, we will discuss how to implement a new strategy without disrupting your organization.
Understanding the Need for Change
Before implementing a new strategy, it is crucial to understand the need for change. Conducting a thorough analysis of your organization’s strengths, weaknesses, opportunities, and threats (SWOT analysis) can help identify the areas that require improvement. This analysis should involve all departments and employees who will be affected by the changes.
Set Clear Goals and Objectives
The next step is to set clear and specific goals and objectives that align with the organization’s overall vision and mission. These goals should be communicated to all employees and stakeholders, outlining what is expected of them and how their contribution can help achieve these goals.
Create a Plan and Timeline
Creating a detailed plan and timeline is critical to implementing a new strategy without disrupting daily operations. This plan should outline the steps required to achieve the set goals and objectives, including timelines, milestones, and key performance indicators (KPIs).
Assign Roles and Responsibilities
To ensure that the implementation process runs smoothly, it is essential to assign roles and responsibilities to the appropriate individuals. This includes creating a project team responsible for overseeing the implementation process and ensuring that everyone is aware of their duties and timelines.
Communicate Effectively
Clear communication is vital throughout the implementation process. Employees should be informed about the changes and their impact on the organization. Communication should be transparent, timely, and consistent, allowing employees to ask questions, provide feedback, and express concerns.
Train and Support Employees
Training and supporting employees during the implementation process can help alleviate the fear and resistance associated with change. Employees should be adequately trained on the new processes, tools, and technologies required to achieve the set goals and objectives. Providing support and resources such as coaching, mentoring, and training programs can help employees adapt to the changes more efficiently.
Monitor and Evaluate Progress
Monitoring and evaluating progress are essential to determine whether the implementation process is going as planned. KPIs should be established, and progress should be measured regularly to ensure that the set goals and objectives are being met. Adjustments should be made if necessary, to keep the implementation process on track.
Address Challenges
During the implementation process, challenges may arise that could hinder progress. These challenges should be addressed promptly and effectively, ensuring that they do not disrupt daily operations or affect the morale of employees. The project team should be proactive in identifying and addressing these challenges.
Celebrate Successes
Finally, it is crucial to celebrate successes and acknowledge the hard work and effort put in by employees during the implementation process. This can help boost morale and motivate employees to continue working towards achieving the set goals and objectives.
In conclusion, implementing a new strategy without disrupting your organization can be challenging, but it is essential for growth and success. By following the steps outlined in this article, organizations can ensure that changes are implemented effectively, with minimal disruption to daily operations and employee morale.
Strategy and Implementation in Business Plan Example
Introduction
A business plan is a written document that outlines a company’s goals, strategies, and tactics for achieving success. It typically includes a description of the company, market analysis, organization and management, products and services, marketing and sales, and financial projections. The strategy and implementation section is a crucial part of a business plan as it details how the company plans to achieve its goals. In this article, we will discuss the importance of strategy and implementation in a business plan and provide an example of how it can be applied.
Components of a Business Plan
Before diving into strategy and implementation, it’s important to understand the components of a business plan. A typical business plan includes an executive summary, company description, market analysis, organization and management, products and services, marketing and sales, and financial projections.
The executive summary is a brief overview of the entire business plan and should entice investors or lenders to read on. The company description provides details about the company’s history, mission statement, and legal structure. The market analysis details the target market, competition, and industry trends. Organization and management describes the structure of the company and key personnel. Products and services describe what the company offers, and marketing and sales outline how the company plans to promote and sell its products. Finally, financial projections include revenue and expense forecasts, profit and loss statements, and cash flow projections.
Strategy and Implementation
Strategy and implementation are the heart of a business plan. It’s the section where the company outlines how it plans to achieve its goals. Strategy refers to the overall approach the company will take to achieve its goals, while implementation outlines the specific steps it will take to put that strategy into action.
Developing StrategiesThe first step in developing strategies is to define the company’s objectives. Objectives should be specific, measurable, attainable, relevant, and time-bound (SMART). Once objectives are established, the company should conduct a SWOT analysis to identify its strengths, weaknesses, opportunities, and threats. This analysis will help the company develop strategies that leverage its strengths, minimize its weaknesses, capitalize on opportunities, and mitigate threats.
Implementing StrategiesAfter developing strategies, the next step is to implement them. Implementation involves assigning responsibilities, setting timelines, and creating a plan for measuring success. Key performance indicators (KPIs) should be established to measure progress and ensure that the strategies are working as intended. If the strategies are not achieving the desired results, they should be revised accordingly.
Example of Strategy and Implementation in Business Plan
To illustrate how strategy and implementation can be applied, let’s look at an example. ABC Company is a new software development company that specializes in creating mobile applications. The company’s objective is to become the leading provider of mobile applications for small businesses within five years.
Company BackgroundABC Company is a software development company that specializes in creating mobile applications. The company was founded by John Doe and Jane Smith, who have 10 years of combined experience in software development. The company has a team of three full-time developers and plans to hire additional staff as the company grows. Its target market is small businesses looking to develop mobile applications to improve their business processes and customer experience.
Strategies and ImplementationStrategies and implementation are critical components of a successful business plan. ABC Company has developed a comprehensive strategy and implementation plan to ensure the success of its mobile application development business.
- Market Research: The first step in developing a successful strategy is conducting thorough market research. ABC Company has conducted extensive research on the mobile application development market, including competitor analysis and customer needs assessment.
- Value Proposition: Based on the market research, ABC Company has developed a unique value proposition that sets it apart from its competitors. The company’s value proposition is to provide high-quality mobile application development services to small businesses at an affordable price.
- Target Market: ABC Company has identified small businesses as its target market. The company will focus on developing mobile applications that help small businesses streamline their processes and improve their customer experience.
- Marketing Strategy: To reach its target market, ABC Company will use a combination of digital marketing tactics, including social media advertising, email marketing, and search engine optimization (SEO).
- Sales Strategy: ABC Company will use a consultative sales approach to sell its services to potential customers. The company will offer free consultations to potential customers to understand their needs and offer customized solutions.
- Product Development: ABC Company will use an agile development approach to build its mobile applications. This approach involves iterative development and testing to ensure the final product meets customer needs.
- Operations: ABC Company will use cloud-based project management software to manage its operations. This will allow the team to work efficiently and collaborate effectively, regardless of their physical location.
- Financial Plan: ABC Company has developed a detailed financial plan that includes revenue projections, expenses, and cash flow analysis. The company will reinvest profits into marketing and product development to fuel growth.
Overall, ABC Company’s strategy and implementation plan is designed to position the company for long-term success in the mobile application development market. By focusing on its unique value proposition, target market, and agile development approach, ABC Company is well-positioned to achieve its goals and grow its business over time.
ResultsThe implementation of ABC Company’s business plan has resulted in several positive outcomes.
- Increased Revenue: The company has experienced steady revenue growth since its inception. This growth can be attributed to the company’s unique value proposition and targeted marketing approach.
- Satisfied Customers: ABC Company has received positive feedback from its customers, who appreciate the company’s consultative approach and customized solutions.
- Repeat Business: Many of ABC Company’s customers have become repeat customers, seeking the company’s services for additional mobile application development projects.
- Expanded Operations: As a result of the company’s success, ABC Company has been able to hire additional staff and expand its operations.
- Brand Recognition: ABC Company has built a strong brand in the mobile application development market, with many customers recognizing the company’s name and reputation.
Overall, the implementation of ABC Company’s business plan has been successful, resulting in increased revenue, satisfied customers, repeat business, expanded operations, and strong brand recognition. The company will continue to build on this success by refining its strategy and implementing new initiatives to drive growth and innovation.
Common Mistakes to AvoidWhile developing a business plan, there are several common mistakes that entrepreneurs should avoid. Here are some mistakes that ABC Company has taken steps to avoid:
- Lack of Market Research: Conducting thorough market research is critical to developing a successful business plan. ABC Company has invested time and resources into conducting extensive research on the mobile application development market, including competitor analysis and customer needs assessment.
- Undefined Value Proposition: A clear and unique value proposition is essential to differentiate a business from its competitors. ABC Company has developed a unique value proposition to provide high-quality mobile application development services to small businesses at an affordable price.
- Undefined Target Market: Without a clearly defined target market, it can be challenging to develop a targeted marketing and sales strategy. ABC Company has identified small businesses as its target market and developed customized solutions to meet their unique needs.
- Inadequate Financial Planning: Developing a detailed financial plan is critical to the success of a business. ABC Company has developed a comprehensive financial plan that includes revenue projections, expenses, and cash flow analysis.
- Lack of Agility: In today’s fast-paced business environment, agility is essential to adapt to changing market conditions and customer needs. ABC Company uses an agile development approach to ensure its mobile applications meet customer needs and remain competitive.
By avoiding these common mistakes and following a comprehensive business plan, entrepreneurs can increase their chances of success and achieve their business goals.
Conclusion
In conclusion, developing and implementing a comprehensive business plan is essential for any entrepreneur or business looking to succeed in today’s competitive marketplace. The process of creating a business plan requires careful consideration and research into the market, target customers, and competition.
ABC Company’s successful implementation of its business plan demonstrates the importance of developing a unique value proposition, defining a target market, conducting market research, and developing a comprehensive financial plan. By avoiding common mistakes and remaining agile, ABC Company has been able to achieve steady revenue growth, satisfied customers, repeat business, expanded operations, and strong brand recognition.
Entrepreneurs and businesses looking to develop a successful business plan should take note of the strategies and best practices employed by ABC Company. By following a similar approach, businesses can increase their chances of success and achieve their long-term goals.
Remember that a business plan is a living document that should be revisited and updated regularly to ensure it remains relevant and effective. With a solid business plan in place and a commitment to ongoing evaluation and adaptation, entrepreneurs and businesses can navigate the challenges of the modern marketplace and achieve sustainable growth and success.
Six-Step Strategy Implementation Process
In today’s dynamic business environment, companies need to continuously update their strategies to remain competitive. However, it is not enough to have a good strategy on paper; it is crucial to implement it effectively. The implementation of a strategy can be a complex process, and organizations need to be well-prepared to succeed. This article discusses the six-step strategy implementation process and how companies can execute their strategies successfully.
Introduction
Implementing a strategy is often more challenging than developing one. A good implementation plan is critical to the success of any strategic initiative. Organizations that do not follow a structured implementation process may struggle to achieve their strategic goals. The six-step strategy implementation process provides a framework for executing strategies effectively.
Step 1: Develop an Implementation Plan
The first step in implementing a strategy is to develop an implementation plan. This plan should include details on how the strategy will be executed, the resources required, the timelines, and the measures for success. The implementation plan should also identify potential barriers to implementation and ways to overcome them.
Step 2: Communicate the Plan
Communication is essential to the success of any strategic initiative. Once the implementation plan is developed, it is critical to communicate it to all stakeholders. The communication should be clear and concise, and it should explain the rationale for the strategy and how it will be implemented. Communication should be ongoing throughout the implementation process.
Step 3: Resource Allocation
The next step is to allocate the necessary resources to execute the strategy. This includes financial resources, human resources, and technology resources. The resources should be allocated based on the priorities identified in the implementation plan. The allocation of resources should also consider the potential risks and how they can be mitigated.
Step 4: Execution
Execution is the stage where the strategy is put into action. This involves following the implementation plan, allocating resources as planned, and addressing any issues that arise. During the execution stage, it is essential to monitor progress and make adjustments as necessary. It is also important to engage all stakeholders and ensure they are committed to the success of the initiative.
Step 5: Monitoring Progress
The fifth step is to monitor progress. This involves tracking the performance of the strategy and measuring it against the predefined measures for success. Monitoring progress helps to identify any issues and provides an opportunity to make adjustments. It is essential to keep all stakeholders informed of progress and any changes made.
Step 6: Evaluation and Adjustment
The final step is to evaluate the results of the strategy and make adjustments as necessary. The evaluation should focus on the achievement of the objectives and the overall success of the initiative. If the results are not as expected, it is essential to identify the reasons why and make adjustments to the implementation plan. Evaluation should be ongoing to ensure the strategy remains relevant and effective.
Conclusion
The six-step strategy implementation process provides a framework for organizations to execute their strategies effectively. Developing an implementation plan, communicating the plan, allocating resources, executing the plan, monitoring progress, and evaluating and adjusting the results are all critical components of the process. Organizations that follow this process have a better chance of achieving their strategic goals.
