Strategic Plan, Part I: Conceptualizing a Business
BUS/475
Strategic Plan, Part I: Conceptualizing a Business
A successful strategic plan must be based on the company 's mission, vision, and values. The purpose of this paper is to define a selected business, products, services, and customers by creating a mission statement. In addition, this paper contains a vision for the organization that demonstrate the expected future for the business, and it will define the company values considering important topics such as culture, social responsibility, and ethics. It will also analyze how the vision, mission, and values guide the company 's strategic direction. Finally, it will evaluate how the company address customers needs and how
…show more content…
The trends in fashion are always changing, Bella Boutique will have to be alert of the new trends to keep customers satisfied. Another resource to make sure the company is addressing customers needs is to have customer satisfaction surveys, allowing the customers to express what they like about our store and what they would change.
Bella Boutique will have plenty of local competition from many other boutiques. The most direct competitors will be those with the same concept, located in the same area, carrying some of the same brands we sell, and advertising to our target market. Besides the trendy and affordable clothing and accessories, Bella Boutique will create a significant competitive advantage by providing a place to shop with a fun, comfortable, and welcoming atmosphere. In addition, Bella Boutique offers a superior customer service, and we strive for 100% customer satisfaction.
Another unique feature of Bella Boutique that creates competitive advantage is the free personalized styling service, in which a professional stylist helps the customers find the right pieces of clothing for their body type and personality. Bella Boutique locations will be designed with comfort and convenience in mind, the store will be decorated with contemporary furniture and painted with inviting colors. The store will have big private dressing rooms with plenty of hooks to hang the clothing pieces and an assigned
Because of this rapid growth several challenges can present themselves. A primary challenge that can present itself is the lost of the boutique feel because of the hundreds of locations. Even though each boutique is different and personalized, opening too many locations may cause the retailer to lose its niche in the market. Another challenge is the many changes the company has gone through in upper level management. Because of the changes investors have been discouraged, as mentioned before, and shares were down 16% after the changes.
By adding all these steps and by implementing these strategic objectives we can realize the tactics and measure the target audiences as well. This business plan must also include the shareholder value or financial perspective, our customer value perspective; the business must know the process or internal operations perspective well keep a balance sheet on what goes in to the business and what goes out
The organization strategic plan consists of addressing clinical quality, growth, and becoming a larger part of the community, and providing long term value. The annual report states the following strategic goals (Bon Secours, 2012):
The objective of this work in writing is to develop a strategic plan with strategies and tactics to realize the strategic objectives, measures, and targets. Included will be marketing and information technology strategies and tactics. Three methods to monitor and control the strategic plan will be proposed and measures to advance organizational goals financially and operationally will be analyzed. Finally, actions will be recommended to address the ethical, legal, and regulatory issues faced by the organization and how corporate citizenship can be improved.
Elizabeth Bennett, founded CanGo in 2006, she wanted to make a mark in the world of ecommerce. Over the preceding years CanGo established itself as an online success. CanGo provided customers with the option to purchase books, music, videos and games online. CanGo maintained its success throughout the economic crisis. CanGo continued to successfully provide customers with affordable entertainment. CanGo was able to capture a large market of a variety of consumers.
The Mission, Vision and Values of a company play a Fundamental role in Strategy Formulation and Strategic planning. We will discuss throughout this assignment, how developing effective mission, vision and values can help shape, develop and guide a firms Strategic choices. They reflect the firm's fundamental core ideology. At the most basic level a mission statement can describe the firms overall purpose for being. It provides an inside to the present business scope and purpose of the firm that is "who we are, what we do, and why we are here". It explains the firm's very reason for existing. It will
This paper will evaluate and make recommendations regarding City of El Centro’s strategic plan, its mission, vision, goals, and objectives. A brief history of the City of El Centro will be included. A SWOTt analysis (strengths, weaknesses, opportunities, threats, and trends) on the City of El Centro will be performed. Included in this paper will be City of El Centro’s mission statement labeled “Attachment A”, City of El Centro’s vision statement labeled “Attachment B”, City of El Centro’s goals labeled “Attachment C”, City of El Centro’s objectives labeled “Attachment D”, City of El Centro’s history labeled “Attachment E”, and City of El Centro’s SWOTt Analysis Grid labeled “Attachment F”.
The book provides information about fashion, especially a basic guide for doing business in fashion industry. It gives an insight into the industry with the overview of fashion, the industry culture, education programs needed, how to cope with the changes in design and manufacturing, take steps to reach customers, implement effective marketing strategies, analyse current market data to predict future earnings and successful distribution channels as going retails along with catwalks and models.
David, F. (2013). The Business Vision and Mission. Strategic Management. Pearson Education Retrieved from http://faculty.unlv.edu/amiller/BUS496/david%20_sm14_inppt02.ppt
Boffi is a renowned high end luxury furniture manufacturing company with a diverse product range. Having its origin in Italy, it was founded in 1934 by Piero Boffi. Boffi has been operating for the past 70 years with its presence in countries such as
In the recent years, the fashion industry has been constantly changing its style and because of this, it has drawn me in strongly into the industry. Having an interest in the fashion industry can mean many things. For starters, it can mean just having an eye on the stylish, luxury items, but for others, it could mean to collect the most stylish, rare, and luxurious items. The fashion industry consists of three categories: apparel; footwear; and accessories. For me, I am drawn greatly by the footwear and accessories side of fashion.
It is crucial to the vitality of the new division for the Walmart brand be viewed as what the customer expects. Customers are the company and the objectives match their importance. Evaluating market share offers insight to the position of the company. Increase in segment sales such as apparel, home, hardliners, health & wellness, entertainments, and groceries after the new division implementation is a result of success in market share (Soni, 2015). Evaluating customer feedback using the research company Customer Service Scoreboard provides a way to measure the promised vision, mission, and appreciation (CustomerServiceScoreboard.com, 2015). Lastly, customer acceptance assures trust in product offered as valued. Monitoring new sales percentage provides a visual to that trust. Table 2. Customer Success Objectives
Though the tourism sector has undergone rapid growth over the last decade the vast majority entering this sector have rushed. Very few have focused on south and central Botswana. With this in mind we intend to exploit the untapped market in this area so as to provide our customers with a good service and realize our business objectives.
There are (3) reasons why I have chosen energy drinks as my NAB. First off, there is a growing market for energy drinks. Red Bull and Monster Beverage Corporation, together, form over 80% of domestic energy drinks volumes by estimates. Dollar sales for energy drinks grew almost 6% to $6.67 Billion in measured channels in 2013, which propelled sales growth for convenience stores (Team, 2014). A growing thirst for caffeinated “energy” drinks, which include the likes of Red Bull, Monster, and Rock star, has spurred a heart-thumping surge in sales. Globally, the energy drink industry has gone from a $3.8-billion business in 1999, to a $27.5-billion
In this paper, I will select an organization and prepare a strategic plan to grow the business over the next three years. This strategic plan will include certain criteria. That criteria includes: