...purpose: • Mission Statement – provides a description of what Family Dollar seeks to accomplish on a day-to-day basis and sets the standard for quantitative performance measures. • External Factor Evaluation (EFE) Matrix – outlines the opportunities and threats that could affect the company and rates Family Dollar’s current performance in addressing those factors. • Competitive Profile Matrix – outlines the success factors that are critical to the company’s continuity and rates Family Dollar’s performance as well as its rivals’ performances in addressing those factors. CASE STUDY FOR FAMILY DOLLAR STORES MISSION STATEMENT Existing Mission Statement To be a compelling place to shop for our customers; To be a compelling place to work for our team members; To be a compelling place to invest for our shareholders. Revised Mission Statement Family Dollar’s mission is to provide convenience and low prices for our customers (1), exceptional opportunities and incentives for our associates (9), and outstanding returns for our investors (5). Through our strategy of nationwide expansion (3), technological innovation in our logistics network (4), and energy reduction initiatives in our stores (8), we will generate industry-leading profits (7) and fortify our commitment to serve neighborhoods (6) with high-quality retail items (2) at a great value. EXTERNAL FACTOR EVALUATION (EFE) MATRIX |EXTERNAL FACTOR EVALUATION (EFE) MATRIX FOR FAMILY DOLLAR ...
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...Dollar General Analysis Ricky Rich MGT/521 10 Nov 2014 Dr. Bridges Dollar General Analysis Dollar General Corporation is a premier low-cost retailer organization in the United States. It is amongst the biggest retailers with over 11,500 stores that provide quality commodities made by American manufacturers. One of the Dollar General’s main objectives is to create an atmosphere that enables access to everyday items worry-free, rather it is a simple bar of soap or a box of detergent. This objective is achieved by offering a detailed variety of recognized labels at affordable prices in well-located and accessible locations (Dollar General Corporation, 2014). Multiple strategic and operational company goals were identified in the SWOT analysis. For this assignment, the discussion will be focused on providing customers a better life as a strategic goal and operating in an environmentally safe working atmosphereas an operational goal. Providing a better life for customers and excellent opportunities for employees A typical Dollar Generaloccupies close to 7,000 square feet of retail space and mainly provides service for patrons within a five mile radius of the store. The majority of the locations serve local areas with small residential populations below 20,000 (Hotstocked.com, 2014). Management knows that its preferred shoppers enjoy the luxury of a small, community store. The belief is also that Dollar General’s accessible money-saving store model will remain popular in...
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...a charity working with the poor might have a vision statement which reads "A World without Poverty." An explicit statement of what you want to do, be or have in the future. It must be positive and detailed enough for people to form a mental picture. It must be inspiring, challenging and worth the effort. NATURE OF VISION STATEMENT 1. Brevity A good vision statement is succinct, which makes it easy for managers and leaders to communicate and employees to remember. Vision statements are less effective when they are too short or too long. The average vision statement is about 35 words, or two to three sentences. 2. Clarity A vision should unite the organization and provide a stable, transcendent goal. The vision should avoid using jargon and buzz words and should use understandable terminology. Writing concise sentences is another way of clarifying a vision statement. 3. Abstract and Challenging An effective vision statement sets an abstract yet challenging goal. The goal should not be stated too concretely but rather at a higher level of abstraction. This allows it to be relevant to all employees, thus permitting it to guide their daily actions and decisions. 4. States the Organization’s Purpose A vision should state a general idea of why the organization exists but should avoid including overly general statements. An effective vision statement should describe what the organization intends to achieve. The statement of purpose can include the organization’s current or...
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...management is needed in a company, furthermore, a description of how General Electric (GE) uses strategic management process in their company. Components of a Strategic Management Process The first component is environmental scanning, which is basically gathering information from external and internal environments to key people within the corporation. Its purpose is to identify strategic factors that will establish the future of a corporation. An easy way of predicting the future of a corporation is through a SWOT Analysis. SWOT is used to describe the strengths, weaknesses, opportunities, and threats for a specific company. The external environment consists of opportunities and threats (Wheelen & Hunger, 2008, p. 11). These variables happen outside the organization, which management has no control over. For instance, one company does not have the right to prevent another company of marketing the same product or service. Company A must strive to become better than other competitors. On the other hand, the internal environment consists of strengths and weaknesses—these variables measure the structure, cultures, and resources within an organization. It also can be used to gain a competitive advantage. Strategy Formulation Strategy formulation is the second element. It measures a company’s long-term plans that focus on the mission, objectives, strategies, and policy guidelines. A mission statement defines the unique purpose that sets...
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...Managerial Analysis General Electric Company (GE) . Principles of Management (MGT 1120) Name: Caleb M Bruce Date:11/30/2015 Company Background 1. General Electric Company (GE) international headquarters is located in Fairfield, Connecticut 06828 at 3135 Easton Turnpike. Being among the largest multinational corporations, it conducts business internationally in Angola, Australia, Brazil, Canada, China, Indonesia, Korea, and the United States of America as well as in six of the seven continents and in over 170 countries worldwide. 2. General Electric Company offers many products and services. GE provides financing to and for other growing organizations. This organization is key to the infrastructure of the global economy by providing billions of dollars to funding of other organizations. This organization also builds and produces appliances such as clothes washers, and dryers, dish washers, refrigerators and much more on an everyday consumer level to a corporate consumer level. They also are a big influence in lighting from how the electricity is transferred, to the bulb itself. They also produce power systems so large or home facilities can operate. Mainly with electric providing power generator support. Ge makes extensions into their aviation and automotive fields by building engines for the forms of transportation. 3. One of the original founders of GE is Thomas Edison in the year 1890. Entrepreneur Thomas Edison brought multiple of his companies together...
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...Functions of Management Tekeshia Gresham MGT/330 Mr. Dennis Stroud March 31st, 2012 Functions of Management Managers like PepsiCo’s Indra Nooyi must practice the art of getting things done through organizational resources, which include workers, financial resources, information, equipment, planning, organizing, leading, and controlling, (Hall, 2009). Managers were called bosses and his or her job consisted of telling people what to do, watching over them to be sure they did it, and reprimanding those who did not. Today, however, some managers tend to be more progressive. For example, they emphasize teams and team building; managers create drop-in centers, team spaces, and open work areas. Managers changed the definition of “work” from “a task you do for specified period in a specific place” to “something you do anywhere, anytime.” Managers tend to guide, train, support, motivate, and coach employees rather than tell them what to do. What do these changes mean? What the changes mean is that management will demand a new kind of person: a skilled communicator and a team player as well as a planner, organizer, motivator, and leader. One of the major objectives of organizations is to please customers. The trend today is to have planning teams to help monitor the environment, find business opportunities, and watch for challenges. The key function of management is planning because accomplishing the other functions depends heavily on having a good plan....
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...all have a company mission, vision, and value’s statements which help them to perform at optimum levels of operations. Missions, vision and value statements: the overall goal is to provide the organization with their purpose; which is the case for these retail chains in the U.S. The mission, vision and value statements aid each chain to define their brand, culture, and consumer relations. Each retail chain differentiates them-selves by providing unique good and services to their consumers, more-over their mission, vision and values statement must also be unique, enabling them to stand out form each other. The big players in the discount retail market are Wal-Mart, Kmart, and Target. (retailindustry.about.com) Supporting Paragraphs Both mission and vision relates to an organization’s purpose and are typically communicated in some written form. Mission and vision are statements from the organization that answer questions about which we are, what we value, and where we’re going. (Coffman, Freire, Heaver, & Soltis, 2002) Mission statements are often longer than vision statements. Sometimes mission statements also include a summation of the firm’s values. (Cady, Wheeler, DeWolf, & Brodke, 2011, p. 70) Values are the beliefs of an individual or group, and in this case the organization, in which they are emotionally invested. A vision statement, describes what an organization’s purpose and aspirations will possibly be in the future. The mission statement gives meaning and...
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...companies attempt to reconstruct their main focus and purpose as a company, they must take a step back and understand the process of their strategic plan. There are a series of five steps that each company should follow when completing the process of strategic management. Each step is very critical for when wanting to achieve success, and I believe that MillerCoors Company is an organization that has completed this series of steps to achieve success in their industry. Mission Statement The first step in the process is creating a mission statement, as easy this sounds, creating a mission statement is rather difficult. According to the MillerCoors Sustainability Report, “MillerCoors Company is committed to providing the highest quality beer product at the lowest price in order to satisfy and exceed the expectations of our loyal customers.” This mission statement is rather general and short but it is to the point. It shows the mission that MillerCoors wants to accomplish. Once MillerCoors is able to generate a mission statement, the next step in the strategic management process is to analyze the external environment in which the company operates. Environmental Analysis When analyzing the environment, MillerCoors must identify the key competitors that pose a threat and can deter opportunities for their business. MillerCoors has a few major competitors and numerous small ones as well. MillerCoors is in the beer and liquor industry, the main competitors are: The Boston Beer Co., Heineken...
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...Business Vision and Mission Angela Massa BUS/475 September 26, 2011 * * * * * * Business Vision and Mission A company’s vision and mission statements are the encouraging words put into place by company leaders to clearly convey the objective of the company. A clear mission and vision statement can distinctly communicate the company’s intentions and encourage the organization to carry out a general vision for the future of the company. Even though vision and mission statements are a lot alike, they serve a different purpose for the company. A mission statement describes the company’s function and primary goals while its main purpose is internal. A vision statement communicates both the purpose and values of the organization. Sam’s Club Overview Sam’s Club is a division of Wal-Mart Stores Incorporated and has become an international company that opened its doors in 1983. Sam’s Club requires a membership in order for their customers to purchase bulk products along with many other products at discount prices. Membership costs for a business is $35.00 per year and the cost for family memberships is $40.00 annually. Sam’s Club offers an array of merchandise such as food products you can purchase in bulk, cleaning machinery and supplies, clothes, electronics and basic household items. As a small business, Pankow’s Bar is a Sam’s Club member, and saves money by purchasing cases of potato chips, candy, paper towel and other items such as plastic...
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...Plan Part I: Conceptualizing a New Product or Service Division of an Existing Business BUS/475 February 9th, 2015 Table of Contents Introduction …………………………………………………………………….... 3 V-Gym analysis…..………………………………………………………………. 3 V-Gym’s mission statement and vision ………………………………………….. 4 Values and guiding principles..,………………………………………….………. 5 Organization’s strategic direction and aims …………………………..…………. 6 Customers need satisfaction and Achievement of Competitive Advantage……… 6 Conclusion………...………………………………………………………………. 7 References………...………………………………………………………………. 9 Introduction A Strategic plan is fundamental to conceptualizing and building up new business that existed for success. Mission, vision, and value statements are crucial factors that take a place as guiding and controlling standards for a business's strategic initiatives. This paper is Part 1 of my strategic plan descriptive analysis of mission and vision of V-Gym, and how all these statements will help V-Gym to separate itself from its rivals. In addition to that, the paper likewise discuss V-Gym's values, which are represented by its vision and mission statements, and how these values guide the organization's strategic directions, which thus will help the organization to fulfill its stakeholders, expand productivity, and separate itself from its rivals. V-Gym Analysis My business plan is focusing on developing a virtual Gym...
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...customers. In order to succeed, the companies marketing efforts need to be expanded to a wider customer base. Riordan Manufacturing also needs update and control their inventory and manufacturing processes. Aligning all sites to use the same databases and network application systems to share data would be a good business improvement as well. Strategic Plan Development Summarize the Mission and Vision Statement, and Identify the Strategic Objectives The nature of a business is often expressed in terms of the Mission and Vision statements which indicate the purpose and goals of the business. Mission Statements and Vision Statements can be thought of as the foundation or the building blocks of the business. It tells the consumer what kind of business they are in and what it is all about. Riordan Manufacturing has a strong mission statement that helps convey the importance of their service to the consumer. The mission statement is broken down into four parts that help explain their business. The four parts are Focus, Customer Relations, their employees and their future. The mission statement shows the drive that the company has to stay on top of the plastics industry. Employee satisfaction is important to keep the company growing. The ideas that they have...
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...study Organizational Mission, Values, Customers and Competitors Mission Statement * Our company Nike aims towards sport fans. * Individuals such as Athletes * Values from the company are sponsorships to promote Nike. * Nike is strictly based on sports industries such as Football, Basketball, Baseball, etc. History of Nike * Nike was founded in 1964 as Blue Ribbon sports for the Japanese. * It officially became Nike became in 1971 Inc. * The company started of with $ 1,500.00 dollars from the bank. * Founded by Bill Bowerman * The Nike swoosh logo was created by Carolyn Davidson. ( was given over $640,000 dollars in stocks). * Nike’s first campaign was launched in 1988. * Michael Jordan help Nike elevate in fame and Financially. Nike Customers * Athletes who play professional Basketball, Baseball, Football, Soccer, Boxing, and etc. * Media and society * Young Teenagers (14-19) * Urban society’s Competitors * Reebok * Jordan’s * Pumas * Adidas * Converse Organizational Environments and Culture * Our Environmental change does not affect us financially, Nike manufactures product for any weather. Our company is general to our consumers, which means that our environmental change is stable to Nike. Because the fact is that Nike commits to its consumers needs and wants. * General shift to a more health conscious society. 24/7 fitness centers, the increased general desire to maintain a...
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...How businesses are organised to achieve their purpose P3 Organisations such as Tesco and Apple are organised in structures, they are organised in structures because it is to divide up work; so that the workers know what they are doing and to establish lines of control. In the organisational structure the lines connected together tells us that they report to someone that they need to report to, for example the board of directors has the highest power in the business. In the organisational structure a line is connected from the board of directors to general manager. Tesco’s purpose is to sell products from their supermarket, also to advertise what they would sell. Also what they offer in their stores. Tesco Organisational Structure This business is broken down into sections, the Chief Executive Officer (CEO) is in charge of the four important sectors of the business of Tesco. Director of Finance, Director of Human Resources, Director of Marketing and the Director of Operations. Director of Finance – this department takes care of the budget, they work with all departments to plan and manage their budgets. Director of Human Resources – HR department takes care of the customers’ needs and their problems. Director of Marketing – Marketing team work with the management and the sales team, the director of marketing oversees development and implementation of support materials and services for chapters in the area of marketing. The Director of Marketing works with the board...
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...The drawback non-profit organizations face is some of their funding is through grants, and the remaining is through private donations. Additionally, when looking at the scorecard in general, the four categories of financial, customer, internal business process, and learning and growth all have subcategories. It is in the subcategories where Cattaraugus County Rehabilitation Center is failing in generating a successful and fully operational scorecard. More specific, within the customer category, the rehabilitation center failed not only themselves, but their most important their customer. Those who use the facilities or seek service from Cattaraugus County Rehabilitation Center was not offered to provide input on the type of services they would like to see offered. Moreover, failing to obtain the customers input, is grounds for failure, as those who use the services are external lobbyists and free advertisement for the center. Their vision lacks identifying how they will receive financial support in order to accomplish their mission of providing and/or accessing comprehensive services to provide those with disabilities the max independence. Furthermore, their mission statement also did not address their customers, or location, which Williams (2008) identifies as a key difference between high-performing and low-performing organizations. Finally, when looking specifically at the scorecard, Cattaraugus County Rehabilitation...
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...Sun United Way was founded in 1925, an Arizona nonprofit organization whose mission is to improve lives. For more than 80 years Maricopa County’s community has used their caring power to address human care needs. In 2005 Valley of the Sun United Way Foundation was organized to help engage in activities for the benefit of the VSUW. Each fall VSUW conducts a campaign that helps to offset the following year. Along with the campaign contribution there are three options for donors. The first is the Results That Matter Fund that is invested into health and human services programs, the second is the Impact Areas that identify the community needs, and third is a specific nonprofit agency or program. Cash flow and functional expenses are exampled at in all nonprofits and profit organizations. To identify properly the organizations’ strengths, weaknesses, and areas of threat the internal and external factors must first be analysis. An audit was conducted for 2008 and 2009 in accordance with the Government Auditing Standards. This audit was conducted to make sure that the statements are free of material misstatement. VSUW reported a combined statement of financial position statement for two years, 2008 and 2009 with the end of the fiscal year being June 30. Beginning with their current assets, cash and cash equivalents between 2008 and 2009, they are showing an increase of more than two million dollars has occurred. The reports showed that the contributions or pledges have decreased...
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