...Marlon Bowers BUS 475 October 13, 2015 Ericka Hilliard Strategic Plan Part I: Conceptualizing a Business When a business needs and has a defined set of values, a mission, and vision to reach goals that have been determined via their strategic plan is how companies prosper. When goals, values, and visions area described through detailed documentation it shows the organization to have very good business, tactical, and corporate strategies. With the above information being the foundation of a company it leaves puts shows proof of what a company’s true expectations are as well as their research into what their vision and mission may be. The QuikTrip Corporation vision and mission statement sets them apart from their competition. The values put in place by QuikTrip will help them to carry out strategies, which will in turn increase earnings and competitive at the same time. Their mission statement is "To wisely invest dollars in community efforts that will help impact (in measurable terms) individuals in our society who are dependent on the charitable support of others. We believe the most effective way to do that is to invest our contribution dollars and volunteers in strategic efforts that help those at risk reach their functional capacity as successful, independent citizens (QuikTrip, 2015). The outlined business plan consists of establishing forming a division in all their stores by not only being a convenient store but to also be a car repair facility that will...
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...Mission Statement: Level 1 Founded in 1962, Wal-Mart has continued to uphold its mission statement of “Save Money. Live Better.” Wal-Mart shows commitment and appreciation to its customers by valuing them through everyday low prices. Customers can trust Wal-Mart because of their low price guarantee. Building a relationship with customers is an essential part of Wal-Mart’s mission because it allows them to meet their customers’ expectations and provide superior customer service. In return of the customer experience, all customers are encouraged to provide feedback to help improve elements Wal-Mart may lack, as well as provide positive feedback in regards to what they’re doing right. Wal-Mart stays true to its mission statement by continuously returning to the wisdom of their founder, Sam Walton: “If we work together, we’ll lower the cost of living for everyone…we’ll give the world an opportunity to see what it’s like to save and have a better life” (Farfan). Strategic Goals/Plans: Level 2 It’s important to Wal-Mart’s future as a business, to continue expanding its customer base, increase sales, and stay innovative. It’s no easy feat to achieve, but when Wal-Mart noticed an increase in white-collar consumers because of the recent economic downturn, they seized the opportunity to accommodate their new demographic by embarking on an aspiring U.S. store remodel program as part of its three-year strategic plan appropriately named, Project Impact. At the center of this new plan...
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...September 13, 2013 James Sternieri Company Overview: Wal-Mart, Inc. is a retail store that sells everything from clothing and groceries, to electronics, and computers. Established in 1969, the company employees 2.2 million workers, and operates 10,130 stores across 27 countries, which makes it the largest retail company in the world (www.marketline.com, 2013, p. 3-4). Wal-Mart’s net profits decreased by 4.2% to $15,699 million from 2011 to 2012, however; the company continues to grow, which is a tribute to their sound strategic and operational plans (www.marketline.com, 2013, p. 3). Mission Statement: Wal-Mart runs its business under the mission statement “We help people save money, so that they can live better” (www.ask.com, 2013, p. 1). This mission statement complements their company slogan, which states, “Wal-Mart. Always low prices. Always” (www.ask.com, 2013, p. 1). These statements help deliver Wal-Mart’s vision of operating as a low cost merchandiser, and form the basis for their strategic and operational plans. Strategic and Operational Plans: In order for Wal-Mart to achieve its goals it must formulate sound strategic and operational plans. Strategic plans are usually broad in scope, and deal with long-term objectives, usually three to five years (Warwick, 2013, p. 1). Operational plans tend to be narrow in scope, cover a one-year time frame, and outline a framework for implementing the strategic plan. In short, “performance measures are identified at the strategic...
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...Crafting and Executing Strategy Right Greetings Card Company Student name: Course: BUS599 Instructor name: Date: Abstract What can a business professional implement that would help a company to be successful? In an effort for a company to be successful, business professionals should create and execute strategic planning models which outline specific results that are to be achieved and by establishing es a course of action for achieving them. In our current failing economy, business professionals are becoming more aware of the how challenging it is in to starting a business and remaining successful. While most would agree that failures are personally painful and could have been conceivably too often prevented, consensus dissolves around how to take action to the problem? Some businesses owners may believe think that a successful business’ is based solely on luck; while other’s business owners believe may think that their success is based on the location of their business. Although, both concepts could be attributed to success, in this report I provide a solution that could help business owners transit a business toward its success. In this paper, as a business professional for Right Greetings Card Company, I argue in support of and focus on the importance of implementing a strategic plan for the success of this business. Several business owners might disagree with my argument, because...
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...Presently, the company’s vision and mission statements have to broken down and understood before change is inflicted on the company; this is because several present constraints rely on the present vision therefore this should be analyzed carefully e.g. the origin and history of said company. When entering a different or another market, the proposed market must be analyzed for factors that could enhance said company, the company’s product analysis is important, the business culture of proposed market should be taken note of and the employee engagement to. Barriers in corporate cultures must be broken to allow multinational corporations to function within the business environment. Companies that pride themselves on strong core values must be able to remain when branching into a new market; the culture must have an adaptable basis. Tolapp Corp mission statement emphasizes its operational and business objectives worldwide. The previous brand image of Tolapp Corp should play a huge role in this new business venture, the logo should show value and acquire its grounds by representing what competing organizations lack (Phillip Kotler, 2006). Trade analysis of this segment can place Tolapp Corp in a certain realm in choosing the mission statement, whereas several other factors are important from the reports like the market analysis for each segment for company’s operations, target consumers for the company and financial reports about competitors all included. Tolapp Corporation is...
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...Robert Smith Conceptualizing a Business The business plan of a boys and girls club defines a roadmap for community centers and nonprofit programs that centers on young people. Thousands of boys and girls are built around the world ranging from many sizes but are important to many individuals in life. This paper will be explaining the importance of Greater Heights Boys and Girls Club vision, mission, and values that are established toward our strategic direction. The business will be defined, a vision will be established, values will be defined, strategic directions will be analyzed, and addressing customers’ needs and how it will achieve an advantage will be evaluated. If an organization wants to establish itself at the highest level it is important to formalized a strategic plan because it can be the key to providing a direction and focus for success. Defining the Business ‘A company’s philosophy, often referred to as company creed, usually accompanies or appears within the mission statement” (Pearce & Robinson, Chapter Company Philosophy, 2009). “Mission statements specify the beliefs, values, aspirations, and philosophical priorities to which strategic decision makers are committed in managing the company” (Pearce & Robinson, Chapter Company Philosophy, 2009). Greater Heights Boys and Girls Club will be a positive experience for all young people around the community. As an organization we want to provide as many young children as we can a positive and safe...
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...to develop a strategic plan that clearly defines the vision, missions, and goals of the business. Individuals also have to develop a strategic management. Pearce and Robinson (2009) stated, “Strategic management is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives” (p. 3). In developing my business vision, mission, and values, I have to develop a strategic plan. Business, Products or Services, and Customers: Mission Statement Precious Memories is a scrapbook company in Baton Rouge, Louisiana, that provides classes, supplies, and invitation/stationery sales to customers. Precious Memories has to provide a mission statement for the company. A mission statement is a description of the purpose of the business. Here at Precious Memories we are devoted to help people preserve the memories of their lives. Precious Memories tells a story by creating a picture album. Our business will bring people together to mingle and celebrate their memories. Scrapbooking will help people and customers express themselves through lasting keepsakes of the people, places, and things they love. Precious Memories strive to teach the importance of preserving the past and inspiring the present. Precious Memories want to modernize the photo album by teaching people how to preserve memories by journaling for future generations. The mission for Precious Memories is to create an enjoyable, fun atmosphere...
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...Kentucky Fried Chicken Strategic Plan-Part One Jeanette Cortez, Autumn Crowther, James Hopper Fernando Manaloto, Joe Newkirk, and Rita Salem International Strategic Planning and Implementation STR/GM 581 March 31, 2011 Dr. Tim Becker, MBA Introduction Kentucky Fried Chicken has been established as a franchise in Latin America and the focus of this plan will be the El Salvador franchise. The strategic management process is vital and a well laid out plan is necessary. Consequently, by evaluating the background of KFC, the outcome should lead to a clear mission and vision statement outlining the purpose and goals of the company. Also, the mission and vision will keep all shareholders informed of the objectives that should be met by KFC. “Defining the company mission is one of the most often slighted tasks in strategic management” (Pearce II & Robinson Jr., 2009, p. 42). A mission lays out the organization’s goals and basically specifies the purpose of the organization. Decisions and strategies can be established after environmental scanning is done along with a Situational Analysis (SWOT). The strategic process also involves frequently assessing the industry structure and choosing strategic plan options that help expand global operations. The two chosen strategic options that will be discussed will be product differentiation and cost leadership. This plan should give clarity on how the options and recommendations fit with both the competitive situation...
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...Strategic Plan, Part I: Conceptualizing a Business A business that I would like to begin is offering online Personal Training and nutrition plans to people. * What is the mission statement of your organization? How does it demonstrate your decision on what you want your business to become in the future? Why is the mission statement important? KRK Training is committed to developing personalized fitness program that will motivate, support, and get each individual to their desired fitness goals by using safe and effective training techniques, for guaranteed results. My mission statement indicates that I want my business to touch and change people’s lives because I care, which will keep customers training for longer periods of time. The mission statement creates the foundation and is a reminder of the company’s overall purpose: To change people’s lives for the better. * What is the vision of your organization, and why is it important? “Fitness is a journey, not a destination…..” The vision I have communicates the purpose and value of my company and gives employees direction and inspiration to give their best. * What is the strategic direction of your organization? The strategic direction of my company will involve taking a realistic look at strengths, weaknesses, opportunities, and threats. Understanding the strategic drivers will put my objectives into action, and establishing long-term decisions that involve people and resources and how they interact. The...
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...Running head: CLUB IT University of Phoenix Club IT There are many clubs throughout America, especially, in San Diego, California. Although clubs come and go, there are only a few that are successful and are able to keep clienteles returning. One may ask? How did these clubs become successful? What were the things that these clubs did that is different? In order to understand how these clubs become successful, one must understand the importance of their mission statement, their clienteles, their resources, and be able to implement a strategic plan that will work--like the cost leadership strategy. As an intern for Club IT, the most important thing to remember is the owners’ mission statement. The mission statement is always a statement that is clear, consist, and straight to the point. The mission statement for Club IT is as follow: "We, Ruben and Lisa, offer you live music, DJ's, dance space and refreshments that suit your lifestyle. You are our friends, and we seek to build a community that meets regularly at Club IT" (Keys & Tejada, 2000). Here at Club IT, our main clientele are those amongst the community. We strive to connect with the community in an effort to understand their needs or want. There are numerous ways to connect to the community. In order to obtain the information on what people want or need, our main strategy is through word of mouth, flyers, or by ways of surveys. Word of mouth, flyers, or surveys is a great way to reach out to...
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...Acceptance of personal responsibility separates adults from children because it is the mark of the fully functioning individual. Responsibility goes with success and achievement. What is responsibility? According to the American Heritage Dictionary (2006) responsibility or responsible: having a capacity for moral decisions and therefore accountable; capable of rational thought or action. Responsibility has many meanings in many contexts. In laymen’s terms it is doing the right thing. Doing the right thing means living a life where every move or decision you make is all your own, and you do things that will not harm others. It is a moral belief that as individuals must behave ethically and be accountable, and be conscious of our decisions and the impact they have on society. Responsibility has an implied measure of trust. When someone holds you responsible for something, they are trusting you to do what you are supposed to. Responsibility is easily misplaced, when you lose someone’s trust, he or she does not see you as a responsible individual. According to the American political scientist, "Henry A. Kissinger Quote" (n.d.). “People think responsibility is hard to bear. It's not. I think that sometimes it is the absence of responsibility that is harder to bear. You have a great feeling of impotence” (para 1). As adult human beings we are have free will. If we make certain choices based on our free will, we must be willing to take responsibility for the effects...
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...paper will analyze the current structure of ING then provide different options in changing the current culture of ING. Analyzing ING’s Current Structure ING’s current organizational structure for the Asian market is unsystematic. A Chain of command was in place, but did not meet the needs of the organization. For example, “the IT manager in Thailand reported to the Thailand country manager, not to the regional IT manager” (Schotter, A., 2006). During off-site meetings Jacques Kemp, the chief executive officer (CEO) of ING, received consistent feedback about the operations in Asia/Pacific. The consensus was each country did not communicate effectively together and there was no clear operational structure. There were also no clear mission statements. Because of this there was a significant lack of understanding between business components. Changing the Current Structure As CEO of ING, the first change I would make is changing the current organizational structure by establishing a new organizational chart. I would recommend the geographical departmentalization model which groups jobs according to geographic region (Robbins & Coulter, 2012, p.267). The pluses to this model include: more effective and efficient handling of specific regional issues that arise and serves the needs of unique geographic markets better, with the negatives being duplication of functions and can feel isolated from other organizational areas (p. 267). In order to offset the negatives, revamping or consolidating...
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...offers a full range of financial services to a wide variety of clients. Vision Statement “We provide financial planning services through a national network of Adviser Practices staffed by qualified financial planners. Our advisers are dedicated to helping you to secure your financial future and achieve your lifestyle choices. We develop a deep understanding of your needs and risk profile before delivering tailored solutions to your wealth creation problems. Our goal is to work together with you on your journey over your lifetime. As one of Australia’s most respected financial planning groups, our Financial delivers unique and appropriate solutions for the creation and management of wealth.” Due to the fact that the company has not published a Vision Statement, the above passage has been taken off the WB website to analyse as such. As can be seen it is directed toward clients rather than at employees of the company but still gives a broad directional indication to managers of where to direct their operations. Overall as a vision statement the above does not provide the motivation and future direction that a properly worded vision statement can and is meant to provide. The vision is forward-looking and directional in that it gives employees an idea of what services they are to provide. It also delivers feasible objectives for employees to work towards. However, as a vision statement it is not memorable due to the fact that it is too long to be easily communicated...
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...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 competitive advantage will be achieved. The name of the company is Bella Boutique. Bella Boutique is a trendy fashion and accessory boutique. Bella, which means "beautiful" in Spanish, defines the concept of the boutique. Bella Boutique will carry a wide variety of contemporary clothing, accessories, shoes, and make up. Bella Boutique also offers free personal style advice, which includes and detail style assessment based on body type, skin color, style, and personality of the customer. The target customers of Bella Boutique are young adult women, including college, professional, modern girls. These girls enjoy shopping in a fun environment that offers trendy and affordable fashions with a superior personalized service. Bella Boutique will stand out...
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...Mission Statement vs. Vision Statement Every organization, in essence has some mission and vision, that are key factors in sustaining it in the business. Mission and vision statements give purpose to the firm in attaining a significant goal. Without a mission or a goal, it's impossible for any business entity to succeed in the long run. Comparison Mission statements are the main objectives of an organization. They inform the readers and customers about core values of your firm. They are like your business priorities, your methods and values of working that your firm will follow to achieve its objectives. Vision statements, on the other hand, are you long term goals that you have envisioned for the growth of your firm. Vision is your future and mission is your present, your reason for existence. Examples Some companies tend to use both the terms without any change in meaning. For example, Google's mission statement, as stated on their website is: "To organize the world's information and make it universally accessible." If we reflect upon the aforementioned statement, we will realize that it should indeed be the vision statement, because that is what Google ultimately aims to achieve- make search easier, faster and universally accessible. Similarly, if you go through the official website of Amazon, you will find that for the answer to the question, "Does Amazon have a Mission or Vision Statement?", their answer is, "Our vision is to be earth's most customer centric...
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