WK 1 & WK 5 DISCUSSIONS
WK 1 INITIAL POST (H. STINGLEY)
TO: Steve Wilford
FROM: Stingley
RE: Business Strategy Review
DATE: March 18th, 2021
A. What is wrong about this strategy? It is very general and non-specific. Although it vaguely defines the companies mission, It lacks strategic thinking and focuses more on maintaining and continuing current activities that the company is already doing. It does not necessarily implement strategic ideas in order to improve the company in the future. Strategic planning involves an articulated plan, consisting of mission, vision, goals, etc. (Virtual Strategist, 2012).
B. What is right about this strategy? The company is clearly committed to an identity. The mission is very clear, and our customers and employees know who we are and what we stand for (Leinward, 2016). It also incorporates competitive advantage by mentioning that the company will provide the lowest possible prices in each area of sale in comparison to other companies. It also mentions that the company will cut costs in order to overcome the hardships brought on by the current pandemic. It is important for us to have a high level of financial discipline in times like these, and to do so we must redirect our attention to the parts of the company that matter rather than the parts that don't. (Leinward, 2016).
C. We are the market leader in discount tires and repairs our city, indicating that we currently have a competitive advantage. Will we sustain it with this strategy? Yes, as long as the company stands by it's core values of providing the lowest price discount tires, vehicle repairs, and exceptional customer service. We will also need to have set goals in order to shape our future. If we can't shape our future, we run the risk of falling behind the competitors (Leinward, 2016). It is crucial for us to use business strategies in order to maintain that competitive advantage. We could do things such as coming up with innovative products and services or studying the competitors and monitoring market trends.
D. What is one thing we could do to improve on this strategy? We could improve this strategy by bringing in external market data such as what our customers think, what our competitors are doing, or what's happening in our industry in order to figure out what our strategic differentiation in the marketplace is (Virtual Strategist, 2012). With this strategy we could also incorporate goal setting and high-impact marketing.
References
What is Strategic Planning, Really? (2012). Youtube: Virtual Strategist. Retrieved from https://www.youtube.com/watch?v=mLJ34L5UW4E
Leinward, Paul. (2016) Creating a Strategy that Works. Strategy+Business. Retrieved from https://www.strategy-business.com/feature/Creating-a-Strategy-That-Works