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Career Connection: Values and Strategy Paper

Career Connection: Values and Strategy Paper

In this report, you will read about a potential start-up company that will potentially move from idea stage to a physical stage in the future. The start-up is of fast food origin and has the potential to be something great. Over the course of six weeks, these reports will look in debt to this potential start-up venture while highlighting along the way some of the process to consider, strategies to take while understanding what challenges may arise. The idea of this report is to make sure that the right decisions are made while minimizing any mistakes that can occur. In addressing these concerns, this report will review the major components of the strategic management process and how those components work together in value creation for the organization. This report will review the company’s mission and vision statements/ motivation, innovation, and people strategy. Lastly this report will describe the role for ethics and corporate social responsibility in the strategic planning process.

As an entrepreneur, starting this fast food business begins with putting together a process that lays the foundation for creating an idea into reality. Such a process starts from the strategic management plan. The term strategic management plan according to (Hitt, Ireland & Hoskisson) states, “is the full set of commitment, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns” (2015). This is a repeated process that reviews the company and industry in which the company is occupied in. When strategy management reviews a competitor, it’s looking to strategize the current goals to meet the future goals against competitor’s and then reassess the strategy over time. For an individual or a group that is striving for success, it can reduce the possibility for a downfall for a company as it will meet the environment of the most recent competitive landscape. The major components for strategic management process focus on environmental analysis, the formulation of strategy, the implementation of the strategy, and evaluation of the strategy.

The major components for strategy management plan (environmental analysis, the formulation of strategy, the implementation of the strategy, and evaluation of the strategy) provides an framework for an existing business or a new start-up, each component is critical in the strategic plan that a business puts forth. For instance, environmental analysis is a process for the collection, for scrutinizing as-well-as presenting data for strategizing intentions. It helps with evaluating an internal and external circumstances that effects a company. Once the environmental scanning has been executed, the company’s management team will be able to evaluate the analysis on a continuous basis and strive to make improvements as needed.

Formulation of strategy is a measure in the decision on the best path a company should take in accomplishing the organizations objectives thus achieving the purpose of the organization. After carrying out the environment analysis, the management team will put together a strategy for the company to follow.

Implementation of the strategy is a measure that entails building a company’s strategy to perform as envisioned or committing the picked strategy into motion. This strategy involves forming the structure of the company’s, the distribution of supplies, the development for a administrative process, which includes human resource managing.

Evaluation strategy is the last procedure for the strategy management plan. This strategy contains the opinion for internal factors as well as external factors for the source of current strategy or corrective actions to be taken forward. This measure ensures that a company plan has execution, are meeting company objectives. Each of the elements are progressions that handle things sequential order, in developing a new management strategy plan. Current companies whom already have a strategy plan in place, typically go back to these measures depending on the situation requirement, in making any or all necessary changes to the plan.

“Without a strategy, an organization is like a ship without a rudder, going around in circles”. (Joel Ross and Michael Kami) A company can have employees, plenty resources and energy, but if it lacks a clear and captivating vision of where it will head, then it certainly struggles. Procedures for company strategies are designed to avoid such a situation, and to help manage a company to move efficiently toward their goals. Thus, is the case for the start-up fast food restaurant. The vision statement is focused on being the best within its industry for taste, quality, and customer satisfaction. Often these are some of the basic components that can drive a restaurant business into the ground. Customers want to feel that the restaurant is providing authentic food whether it’s a fast food chain or not. If the company isn’t meeting the needs of the consumer, then chances are they will fail.

The role of ethics and corporate social responsibility in strategic planning for a start-up business is key. They (ethics and corporate social responsibility) involve learning the right and wrong in business, but making sure that as the manager of the business, they are doing the right thing. The fast food company within its vision, is aligned to that of the owner. In starting a business, the owner of the company is responsible for making sure all regulations are met, that all certifications have been obtained, that every inch of the property, is safe for customers in every way. The owner must manage ethics within the workplace amongst staff, develop a code of ethics, and develop a code of conduct. This provides a foundation for employee’s and management to understand what is right and wrong in the workplace and how to conduct themselves.

In closing, the purpose of this report was to discuss several key items for a potential start-up company that will potentially move from idea stage to a physical stage in the future. This report reviewed the major components of the strategic management process which are Environmental Scanning, Strategy Formulation, Strategy Implementation, Strategy Evaluation and understand that these components work together as they do because it (strategic management process) is an ongoing process that is continually reevaluated an updated as needed. This report also reviewed the company’s mission and vision statements/ motivation, innovation, and people strategy. Since this is a new start-up company, the focus was on the vision that the fast food restaurant has while indicating that such basic principles can make or break a business. Lastly this report described what steps the manager must take in the role for ethics and corporate social responsibility in the strategic planning process.

Reference

Hitt, M.A., Ireland, R.D., & Hoskisson, R.E. (2015). Strategic management: Competitiveness and globalization (11th ed). Stamford, CT: Cengage