help with replies (4) due in 24 hours
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HowtoReply.docxHow to Reply - Substantive Replies:
Substantive replies to classmates are expected for this Discussion. That means that comments like "Great Post" or "I agree" will NOT count toward a substantive reply. A substantive reply MUST use support from course materials, which means APA citations and references. For this Discussion, you will reply to your classmates in this way:
Respond to your classmate's answer to question D: What is one thing we could do to improve this strategy? Discuss whether or not you feel this will improve the strategy for Paul's Discount Tires & Repairs. Support your claim with course materials. Note: do not repeat what you wrote in your initial post if your idea for part D is similar.
How Many Replies to Classmates?
Read the grading rubric carefully. The rubric points out the major criteria, including response frequency and timeliness, that will be used to grade this assignment. Note that you cannot earn maximum grades for the frequency of posting by responding to only 2 classmates. You are required to respond substantively to 4 classmates to maximize your grade in this area. (See explanation above about what "respond substantively" means in this class.)
AMBER’S POST:
From: Ms. Amber Scott
To: Mr. Steve Wilford
Subject: Paul’s Discount Tires and Repairs Strategic Plan
Date: August 19, 2022
1.
A. What is wrong with this strategy?
There is no real clear strategy here but to stay the course of what the company is doing now. That will not sustain you for long in the current financial environment. Stating they will stick to the core values of the company but not what those values are is vague. Outlining goals and implementing them in a way that they can be successfully achieved is the first step in the SMART business plan (Saylor.org, n.d., pg. 42). Working on an actual vision/mission statement for the company would give the employees and stockholders an idea of what direction the company is going in and how they plan to get there.
2.
B. What is right with this strategy?
One of the 5 “P’s” of strategy is the pattern (Saylor.org, n.d., pg 12, para 1), as in a pattern of behavior. Paul’s Tire and Repair shop has been doing this job for the city for over 21 years with a consistency that the city can depend on. Being able to maintain that culture is going to be a big benefit going forward to help alleviate the stress of the COVID pandemic. Being open and giving the public the service that they have come to depend on will keep them coming back to the shop to continue to do business.
3.
C. We are the leader in discount tires and repairs in our city, indicating that we currently have a competitive advantage. Will we sustain it with this strategy?
The unpredictable nature of the pandemic is such that it is unclear how long it will go on and what the length of its course is going to take on the clientele that we currently have in the city. By stating Paul’s will cut costs wherever necessary, this may also compromise the promise to continue serving the customer as it has done in the past. The cutting costs could be changing who we order parts from or laying off people. This will greatly impact the number of people Paul’s can service and how quickly or efficiently it can get them in and out the door in a timely fashion. If Paul’s were to cut product costs, will company be jeopardizing safety at that point? Another re-evaluation will need to take place if the pandemic goes for too long so that the company can regroup to move forward and provide the same quality of service the city has known us for.
4.
D. What is one thing we could do to improve on this strategy?
By utilizing the SMART (specific, measurable, aggressive, realistic, and time-bound) goals(Saylor.org, n.d., pg. 42), Paul’s Tire and Repair shop could develop and clear mission and vision statement that would give the company a direction to move towards. This would also give the company an opportunity to come up with a sustainable backup plan if the pandemic goes on for too long. Having a plan for moving forward and a backup plan will put the company steps ahead of the competition and ease some of the stress of what is going to happen next.
Saylor Academy. (n.d.). Retrieved August 20, 2022, from https://resources.saylor.org/wwwresources/archived/site/textbooks/Mastering%20Strategic%20Management.pdf
ANGELA’S POST:
Memorandum
To: Steve Wilford
From: Angela Wilkinson
RE: 10-year strategy
Date: August 19, 2022
It is important that there is a strategic plan in place and even more important that all members of the company understand and believe in the plan. Your questions have been addressed below for your consideration.
A. While this strategic plan considers several factors it is still rather vague and does not include any goals to determine if the plan is successful. It is important that goals are specific, measurable, aggressive, realistic, and time-bound so that employees know exactly what is expected and actual results can be compared to the plan (Chapter 2, 2014, p. 42-43).
It is also important to note that business is now more dynamic than ever and can change quickly based on competition, technology, and economy. While planning for ten years, it is important to understand that this plan will need to be reviewed and updated regularly based on both internal and external factors. One of the largest threats to success is complacency as it gives competition a chance to evolve in new ways and take over (Leinwand & Mainardi, 2016, para 26).
B. This plan considers what has made the company successful over the years and continues to use the positive identity (Leinwand & Mainardi, 2016, para 14). By committing to provide the same services with a focus on low prices, quality work, and high levels of customer service the company is sticking to what has worked. Especially in tough times, it is important to use resources to enhance capabilities and reinforce the aspects which give a competitive advantage.
C. Competitive advantage is created by understanding what elevates a company over competitors. This considers the strengths and weaknesses within the company and the external forces that affect the company and environment it operates in (Goldsmith, 2013, p. 17). Competitive advantage is a constant process and should be evaluated regularly. It should be adjusted as needed to meet the operational market and the current advantages and abilities of the company (Goldsmith, 2013, p.17). A competitive advantage today does not guarantee a competitive advantage tomorrow with the constant changes in competition, technology, and external market.
D. One change that could be made to the current plan is to include the employees. The employees are the ones selling products, offering services, and interacting with the customers so their satisfaction should be a priority. They directly impact all financial measures and customer satisfaction and influence the attitudes and behaviors displayed in the workplace. Ensuring they understand their job duties, the goals of the company, and their empowerment and limitations along with ensuring their training and a safe workplace will enhance their job satisfaction and promote innovation. Employees are a key part of success and should be included in any plan.
References
Chapter 2: Leading strategically. (2014). Mastering Strategic Management. The Saylor Foundation. https://leocontent.umgc.edu/content/dam/equella-content/bmgt495/Chapter2Leading_Strategically.pdf
Goldsmith, D. (2013, July/August). Rethinking the Company’s competitive advantage. Financial Executive. https://learn.umgc.edu/content/enforced/720091-001153-01-2228-OL1-6385/Rethinking%20the%20Company's%20Competitive%20Advantage.pdf?_&d2lSessionVal=mKCdaFcGZz95GHblImQb86uv7
Leinwand, P. & Mainardi, C. (2016, February 3). Creating a strategy that works. Strategy+Business. https://www.strategy-business.com/feature/Creating-a-Strategy-That-Works
ASHLEY’S POST:
TO: Steve Wilford
FROM: Ashley Mate
DATE: August 20, 2022
SUBJECT: Paul’s Discount Tires & Repairs Strategic Plan
Strategy is defined as a plan to create value, the way with which a company decides to process and analyze the value of their mission, is the methods with which strategy is applied (Harvard Business, 2022). It is exemplified in the ability to show the margins of profitability to a company’s capital. For Paul’s Tires Discount Tires & Repairs to show that their strategic plan is working, there are a few suggestions to bolster the existing plan under review.
· What is wrong with this strategy?
Strategy is a complex evolution within a company that spans many activities and processes within the company that coalesce into the strategic identity it employs to make the company profitable (Saylor Foundation, Ch. 1, P. 6, 2014).The Five P’s of Strategy are listed as plan, ploy, pattern, position, and perspective. The benefits of each are listed below:
Plan
A strategic plan to lead a company into the future, it is applied on a topical and individual level for members within the company, and the company at large.
Ploy
A specific moved that is designed to predict and outpace competitors to main the competitive edge of a company.
Pattern
The consistency of the adherence that a company employs following the the strategic plan.
Position
The P for Position stands for the standing of a company within its’ market for competitors. For Paul’s Tires & Repairs it is the companies offering the same services within the city it operates.
Perspective
It pertains to how upper management of a company perceives the competitive market with in which they operate.
(Saylor Foundation, Ch.1 p. 7, 2014).
In understanding the draft under review of the strategic plan, I can ascertain that the company is aligning itself to the strategy that most companies use to establish a market identity as well as how transparent it is for employees within the company can peruse it and understand its’ concise mission.
· What is right about this strategy?
A solid strategy plan encompasses the ideals of the company, as well as how the company sees their processes to push their competitive edge (Kryscynski, 2015). In a nutshell, from the draft crafted the company is looking to maintain affordability through being the competition’s most trustworthy option within the region, and the company is offering price matching that is unbeatable for the next decade. As a result, the ethos of the strategic plan is clearly defined and attainable through its’ existing mission. Paul’s Tires & Repairs is adhering to a clearly defined objective that is easy to achieve and is underscoring the need to achieve the same level of performance without sacrificing quality and cutting costs where achievable to make offset losses obtained through the covid crisis. The company is set to maintain their standard with their customers while finding ways to overcome covid related deficits.
· We are the market leader in discount tires and repairs in our city, indicating that we currently have a competitive advantage. Will we sustain it with this strategy?
As mentioned above, the drafted document appears to adhere to the Five. P’s of Strategy. Going one step further, additionally the company plan Strategy is used to underline the company’s status as a leader in their field in the region, and as such the company is banking on their reputation to maintain the level of trust their company has cultivated over 21 years in business. The importance of reputation in strategy is that it is an advantage, and they seek to continue the same level of service into the next decade (Goldsmith, p. 16, 2013).
· What is one thing we could do to improve on this strategy?
In strategy, to have the advantage over others in business is to know the value of your company’s services, and to ensure that its’ message is adhered to, especially in an established business, the company is trying to stay clear to its’ branding developed over two decades in service. By sticking to the tried and true methods they have been delivering to customers, the company is able to maintain their reliability (Goldsmith, p. 16, 2013). One way with which Paul’s can compound on their success would be to In order to have sustainable success, a company needs to have capabilities that are unique to their value proposition in the market that the differentiates themselves from that of their competitors (Leinwand and Mainardi, 2016). One way that Paul’s could ensure that they maintain that edge would be to invest in their technicians that perform the tire changes and minor repairs. Keeping them up to date on reasonable certifications and ASE’s improves their ability to offer services to their customers. Investing in human talent with current applicable education provides value to the individual employee as well reinforcing the reliability of the company.
References
Goldsmith, David. “Rethinking the Company's Competitive Advantage.” Financial Executive, 2013, pp. 14–17.
HarvardBusiness, director. What Is Strategy? It’s a Lot Simpler Than You Think. YouTube, YouTube, 23 Feb. 2022, https://www.youtube.com/watch?v=o7Ik1OB4TaE. Accessed 18 Aug. 2022.
Kryscynski, David. “What Is Strategy?” YouTube, YouTube, 5 Jan. 2015, https://www.youtube.com/watch?v=TD7WSLeQtVw.
Leinwand, Paul, and Cesare Mainardi. “Creating a Strategy That Works.” Strategy+Business, 3 Feb. 2016, https://www.strategy-business.com/feature/Creating-a-Strategy-That-Works.
Saylor Foundation. “Ch. 1 Mastering Strategy: Art and Science.” Saylor.org, 2014, https://leocontent.umgc.edu/content/dam/equella-content/bmgt495/Chapter_1Mastering_Strategy.pdf.
BERNARDO’S POST:
To: Steve Wilford, CEO
From: Bernardo Cortes
RE: Paul's Discount Tires & Repairs 10-year Strategic Plan Feedback
Date: 8/20/2022
1. What is wrong with the strategy? There is nothing wrong with this strategy, and the strategy meets the five unconventional business practices most successful businesses use. It commits to an identity, translates its strategy into every day with precision in mind, cuts the cost to grow stronger as required, and shapes its future using its core values (Paul & Cesare, n.d.). 2. What is right about this strategy? A well-defined strategic plan should clearly depict a company's current and future state by connecting its target and limitations. Paul's Discount Tires and Repairs based its strategic plan around the four key areas: competitive advantage "by providing the lowest price discount tires, vehicle repairs, exceptional customer service, and quality work," its cultural values to overcome the setbacks from the COVID Pandemic, cutting cost as required to provide growth, and their plans for the next ten years (Paul & Cesare, n.d.). 3. We are the market leader in discount tires and repairs in our city, indicating that we currently have a competitive advantage. Will we sustain it with this strategy? Since Paul's Discount Tires and Repairs is the market leader in discount tires and repairs in the city, the business will sustain its competitive advantage with its strategic plan. They are running their business using the five unconventional practices: They commit to identity through a value proposition by providing the lowest price for their service, having an excellent customer service system of distinctive capabilities, and a chosen portfolio of providing tires and minor repair services, translating their strategy into every day by having a ten-year plan of continuing service and providing quality work to their customers, putting their culture to work sticking to its core value which is rooted when the business first started—cutting costs as required to grow stronger, keeping their employees through challenging times, vice laying them off—shaping their future to overcome the setback from the COVID pandemic (Paul & Cesare, n.d.). This strategy is similar to one of Walmart's strategic plans "to save people money by providing low pricing (Edward, 2019). Nevertheless, being a market leader today does not mean they will always be a market leader if they are not finding ways to improve their services to maintain customer loyalty. 4. What is one thing we could do to improve on this strategy?
One thing they can do to improve their strategy is to include human capital. Investing in human capital will allow for employees' creativity, increase their satisfaction, and create better communication between employees as well as employees and customers. Step-by-step explanation.
The comments and suggestions to Paul's presented strategies are explained in the answer portion. The good points and areas for improvement are being pointed out as to how Paul will counteract the current effect of a pandemic on business. References:
Leinwand, P., & Mainardi, C. (2016, February 3). Creating a strategy that works. strategy+business. Retrieved August 20, 2022, from https://www.strategy-business.com/feature/Creating-a-Strategy-That-Works
Ferguson, E. (2022, June 18). Walmart's Mission Statement & Vision Statement, Generic & Intensive Growth Strategies. Panmore Institute. Retrieved August 20, 2022, from https://panmore.com/walmart-vision-mission-statement-intensive-generic-strategies
