week 4
moqllint
part1.pptx
Market Entry Strategic Plan
Microsoft Office User (Office) - Please add your name, date, and class detail.
Beauty Inc.
A cosmetic company
Concentrates on skin care and make-up
Targeting middle-class women
Beauty Inc is a cosmetic company that in the personal care industry concentrating on skincare and make-up. In the current society, women are more conscious about how they look, and they are concentrating on making themselves look good and beautiful. Therefore, the company would leverage the changing attitude of women regarding their physical look and enter the skincare and make-up market segment. The company will be targeting middle-class women between the age of 18 and 65 years old.
2
Microsoft Office User (Office [2]) - You need an introductory slide such as an agenda, table of contents, or learning objectives slide.
Beauty Inc’s Vision and Mission statement
Vision statement
Become the first choice of women wishing to feel beautiful by offering quality and innovative skin care and make-up products and valuing stakeholders
Mission Statement
To meet the everyday needs for skin-care and make-up with innovative products that help women feel good, look beautiful, and get more out of life
The vision and mission statements are very important to any company. Vision and mission statement gives the company direction (Kirkpatrick, 2016; Ekpe et al., 2015). The company’s vision statement reflects on the Beauty Inc’s future aims, to become the first choice. This vision would guide the company in developing strategies and tactics to achieve the vision (Kirkpatrick, 2016). The company’s mission statement shows the kind of strategies Beauty Inc will employ to achieve the company’s vision (Ekpe et al., 2015). Thus, the company will focus on innovative products to meet the needs of women. This will require research and development to keep up with innovate products.
3
Microsoft Office User (Office [3]) - Start with a higher purpose & then link in a brief & memorable vision & a specific & measurable mission.
Beauty Inc’s values
Integrity
Respect
Transparency
Open-mindedness
Innovation
Responsibility
Integrity is an important value as it will enable the company to build and maintain trust and good relationships with the customers. The company will demonstrate high integrity from advertising, relationship with a business partner to respecting the country’s laws and regulations in the corporate world. Respect is another important value since our business affect people’s lives. This will entail making choices and decisions considering both our interests and those that our actions affect. The company will demonstrate high respect to customers, employees, and society in general. In regards to transparency, the company will always be truthful and able to give justification for decisions and actions.
Open-mindedness is another great value at Beauty Inc. Listening to the customers and being open to others together with their differences would enable the company to respond to differences in skin-care and make-up aspirations in the market. Innovation is critical since skin-care, and make-up segment required quality and innovative products. It is also a critical value in differentiating the company from others. With the growing concern on the impact of businesses on the community and environment, the company will demonstrate high levels of responsibility in its operations to contribute positively to society and protect the environment.
4
Microsoft Office User (Office [4]) - Nice & good level of detail.
Beauty Inc’s values and culture
The values shape the company’s culture
Represents the company’s guiding principles
A base for making decisions
Values cultivate behavior
Beauty Inc’s values are important in driving the company’s culture. These values present the company’s guiding principles and thus guiding the company’s priorities and actions. In strategic plans, values are critical since they drive intent and direction. Also, these values form a foundation upon which the decisions of the company are founded. Besides values cultivates behavior. Therefore, Beauty Inc’s values would cultivate the behavior of the company and thus cultivate its culture.
5
Beauty Inc’s culture
Innovation and risk taking
Quality oriented
People-oriented
Attention to details
According to (Schein, 2010), organizational culture entails the collective programming of the mind distinguishing organization’s members from others and it consists of values, systems, language, beliefs, and habits. Strong organizational culture is a source of competitive advantage for an organization. For Beauty Inc, innovation and risk-taking, quality oriented, people-oriented, aggressiveness, and attention to details would be a strong organizational culture. An innovative and risk-taking culture would encourage the company to engage in extensive innovation and take risks of innovation, and this would ensure the effectiveness of processes and high-quality products. Additionally, quality-oriented culture would ensure quality products at all times and thus build the company’s image. People-oriented culture would ensure Beauty Inc ‘s decisions, and actions take into account the outcome effects on people in the company and members of the society in general. Attention to details culture would ensure that the systems, processes and employees in the company focus on even tiny details to ensure high customer service and meeting customer needs and expectations.
6
Microsoft Office User (Office [5]) - Very good.
Beauty Inc’s competitive advantage
Differentiation
Innovation
Marketing capabilities
Brand image
Differentiation emphasizes the attributes of the company’s products which stand out from the competitors (Ouma & Oloko, 2015). Beauty Inc would achieve a competitive advantage by differentiating its skin-care and makeup products from the rest of the competitors. Innovation is also another way that the company would achieve a competitive product (Ehmke, 2008). By engaging in extensive research and development, the company would develop unique, innovative and quality products to stand out in the market.
Great marketing is important for competitive advantage. By engaging in extensive and great marketing campaigns would help the company engage with the customers better and hence creating company awareness and positive image (Ehmke, 2008). Additionally, through building a brand image, the company would be able to leverage the benefits of a positive and extensive brand image. A loved brand means more customers and thus a competitive advantage.
7
Microsoft Office User (Office [6]) - Will these actions sustain your differentiation? If so, how?
References
Ehmke, C. (2008). Strategies for competitive advantage. Niche Markets: Assessment and Strategy Development for Agriculture, 08-13. http://rozup.ir/up/paper/paper/2/Strategies_for_Competitive_Advantage_Cole_Ehmke_M_S.pdf
Ekpe, E. O., Eneh, S. I., & Inyang, B. J. (2015). Leveraging organizational performance through effective mission statement. International Business Research, 8(9), 135.
Jones, G. R., & Jones, G. R. (2013). Organizational theory, design, and change. Upper Saddle River, NJ: Pearson.
Kirkpatrick, S. A. (2016). Build a better vision statement: Extending research with practical advice. Rowman & Littlefield
Ouma, G., & Oloko, M. (2015). The relationship between Porter’s generic strategies and competitive advantage. International Journal of Economics, Commerce and Management, III, 6, 1058-1092.
Schein, E. H. (2010). Organizational culture and leadership (Vol. 2). John Wiley & Sons.
8
Microsoft Office User (Office [7]) -
