To: Steve Wilford
From: Daniel P. Carreon
Date: 27 March 2022
Subject: Paul's Discount Tires & Repairs Strategic Plan
Steve,
As requested, the answers to your questions and
review of Paul's Discount Tires & Repairs Strategic Plan are below.
A. What is wrong with the strategy?
This is a great foundational document; however, the strategic plan
should detail how Paul's Discount Tires & Repairs will succeed
(Saylor, 2012, p. 8). The first bullet is somewhat vague and repeats
commonly known information. As a result, it does not provide
significant value to the overall plan. This is an opportunity to convey
the organization's vision and mission to its stakeholders. The vision
statement should convey the company's broad, long-term goals or
aspirations with clear, concise, and easily understood language. The
mission statement describes what industry Paul's Discount Tires &
Repairs will compete in, how it will target a specific market segment,
differentiate itself, and inform stakeholders of its goals and overall
purpose (Saylor, 2012, p. 41).
B. What is right about this strategy? There is a lot that is right
about this strategy. It touches on several of the unconventional acts
of business strategy. First, it discusses how the organization will
achieve its objectives based on its culture and history. It also
commits to its identity as a discount retailer and service provider to
provide the lowest price discount tires and vehicle repairs, with
exceptional customer service and quality work (Leinwand & Mainardi,
2016, para 12).
C. 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? It is hard to predict the future. The
business environment is constantly changing. And although the
organization is currently the market leader in discount tires and
repairs, it should continuously identify and refine its competitive
advantage and define how to sustain it throughout the future
(Goldsmith, 2013, p. 15). Leadership can drive this within the
organization and foster buy-in from its internal stakeholders to realize
competitive advantage as part of its Strategic Plan (Goldsmith, 2013,
p. 16).
D. What is one thing we could do to improve on this strategy? To
improve Paul's Discount Tires & Repairs Strategic Plan, it should
create vision and mission statements that are supported by goals. A
strong vision statement is forward-looking and conveys the
organization's long-term goals and aspirations. In contrast, the mission
statement identifies the purpose of the organization. Goals are the
specific pathway to achieving the mission and vision. They should be
specific, measurable, aggressive, realistic, and time-bound, commonly
called SMART goals (Saylor, 2012, p. 42).
References:
Goldsmith, D. (2013). Rethinking the Company's Competitive
Advantage. Financial Executive, 29(6), 14- 17.
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
Saylor, (2012). Mastering Strategic Management.
https://resources.saylor.org/wwwresources/archived/site/textbooks/Maste
ring%20Strategic%20Management.pdf
