I have been using great clips for my company in this course and I actually worked
for them for a couple of years, so I am very familiar with there strategic planning.
They were very good at telling employees what their vision was and their mission. As
employees were knew what we needed to do and how to do it to accomplish this
plan. Their strategic plan was to send their employees to training and get us all on
the same track with our work. There wanted ask if their employees to be on the same
page as to how long it needed to take to complete our work and the long-term goals
were set in place and made known to the staff. There are various vital components to
consider when creating a strategic plan to help the organization examine its current
position, setbacks, where they want to go and achieve their goals. They include yearly
objectives, action plans, core values, long-term goals, SWOT analysis, and mission and
vision statement. Walmart introduced strategic initiatives that ensured that the business
remained the leading enterprise in the industry. One of the plans is to save money
that consists of components that the company follows to facilitate the money-saving
process. The details include price control, consumables, private label, integrated
communication, general selling, and administrative expenses. These components aim at
keeping the customers happy and renovate its stores. The other Walmart strategic plan
is to win, play and show. The enterprise focuses on gaining a market share, be the
leading enterprise in terms of price, value, and marketing of all new products. It also
aims at growing its services by balancing the outputs and the overall market
performance. Another Walmart initiative is fast, friendly, and clean. The company
wants to improve customer satisfaction, merchandise flow, sustainability, and supply
chain transformation. It adopted a cross-docking process to reduce operating costs,
increase output, reduce inventory levels and eliminate unnecessary handling and
storage of products. Walmart communicates the plans to its workforce, which is very
important since it drives employees into organizational success, improves their
engagement, motivation, productivity, and good relationship among workers and
subordinates. When we add up All factors to strategic planning . Which are vision
and mission statement. Scorecard report to see what is needed and what can be added
do be successful. Strategic plan is a necessary to create and layout of goals and
achievements needed to improve or increase company performance. Customer and
employee feedback also helps.Netflix uses more of and open model on running it
business . This allows employees to be more involve in the business planning .
Groups give discussion and feed back is taken in to consideration. When plans are
finally developed it is pass along and down proper channels . After it goes in to
effect it is always welcome feed back. Once thing a final and reviewed also proof of
concept it is then time for the new culture to be the norm. Strategic plan are meant
to improve operation and culture business structure if done right it push a business
over the edge and create over all improvement for the company. This is not an
overnight process but worth the investment. An exit strategy is a plan to determine
how certain outcomes will be handled in case things do not go as planned, or if
ownership of the business wants to be transferred to someone else. There are several
kinds of exit strategy ranging from selling the business, to total liquidation of assets.
A point to remember about exit strategies is that they are recommended to be put
together early on and updated as time and circumstances pass. Strategic planning is
very important when it comes to the growth of a company or organization. Some key
components I would consider is the vision and the values of the company.. a company
strategic plan also has to be based on the analysis of all the factors within. For every
assignment of this course, I chose Starbucks. Starbucks decided to improve their
coffee by using new products to try to improve their customer satisfaction’s. I think
that this will work if the quality of the coffee is better than what they have. I
personally do enjoy Starbucks coffee. However, the cost is still a little bit too pricey
for me to have often. One thing I would like to see in a new strategic plan with
them would be how to lower their cost for the customers. using their vision and their
mission knowing that they want to satisfy all their customers I would hope that they
could find a way to complete this. I do believe that Starbucks does do a good job of
communicating Within their work force. When figuring out and defining the scope of
a business strategic planning helps make long-term decisions. It assists with
determining what products to suspend and develop along with identifying the best
market niche that will be most profitable and productive. Most companies base their
strategic plan to be the best-quality maker or have an objective to have the largest
share/portion of the market. Implement a team that is based primarily on brainstorming
and planning and fully commit to the planning process. Organizations rely on their
mission and vision so that both the company’s strategy and objectives created moving
forward will support the goals. Creating a course of action is essentially creating a
timeline that will ensure that goals are met.
Starbucks is elevating its coffee by upgrading the quality with the launch of Clover
Vertica to uplift the customer’s experience. Moreover, they are devolving their
Starbucks Rewards program with new trial experiences and growing their retail
business. Starbucks has plans for participating in expanding intercontinental sectors as
it centers around focusing on data about customer behavior. Strategic planning is a
process in which leaders of an organization define their vision for the future and
identify their organization's goals and objectives. Strategic planning is important
because it helps guide the organization in the right direction to successfully meet its
goals.
The components I would consider necessary for creating a strategic plan is a good
and clear vision statement. The vision statement lays on the table the current and
future objectives of your business.
Another necessary component is your companies mission. The organizations mission
informs the actions of your organization by including details on what you accomplish
as a company. Other components that are necessary are short term goals and SWOT
analysis. The organizations short term goals should align with the vision and mission
statements of the company. These goals should be measurable, realistic and
communicated across the organization. The SWOT analysis is a tool used to identify
your companies strengths and weaknesses both internally and externally as well as any
opportunities and threats. SWOT also allows you to assess the company goals.The
company i chose to analyse is Tesla. Tesla uses the marketing mix or 4Ps (Product,
Place, Promotion & Price) for its company strategic planning. Tesla has a unique
approach to building its company culture which makes them a leader and innovator in
this area. They achieve this by skip level meetings, reducing meeting size, broad spans
of control and giving employees trust and responsibility. Strategic planning is a
process by which management works to achieve future success for the organization.
The vision, mission, goals and objectives, SWOT analysis, and implementation are all
critical for strategic planning.
Walt Disney started with a vision of becoming a worldwide entertainment producer
and has done precisely that up to now. Walt Disney has captivated our hearts for over
100 years of storytelling. I remember the emotions I had the first time I watched The
Lion King, the many times I have seen Cinderella, and all the different versions of
Cinderella. Disney’s mission has been to motivate each one of us to believe in
ourselves and achieve great things. We can see it in every movie that inspires us to
do better personally and professionally and that we can create new and exciting
possibilities for ourselves and others. I think Walt Disney is good at communicating
the strategic plan for the company to their workforce because if they weren’t, they
would not have lasted this long. When a company cannot express what it wants to
achieve and where it wants to be in 10 years, it will not advance. For example, last
year, a builder was remodeling houses but did not communicate directly with each
subcontractor about what he wanted. Instead, he sent his assistant. So, when a
subcontractor came to a point where someone had to make a decision, they would
have to ask the assistant. Unfortunately, the builder’s assistant and the builder could
not communicate effectively, resulting in the project being torn down. The
miscommunication cost the builder more than expected.
If this keeps happening to the builder, he will have no profit. A strategic plan is a
document that establishes the direction of an organization. It can be a single page or
fill up a binder, depending on the size and complexity of the business and work. The
basic elements of a strategic plan are vision, mission, SWOT analysis, core values,
goals, objectives, and action plans. A vision statement describes the way you envision
your business. As such, it should communicate that dream to your employees and
customers in an inspirational manner. A vision statement should be reviewed
continuously to ensure it is still aligned with the way you see your company. Apple
works with suppliers in 43 countries and six continents to make its products, and the
chain gets even more complicated when you break it down. I did some research and
Apple does offer great benefits to their employees as well. I think this is a large
company that should be able to treat their employees fairly. I think it has a lot of
benefits working for a company such as Apple in my opinion. While the business
operations framework is a continuous cycle in which each stage informs the next,
developing a strategic plan is the best place to start.
During the strategic planning process, an organization performs three steps:
1. Builds or modifies the foundational strategic vision and mission
2. Commits to goals that drive overall health
3. Develops a long-term plan to achieve the goals
A strong strategic plan positions the organization for success and clearly defines it at
every level.
A common mistake we see businesses make is starting tactical initiative execution
without first communicating and aligning on the goal. Skipping these important steps
can leave your organization without direction.
We are a purpose-driven company with a mission grounded in the human experience
as we seek to have a positive impact on both people and the planet, while profitably
growing our business,” said Johnson. “Over the past two years, we have further
streamlined the company, sharpened our focus on accelerating growth in our two lead
markets of the U.S. and China, and expanded our global reach through the Global
Coffee Alliance with Nestlé while increasing returns to all of our stakeholders.
Looking ahead, coffee remains a very large and attractive market that is growing
globally. We are focused on growing category share and believe Starbucks is better
positioned than ever for continued success. The components necessary for creating a
strategic plan are creating a vision, your mission statement, values, structure, and
culture. You must also understand the strengths and weaknesses as well as
opportunities and threats to your company.
Amazon is strong in innovation and they utilize their strengths by encouraging their
workforce to further their vertical as well as horizontal innovation. Being that their
company is an easily imitated platform, Amazon has to work twice as hard to keep
ahead of the competition. Using the workforce to bring in new ideas, trying to gain
and keep a global presence, being able reach a market that is not as tech savvy and
to keep up with the vision of being "The earths most customer-centric company" and
pushing home the idea that every day is the first day, Amazon has done a great job
of communicating the vision and the strategic plan of the company. From the
distribution centers to the brick-and-mortar and corporate offices as well. The training
and push to make Amazon even greater is always there while encouraging their
workforce to be more than just an employee, but to contribute to the company as if it
was their own. Several components are involved in developing a comprehensive
corporate strategy. The four most widely accepted key components of corporate
strategy are visioning, objective setting, resource allocation, and prioritization. (“Four
Key Components of Corporate Strategy”)
Apple uses product development as its main intensive strategy for growth. Product
development requires that the company develop attractive and profitable technology
products to grow Apple’s market share and business performance. (“Apple Inc.’s
Generic Strategy & Intensive Growth Strategies”)
Apple’s business strategy consists of the following four elements:
• Focus on product design and functionality.
• Strengthening Apple's ecosystem.
• Improving consumer service experience.
• Reducing the business's reliance on iPhone sales.
Apple’s business strategy can be classified as product differentiation. Specifically, the
multinational technology company differentiates its products and services based on
simple, yet attractive design and advanced functionality. (“Apple Business Strategy: a
brief overview - Research-Methodology”) First-mover advantage is another element of
Apple’s competitive advantage.
It also plans to build an important brand for customers by educating them about the
company and its products because Apple believes that it is important to build a strong
relationship between the company and customers to gain confidence with its
customers, as it offers many free workshops for people with a different. (“Apple
Company: Planning, Organizing, Leading And Controlling”) Throughout the years,
Apple has been known to hit the news media with well-organized press conferences to
launch its products or address any problems that may have arisen from its products.
The strategic planning is important factor to be in place when planning to start up a
business. The important part of the plan for strategic components is strategic thinking
consider the visioning, long-range planning with objective settings of mission
statement, and resource allocation with operational planning with goals and objectives
(Indeed Editorial Team, 2021). One example of strategic planning would be as simple
as starting a Kool-Aid stand in your front yard. Would you have considered how a
strategic planning for a Kool-Aid stand has a variety of characteristics in place.
Starting with short-term vision followed into a realistic goal with mission statement
declared and setting goals and objectives with a clear deadline. One strategic plan will
have the ability to experience changes or adapt as necessary for success. Teaching this
skill set potential is an element of career development in sales.
The chosen company in this course has been Airbnb. The components in the strategic
planning have done a good job of communicating and part of the company success.
The company supports many listings globally in almost 220 countries reported in
2020, giving their customers support with appeal to the traveler. The key to this
strategic planning is with the partnership with the host with the business plan of
giving them the ability to list a home, extra space, or rooms on the Airbnb website.
The host are part of the workforce for Airbnb alone with their own employees. The
employees presenting the vision and mission statements with ongoing training
experience. Also sharing experiences, presenting best living spaces, and communicating
the strategic plan including the outreach program. The main components that I would
consider will be a Vision and Values. I feel that the Vision is what you want to
accomplish for your company once you tell people your vision and it begins to come
to the past and you see it for yourself that it is amazing as well as other people will
see. The Values are how you act legally and ethically this to me is important it
allows people to see your integrity and character. My case Study Airbnb, Inc. when it
comes to their clients they have a mission to Belong Anywhere and they want to
create a company that when you are not traveling you have a place to live just like
home. I feel that they have done this with the company as a whole. They have over
1 billion clients globally and have created a company that when you are traveling you
have a place to live. They have an engineering team has its own science, they do not
have particular jobs, they have projects they work on, this is very good by itself
because sometimes you can be under stress. This under their values. This has to do
with every Framework matters. Strategic planning is identifying the business's mission,
goals, values, and operation. Everyone company should have a strategic plan if they
want the business to grow and be successful. Apple uses its mission, goals, and
values to build its strategy. Apple also uses vertical integration as a corporate
strategy for its company. This allows management to set and make goal-directed
actions to gain and sustain competitive advantage. Vertical integration is one of the
three dimensions of corporate strategy. zz Vertical integration asks the question of what
stage of the industry value chain the company should participate (Singh, 2023). The
value chain is the transformation of raw materials into goods and services. Apple
succeeded in the vertical model because it builds, controls, and manufactures all of its
hardware and software. Apple has increased its R&D budget to 16 billion dollars,
which accounts for 7.9% of total sales(Singh, 2023). Apple's strategy is on its
product design, and product function, strengthening its ecosystem, improving customer
service, and reducing the business's total reliance on iPhone sales. The construct of
strategic planning seems to vary in some cases. The basis however seems to keep the
focus of the person/s who are involved in the plan or company entity that has an
explanation to what it is actually set out to accomplish. The basis is the
accomplishment the company is driven to achieve. Vision, mission, and value are the
root of the success tree but not always adopted in the culture of the company. This is
presumed and not always fact or true to the ambitions the company may have. The
idea is to handle the strategic planning realistically. This can make this tool
misunderstood if there are no clear examples of what is needed to accomplish the
goals. The lack of vision and goal that needs to be meet are outdated can cause bad
habits. The lack of a sound foundation to the goal such as subjective information
rather than real information is another. There is no room for an opinion when the
objective should be factual. Follow-up research and evaluations can be costly if the
vision is blurred. This should always be a living document so it can be modified and
updated. They should be a laser focus. The company cannot be everything to everyone
so the visions and mission should focus have to be better that the competition. How
to be proactive when avoiding rick and leveraging opportunities. This should have a
flow from corporate planning to the business unit for goals and targets that need to be
met, to the performance of the employee's plan. Defining what strategy is can benefit
those who are unaware. The strategy should be clear. The lowest cost to the company.
The differentiation or uniqueness of the product to the market. The mergers and
acquisitions the company may have. The focus, the collaboration, the need to be first
to market. This all is what is strong in the strategic planning. This shows in Nike's
performance. Nike as a company show that it is operating in real time. The
uniqueness of its footwear and equipment speaks volumes. The act of creating these
items out of recycled materials is cutting edge. The collaboration between "Off
White", Dior, Tiffanys & Co has drawn others to attempt the same. The acquisition of
Converse has boost revenue from the iconic brand. This was not a takeover it was a
strategic planning and Nike has successfully laid a landscape and offered a blueprint.
In strategic planning, the components necessary for creating a strategic plan are
strategic leaders from the organization, a SWOT analysis, a vision statement, and
goals the organization is trying to achieve. My chosen company is GreatAmerica
Financial Services and they use all of these things in their strategic planning process
annually. Each year the business leaders block time outside of the office to spend two
days as a team going through their SWOT analysis and updating things that had
changed since the prior year. From there, they review the five year vision statement
and get centered what their long term goals are. Lastly, they brainstorm and list out
all the things that they are seeing as opportunities in their red ocean and identify blue
ocean opportunities to possibly go after. All of this is done to vote on the highest
prioritized items to enable them to achieve their goals. Once the objectives are
defined, action plans are created and front line team members are identified to join
the team and deliver. There are quarterly readouts to all employees to share and
emphasize what is being worked to help the company achieve goals and offer updates
and progress towards that achievement. I believe in strategic planning the components
that are necessary for creating a good strategic plan are SWOT analysis which provide
a company with a way to review their strength, weakness and how to achieve their
goals. Vision goals, which provides a way to see what the future will look like for
their business, a mission that is mainly their goals for the future. I chose Air BNB
and they are using the vision and mission statements to have their guest vacation
anywhere using Air BNB and create deep connections with the locals. They also focus
on SWOT analysis to see where they are lacking and how they can improve
themselves in the future. Air BNB is known almost worldwide and is the best
alternate lodgings for a vacation, it is cheaper than staying at a hotel for your
extended stay. It allows the guest to stay closer to the city and be able to mingle
freely with the person that lives there. Some of their weaknesses that they are
working on is the quality of some of the properties the hosts offer and an easier way
to find them I think that in strategic planning the components that are necessary
would be, A SWOT analysis, which we learned about in the last few weeks which
helps the company to learn their strengths and weaknesses, opportunities and threats.
A Vision statement because it provides a short summary highlighting what your
business with look like in the future. Goals and Objectives, short term and long-term
goals as they relate to your overall business vision. I choice Walt Disney for my
company and they have done some strategic reorganization with the company in 2005.
They are strategically positioning their business for the future creating a more
effective, global framework to serve consumers worldwide, increase growth and
maximize shareholder value. They had a goal of making media networks which we
now know that they have done with the Disney channel and also the Disney plus
streaming app. I'm not too sure how good of a job they do with commutating their
plan with the workforce I'm sure if you are part of the CEO or the people that are
high up that you know about their plans but I'm not too sure about the other people
that work for them. Strategic planning is a vital component for effective management
of an organization, and consideration of elements such as vision, goals among others,
will result in high productivity. Your strategic plan is the document that shapes the
specific activities you'll undertake to overcome the challenges you face on the way to
your goals. It spells out the logical steps you will take to lead you from the start to
the finish of your endeavor. SWOT are very important components in having a strong
strategic plan. My chosen company Netflix has been the leading streaming service for
years. Netflix is constantly striving to build its customer base by reaching more
countries around the globe. They keep and gain new customers by keeping a wide
array of movies and series available along with using customer preferences. Offering
new and recent releases of movies and tv series is another way to create new and
repeat customers. Netflix has started to implement cracking down on password sharing
among households. With their convenient options to stream making their services
available to use wherever whenever, stopping password sharing will push for new
accounts created by these users creating increased revenue. In the development of an
organizations strategic plan, it is necessary to evaluate all components to ensure the
alignment of your organizations culture, goals, and vision is considered. The plans
focus is to develop future growth and development within the operating elements of
the organization, to ensure that all areas of concern are encompassed within the plan
to alleviate the possible issues that may arise. The Tesla organization utilizes their
vision and culture to develop strategic plans for future growth into new markets while
developing new products for sustainability in the energy sector. I believe the Tesla
organization utilizes these tools incredibly well, the understanding the organization has
with internal development is something that sets them apart from others. Tesla
continues to innovate new technologies and ideas to promote positive growth and
sustainability while eliminating risks associated with the production of electric vehicles
and energy storage products. I believe that Tesla utilizes a strategic plan for internal
employees as well, the company promotes innovation within the organization as a way
to utilize the ideas of its employees to develop new technologies. This is something
that will continue to sustain Tesla with new products and ideas pushing them further
than other manufacturers and suppliers. When it comes to businesses formulating a
plan there's no better tool than strategic planning. In order to alleviate complexities
and minimize continued problems, it is important to follow the strategic planning
process and focus on elements that make up an effective strategic plan. The focus on
strategic planning process but here are some of the intensity of your planning process.
The essential elements you need to consider when carrying out your strategic plan is
vision, mission, short term goals, SWOT analysis, and most of long term goals and
annual objectives. These elements are crucial to understanding the problem at hand
and landscape in which you operate. By accounting fro each of these elements, you
are assuring the rest of your organization that you have looked deeply into the issue,
accounting for any issues or concerns that might be had. The main components of a
strategic plan is a vision of where it is headed, a set of performance targets, and a
strategy to achieve them. Which all these elements you can not go wrong. In strategic
planning all components are very necessary as the structure of the plan should be
based on the foundation of the culture which is created based on visions of
achievements within the organization. The strategy used at my chosen company is
directly sewn into dedication to employee consumer as well as the gratified outcome
of financial gains.
The methods used to endure strategic operations with successful monetary gains and
customer and employee relations. When it comes to communication, the organization
does very well with delivery to the workforce as through inner-organization programs
that interact with the employees with participative remedies.
The relationship the organization has with the employees are connected which is
greatly communicated through the active programs with employee and community as
well as overall environment. One such program such as Community Development
which involves employees volunteering within their community which helps strengthen
and improve organization status and achievements. Also as the organization is involved
in the communities with the employees there are also focus directly on employee
support programs such as occupational health that address psychological risks in the
workplace with focus on the welfare of employee at work and at home. The company
does a great job of communicating the plan to the workforce.
Strategic planning is needed for a company to continue to look at ways to grow and
improve their organization. A strategic plan helps an organization to function more
efficiently as a team as well become more collaborative and innovative. With the
constant changing of products, strategic planning is important to stay relevant and
maintain a competitive edge on the competition. Some of the components I feel are
necessary are knowing your strengths, weaknesses, opportunities, and threats. Netflix
has been the leading streaming services for years with sales boosting during the covid-
19 time frame. However, they have dropped from twenty-none percent to twenty
percent recently (Burch, S 2021,April 5). A strategic plan as how to attract and retain
current customers is important because losing customers and and not gaining new
customers will ultimately continue to effect their sales and revenue. Knowing what
their strengths are such as offering customers convenient ways to stream. As well as
offering a variety of movies and shows based on customers preference. Another
strategic planning that would be useful is knowing what the mission and vision is.
Netflix is strives to reach a broader audience outside of the US. Netflix expanded to
close to every major market outside of the US .As they expand, they are now
streamlining their streaming service by cracking down on households who share their
passwords. They are communicating their goal of building a solid relationship in the
streaming world. The components I would consider necessary for creating a strategic
plan in strategic planning would be the vision, mission, short term goals and long
term goals, and the SWOT analysis. Strategic planning is essential to businesses when
formulating a plan. It is very important to follow the strategic planning process. My
chosen company is Apple. Apple business strategy consist of elements such as
focusing on product design, strengthening Apple's ecosystem, improving consumer
service experience, and reducing the business's reliance on iPhone sales. Apple's vision
statement is "To make the best products on earth and to leave the world better than
we found it". Their mission is is to bring the best user experience to it's customers
through innovative hardware, software and services. Apple's short term goal is to
maintain supply and provide excellent service to customers. As far as their long term
goals they have a variety of those including opening more online and brick and
mortar stores. Apple has a comprehensive communication plan and they do a very
great job at communicating their plans to their workforce. Poor communication in an
organization can lead to a number of disastrous outcomes and it is in the best interest
of management and leadership to promote effective communication across all
departments. This said, is it possible that poor communication has become a scapegoat
term when things do not go right? I believe it is very possible to do just that. I have
been involved in projects that did not yield the expected results and the first reason
that was provided for the core reason was poor communication. After further
investigation, it was found that lack of communication had very little to do with the
problems. In some occasions, it was lack of documented processes to execute the
activities, in other cases, it was lack of required knowledge or skills in the workforce.
At the end of the day, communication was not the core issue with the project failure,
but that is not what was conveyed to corporate leadership.
Of course, one communication is blamed, you have the "expected" response from
leadership to establish and maintain proper communication, to increase the number of
meetings, or even worse...additional training!!! In the meantime, the core issue is not
identified and chances are that problems will arise later one. So what can we do?
First, I believe that as managers we need to assess whether or not lack of
communication was the real reason for failure. Talk to multiple staff members and
asked then what could have been better. Find out whether it is an existing process
that may be outdated, or lack of a process altogether. If the issue is identified and
corrected, then the organization will be in a better place.
