Strategic Plan and Business Report

Assignment Requirements

 

• If you don’t want to follow the directions in this and the attached documents, read the supplied reading materials or reference the reading materials attached don’t take this assignment.
• I need PhD level content and writing at the Diamond level that answers and addresses every one of the tasks and each of the sub-tasks and bullets formatted in separate and distinctly labeled sections as shown in the supplied example document.
• I don’t need a title page, table of contents, bibliography or a long pointless introduction.
• Each of the items in the requirements section below must be followed
• The assignment in detail is explained in the “Assignment description” document supplied.
• Important Tips on how to complete the assignment and the required reading needed to successfully complete each section is outlined in the “Assignment – Tip Sheet” document supplied
• The criteria each of the sections of the paper will be evaluated against to be accepted is supplied in the document “Assignment evaluation criteria”
• All the needed reading material to complete the assignment and reference is included

General Instructions:

Assume that you are employed in a company providing service in a lodging, or retail trade industry. The president of your company has expressed concern about the company’s ability to remain competitive and has asked you to develop a program to improve the strategic management activities within the company. The president feels that the planning must be more sophisticated and should utilize the most current planning concepts. The entire organization must be more closely aligned to the company’s mission, and execution of the plan must be more effective.

You have been asked to develop a strategic plan for your company and a business report explaining the components of your plan by discussing the strategic management process and describing how the plan should be executed to achieve sustainable dominant competitive advantage.

*** The assignment is explained in detail in the “Assignment description” document supplied. The task has multiple sections and sub-sections. Each of which must be specifically labeled and addressed such as in the supplied example paper and per the detailed specifications outlined in the “Assignment description” and “Assignment – Tip Sheet” documents.

Key Points

• If you don’t want to follow the directions in this and the attached documents, read the supplied reading materials or reference the reading materials attached don’t take this assignment.
• I need PhD level content and writing at the Diamond level that answers and addresses every one of the tasks and each of the sub-tasks and bullets formatted in separate and distinctly labeled sections as shown in the supplied example document.
• I don’t need a title page, table of contents, bibliography or a long pointless introduction.
• Each of the items in the requirements section below must be followed
• The assignment in detail is explained in the “Assignment description” document supplied.
• Important Tips on how to complete the assignment and the required reading needed to successfully complete each section is outlined in the “Assignment – Tip Sheet” document supplied
• The criteria each of the sections of the paper will be evaluated against to be accepted is supplied in the document “Assignment evaluation criteria”
• All the needed reading material to complete the assignment and reference is included

 

 

General Instructions:

 

Assume that you are employed in a company providing service in a lodging, or retail trade industry. The president of your company has expressed concern about the company’s ability to remain competitive and has asked you to develop a program to improve the strategic management activities within the company. The president feels that the planning must be more sophisticated and should utilize the most current planning concepts. The entire organization must be more closely aligned to the company’s mission, and execution of the plan must be more effective.

You have been asked to develop a strategic plan for your company and a business report explaining the components of your plan by discussing the strategic management process and describing how the plan should be executed to achieve sustainable dominant competitive advantage.

 

*** The assignment is explained in detail in the “Assignment description” document supplied. The task has multiple sections and sub-sections. Each of which must be specifically labeled and addressed such as in the supplied example paper and per the detailed specifications outlined in the “Assignment description” and “Assignment – Tip Sheet” documents.

 

 

Requirements:

 

• The task has multiple sections and sub-sections. Each of which must be specifically labeled and addressed such as in the supplied example paper and the per the detailed specifications outlined in the “Assignment description” and “Assignment – Tip Sheet” documents. You must provide substantial articulation of response with good clarity, organization and mechanics.
• Minimize the amount of time or words consumed in introductory “fluff” or setup; the report should be focused on strategy and analysis. Don’t waste pages and/or words on unnecessary introductions.
• Charts, tables and/or graphs can be used to illustrate a point but should be used judiciously and not be over utilized or used unnecessarily.
• You can use a mix of references from the suggested source material listed below and internet based research with the majority of references coming from the suggested references list detailed below.
• The majority of any references used should come from the texts, articles and URL’s listed below in the suggested reference sources.
• For any references used outside of those supplied, use only texts published in the United States or websites based in the USA.
• There are additional supporting documents required for completion of this task. The documents are attached to this request as separate files in MS Word and PDF format.
• The additional source material attached separately must be reviewed and thoroughly and thoughtfully considered and addressed to meet the criteria for the report.
• No more than a combined maximum total of 18% of the paper can be directly quoted or closely paraphrased from sources, even if cited correctly.
• The paper will need to pass and an automated originality checking tool.
• Label each section of the paper including the sub-bullet points and put all of the content into those sections.
• The paper must flow in the order of the sections detailed in the task specifics below, labeled as outlined in the first bullet above.
• The paper must have all in-text citations and references in APA version 6 format with a references page attached.

 

Detailed Assignment:
*** The assignment is explained in detail in the “Assignment description” document supplied. The task has multiple sections and sub-sections. Each of which must be specifically labeled and addressed such as in the supplied example paper and per the detailed specifications outlined in the “Assignment description” and “Assignment – Tip Sheet” documents.

 

Hints, Tips & FAQ:

 

For any references used, please use the suggested sources from the suggested list below for this task as the majority references used. No non-USA foreign sources. Reading material is supplied.

 

Read the Requirements section and pay attention to the section labeling first bullet point for how to format the document

 

Perform the tasks and sub-tasks and answer all of the questions raised in the proper section as outlined in the detailed assignment section above. If that isn’t done the paper will be returned.

 

Some Required Source References:

 

• Kreitner, R. & Kinicki, A. (2010). Organizational behavior (9th Ed.). New York:

McGraw-Hill. IBSN-13: 9780073530451.

• Thompson, A., Strickland, A., III, & Gamble, J. (2012). Crafting and executing strategy (18th ed.). McGraw Hill. ISBN-13: 9781121154353.

Assignment required Sections – with required reading and questions to be addressed in each section

 

A1. Dominate Economic Factors/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 3 – 4

• Market size (Small markets don’t attract big fish)
  • Market
    • Size
    • Scope
    • Growth rate
    • Growth cycle
    • # & size of competitors
    • Distribution channels
    • Structure
      • Forward Integration
      • Backward Integration
• Scope of competitive rivalry
• Market/industry growth rate (life cycle)
  • Fast growth breeds new entry; slowdowns lead to increased competition.
• Number of rivals and their size
• Number of buyers and their size
• Level of backward and forward integration
• Technological change (rate and scope)
• Level of differentiation between firms’ products
• Opportunities for economies of scale
• Ease of entry and exit
• Capital requirements

 

A2 Driving Forces/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 3

1. Overall, are the factors driving change causing demand for the industry’s product to increase or decrease?
2. Is the collective impact of the drivers of change making competition more or less intense?
3. Will the combined impacts of the change drivers lead to higher of lower industry profitability?

• Common Driving Forces
• Changes in long term industry growth rate
• Changes in who buy the products and for what reason
• Product innovation
• Technological change
• Marketing innovation
• Increasing globalization
• Regulatory changes
• Changing societal concerns, attitudes and lifestyles

A2a: Provision/ To Complete – Must Read Crafting & Executing Strategy Text Chapter 3

Changes that affect the competitive forces may present opportunities or challenges for companies. Managing under these changes begins with analyzing and indentifying the drivers, assessing whether the drivers change make the industry more or less attractive, and determine what strategy changes are needed to compete.

• assess their impact on the industry (few are important, generally)

A3: Differentiating Competitive Characteristics/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 1 & 8  

To determine the two differentiating characteristics it is important to understand the competitive strength of the industry. What competitive forces are at work and how strong are they.

• The relative power of suppliers

o   Importance of component

o   Switching costs

o   Backward integration threats

o   Substitutes

• The relative power of buyers

o   Switching costs

o   % market share / size

o   # of suppliers

o   Product standardization

o   Potential for backward integration

 

There are many benefits that consumer value and look for when purchasing a product. Below are the most common ways to create differentiation:

Product features– a product that solves problems faster, or solves the same problem cheaper is worth paying more for. Hyundai has positioned itself as a car company that offers “more vehicle” for the money. It is important for the Brand Manager to establish what the cost/benefit ratio is before making the decision to add a product feature and use it as a differentiation element. If the overall cost is higher than the premium that can be charged for it this strategy is not worth pursuing.

Manufacturing process- how the product is made can be a great way to set your brand apart from competition. In today’s economy where most products have become commodities, the “secret ingredient” or “proprietary technology” can definitely make the difference. Lululemon®, a well-known Canadian manufacturer of yoga-inspired apparel, has built its success on the proprietary luon®, a fabric that provides shape retention and great stretching capabilities. The brand has basically become synonym with yoga apparel and dominates the segment against giants such as Nike and Adidas.

Performance– is another great product attribute that can be used to separate your brand from competition. BMW makes great use of this concept  by positioning their cars as “The ultimate driving machine.” Cervelo’s dedication to designing and building aerodynamic bikes is what helped the brand carve a distinctive niche in the super competitive race bike segment dominated by much bigger players such as Trek, Specialized and Giant. Their slogan, “Speed. Engineered.” is a great reflection of their philosophy.

Design– Attractive, unique product design is a very effective way to differentiate. Apple is constantly pursuing this strategy which reflects in the entire assortment, from iPods to MacBooks.

A3a: Strategic Group Mapping/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 3

A you tube video on group mapping: http://www.youtube.com/watch?v=sQMn9AUjAZ0

Once you have identified the competitive characteristics that differentiate your industry you need to map them into variables; price/quality range(high, medium, low), geographic coverage (Local, national, global, product-line breadth (wide, narrow), degree of service offered (no frills, limited, full), use of distribution channels (retail, wholesale, internet, multiple), degree of vertical integration (none, partial, full), and degree of diversification (none, some, considerable).

• _ STEP 1: Identify competitive characteristics that differentiate firms in an industry from

one another.

• _ STEP 2: Plot firms on a two-variable map using pairs of these differentiating

• _ STEP 3: Assign firms that fall in about the same strategy space to same strategic group
• _ STEP 4: Draw circles around each strategic group, making circles proportional to size

of group’s respective share of total industry sales.

 

A4: Success Factors/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 1

What factors are the most important? How will the company create a proactive and reactive strategy to address value, profit, and customer wants and needs? Those factors that a company may find important are technology, manufacturing or service capabilities, cost, location, patents, and logistics.

A5 Competitive Forces/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 3

1. Rivalry
2. New entrants
3. Substitute products
4. Supplier bargaining power
5. Buyer bargaining power

 

B1: Vision Statement/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 2

A vision statement should be distinctive and specific to a particular organization; avoid generic, feel-good statements. A winning vision provides organizations “where we are going and why”.

A strategic vision can usually be stated adequately in a sentence, it may also be one to two paragraphs.

Articulate a vivid and compelling case for where the company is headed. A vision is focused on the future strategic course or the direction the company is headed.

B2: Mission Statement/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 2

A mission statement describes the company’s current business and purpose. It addresses who we are, what we do, and why we are here.

The ideal mission statement sufficiently:

• Identifies the company’s product or service
• Specifies the buyer needs it seeks to satisfy
• Indentifies the customer groups or markets it is endeavoring to serve
• Specifies its approach to pleasing customers
• Provides the company its own identity

B3: Distinctive Competency/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 8

Explain the key success factors or competitive forces that your company will employ to compete in the industry. Explain the strategic elements, product attributes, operational approaches, resources, competitive capabilities that differentiate your company from competitors.

B4: Market Opportunity/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 4

Identify what the customer needs or wants. Plan how you will capitalize on that need or want.

B5: External Threats/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 4

Identify one external threat to your company. Threats can stem from cheaper or better technologies and processes. Rival’s may find the market highly profitable and enter to take market share. Threats may be moderate and pose little degree of adversity.

B5a: Threat Recommendation/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 4

Explain the company’s resource strengths as a foundation to combat threats. Discuss methods of training, compensation, team building, market analysis methods to meet customer wants & needs.

B6: Financial Objective/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 4

Explain the margins, revenues, and net profit available and how they will be measured. What is the objective margin, profit, or revenues should be discussed. Choose at least one.

B7: Strategic Objective/ To Complete – Must Read Crafting & Executing Strategy Text – Chapter 4

Discuss how the company will market control material, or set processes in place to drive strategic goals to meet the financial objective. How will it be measured, how will it be accomplished. Explain the how-to’s.

C1: Principle Managerial Objectives/ To Complete – Must Read Crafting & Executing Strategy Text –

Chapter 10 – 12

Break down the principle management objectives and explain how the company will achieve them in line with the culture and strategic objectives.

C2: Alignment / To Complete – Must Read Organizational Behavior Text – Chapter 8 – 9

Explain in detail how the company will provide adequate feedback to support the mission. Set goals in place to drive functions, job design, communication, collaboration methods that align to the company mission.

C3: Motivational Theories/ To Complete – Must Read Organizational Behavior Text – Chapter 8 – 9

Of the many motivation theories select 2 and what value do they bring in managing your organization. For example how goal setting increases the motivation of the employee, what is goal setting and why will it increase motivation.

C4: Organizational Considerations/ To Complete – Must Read Strategic Management Text Chapter 10

Learning Objective 4

¡  There are 5 key organizational considerations.

1. deciding which value chain activities to perform internally and which to outsource
2. making internally-performed, strategy-critical activities the main building blocks in the organizational structure
3. deciding how much authority to centralize and to decentralize
4. providing for cross-unit coordination
5. providing for collaboration with suppliers and strategic allies

 

C5: Organizational Characteristics/ To Complete – Must Read Organizational Behavior Text – Chapter 17

What kind of organization will you have, collaborative, empowered workforce, what is the communication process? Explain if you will have a learning organization with training and methods to improve. How will you create competencies? What kind of IT will you have?

C6: Corrective Adjustments / To Complete – Must Read Crafting & Executing Strategy Chapter 12

¡  How do they make corrective adjustments?

• Feedback
• Data gathering and analysis
• Promote the decision
• How do they adopt an agreed on decision?

 

Scenario:

Assume that you are employed in a company providing service in a lodging, or retail trade industry. The president of your company has expressed concern about the company’s ability to remain competitive and has asked you to develop a program to improve the strategic management activities within the company. The president feels that the planning must be more sophisticated and should utilize the most current planning concepts. The entire organization must be more closely aligned to the company’s mission, and execution of the plan must be more effective.

You have been asked to develop a strategic plan for your company and a business report explaining the components of your plan by discussing the strategic management process and describing how the plan should be executed to achieve sustainable dominant competitive advantage.

Task:

A.  Evaluate the industry environment for your company by doing the following:

1.  Discuss one dominant economic feature of your industry.

2.  Analyze the impact on industry profitability of the most significant force driving change in your industry.

a.  Explain how you plan to provide for that force in your strategic plan.

3.  Discuss two significant differentiating competitive characteristics of your industry.

a.  Analyze where you want your company situated on a strategic group map that you draw using these differentiating competitive characteristics.

Note: The discussion should include the map that you drew for the analysis.
4.  Evaluate two key factors that will impact your company’s success.

5.  Analyze the impact that each of the five types of competitive forces will have on competition in your industry.

 

B.  Develop a strategic plan for your company by doing the following:

1.  Develop an effective vision statement that fits your industry.

2.  Develop a mission statement.

3.  Develop a distinctive competency to distinguish your company from competitors.

4.  Describe an example how your company could capitalize on a market opportunity.

5.  Analyze one external threat to your company.

a.  Recommend actions to address the threat.

6.  Propose one business-level financial objective that fits your company and situation. Include the following in your proposal:

•  How you would measure achievement of the objective

•  A strategy for achieving the objective

7.  Propose one functional-level strategic objective that fits your company and situation. Include the following in your proposal:

•  How you would measure achievement of the objective

•  A strategy for achieving the objective

 

C.  Discuss how you would execute your company’s strategic plan by doing the following:

1.  Explain how each of the following 10 principal managerial components can be used in the strategy execution process.

•  Staff the organization with managers and employees capable of executing the strategy well.

•  Build the organizational capabilities required for successful strategy execution.

•  Create a strategy-supportive organizational structure.

•  Allocate sufficient budgetary (and other) resources to the strategy execution effort.

•  Institute policies and procedures that facilitate strategy execution.

•  Adopt best practices and business processes that drive continuous improvement in strategy execution activities.

•  Install information and operating systems that enable company personnel to carry out their strategic roles proficiently.

•  Tie rewards and incentives directly to the achievement of strategic and financial targets.

•  Instill a corporate culture that promotes good strategy execution.

•  Exercise the internal leadership needed to propel strategy implementation forward.

2.  Illustrate the actions you would take to closely align the entire company’s efforts to the company’s mission.

3.  Analyze how you could apply two theories of motivation that are proven to help individuals and teams achieve objectives.

4.  Discuss organizational considerations for structuring the work effort to successfully execute your strategic plan.

5.  Discuss current and emerging organizational characteristics that may contribute to successful execution of your strategic plan.

6.  Recommend an approach leaders should use to make corrective adjustments during your company’s strategy execution.

 

D.  When you use sources, include all in-text citations and references in APA 6 format.

 

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