Assignment #1 –Crafting and Executing Strategy
BUS 599-Strategic Management
July 14, 2013
In business there are several key strategies and planning roles that are usually standard guidelines or practices that are used to develop a well organized profitable organization. However unlike other functional responsibilities such as sales, marketing, finance, or manufacturing the strategic planning role does not have a sharply defined identity (Thompson, Strickland & Gamble, 2009). Although, in my opinion, strategic planning is inevitably one of the most important key ingredients needed for the growth and overall success of a company. Likewise, this paper will develop an argument supporting the importance of a strategic plan for the success of the defined business and the author will create a mission statement for the company explaining how the mission will be essential to the company’s success. Then the writer will also create a vision statement for the company explaining how the vision statement supports the company’s mission as well as establish five (5) key objectives for the company encompassing operational, financial, and human resource aspects of the business and justify why each of these objectives is essential to the success of the business. In addition, the writer will justify how the five (5) key objectives established support the mission and vision statements of the company as defined in the assignment and lastly the author will conclude the paper. Importance of a strategic plan for the success of the defined business FruitSy TrendS is a specialty grocery store that provides a service through their product line of fruit only to surrounding fruitarians and fruit purchasers on the east coast in the boros of New York City. FruitSy TrendS is not the average grocery store or a typical fruit stand found in New York City but it is a store that has the largest variety of fruit in a grocery store because it’s only product is fruit, fruit, and more fruit (International Fruit and Vegetable Alliance, 2011). FruitSy TrendS is a store that has been created to enhance the grocery store experience for shoppers who appreciate the availability of fresh fruit in every season of the year. As a result, a solid strategic plan must be in place in order for a store like this to thrive in our economy simply because the crafting of a strategy represents a managerial commitment to pursue a particular set of actions in growing the business, attracting and pleasing customers as well as achieving successful competition in the market (Thompson, Strickland & Gamble, 2009). Overall the company’s strategic plan helps to identify its competitive moves and business approaches that managers will employ to grow the business over time and plans to conduct operations as well as how to achieve targeted levels of organizational performance. According to Thompson, Strickland & Gamble (2009), a key element to making a successful strategy is to come up with one or more strategy elements that act as a magnet to draw customers and that produce a lasting competitive edge over rivals. Create a mission statement for the company how is the mission essential to the company’s success Mission statements can be wildly different from one company to the next and it’s at the organizations discretion if they want it to reflect its short-term goals or its long-term aspirations. Ideally, a company’s mission statement should to convey the value of the company or why the brand exists, inspire and encourage employees, sound completely reasonable and plausible, as well as very specific and relevant as possible. Consequently, a clear mission statement should be descriptive and identify the company’s products and services with a solid explanation of who they are within their industry. Therefore, The mission of FruitSy TrendS is to provide fresh fruit daily to customers in the New York City area at affordable prices. We...
References: Thompson, A. A., Strickland, Dr. A. J. & Gamble, J. E (2009) Taken From: Crafting & Executing Strategy, Custom Edition.
Entrepreneur Media, Inc. Retrieved from research.
http://www.entrepreneur.com/encyclopedia/term/82498.html July 2011.
Envision Online Media Inc. International Fruit and Vegetable Alliance. 16 July 2011-2005
Retrieved from research. http://www.ifava.org
Iacobucci, Dawn. Marketing Management. 2010 (Custom Edition). Cengage Learning.
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