Wk2 Individual Paper Bus/475

Topics: Strategic management, Customer, Strategic planning Pages: 4 (1228 words) Published: June 24, 2013
Strategic Plan, Part 1: Conceptualizing a Business

Strategic planning for the purpose of developing a business is vital. In my opinion, a strong vision, mission, and values make up the foundation that is required to build a successful business. This paper will introduce the business selected in week two and will explain the importance of the selected business’s vision, mission, and values as they correspond in determining a strategic direction. The created vision for this organization will clearly demonstrate the future plans for the business. The guiding principles or values for the selected business considering the topics of culture, social responsibility, and ethics will be defined. Next, an analytical overview of how the vision, mission, and values guide the organization’s strategic direction will be discussed. Finally, an evaluation of how the organization addresses customer needs and critiques how the business achieves competitive advantage will be performed. When selecting a business these planning processes are important and will help define what direction the business is going in for success.

The first objective in strategically planning a business is to have a vision. As stated by BusinessDictionary.com, a Vision Statement is: “An aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future. It is intended to serves as a clear guide for choosing current and future courses of action.” The vision for the company is to be like Wal-Mart, a one-stop shop. I envision the hair salon to become a unisex salon, spa, and barber shop. The vision is for a person to come in and get his or her hair, nails and skin care, while having the option to purchase professional hair and beauty products at a fair and reasonable price. The vision is to incorporate a boutique where not only can people get pampered but can also buy a nice outfit to complete their look. The motto is, “We keep you neat from your...

References: Vision Statement. 2013. Businessdictionary.com. Retrieved June 3, 2013, from http://www.businessdictionary.com/definition/vision-statement.html
Pearce, J. & Robinson, R. (2009). Strategic Management: Formulation, implementation, and control (11th ed.). New York, NY: Mcgraw-Hill.
Fulbright, J. (2004). How to Start a Hair and Salon Business. Retrieved June 4, 2013, from http://www.powerhomebiz.com/vol130/hairsalon.htm
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