Strategy Formulation and Processes
Please follow the key assignment outline, include the criteria and plot the perceptual map. Also, please compare three other restaurants that are competing with your chosen fast food industry.
Please add to the vision and mission statements. How are we taking the old vision and mission statements and making them our own. He wants elaborations on these too.
Understand strategic planning terminology, concepts, theories and models.
Develop the capacity to think strategically about a company, its business model and position within the industry, and the attainment of a competitive advantage.
Acquire skills in conducting strategy, developing strategic options, analyzing action alternatives, making strategic decisions, and effective policy and strategy implementation.
Develop the ability to manage the organizational process by which policies and strategies are formed.
Enhance the ability to create results-oriented action plans and effective business policy.
For this assignment, select a real company in the fast food industry.
You have just been hired by (your selected company) as its new vice president of strategic planning. The corporation’s performance in recent years as well as the changes with business and economic conditions will be a central focus of your new job.
Given the size of the corporation and the fact that it is in a highly competitive industry, the chief executive officer (CEO) to whom you report has already given you permission to hire a staff of recent Master of Business Administration (MBA) graduates to assist you in your efforts. You recently completed the interviewing and hired four people with minimal real business experience.
In coming months, you and your team will be creating a completely new—and, presumably, more effective—strategic plan. You plan to begin by holding a kick-off meeting with your team.
Length: 1,700–1,850 words
To feel confident that all of the employees in your strategic planning team understand all that you have taught them, you require each to prepare a streamlined version of the key elements of a strategic plan. You require each employee to prepare the following sections of a strategic plan for the corporation’s next 3-5 years:
— Mission and Vision Statements (Simply copying from an existing real company is unacceptable.)
— Specific, Measurable, Achievable, Realistic, and Time-Bound (SMART) Goals and Objectives
— Industry Analysis
— Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) Analysis
— A Perceptual Map
— Choose any criteria that you think are important to plot.
— Explain why you picked the criteria.
Your task is to create a plan, following the same parameters, which will be the sample standard that your employees’ submissions should match.