You will need to choose 1 company and illustrate the following below. You will also need to comment on AT LEAST one of responses for full credit.
a) Your company’s strategic management plan including any planning, formulation, and implementation of the plan itself. You will need to provide a write-up and discuss the company’s strategic formulation and execution (whether it was successful or not).
Here is an example as we discussed in class about Target Corporation.
In 2017, Brian Cornell was announced as new CEO of Target and one of the first things that he did when he took over was to develop a new strategy for Target (as target did not compete well in the industry (stuck in the middle) versus Amazon (who dominates the online) and Walmart (who dominates physical retail).
Target unveiled a 7 year, $10 billion dollar strategic plan.
See article about plan here: https://corporate.target.com/article/2017/02/finan…
Also some other references:
The turnaround story of Target and its implementation of strategy is working –
As you can see the strategic planning set forth by Target leadership was very successful. The formulation of the vision targeted certain areas such as store design , technology, customer experience, and higher end products. All this implementation contributed to the turnaround of Target (2019/2020).
pls respond a paragraph this, you can write a similar answer.
The Company I chose is Zara, a brand inside the Spanish MNC Inditex. Zaraâ€™s strategic management plan is based on flexibility, speed and fair value. Zara has more than 2,000 stores worldwide, and its vision and long-term objectives are linked with those of the father company: Vision: â€œZara is committed to satisfying the desires of our customers. As a result, we pledge to continuously innovate our business to improve your experience. We promise to provide new designs made from quality materials that are affordableâ€. Long-term objectives: Save-energy, the eco-friend store: to reduce energy consumption; Produce less waste and recycle; Increasing awareness among the team members; Economical fabrics
Its strategic management plan is based on four elements: vertically integrated supply chain, in which 80-90% of production takes place in Europe – 50% in its headquarters in Spain. All the production is then sent to the headquarters for a quality check and is afterward distributed to each country where it owns stores. It focusses on Fast Fashion, designs are copies of high-end, luxury brands offered at an affordable price. It has great flexibility adapting to each country needs and fashion trends producing thousands of models every month, and continuously changing their offerings at the store â€“ fast changing collection. This is combined with few stock, it follows a demand based production that allows it to have very little inventory and so enjoy a cost-effective supply chain. These two techniques push customers to the store every short period of time. Stores play a key role; location is chosen very carefully with the aim of a direct communication strategy, normally selecting places with high human traffic in premium locations. The stores are brand-new and trendy offering an image of high-end shop, with very responsive employees. Finally, it applies a zero investment in marketing approach use only 0.3% of their revenue on advertising