CAREER CONECTION: Final Strategic Plan
CAREER CONNECTION: Final Strategic Plan Patricia Andrews Macejko BUS/475 Professor Juan Salazar June 6, 2016
1
CAREER CONECTION: Final Strategic Plan
2
Table of Contents Executive Summary
4
Strategic Plan Part 1: New Business Division; Vision, Mission, and Value Proposition
5
New Division
5
Customer Needs and Competitive Advantage
5
Competitive Advantage, Product Differentiation
6
Vision Statement
7
Alignment with Company Mission and Vision Through Strategic Direction
7
Guiding Principles and Values
8
Strategic Plan Part 2: SWOT Analysis
8
Legal / Regulatory Considerations
9
Internal Forces
10
Adaptation to Change
11
Supply Chain
11
SWOT Analysis
12
Hypothesis – Internal Environment
14
Strategic Plan Part 3: Balanced Scorecard and Communication Plan
15
Business Model and Strategic Plan Part 3
15
Balanced Scorecard
15
Shareholder Value or Financial Perspective
16
Customer Value Perspective
17
Balance Scorecard
18
Learning and Growth (Employee) Perspective
19
CAREER CONECTION: Final Strategic Plan Communication Plan
3 20
Strategic Plan Part 4: Strategies and Tactics
21
Marketing Strategies and Tactics
21
Information Technology Strategies and Tactics
22
Methods to Monitor and Control your Proposed Strategic Plan
22
Ethical Issues faced by the Organization
23
Legal and Regulatory Issues faced by the Organization
23
Corporate Social Responsibility
24
Corporate Citizenship
24
Possible Implications of the Triple Bottom Line
25
Conclusion
26
References
27
CAREER CONECTION: Final Strategic Plan
4
FablousKids Clothing Store Executive Summary Before any new business begins operations, they need to define who they are through their values; mission and vision statements as they develop their strategic operating plan. FablousKids Clothing Store is a new subdivision of an established and profitable franchise, Foxy Clothing Company. Once established, FablousKids Clothing will have a children’s line of clothing to compete in a highly competitive retail market. FablousKids Clothing is a new division of an established company, Foxy Clothing Company. The strategic plan supports the long-term decisions made by FablousKids Clothing Management; these plans are the core of our long-term business plan; as it incorporates our strategic objectives. FablousKids Clothing is a children’s specialty store offering affordable, trendy mix and match clothes for grades kindergarten through 9th grade. The key function of FablousKids Clothing is to advance the highest degree of customer satisfaction to all our clients, no matter their clothing preferences, traditional or trendy. Our marketing team plans to work with schools, parents and other organizations to ensure our line of children clothing meets all standards for grades kindergarten through 9th grade. Our management team believes parents should not have to worry about dressing their children in affordable trendy clothing. Through our networking we identified a feeling of belonging with their peers begin at an early age, that is why our clothing line will begin appropriate clothing for ages 5 through 16, (grades kindergarten through 9th grade). FablousKids will have personal shoppers available to assist parents and grandparents purchase age and school appropriate clothing. A client list will be maintained for each child with information about sizes, colors, and style each preference. This list will serve a twofold purpose; it provides FablousKids with an inventory list of merchandise to stock and will make it for
CAREER CONECTION: Final Strategic Plan
5
parents as they shop for clothing their children will want but also want to wear, reducing time and frustration by having desirable merchandise available. FablousKids Clothing Store - A New Division of an Existing Business Innovation and expansion are required to grow a business and avoid business stagnation. Foxy Clothing Store, the parent company of FablousKids Clothing, believe their adding a new line of clothing for the younger set would fit nicely into their overall plans for providing affordable, quality trendy clothing to the community. Successful expansion requires a sound business plan that incorporates the business vision, mission, values, and creativeness of Foxy Clothing Store but would include FablousKids Clothing Store as well. Management of Foxy Clothing Company and FablousKids Clothing believe their new line of clothing for the younger generation fits into their overall plan to continuously find ways of meeting and exceeding community needs, by providing this new demographic of children's clothes at affordable prices. New Division FabulousKids Clothing will be a new trendy, mix and match, low-priced children's clothing division of Foxy Clothing Company offering quality fashionable clothing at reasonable prices for the grade school and middle school children. This population has been largely overlooked in the fashion industry, but today this population has more buying leverage because of peer pressure. It is from this section of the population FablousKids will focus marketing advertisements featuring our slogan - Be Awesome Everyday – as the standard of our advertising. Customer Needs and Competitive Advantage. Describe how the division addresses customer needs and achieves competitive advantage. According to Barry Wilderman, (Wilderman) staying ahead of the competition is one way to meet client needs. Therefore, we plan to optimize our workforce on developing new children