Crafting and Executing Strategy
Take the Time and Time it Right Greetings Card Company
Strategic Management-BUS 599
Dr. Gary B. Shelton
July 15, 2012
What can a business professional implement that would help a company to be successful? In an effort for a company to be successful, business professionals should create and execute strategic planning models which outline specific results that are to be achieved and by establishing es a course of action for achieving them. In our current failing economy, business professionals are becoming more aware of the how challenges ing it is in to starting a business and remaining successful. ...view middle of the document...
41). A strategic plan depicts and provides specific results that are to be achieved and confirm a course of action for achieving them. Additionally, a strategic plan serves as a compass, pointing a company in the right directions. If a business has no definitive idea where it is headed, it will move without direction with priorities changing continually, and employees confuse - (switch) about the purpose of their jobs. Most importantly, based on analysis of domestic and global operating environments, market dynamic and internal capabilities, a strategic plan would be valuable to combat the threats that come from the effects of these entities. “ When companies develop explicit strategic plans, it can help them cope with industry and competitive conditions, combating the expected actions of the industry’s key players, and confront the challenges and issues that stand as obstacles to the company’s success” ( Thompson et al., 2010, p.41). Equally important, “a strategic plan would be invaluable to gain a competitive edge over our major competitors and maintain our prominent status within the industry” (Pophal, 2009). To this end, a strategic plan would be extremely essential to the success of Take the Time and Time it Right Greetings Card Company because it will enable us to accomplish the below goals:
(1) Establish a platform that will help to attain competitive planning.
(2) Conduct competitive and risk analysis, reviewing our competition.
(3) Ensure that our organization’s resources are deployed most efficiently.
(4) Promote continuous process improvement
(5) Adapt to meet the company’s changing needs and continue to provide a road map for the company into the future. (Raynor, 2007).
While establishing the company’s strategic plan, it is crucial to create a mission statement that would be essential for the company’s success. According to an article in Small Business (2012) “The purpose of a mission statement is to give a concise explanation of the business's reason for existing and its long-term goals”.
Take the Time and Time it Right Greeting Card Company is committed to providing vital products for customers who want to reach out and touch loves ones with a personal message. Our mission will be essential to the company’s success for several reasons. First, it will help us to establish customer loyalty, as we demonstrate that we are committed to going the extra mile for our customers. Second, Take the Time and Time it Right Greeting Cards Company will fulfill its’ mission statement of providing personalized greeting cards that provides a thoughtful message and salutation that fits any occasion. Ultimately, recognizing changing and innovative times, Take the Time and Time and Time it Right Greeting Cards Company mission is essential to the company’ success as it will enable us to demonstrate, position our product to command the market, and stay up to date on the major developments that we...