Generic Strategic Planning
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As a newly promoted vice president (VP), your chief executive officer (CEO) has invited you to participate in this year's upcoming strategic planning session. You know that this will be high-level type planning versus the more routine type planning you have done in the past. To prepare for this, you have done some research and noted the generic strategies model (cost leadership, differentiation, and focus) in a lot of the strategic-planning literature.
Using the Generic Strategies model, complete the following requirements. Can you help me with this? I need at least 3 references and 800-900 words.
- Identify and describe 3 retail firms.
- Note which of the 3 broad strategies each firm seems to have chosen (low-cost producer, niche supplier, or differentiation strategy).
- Identify at least 2 specific tactics that each of the three employ to support your opinion of their method of competing.
- Do the tactics you cited seem to be working? On what evidence can you base your answer?
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Solution Summary
The answer to this problem explains Strategic Planning. The references related to the answer are also included.
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- Identify and describe 3 retail firms.
The first firm selected is Wal-Mart Stores Inc. This is a US corporation that runs a chain of discount departmental stores and warehouse stores. This company is the world's third largest corporation. It is also the biggest private employer. Currently, it also sells through its website.
The second firm selected is J.C. Penney Company, Inc. This is a chain of US department stores based in Texas. The company has 1,107 department stores in the US. It also operates a catalog business and several discount stores. The company also sells its products online. The company focuses on the exclusive shopping environment of its stores.
The third firm selected is Macy's. It is a chain of department stores. The company operates 800 stores in the US. It also operates 300 kiosks in store locations that sell consumer electronics. It is a fashion and luxury retailer. Macy's also retails online.
- Note which of the 3 broad strategies each firm seems to have chosen (low-cost producer, niche supplier, or differentiation strategy).
Wal-Mart has chosen the strategy of cost leadership. It sources its products from all over the world, purchases in bulk, and has developed a sophisticated supply chain. The result is that Wal-Mart is able to sell its products at low-prices. Wal-Mart has achieved cost leadership in retail because it has been able to purchase in large ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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