I work part time for a non profit organization and I am trying to throw together ideas and I feel this may be the best way to go about it. However I don't have the time to answer these questions.
See the attached file.© BrainMass Inc. brainmass.com September 24, 2018, 3:42 pm ad1c9bdddf - https://brainmass.com/business/innovation-strategies/business-management-plan-421254
Please find guidelines and ideas for Strategic Management Plan for XYZ Retail Shop in the attached file.
Running Head: STRATEGIC MANAGEMENT PLAN
Strategic Management Plan for XYZ Retail Shop
Company Overview and Communication Process
XYZ a retail company operates in U.S is suffering from the effective strategic management plan to promote strategic leadership and major issues of the organization. The company is dealing with the household and cosmetic products etc. in group of chain at locations of U.S. The company' current market share is about 10% only and still there are lots of opportunities for the company to explore its business. The company has been lacking with the effective form of communication to properly communicate its strategic process to its employees.
In relation to this, there are different communication forms that can be used be by the company to effectively communicate its strategic management process to its employees. The best option for the company would be to use formal and informal communication to properly communicate its process to its employees (Hill & Jones, 2007). The formal communication would enhance the formal channel of communication through departmental meetings, conference, company news bulletins, special purpose publications etc. Through these formal communications organization would be better able to communicate its strategy to its employees through facilitating the habitual and identical information.
Again, it is important because it determines the effortless flow of information within the organization (Haines & McKinlay, 2007). At the same time, it will also ensure devotion of the managers towards the matter of utmost significance through bringing effectiveness to the way of communication. Other forms such as interpersonal would not be possible in context of an organization as it requires maximum effort to communicate each employee in organizations.
Product, Market, Technology and Mission Statement
The company offers wide range of low price quality household products to its customers throughout its chain. The products provided by the company are highly appreciated by the customers as their qualities are quite good in compare to other brands. The company also deals with the cosmetic products having good impact on the customers. The company is using warehouse and display merchandise to sell its products to its customers (Moore, 2005). The company is currently operating in North US, where it has targeted the middle income class people to maximize its business. The company has been very successful in the particular market as the people there want low price quality products.
At the same time, company is also using quality information system to support its business. All the information is being sent through mails regarding availability of stock to the head office. The warehouse is directly connected to stores of the company to provide information regarding the stock (Plunkett, 2007). It has also established an effective MIS to support with the information required for growth of the organization. The security system used by the organization is also very effective to eradicate the effect of theft of data and information.
The mission statement of XYZ Retail shop is to "provide low price quality products creating value for the customers through meeting their expectation to determine long-term relationship".
External Environmental Scan
There are different threats and opportunities for the organization that should be effectively managed to derive organization through success. Following is the environmental scan for XYZ Retail shop to identify their threats and opportunities:
Threat Key Trends
Changing economic forces The value of US Dollar is constantly decreasing that has affected the business also
Changes in technology Technical changes take place very rapidly in US. It changes like fashion that also affect the business organizations
Changing government policies The trends are somewhat in favor of the company as changes are likely to happen
Socio-cultural forces The socio-cultural forces in US is regarded as baby boom
New Entrance Increasing number of competitors creates problem for the company
Increasing competition Increasing competition in retail industry is a major problem for company
Increasing bargaining power of buyer Competition has made buyers superior
Market expansion The company has the opportunity to explore in other segments also
Continuous growth rate The trends shows the retail market in US is still having stable growth rate
Large business capture The retail industry in US is covering the maximum business i.e. of 12% of the total trade volume
The solution provides a business management plan.