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Impact of climate change on automobile industry
Importance of strategic planning
Importance of strategic planning
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Recommended: Impact of climate change on automobile industry
Autozone is not immune to economic downturns. Any changes to the strategic plan would result on revenues for all parties involved. As mentioned previously, the effects of an economic reduction would result in an economic downturn. For example, high gas price and other increases in consumer responsibilities will result in vehicle product purchases decreased (Autozone, inc,2017). Autozone, inc provides strategic planning that may result in economic downturns. FoR this reason it is important that management is strategically flexible and reviews of strategic plan is required. Situational changes for weather conditions and other issues that occur out of the firm's control, once adjustments are made and normalcy occurs, sales would once again increase. …show more content…
Autozone capitalizes on the growing segment by increasing customer loyalty. Autozone makes all new hires undergo extensive training (Autozone, inc, 2017). The business would like to see every employee become knowledgeable of the company’s product in hopes that the employee provides that best customer retail services in the
... If U.S. auto manufacturing takes a down-turn, the U.S. economy will be negatively impacted and the demand for automobiles in the U.S will suffer.
The Auto Zone industry responded very well with change in its macroenvironment. According to Parnell, “macroenvironment is the general environment that affects all business firms in an industry and includes political-legal, economic, social, and technological forces” (Parnell, p. 93). Auto Zone industry did not have a tremendous downfall. The do-for-me business gave AutoZone gave an increase in the industry’s growth rate.
The single most important problem faced by Olympic rent a car is that other competitors, like Enterprise, are aggressively trying to become the leading car rental service by implementing a stronger rewards program. The primary cause of this problem is that Enterprise made a dollar based loyalty program, the fear is that Enterprise will capture more of a business traveler market and take away customers from Olympic. To address this problem the company should match Enterprises loyalty program incentives to target business customers, this will help Olympic stay relevant in the rental market and capture business customers.
The case study, `Will GM 's Strategic Plan Lead to Success,` is about how the company General Motors Co. Plans to overcome financial deficits, ensure growth within the company, and remain competitive in the automotive industry. To help with overcoming financial deficits, GM was apart of the bailout, which assisted GM in relieving themselves of almost $40 billion dollars of debt. This restructuring gave GM an advantage over other automakers. Most other automotive businesses, that did not participate in the bailout, still have billions of dollars of debt they must repay in addition to competing with its adversaries.(Kinicki & Williams, 2013). GM made many cutbacks to ensure growth within the company. The reduced the amount models that are in production. They have recognized that some changes need to be implemented with global production in order to remain ahead.
Strategic planning is crucial for the success of all business endeavors. Analyzing currents trends in technology, consumer markets, competition, and the workforce can play a pivotal part in whether or not the organization can survive. Overtime, strategic planning strategies must be modified in order to compensate for changes in the industry. Goals and strategic planning often necessitate change to ensure that the organization is performing at peak level, while offering the most beneficial and quality services to consumers.
As the nation was introduced into the current recession, the auto industry and its labor was likely hurt more than any other industry. Few years ago it was the homebuilding industry that was troubled the most and held the first place, but it gave that position over to the auto industry the following year. Why was this industry affected more than any other is very interesting and complex situation. There are several factors why there was such a huge negative impact on this industry, its performance, and the labor involved. Some of the major reasons are very high foreign competition, higher oil prices, and certainly the recession.
The assessment of opportunities and threats is the foundation upon which planners develop strategies. The Caterpillar case illustrates some of the problems associated with the identification of opportunities and threats, especially in a situation where previous successes are notable. Attempting to pattern long-term growth on the basis of previously valid assumptions is one of the classic dilemmas facing the strategic planner whether in consumer or organizational markets.
The economic recession was very difficult for NASCAR. Attendance at racing events deceased and sponsors left because of their own financial concerns. The biggest sponsorship hit came from the major U.S. automakers. Facing bankruptcy they could no longer afford to funnel in huge sponsorship dollars for NASCAR racing teams (Thomaselli, 2008). 75% of most racing team’s budget comes from sponsorship dollars. Over 70% of the teams drive a vehicle made a U.S. automaker which makes uncertainty around future competitiveness a concern. The recession had a big effect on NASCAR fans as well. Race cars fans could no longer afford the $91 ticket price for NASCAR events (Ferrell & Hartline, 2014). They are did not have as much discretionary spending to
Addressing the trials of operating in a continually changing environment and realizing forecasts can only
Growing sales through service: TP came up with new methods to satisfy customers. Furthermore, employees got trained on acting in customers favour.
Finding out what it takes to make your product or service stand out. Good coaches’ p ay a variety of rots in insuring customer retention and growth. At one major insurance company, for example, customer retention depends on the quality and sp d of service. Customers expect to deal with knowledgeable people who can make decisions on the spot. A reengineering team was formed to find s viral ways to improve the quality and speed of service delivery.
There are many responses that a company can have to troubling economic times. They can first weather the storm and survive. They can back up and get driven out of business, or they can grow. The economy has been in recession for many months. It is the job of our company to identify things that can help businesses to make it through these times and hopefully prosper.
Planning is an essential process in today’s organizations. Based on the three types of managers: top-level (strategic managers), middle-level (tactical managers), and frontline (operational managers), exist three corresponding levels of planning: strategic, tactical, and operational. The purpose of this essay is to focus on the strategic level of planning for the Ford Motor Company; a leader in the global automobile industry. Strategic planning, according to Bateman and Snell (2009), “involves making decisions about the organization’s long-term goals and strategies” (p. 137). This paper will elaborate on six key influential factors: economic, environmental, competition, foreign policy, domestic policy, and innovation; that shape this corporation’s strategic plan. Finally, a SWOTT analysis will be conducted covering the strengths, weaknesses, opportunities, threats, and trends, that the Ford Motor Company has in relation to its business environment.
“Training is the systematic acquisition of skills, rules, concepts, or attitudes that result in improved performance” (Goldstein & Ford, 2002). Pal’s Sudden Service has focused their hiring practices on hiring the right people first, providing the best training possible and reinforcing training everyday. The investment in training has much more to do with the company other than low errors, reduced customer wait times, which lead to high customer satisfaction. The focus on training reduces employee turnover. The costs of hiring and training new employees greatly reduces customer loyalty, both significantly will impact profit. The challenge, comprehend the training requirements, formulating who will train and how the process will be trained. The repeated success of a training program must be quantifiable and re enforced. An efficacious training program with continual re enforcement will pay strong dividends in business profit, employee satisfaction and customer loyalty.
The way that companies are keen to respond to changes in market conditions has to be carefully analysed, whereas the company must consider if the resource inputs are readily available, the mobility of workers, availability of stock room, if the production is at its full capacity as well as the production cycle.