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Importance of business planning for the survival of the firm
Importance of business plan
Importance of planning in an organization
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In any retail operation or company, planning is a very important factor for the success of any endeavor in that it involves the actual anticipation and organization of what needs to be done and how it should be done to reach an objective.(Retailing, pg.40) Strategic planning involves a company or firm to adapt its resources to the actual opportunities and possible threats of the ever-changing retail environment, and, if used properly, a good strategic plan can help retailers achieve and maintain a beneficial balance of its resources and possible opportunities to come. There are, in fact, four major components in proper strategic planning that could assists any retailing company in achieving their goals which are to develop a mission statement, define specific goals and/or objectives, identification and analysis, and to develop a basic strategy. (Retailing, pg.42) I aim to determine, analyze, and document how a fast-paced, up-and-coming retail establishment by the name of Citi Trends, which is a fast-growing, value-priced retailer of urban-style fashion accessories and apparel chain store for today’s urban families, implements these particular strategic planning techniques into their operations management and business objectives.
Citi Trend’s mission statement is as follows, “Citi Trends is the go-to place for incredibly low-priced, real urban brands and urban-style fashion for the whole family. You'll find Rocawear, Apple Bottoms, Coogi, Dereon, Akademiks, Mecca, Baby Phat, Ed Hardy and more for up to 60% off mall prices. As of this minute, we have over 480 stores in 27 states.
As of May 2005 Citi Trends became a publicly traded company on the Nasdaq exchange with the symbol CTRN. Citi Trends' headquarters are located in hi...
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...ring that their customers gain efficient circulation through their merchandise. (Retailing, pg.498) This type of environment is ideal for Citi Trends in that it provokes customers to wish to browse, and Citi Trends has strategically placed signs to provide its customers with cues as to where each department begins and ends.
Citi Trends has been in the apparel retail business for over 58 years now with over 480 stores operating throughout 27 states in the United States. They have proven that they know how to adapt resources to their opportunities and are aware of and handle any and all possible threats to its company’s objectives. With their good strategic plan they were able to adapt to an ever changing retail environment to be able to achieve and maintain a certain balance of its resources; thus positioning themselves for accelerated and profitable growth.
Macy’s intended to deliver enhanced shopping experiences to its consumers through dynamic department stores and online sites. In this regard, the company developed a North Star strategy that allows it to improve its sales growth and to develop its existing core activities. The company’s consumer research monitors, analyze and anticipate their needs and wants based on the changing market trends. This allows it to strengthen its customer base and also helps it in identifying new markets and customers. Macy’s also identifies different styles and designs based on various occasions and events that allow it to capture the changing preferences of its customers. The company also celebrates various iconic events to interact with its customers which
Background Information In implementing a strategic plan for Coastal Medical Center, our consulting team has conducted many analyses and formed numerous strategies in order for Coastal Medical Center to be successful. Such assessments include an internal analysis, external analysis, gap analysis, and SWOT analysis. In conducting these analyses, our consulting team was able to better understand the internal environment, external environment, where the organization currently stands in terms of performance, and the major strengths, weaknesses, opportunities and threats that oppose the Coastal Medical Center. From our inquiry, we will be able to establish a strategic plan that best fits the organization’s needs.
Since the 1970’s Urban Outfitters INC. has produced a wide selection of clothing brands for the younger generation. Urban Outfitters INC. includes Free People, BHLDN, Anthropologie, Terrain and Urban Outfitters. The beginning of Urban Outfitters INC. started out in Philadelphia for college students, their fun loving affordable clothing appealed to students who were living under a college budget. It’s known for its “hipster” and “free thinking” clothing that would appeal to the younger generation. However in present day it seems as if the original purpose of Urban Outfitters INC. has been lost. The prices of clothing at Urban Outfitters and at their sister stores has increased drastically to where college students can barely afford it. Throughout the recent years Urban Outfitters INC. has found itself in multiple issues that effects the sales of their stores. For instance being reprimanded for their designs, being sued for stolen designs and having a president who supports anti-gay polictians. Considering all the negative aspects to Urban Outfitters and the loss of their traditional purpose Americans should not support Urban Outfitters Inc.
Nordstrom is one of the top retailers in the United States. With a solid brand image and a sound financial situation, Nordstrom is relentless in their expansion in the US, and are beginning to expand into international markets. Nordstrom takes pleasure in providing state of the art client support and having experienced sales people. In order to hold their position as the most successful high-end retailer in the United States, Nordstrom must continue to figure out ways to improve their brand image and customer satisfaction. Nordstrom’s current business working strategy is successful but I believe there are a few ideal solutions that the organization could apply to further enhance the organization. Due to the aggressive characteristics of the fashion retail store market, it is crucial that Nordstrom preserves an aggressive advantage providing the highest level of customer support as possible.
After analyzing the Coastal Medical Center, it is apparent that the employees and staff have no conception of the mission, vision, and values of this health care facility. In addition to this lack of structure, CMC has many projects in the midst of production that lack support of a common goal, employees are unsatisfied with their jobs, the two boards lack ability to agree on strategic decisions for the organization,, and the medical center has a dismal reputation when it comes to quality care.
Does Macy’s have the right resources and capabilities for their current strategy? Why or why
In order to better understand JCPenney and its future, it is vital to take a closer look at the internal and external factors that affect the company. By identifying JCPenney’s strengths, weaknesses, opportunities, and threats, a strategy can then be created that will distinguish JCPenney from its competitors. Hopefully this analysis will provide insight into JCPenney’s falling sales and help establish goals for a turnaround.
My company of choice for this report is Macy 's. 'The Magic of Macy 's ', as the company advertises it, has inspired me to shop there, take advantage of their incomparable discounts and great online shopping experience. Macy 's, Inc. is one of the largest department store chains in the United States of America. Macy 's manages stores under the Macy 's and Bloomingdale 's brands. I enjoy shopping at both of the company 's store brands, Macy 's and Bloomingdales. Bloomingdales provides a more personalized experience
Some core competencies that must be exploited are: Brand Kmart is an existing well-known and trusted national brand in USA Kmart has private label and designer clothing that is well endorsed Infrastructure Kmart has a large number of well-located, low-cost, leased stores in urban far away from competitors through out the country ( Appendix B ). Staffing Confidence by the market in Kmart is created by the achievements of its staff and management. With the turn-around strategy in place, new blood has been put into the top management structures. In any renewal there will be retrenchment as unprofitable stores are closed. This can be used as an opportunity to retain and move high performing staff to where they are needed and to get rid of non-performing staff. Anderson the chairperson of Kmart is well supported by Wall Street and the board of Directors. These new staff members enter the company with needed skills to address problems in certain areas that previously were poorly managed such as inventory control and merchandising. Store locations, layout and Performance Stores conveniently located away from competitors like Wal-mart and Target therefore less to compete for customers face-to-face. There are 250 non-performing stores who have already been identified as being more cost effective to close than continue with running costs. Expertise exists in-house for the planning of store layout and appearance to meet different customer segments. This concentration of effort will enable focus on key areas Technology Kmart has already invested in good retailing systems. The system can be use to control inventory, supplier payments, track customer buying and monitor income versus profit margins across all stores. Research and Development The planning department is well established and in cross-functional to provide various perspective. The planning department to ensure that strategies at all levels are executed can further use the access to past data and knowledge of changes in buying patterns. Financial Backing JP Morgan Chase has agreed to support Kmart to avert the current threat of closure due to bankruptcy.
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.
... 1% of the $181 billion U.S. apparel market (Tiplady, 3). The potential growth of fast fashion will expend all over the country just like a flow. H&M got its sales boosted up about 20% in the first three months in 2006. Zara is also going
Zara, the most profitable brand of Inditex SA, the Spanish clothing retail group, opened its first store in 1975 in La Coruña, Spain; a city which eventually became the central headquarters for Zara’s global operations. Since then they have expanded operations into 45 countries with 531 stores located in the most important shopping districts of more than 400 cities in Europe, the Americas, Asia and Africa. Throughout this expansion Zara has remained focused on its core fashion philosophy that creativity and quality design together with a rapid response to market demands will yield profitable results. In order to realized these results Zara developed a business model that incorporated the following three goals for operations: develop a system the requires short lead times, decrease quantities produced to decrease inventory risk, and increase the number of available styles and/or choice. These goals helped to formulate a unique value proposition: to combine moderate prices with the ability to offer new clothing styles faster than its competitors. These three goals helped to shape Zara’s current business model.
Strategic planning has a focus on stabilizing the current environment, and it also support the organization's business plans and goals. Strategic planning helps to implement new projects, new technology, consolidation of data centers, data warehouses, exponential data growth, cost of ownership, and resources available in an organization to assess the future requirements. Strategic planning analyzes the business plan, potential blockage or other issues in the current architecture, processes and their implementation in new initiatives, and processes. Strategic planning helps to formulate the ideas about the key factors that are affecting the present and future development of the organization and the opportunities offered by the environment and the competence of the organization.
The nature of the business of retailing puts retailers at a assumed risk of incurring costs because products are bought with the assumption that consumers will purchase. Additionally there are external factors that may also pose risks such as natural disasters, theft, spoilage and fire. In other circumstances retailers also extends financial credit to customers in the form of credit sales which facilitates the smooth transition from retailers to the marketplace. Retailers are in constant contact with customers which gives them the opportunity to research and study buyer’s behaviour. This involves collecting information about changes in customer preferences, perception and shifts in the demand curve. Through advertising within their stores retailers are able to exhibit and introduce existing and new products to the marketplace. Ultimately retailers are in the business of selling products to customers to achieve their goals of generating
This report provides an analysis and evaluation of strategy implementation used by California Pizza Kitchen (CPK) and discusses the effectiveness of their strategy through organization design, control systems, people and culture. My research concluded that CPK relies on control systems to undertake a majority of the company’s operational activities and that human resources and organizational culture must support the strategy implemented, which it does in in the case of CPK.