Crafting and Executing Strategy - 1582 Words

Running Head: EXECUTING STRATEGY Crafting and Executing Strategy Whole Foods Assignment # 1 Strayer University BUS 599: Strategic Management Spring 2013 Develop an argument supporting the importance of a strategic plan for the success of the defined business. For the success of the defined business, in this case for Whole Foods Market, the importance of a strategic plan is unquestionable. In Crafting Executing Strategy: The Quest for Competitive Advantage: Concepts and Cases Arthur A. Thompson, Jr., A.J. Strickland III, and John E. Gamble (2009) state that â€Å"a company’s strategy is management’s action plan for running the business and conducting operations† (p.6). They go on to further explain that a company’s†¦show more content†¦The more customers that promote their experiences and happiness with Whole Foods Market, then the more they will want to continue to do business with them and potentially grow with the company as a whole and help more and more customers become a part of the Whole Foods Market customer base. Create a vision statement for the company explaining how the vision statement supports the company’s mission. Thompson, Strickland, and Gamble state that â€Å"a strategic vision delineates management’s aspirations for the business, providing a panoramic view of ‘where we are going’† (p.25). They go on to say that a strategic vision can only function as a valuable management tool it must do two things – illuminate the company’s directional path, and provide managers with a reference point for making strategic decisions and preparing the company for the future. Whole Foods Market’s vision statement is its Declaration of Interdependence: â€Å"Whole Foods Market is a dynamic leader in the quality food business. We are a mission-driven company that aims to set the standards of excellence for food retailers. We are building a business in which high standards permeate all aspects of our company. Quality is a state of mind at Whole Food Market. Our motto – Whole Goods, Whole People, Whole Planet – emphasizes that our vision reaches far beyond just being a good retailer. Our success in fulfilling our vision isShow MoreRelatedCrafting and Executing Strategy1463 Words   |  6 PagesRunning head: ASSIGNMENT #1 CRAFTING AND EXECUTING STRATEGY Assignment #1 Crafting and Executing Strategy Jet Blue Airways Strayer University BUS599016VA016-1116-001 Strategic Management July 11, 2011 Abstract This paper examines the business strategy of Jet Blue Airways. The paper will also examine strategic elements that provide the organization with a competitive advantage. The company’s competitive strategy and the impact of the trends in the U.S. airline industry will alsoRead MoreCrafting and Executing Strategy2432 Words   |  10 PagesCrafting and Executing Strategy Discuss the trends in the U.S. airline industry and how these trends might impact a company’s strategy The airline industry is facing one of its most difficult times in history. A worldwide recession along with the terrorist attacks of September 11, 2001 have led to a decrease in passenger traffic, reduction in revenue and rising fuel prices. Additionally, airline companies face the increase competition from new entrants. 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CORE CONCEPTS A company s strategy consists of the competitive moves and business approaches that managers are employing to grow the business, attract and please customers, compete successfully, conduct operations, and achieve the targeted levels of organizational performance. A company achieves sustainable competitive advantage when an attractive number of buyers prefer its products or services over the offerings of competitors and whenRead MoreStrategic Management: Crafting and Executing Strategy1252 Words   |  5 Pages Crafting and Executing Strategy Introduction The purpose of this report is to present the importance of strategic planning for a business organization. The industry chosen for this report is airline industry and the company name is Asian Airlines. The report starts with a strong argument supporting why and how a strategic plan is important for an airline business and proceeds by discussing the mission and vision statement for Asian Airlines. The next section establishes five key objectivesRead MoreJetblue Airways: Crafting and Executing Strategy1296 Words   |  6 PagesJETBLUE AIRWAYS Paper 1: Crafting amp; Executing Strategy Strayer University BUSS 599: Strategic Business Table of Contents Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦.†¦Ã¢â‚¬ ¦.p. 3 Trends in the Airline Industry†¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦.......p. 4 Jet Blue’s Strategic Intent†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦..........p. 4 Jet Blue’s Financial Objectives and Related Success†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦..†¦Ã¢â‚¬ ¦.....†¦...p. 5 Strategic Elements†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦..†¦Ã¢â‚¬ ¦........†¦p.5 Jet Blue’s Strategies for the Future†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreCrafting and Executing Strategy- Walmart Case Analysis2264 Words   |  10 PagesCrafting and Executing Strategy: Case Analysis of Wal-Mart Stores, Inc. 1.0 Source Problem   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Wal-Mart Stores, Inc. faces a plethora of problems in just the past five years including a barrage of public criticisms calling for a change in the management strategies of Wal-Mart. The underlying problem or fundamental issue is the cost-based competition that Wal-Mart intensified through its obsession for cost minimization. In a way, Wal-Mart commenced and intensified price wars. Wal-Mart achievedRead MorePhases in the Managerial Process of Crafting and Executing a Companys Strategy570 Words   |  2 PagesThere are five interrelated and integrated phases in the managerial process of crafting and executing a company’s strategy. The first phase is developing a strategic vision of what direction the company needs to be going and what its future product, customer, market, technology focus should be towards. This specific managerial step will provide long term direction which fills the organization with a sense of determined action as well as aiding to communicate with stakeholders what exactly the management’sRead MoreStrategic Management Process At Gamble And Thompson1065 Words   |  5 Pages1. Describe, in detail, the strategic management process according to Gamble and Thompson. According to Gamble and Thompson (2017), managing the strategy of a company or organization is an ongoing, continuous process consisting of five integrated stages. †¢ Developing a strategic vision and mission statement, and determining your core values. Vision and mission statements outline the organizations long range direction, describes what the organization does, and defines the values that guide the visionRead MoreCase Assignment 23241 Words   |  13 Pagesincrease traffic flow into Costco stores and will help generate sales. (4) 2.What are the chief elements of Costco s strategy? How good is the strategy? The chief elements of Costco’s strategy are low prices, a limited product line and limited selection, a ‘treasure hunt’ shopping environment, limited marketing and advertising and growth. (5) A key element of Costco’s pricing strategy to keep prices low to members is to cap the margins on brand-name merchandise at 14%, and on their private-label Kirkland