Fluent Essays

This assignment is extremely Important because it is part of the completion of my MBA course work. This assignment requires a 350 to 700 word written Executive Summary in addition to a 10- to 15-slide Microsoft® PowerPoint® presentation with visuals and speaker notes to present the strategic plan, summarizing all relevant elements from previous weeks. This is an ongoing assignment that is a continuation of Weeks 1, 2,3, 4 and 5. Therefore, Strategic Management Planning Competencies and Knowledge needs to be shown when conveying the assignment requirements. English Grammar and dialect must be exhibited in the assignment. Please include all of the requested assignment requirements, follow APA standards, NO PLAGIARISM, NO cutting and pasting because it causes an inability to format the document properly. BIG LOTS , Inc is the focusThe professor for this course has stressed the following 1. Three or more references 2. Use strong tones with regards to analysis and evaluation, as it relates to the organization3. Use SWOT analysis chart with all the elements as it relates to Big Lots Inc. organization. week_6___final_strategic_plan_.docx week_6___grading.docx week_1__values_and_strategy_.docx week_2.docx week_3_.docx Unformatted Attachment Preview Week 6 - Final Strategic Plan • • • • • • • • • • • • • • Create the Final Strategic Plan. The Final Strategic Plan contains the elements of all the previous weeks components and incorporates instructor feedback. The strategic recommendations will be evaluated, and the best options chosen for recommendation. The final strategic plan should contain: Table of Contents Executive Summary (350 to 700 words) Company Background Mission Statement Vision Statement Value Statement Environmental Scan Internal and External Environmental Analysis Strategic Recommendation Implementation Plan Organizational Change Management Strategies Risk Management Plan Conclusion References Create a 10- to 15-slide Microsoft® PowerPoint® presentation with visuals and speaker notes to present the strategic plan, summarizing all relevant elements from previous weeks. The objective is to sell the strategic plan to investors or company directors. Final Strategic Plan Grading Guide STR/581 Version 12 Strategic Planning and Implementation Copyright Copyright © 2017 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix® editorial standards and practices. Final Strategic Plan Grading Guide STR/581 Version 12 Individual Assignment: Final Strategic Plan Purpose of Assignment The Strategic Plan is composed of four parts that the student worked on during this course. This provides students the opportunity to research and create strategies for a company based on real scenarios and bring together all the concepts they learned throughout the course and MBA program. The objective is to create and sell the strategic plan to investors or the Board of Directors. Resources Required Strategic Plan, Parts 1-4 Grading Guide Content Met Partially Met Not Met The final project includes all the elements of the previous parts of the strategic plan assignments. The final project includes a table of contents. The final project includes an executive summary (350-700 words). The final project includes company background. The final project includes a mission statement. The final project includes a vision statement. The final project includes a value statement. The final project includes an environmental scan. The final project includes an internal and external environmental analysis. The final project includes a strategic recommendation. Copyright © 2017 by University of Phoenix. All rights reserved. Comments: 2 Final Strategic Plan Grading Guide STR/581 Version 12 Content Met Partially Met Not Met Total Available Total Earned 105 #/105 The final project includes an implementation plan. The final project includes organizational change management strategies. The final project includes a risk management plan. The final project includes a conclusion. The final project includes references. The presentation includes all elements of Parts 1-4 of the strategic plan. The presentation is 10-15 slides with speakers’ notes and includes appropriate images and graphics. Copyright © 2017 by University of Phoenix. All rights reserved. Comments: 3 Final Strategic Plan Grading Guide STR/581 Version 12 Presentation Guidelines Met Partially Met Not Met Total Available Total Earned 45 #/45 150 #/150 Organization The tone is appropriate to the content and assignment. The introduction provides a sufficient background on the topic and previews major points. Major points are stated clearly; are supported by specific details, examples, or analysis; and are organized logically. Paragraph transitions are present, logical, and maintain the flow throughout the paper. The conclusion is logical, flows from the body of the paper, and reviews the major points. Mechanics The presentation is laid out with effective use of headings, font styles, font sizes, and white space. Intellectual property is recognized with in-text citations and a reference slide. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total # Additional comments: Copyright © 2017 by University of Phoenix. All rights reserved. Comments: 4 Running head: VALUES AND STRATEGY – BIG LOTS, INC. Sheila R. Jones Values and Strategy – Big Lots, Inc. STR/581 Professor Margarita Salas-Amaro December 9, 2019 1 Running head: VALUES AND STRATEGY – BIG LOTS, INC. 2 Introduction Structuring and strategizing are extremely important element of determining whether an organization succeeds or fail and making it successful. Outlined is a systematic discussion of issues that help direct the strategic management process of a business such as Big Lots, Inc. Management team leaders, along with senior leadership work to define, align, and facilitate business execution. These executions are completed through long-term competitive advantages and brand positioning in the marketplace when management teams conduct research and analysis developing strategic plans as-well-as strategies to position the company for long-term sustainable growth (Edwards, 2018). Components of Strategic Management Process Strategic management process is the way of defining an organization’s strategy in order to gain a competitive advantage (Hubbard et al., 2014). Four major components of strategic management process are environmental analysis, strategy formulation, strategy implementation, and strategy monitoring. Environmental analysis This phase involves management teams collecting all relevant information pertaining to the business. This achievement is accomplished by understanding the goals of the business and the requirements necessary for the growth of the business. Joe Cooper, vice president and treasurer of Big Lots, stated, “One should examine all factors affecting the business whether internal or external, the strengths and weaknesses of the business, and the opportunities and threats that may arise in the process (Buchanan, 2018). Running head: VALUES AND STRATEGY – BIG LOTS, INC. 3 Strategy formulation When formulating strategies, a company management teams formulate ideas based on the best course of action that should be taken in order to achieve the company’s objectives. This takes place upon examining the company’s resources and competencies, strategic directions, and methods are outlined and followed in an effort to gain a competitive advantage. Strategy implementation According to Hitt, et al. (2015), integration occurs as decision makers think about implementation issues and choose strategies of possible changes to their current strategy. For example, informing employees about their duties and responsibilities by educating them on the company’s goals and expectations along with the distribution of resources that will assist in this achievement. Strategy monitoring At this stage, the performance of the strategy is measured, and corrective measures are taken if needed (Wheelen & Hunger, 2017). This will ensure that strategies set and implemented are working in the direction of achieving objectives set by leaders at Big Lots. Collectively embracing the above components will thrust the organization into the direction of its set goals. With the analysis of the environmental factors, threats, and risks, it will enable an organization to counter risks if they occur and assist in the utilization of resources (Hubbard et al., 2014). These modules will help a company achieve its objectives and ensure activities contributes to the advancement of Big Lots goals. In addition, strategizing will ensure effective internal workings within the company, which is a factor that influences the achievement of set objectives. Mission and Vision Statement Running head: VALUES AND STRATEGY – BIG LOTS, INC. 4 When embarking on the establishment of a company it is important to know why you are establishing the company. Where you would like to see the direction of the company. How you will take the company to its destination. It is essential to build a strategic foundation that motivates and embrace innovation strategy and people strategy. Mission A mission statement defines why an organization exists (Wheelen & Hunger., 2017). It answers, ‘what we are’ and states the values of the organization. It gives the employees focus and inspiration to work towards achieving the company’s objectives. At Big Lots, Inc., “We help people live BIG and save LOTS” is the mission statement established and it defines the organization’s direction. Vision For any business, whether a small business or a large corporation, a vision statement reflects an organization’s values and aspirations and are intended to capture the heart and mind of each employee and, hopefully, many of its stakeholders (Hitt, Ireland, Hoskisson, 2015). In addition, the organization’s vision states what the company aspires to accomplish in the future. The vision states what the company want to become based on its purpose. It communicates to the stakeholders the goals and direction of the company as well as the workforce Motivation, Innovation and People Strategy Motivation Strategy For any company to be successful, creating a motivated workforce that is willing to give its best and have a successful outcome on all assigned duties is a game changer. In 2014, Big Lots Inc., publicly extended motivational credits to all of its associates in stores, through-out distribution outlets, and within cooperate offices, for their roles in the success of the company. Running head: VALUES AND STRATEGY – BIG LOTS, INC. 5 Campisi stated, “We are one team with one goal, and with cross-functional engagement from all levels of the organization – this is a great example of how we win together (2014). Developing motivational strategies will ensure a successful outcome with employees and cultivate a great work culture. Motivational strategies can be implemented through many types of reward systems, employee involvement, decision-making, and recognition achievements. Innovation Strategy Staying aligned with today’s innovations are strategic strategies to survive the everchanging business world (Wheelen & Hunger. 2017). Marketplace trends are ever evolving which shifts the rapidly changing wants and needs of consumers. Therefore, strategies innovatively are necessary in order for an organization to remain competitive in the marketplace. For instance, strategies would involve an organization to make choices that meet customers’ needs while staying profitable and sustainable. People Strategy People strategy is a major influencer in the performance of a business. It defines relationships between the company and its employees and the company’s approach towards the relationships (Hubbard et al., 2014). Expecting a perfect execution of duties require a company to recruit individuals with competencies to fit their job requirements. Creating and following an outlined mission, vision, motivation strategy, innovation strategy, and people strategy are elements that affects and guide the execution of plans in a company. Without people strategy factors the performance of the company will not execute the influences needed to perform. Role of Ethics and Corporate Social Responsibility in Strategic Planning In strategic planning, an organization has to ensure that it balances between making profits and maintaining high ethical code (Tai & Chuang, 2014). Failure to uphold business Running head: VALUES AND STRATEGY – BIG LOTS, INC. 6 ethical codes may lead to a negative outlook on the reputation of the company. Establishing a code of ethics shows that an organization have high expectations and guidelines set for their employees. When governing a business with a code of ethics it creates a culture that respects all individuals equally. Therefore, employees’ actions are in harmony reducing offensive acts. resulting in everyone working on one accord toward the achievement of the organizations established goal. Big Lots, Inc., gives back to their employees moral and the work environment by investing into the community, natural resources, and healthy living. Big Lots strategic planning revolves around ethical conduct and upholding their corporate social responsibility towards the society. Some strategic plans have a vast impact on the work environment and stakeholders. Therefore, leaders should consider the impact of their decisions. Corporate social responsibility ensures that the decisions made by the managers do not affect the society negatively (Tai & Chuang, 2014). Therefore, ethics and corporate social responsibility direct the strategy of a company by defining what they should and should not include in their strategy. Taking stock of one’s values and vision, in most cases, will align with the vision and mission of an organization. Some values are necessary for any organization. Therefore, most people can use their experiences, skills, and capabilities to align their values and vision to the company’s mission and vision (Tai & Chuang, 2014). If an individual’s values and vision does not match with the organization’s vision, it will affect their performance since the employee beliefs are not in align with the organization’s beliefs. Conclusion For a successful business, applying the factors outlined by expects and the examples shown by Big Lots, Inc. are key for a successful outcome. In addition, good strategic planning is Running head: VALUES AND STRATEGY – BIG LOTS, INC. 7 a major objective and core factor for a successful business. Focusing on business goals should be clear to all individual and agencies. Running head: VALUES AND STRATEGY – BIG LOTS, INC. 8 References Buchanan, L. (2018). Big Changes at Big Lots Under Way. HFN: The Weekly Newspaper for the Home Furnishing Network, 13–13. doi: 10.1201/9781351186230 Campisi, D. J. (n.d.). Retrieved from https://www.biglots.com/images/marketing/corporate/investors/annual_reports/2014_Big Lots_AR.pdf CSR information for Big Lots, Inc. (n.d.). Retrieved December 7, 2019, from https://www.csrhub.com/CSR_and_sustainability_information/Big-Lots-Inc. Edwards, Thomas (2018). EVP, Business Strategy: Our Leadership: About Us - Big Lots. (n.d.). Retrieved December 6, 2019, from https://www.biglots.com/corporate/about-us/ourleadership/evp-business-strategy. Hitt, M.A., Ireland, R.D., & Hoskisson, R.E. (2015). Strategic management: Competitiveness and globalization (11th ed). Stamford, CT: Cengage. Hubbard, G., Rice, J., & Galvin, P. (2014). Strategic management. Pearson Australia. Tai, F. M., & Chuang, S. H. (2014). Corporate social responsibility. Ibusiness, 6(03), 117. Wheelen, T. L., & Hunger, J. D. (2017). Strategic management and business policy. Pearson. Running head: STRATEGIC PLAN: PART 1 – ENVIROMENTAL SCAN Environment Scan – Big Lots, Inc. Sheila R. Jones STR/581 December 13, 2019 Professor Margarita Salas-Amaro 1 Running head: STRATEGIC PLAN: PART 1 – ENVIROMENTAL SCAN 2 Strategic Plan: External Environmental Analysis Environmental scanning is the process of systematically surveys and interprets relevant data to identify external opportunities and threats that could influence future decisions in an organization (Environmental Scanning: Explanation, Components and Factors, 2019). Creating Value and Competitive Advantage Big Lots offer its consumers quality products and provide excellent customer service (Baker, 2014). This is accomplished by providing a broad range of products such as furniture, electronic, outdoor equipment, food and drinks, seasonal items, and ensuring that they are able to meet consumers household needs. In addition, consumers will be offered high-quality products at affordable prices and provide customers with a range of benefits such as discounts and rewards. The company will work closely with a network of partners to enhance and expand its product inventory (Wilson et al.., 1992). Such partners will include import partners, franchise partners, community partners, marketing and branding partners. The import partners will ensure that Big Lots have an extensive and varied portfolio of products acquired at affordable prices. Franchise partners will store products on behalf of Big Lots as a franchise operator. Big Lots will also collaborate with community partners for charitable events and merge together for social and community projects. The marketing and branding partner will focus on in-store and external marketing/advertisement campaigns. Big Lots work with network partners, production of quality products, and the provision of excellent customer experience to create value to its products and increase sales. Big Lots will create a competitive advantage through cost leadership, price differentiation, product differentiation, strategic alliance, and information technology. Running head: STRATEGIC PLAN: PART 1 – ENVIROMENTAL SCAN 3 Cost Leadership Information Technology Strategic Alliance Price Leadership Competitive Advantage Product Differentiation Product Diversification With cost leadership, all logistics and operating costs will be kept low. This will ensure that more capital is used for growth. Cost leadership will also reduce competition hence increase the markets share (Wilson et al.., 1992). Price leadership is essential in the online market as price flexibility would lead to profits realization in the marketplace. Product differentiation is another competitive advantage that the company will use due to its wide array of products it offers to consumers such as food, consumables, seasonal items, beauty, and cosmetics. Price differentiation will enable Big Lots to compete in other areas other than the price of products while emphasizing the unique aspects that make its product superior (Wilson et al.., 1992). Big Lots will incorporate strategic alliance and partner with selected suppliers to diversify products and services. This will ensure that there is an improvement in product flow and product lifecycle times. Additionally, information technology shall be used with the assistance of online service providers to access new technologies of improving customers’ experience. Social networking platforms shall be used to reach out to consumers (Wilson et al.., 1992). Evaluation of the External Environment Running head: STRATEGIC PLAN: PART 1 – ENVIROMENTAL SCAN 4 Big Lots’ has a large number of outlets in forty-seven-states. Over 1,400 outlets are supported by a strong distribution network that avails goods and products for its consumers. Big Lots’ Inc. competitors in the retail market are Target, Costco, and Burlington Stores who also deal in merchandise retail. There is a strong relationship with its dealers who provide supplies and also promote the company’s products (Aldehayyat, 2015). Big Lots has been able to generate positive returns on the capital expenditure it has incurred. Big Lots has a large asset base that provides better solvency while investing extensively in the training of its employees which has produced a large number of skilled and motivated employees (Aldehayyat, 2015). Big Lots has a large product portfolio that provides a large range of categories with unique product characteristics that are not provided by competitors. Furthermore, Big Lots is a brand that has been on the market for years with products maintaining quality. The General Environment The retail businesses are affected by the environment in which the bu ... Purchase answer to see full attachment