Fluent Essays

For the final assignment of this course, you will continue your work with the company you used in Unit IV and Unit VI. For the Unit VIII Project, you will complete the final components of your implementation plan.For Part 3, you will focus on the following points:internal and external issues,competition,future outlook for the organization, andimplementation of tools for measuring business success.Much of the information you will need to complete this segment can be found in the case study in the textbook. However, you will also need to conduct some outside research. For the future of the organization, you may be creative and add your own insight on where you see the company going. You will need to reference your textbook and at least one outside source for this assignment. You are encouraged to utilize the CSU Online Library, but you may also use external sources, as long as the source is reliable.Your project must be a minimum of three full pages in length, not counting the title and reference pages. Make certain to include an introductory paragraph.I have attached Unit IV and VI Unit IV Project BUS 4302-21.01.00-1A22-S1 Business Policy & Strategy 1 Unit IV Project Justin Erby 228342 BUS 4302-21.01.00-1A22-S1 Business Policy & Strategy Unit IV Project BUS 4302-21.01.00-1A22-S1 Business Policy & Strategy 2 Description of the Selected Company, Products and Services Macy's, Inc. is one of the frontrunners in retailing of clothes and other apparel. It consists of three major brands, including Bluemarcury, Bloomingdale, and Macy's. Macy operates websites, stores, and mobile applications (Bowman, 2019). It sells a wide range of clothes for kids, women, men, and teenagers, home furnishings, cosmetics, and other consumer goods. The corporation provides its services through the internet and outlet stores. History of the Company Macy's was first started in 1929 by Rowland Hussey Macy. This happens shortly after several failed retail ventures. The founder ventured into technological advancement that changed the retail industry. He was the first retailer to endorse a woman Margaret Getchell to his business as an executive. During this time, Macy was known doe its creative merchandising, where it introduced tea bags and baked potatoes with multicoloured towels. It was also the first retailer to sell liquor in New York City. In 1930, it became the world's largest store, occupying over one million square feet of retail space. Analysis of the Company's Strategy, Mission, and Organizational Structure Macy's Inc. vision is to become an international retailer that offers quality trademarks in its stores through vibrant websites. Its mission is to increase sales for different products available within the stores and maximize returns on investments. The company's strategy includes localizing the selling strategies to reach as many customers as possible, both online and offline (Bowman, 2019). Macy's organizational structure comprises the CEO, the executive director, managers, directors, supervisors, and the staff. The company is getting rid of its middle-level managers as a way of restructuring its organizational structure. The structural changes will include store managers instead of middle-level managers. Mari Hadley Need to cite historical, statistical, and informative data that is not the writer's original thought throughout the paper. Unit IV Project BUS 4302-21.01.00-1A22-S1 Business Policy & Strategy 3 What Does The Strategy, Mission, And Organizational Structure Say About The Company? Macy's strategy, mission, vision statements and organizational structure tell a lot about this company. First, they help direct the company's strategy towards success. Second, they provide the goals and objectives that can be used as the components of a business strategy (De Treville, 2014). Third, they outline the standards for business performance metrics that the firm strives to achieve. Finally, they can be used as the fundamental tools to attract the stakeholders and engage other segments to establish business partnerships with other companies. Some of the positive aspects of the mission, strategy and organizational structure are powerful when shared with the employees. The employees can recall these aspects upon request. Finally, the company can adopt these strategies and implement them in business operations. Macy's Company's Short-Term and Long-Term Goals Macy's short-term goals include strengthening customer relationships and accelerating digital expansion. The company will enhance customer relationships by issues rewards and loyalty programs. It will accelerate digital growth by using technological innovation. The long-term goals include becoming the leading international retailer in the retail industry. It will achieve this by optimizing its portfolio store and working on the short-term goals. Ways to Improve the Strategy, Mission, and Organizational Structure Macy's can use different strategies to improve its organizational structure, mission, and design. First, it can take advantage of the human resource to develop effectiveness. Second, it should emphasize education and growth. This will help the managers to understand the strengths and weaknesses of these aspects and improve them accordingly (De Treville, 2014). Third, the company should keep the customers in mind by producing quality products and services. This will help reinforce the mission and strategy. Finally, the company should apply technology in its Unit IV Project BUS 4302-21.01.00-1A22-S1 Business Policy & Strategy 4 organizational structure to strengthen its operations. This strategy will improve the effectiveness and efficiency of the firm. References Unit IV Project BUS 4302-21.01.00-1A22-S1 Business Policy & Strategy 5 Bowman, C 2019, “What are dynamic capabilities and are they a useful construct in strategic management?” International Journal Management Review, vo.11 no.1, pp.29-49. De Treville, S, Shapiro, RD & Hameri, AP 2014, “From supply chain to demand chain: the role of lead time reduction in improving demand chain performance,” Journal of Operations Management, vol.21 no.3, pp.613-627. Unit IV Project Name:_ Erby228342___ Company Name: _Macy’s Inc____ SWOT Analysis Enablers Challenges In te rn al STRENGTHS: 1. It is one of the largest chain stores in America as it has over 800 stores (Macy's, 2021). 2. Excellent brand recognition 3. It ships the products to over 100 countries (Macy's, 2021). 4. It has quality customer services 5. They have state of the art and hygienic stores 6. Wide variety of products from apparel to accessories, cosmetics, fragrances, home furnishings among other consumer goods. 7. Strong customer base and classy clients and this is due to the acquisition of Bloomingdale. 8. The store are updated making them be high-profile stores that attract customers for trend- setting. 9. They have a strong market share giving them an advantageous position in this competitive world. 10. They have a better position in the market because they have agreements with other companies like Madonna, Sean combs among others. 11. Effective Marketing: Macy's has WEAKNESS: 1. The company does not have enough revenue generation thus it the company finds it hard to develop. 2. The company has limited global brand recognition. The brand is only widely recognized in the United States hence there is a need for the company to work more on international marketing and online marketing for better recognition. 3. There is high competition for the company making its market share decrease. 4. The company should have many sources of revenue within its structure; however, it has only two lines of business and which are Macy’s and Bloomingdale. Therefore, the company should plan to increase its investment plan by investing in and operating more subsidiaries (Business Strategy Hub, 2020). 5. Poor management: it has made many bad decisions while leaving out the most important ones. 6. Overdependence on the US Market: the company depends heavily on the US market and this increases the vulnerability to negative E xt er na l OPPORTUNITIES: 1. The company should strengthen its global presence by selling services and products globally. 2. Expand eCommerce sales by increasing their online market share. This will make Macy's have the highest growth potential. 3. The company should diversify products to other markets like the food industry or second-hand clothes. 4. Focus on Emerging markets: there is an increase in the demand for luxury products and high-end designer brands in emerging economies in Asia, Africa, and Latin America. Hence Macy's can experience tremendous growth (Collins, 2021). 5. Expand through mergers and acquisitions as they offer the opportunity to expand quickly in the emerging market. THREATS: 1. Global recession due to the pandemic. 2. Declining retail sector: many stores like Macy’s have suffered from less profit and revenues for the past years and if the trend continues, Macy’s profitability and long-term sustainability are on the line (Forbes, 2021). 3. Stiff competition from other retail stores. 4. Trade pressures: trade cab be influenced by many issues like economic factors, politics, and trade wars. 5. Uncertain times due to the pandemics. 6. Low prices are offered by elite brands such as Wal-Mart. How the above information will be used: Measuring the performance of the organization can be accomplished by evaluating the results that are expected and comparing them to the actual results (David et al., 2020). Besides, the long-term and short-term objectives of the company are measured. Hence the organization must come with corrective actions when the expected outcomes are not achieved. However, for effective evaluation a swot analysis tool is used. A swot analysis is a commonly used tool for strategic planning after brainstorming the strengths, weaknesses, opportunities, and threats of the company. Hence with the above information provided by the swot analysis, the company can evaluate the perceptions of the customers. This will the company to know what kind of products the customers like most. Customer satisfaction can also be generated by the information in the swot; this can help the company to know the quality of their services and how they can improve them to meet the needs of the customer(Granulo & Tanovic, 2020. The managers can also use the information to find out the best practices that can help the company to accomplish their daily work like delivery of services. Besides, each company aims to remain competitive in the market and to provide quality services that their customer needs. The products and services should be all under the fulfillment of customer needs and cost-effectiveness(Granulo & Tanovic, 2020. Hence the information in the above swot analysis can be used to identify strategies and ideas that go hand in hand with the resources and abilities of the organization with environmental needs. The information in the swot analysis also shows the company's advantages and the managers can use that information to be in an advantageous competitive position (Granulo & Tanovic, 2020. In conclusion, swot analysis contains information about the company's weaknesses, strengths, opportunities, and threats, and the managers can use that information to explore the capabilities of the company, correct weaknesses that might be affecting the companies growth, and counteract the threats. References Business Strategy Hub. (2020, November 30). Macy’s SWOT analysis. https://bstrategyhub.com/macys-swot-analysis/ Collins, T. (2021, August 27). African business. African Business. https://african.business/? name= David, F. R., David, F. R., & David, M. E. (2020). Strategic management: A competitive advantage approach, concepts, and cases (17th ed.). Pearson. https://online.vitalsource.com/#/books/9780135203736 Forbes. (2021). https://www.forbes.com/companies/macys/?sh=752f855214f4 Granulo, A., & Tanovic, A. (2020). The advantage of using SWOT analysis for companies with implemented ITIL framework processes. 2020 43rd International Convention on Information, Communication and Electronic Technology (MIPRO). https://doi.org/10.23919/mipro48935.2020.9245393 Macy's. (2021, 7). Macy's, Inc. Macy's, Inc. https://www.macysinc.com/ BUS 4302, Business Policy & Strategy 1 Course Learning Outcomes for Unit VIII Upon completion of this unit, students should be able to: 8. Examine the process of implementing strategies across business operations. 8.1 Examine internal and external issues in a process of implementing strategies. Course/Unit Learning Outcomes Learning Activity 8.1 Unit Lesson Chapter 11 Unit VIII Project Required Unit Resources Chapter 11: Global and International Issues Unit Lesson Overview Welcome to our final unit for the course. During this unit, we will focus on the global impacts and issues related to strategic management. As previously discussed, the overall health of the United States economy is based on the global economy condition and outlook. Previous to globalization of the markets, each nation or geographic area had its distinct market areas and rarely interacted with other markets. This has drastically changed with the increase of air travel, communication capabilities, and overall reliance of a global based economy. In 2005, Thomas L. Friedman released his book The World Is Flat: A Brief History of the Twenty-first Century. In his book, Friedman tried to highlight the “flattening” of the world economy. His work attempts to help us gain a greater understanding of the impact that the growing middle class is having on the worldwide economy; Friedman discussed how the global supply/demand scenario we grew up with has changed, and he warned about the struggles the western world will have to adjust to the changes (Friedman, 2005). Made in Everywhere Take a look around your house or apartment, and think about how many products are made in other countries and shipped into the United States. Clothing is a great example of a product that is made all around the world. Also, consider how many entities have developed, created, shipped, marketed, stored, and displayed the product you purchased. Even though the product may have been made overseas, that product does create and maintain jobs in the United States because of the distribution network. Take a look at the five largest companies in each country. What would happen if these companies decided to only place their product or service within their respective country? Would this cause severe economic losses and strategic challenges for the companies? The consequences could be stagnant growth, overbearing competition from competing entities, and a limited workforce. Globalization Many of the firms located around the world are not always considered as specific country based, but are considered as international. Other corporations may be U.S.-based, or headquartered, entities but are aggressively establishing themselves in the international marketplace. A recent example is Uber UNIT VIII STUDY GUIDE International Issues BUS 4302, Business Policy & Strategy 2 UNIT x STUDY GUIDE Title Technologies based out of California, which is a company that provides a technological medium that connects screened drivers with requesting riders. This service-based corporation has minimal overhead cost (services only) and is rapidly expanding to other countries. Competitors, such as taxi services, describe Uber’s platform as disruptive and not legitimate. Uber describes its service as an alternative customer choice in a market that does not give its consumers the freedom to choose service with the ease and reliability of a smartphone. Corporate Taxes Most counties have a set tax rate for doing business in their country. Existing and prospective corporations consider these tax implications before setting up their entity in a country. The tax rates can vary throughout the world. Rates range from 5.5% up to 50%. The United States has a medium corporate tax rate in comparison of rates throughout the world, currently set at 21%. This rate is considered good for some corporations, thus increasing corporate investment in the United States. Other entities see the United States as a must-have market for their portfolio and are willing to pay almost any corporate tax rate. Connecting the Dots We have covered a great deal of content. Your previous coursework toward your degree has provided you with skills and knowledge essential to future professional success. This class has asked you to begin to look at your future and strategically implement what you have learned. As you progress forward in your educational and professional endeavors, consider the strategy implications of each choice and decision you make. For example, is it realistic to try to complete an undergraduate degree in one year? A more realistic goal would allow four to five years to complete a program of this magnitude. Also, consider incorporating some of the tools that we learned about during our time together. A great example is the SWOT analysis and its practicality for major life choices. For example, if you are considering switching to a new employer, consider the (s)trength, (w)eakness, (o)pportunities, and (t)hreats of transitioning. In previous units, as well as in this unit, you have worked on an implementation plan for a company you selected. Within this unit, you will gauge the outlook for your company and its prospects for the future. When doing so, consider the previous investigation you have done for this course. If you were to combine the work from the previous units along with what you will add from this unit, you will see the full implementation plan. Consider how you would use plans such as this for your employer or your own business. This is a great opportunity for you to demonstrate your understanding of the concepts of strategic management and its application to organizations. Reference Friedman, T. L. (2005). The world is flat: A brief history of the twenty-first century. Farrar, Straus & Giroux. Suggested Unit Resources In order to access the following resources, click the links below. The chapter presentation below will provide you with additional information on this unit’s concepts. Access the Chapter 11 Presentation. Access the PDF version of the Chapter 11 Presentation. https://online.columbiasouthern.edu/bbcswebdav/xid-136194215_1 https://online.columbiasouthern.edu/bbcswebdav/xid-136174341_1 Course Learning Outcomes for Unit VIII Learning Activity Required Unit Resources Unit Lesson Overview Made in Everywhere Globalization Corporate Taxes Connecting the Dots Reference Suggested Unit Resources