Due Date: 8917 Deliverable Length - See Assignment Details

Due Datewed 8917deliverable Lengthsee Assignment Detailshttpsc

Due Date: Wed, 8/9/17 Deliverable Length: See assignment details Key Assignment For this assignment, select a real company in the fast food industry. You have just been hired by (your selected company) as its new vice president of strategic planning. The corporation’s performance in recent years as well as the changes with business and economic conditions will be a central focus of your new job. Given the size of the corporation and the fact that it is in a highly competitive industry, the chief executive officer (CEO) to whom you report has already given you permission to hire a staff of recent Master of Business Administration (MBA) graduates to assist you in your efforts. You recently completed the interviewing and hired four people with minimal real business experience.

In coming months, you and your team will be creating a completely new—and, presumably, more effective—strategic plan. You plan to begin by holding a kick-off meeting with your team. Deliverable Length: 1,000–1,250 words To feel confident that all of the employees in your strategic planning team understand all that you have taught them, you require each to prepare a streamlined version of the key elements of a strategic plan. You require each employee to prepare the following sections of a strategic plan for the corporation's next 3-5 years: Mission and Vision Statements (Simply copying from an existing real company is unacceptable.) Specific, Measurable, Achievable, Realistic, and Time-Bound (SMART) Goals and Objectives Industry Analysis Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) Analysis A Perceptual Map Choose any criteria that you think are important to plot. Explain why you picked the criteria.

Paper For Above instruction

Strategic planning is a fundamental component of organizational success, especially within highly competitive industries such as fast food. As the newly appointed vice president of strategic planning, my initial task is to guide a team of recent MBA graduates in developing a comprehensive strategic plan for a selected fast food company. This plan will cover a five-year horizon and encompass several critical components: mission and vision statements, SMART goals and objectives, industry analysis, SWOTT analysis, and a perceptual map. Through careful analysis and strategic foresight, we aim to chart a course for sustainable growth and competitive advantage.

Selection of the Company

For this strategic plan, I have chosen McDonald's Corporation due to its prominence, extensive market presence, and the numerous strategic challenges and opportunities it faces. McDonald's serves as an ideal case study to understand the dynamics of the fast food industry, including brand positioning, operational efficiency, and adaptation to changing consumer preferences. Analyzing such a corporation provides valuable insights into strategic management in a highly competitive environment.

Mission and Vision Statements

The mission statement defines the company's core purpose and focus, while the vision statement articulates its long-term aspiration. For McDonald's, the mission could be: "To provide fast, friendly, and affordable meals to customers worldwide, ensuring quality and consistency." The vision might be: "To be the world's leading global foodservice retailer, committed to innovation, sustainability, and customer satisfaction." These statements are tailored to encapsulate the company's strategic intent rather than copying existing ones, emphasizing core values and aspirational goals.

SMART Goals and Objectives

Developing SMART goals ensures that objectives are specific, measurable, achievable, realistic, and time-bound. Examples include:

• Increase global market share by 5% within the next three years through menu diversification and marketing initiatives.
• Reduce operational costs by 10% over the next two years via supply chain optimization and new technology integration.
• Enhance customer satisfaction scores by 15% in key markets within 12 months through service training and menu improvements.

Such goals provide clarity and focus, enabling the organization to track progress effectively and make necessary adjustments.

Industry Analysis

The fast food industry is characterized by intense competition, rapid innovation, and evolving consumer preferences. Key factors include pricing strategies, menu innovation, health-conscious offerings, digital ordering platforms, and sustainability practices. Market dynamics are influenced by economic conditions, demographic shifts, and cultural trends. Additionally, regulatory environments around food safety and advertising impact operational strategies. The industry is also influenced by global macroeconomic factors, such as inflation and supply chain disruptions, affecting profitability.

SWOTT Analysis

Strengths: Strong brand recognition, extensive global presence, efficient supply chain, and economies of scale.

Weaknesses: Dependence on franchising, occasional negative publicity regarding health concerns, and operational complexity.

Opportunities: Expansion into emerging markets, menu innovation focused on health trends, and digital service enhancements.

Threats: Intense competitor rivalry, changing consumer behaviors favoring healthier options, and regulatory challenges.

Trends: Increasing demand for plant-based options, automation in ordering and food preparation, and sustainability initiatives.

Perceptual Map

For the perceptual map, I selected "Price" and "Quality" as the axes. These criteria are crucial because they directly influence customer choice in the fast food industry. The map helps visualize McDonald's positioning relative to competitors, like Burger King, Wendy's, and Taco Bell. McDonald's tends to position itself as offering good value (moderate price) with consistent quality, but as health trends gain importance, its perceived quality may need to adjust to stay competitive. The perceptual map enables strategic decisions about marketing, menu development, and pricing strategies to reinforce or shift the company's market position.

Conclusion

Developing a robust strategic plan requires a comprehensive understanding of the company's mission, industry environment, competitive position, and future trends. By carefully constructing each component, from SMART goals to perceptual mapping, the organization can better navigate current challenges and leverage opportunities for growth. As the strategic planning team, our focus will be on aligning these strategic elements with the company's core values and market realities to ensure long-term success.

References

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• Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.
• Friedman, M. (1970). The social responsibility of business is to increase its profits. The New York Times Magazine.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Mintzberg, H., Ahlstrand, B., & Lampel, J. (1998). Strategy Safari. Free Press.
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