Whole Foods Market Factors to Consider in Strategic Planning Development Strategic planning development is a process that enables a company to achieve its goals and objectives within the stipulated time frame (Harrison & John, 2014).The Whole Foods Company should involve all the managers of the various functional departments of the organization, in the development of a strategic plan. For the strategic plan to successful, the company needs to consider it 's:- Vision. The management of the company has a vision of expanding its operations and increasing the sales in the current stores. The vision of the company is to set the standard of excellence in the food retailing industry. The company should ensure that the strategic plan that is …show more content…
For any strategic plan to be successful there should be effective communication between the management and the employees. The department heads and managers should communicate to their subordinates the significance of their input in the development of the strategic plan for the company.The management should engage the staff in all the phases of the strategic plan as their perspective is valuable to the company. Employees will then be allowed to offer their input through different platforms, such as focus groups, surveys or questionnaires. This communication and engagement within the organization will give the management a clear picture of the strengths and weaknesses of the company. For the strategic plan to be successful, both the management and the employees of the company should be involved in the implementation process. Innovation. The Whole Foods Company should ensure that their strategic development plan is inclusive of innovative elements or ideas. Should the company decide to introduce new products or re-market certain goods, they may need to re-evaluate their original strategy. Innovation plans may include a greater budget allocation to certain departments and the increase in …show more content…
The objectives should be specific and precise on what the marketer is hoping to achieve. Specified targets help in distributing and maximizing resources to where they will be expected to raise the most profits. The objective will also help in achieving productivity standards that aim at ensuring that the investments are distributed equally. At Whole Foods, the objectives that the leader will have to come up with will have to identify the specific goals that the company will benefit from after implementation. For example, buying out a competitor with intentions of increasing their market
Whole Foods Market allows each market to supply products that are standardized, and also supply products based on local buyer needs, as well as the culture of the area; therefore their business strategy is transnational (Thompson, 2016, p. 192). Whole Foods Market varies their products based on location, focusing on local products and any unique products to promote a neighborhood market feel for their customers. The company strategically chooses its locations, placing them in educated areas, and then focuses on products to sustain a competitive advantage.
(Yoder-Wise, 2015) During the process of planning you need to assess your internal and external environment, identify any opportunities and threats. Then you want to create your plan and identify your goals and objectives, implement the plan and lastly you evaluate and make any necessary changes. In strategic marketing, you want to identify your target market and research it. When planning you identify your strategies and objectives you identify what services you will provide and at what cost an how you’re going to market your plan. You can evaluate by getting feedback from consumers through different
The democratic approach has been very beneficial to Whole Foods and is probably one of the factors why the company has been so successful over the years and still has a competitive advantage above other company. Whole Foods stores are operated through teamwork and the overall goal of the company. The company values being inclusive and resolving conflicts peacefully within the company without a union. The employees who are hired are voted for employment by other associates and once hired go through extensive training making them very knowledgeable of the company’s products. Consumers in the store can feel and see the difference
Strategic Planning—the process of developing a plan to achieve organizational purpose—is a management tool used to focus a workforce’s energy. Strategic planning ensures that the workforce achieves an organization’s mission. It is used by large organizations to increase the chances for long-term growth and profitability (Auka, 2016). Lockheed Martin’s strategy is well-aligned with the organization’s mission, vision, and values, reviewed carefully by a well-qualified team, and regularly measured against the appropriate objectives. This has positioned the corporation for success.
As a matter of hitting the marketing target for a product launch such as Whole
The strategy of WFM, co founder Mackey, is to continue offering healthier options for its customers. The movement into Canada and the UK in the last few years, lays the footprint for additional global expansion. Mackey intends to increase WFM to 1000 stores. The question is whether it will happen through acquisitions or new store locations. The answer based on their history is a combination of both. The store in Canada opened in 2002. Since brand recognition is not as strong, the store struggled somewhat in the beginning; however, the expectation is that it will grow to one billion in the next ten years (Patton, 2013). The stores in UK, which are in the greater London area, have received mixed receptions, and some stores are selling well while other locations are not. However, Mackey is not deterred and believes that longevity will produce the desired results.
Having the mindset to satisfy the needs of all the stakeholders creates a positively driven company such as Whole Foods to generate profit.
Strategic Management and Planning is a course of decisions and actions which ultimately lead to the development of a strategy to help a company achieve their objectives. Strategic planning focuses on the company’s long term range and how to accomplish what is laid out. Effective planning will help to prevent problems, provide a response if problems occur, and make available information and support needed to maintain public awareness, safety, and confidence.
A strategic vision should articulate the future direction management aspires the company to head and map an appropriate path to follow that is clear for all stakeholders (employees, customers, shareholders, suppliers) to ensure everyone
The managers must set organizational goals aligned with the company mission. This will provide a strategy for achieving those goals. For example, planning can be seen at every level such as creating goals for sales as well as for the customer experience (Higgins, 1994).
The case looks at prescriptive strategy as applied to multi-product group of companies. Unilever is based in over a hundred countries where multiple products are being made in each. However, the market is mature which means that growth is stagnant and innovation is almost non-existent. In order to improve on growth and sales, the strategies that are needed look at how to come up with new products that have high profit margins and penetrate new markets. The prescriptive approach was used to come with a strategy to improve growth and profit. In order to improve on innovation, both the prescriptive and emergent strategies can be used since both support innovation. From the case study, not much profit was made when the ‘Path to Growth’ strategy was first implemented (2001-2004). The strategy was initially based on cost cutting. There was a need to also build volumes through existing portfolio of branded products through innovation and marketing. By focusing on increasing sales in developing countries where growth prospects were high and increasing investment in personal care products where profit margins were higher, it was possible to improve the profit portfolio.
The key role in solving strategic tasks belongs to strategic planning, which is the process of developing and maintaining strategic balance between organization’s goals and resources in the changing market environment. The purpose of the strategic planning is to determine the most promising fields of activity providing its growth and prosperity. Strategic planning is a component of a broader concept “strategic management”. All four management functions (planning, organizing, leading and controlling), when talking about strategic management include strategic orientation. When viewing strategic planning from the highest level possible within a company, the planning function is the area that stands out as the most important area which involves a great deal of development and focus.
Strategic implementation is a critical factor when making decisions regarding issues that affect the vision, mission, or objectives of an organization. Strategies are often implemented in accordance to the culture of the organization, the nature of control systems, the stakeholders, and the nature of the organizational design. In order to achieve success in the implementation of strategies, the structure of these factors must work in coordination with one another. For instance, the strategic vision of CPK lies in the creation of a globally recognized brand name and therefore, all of the goals and objectives of CPK must be directed in realizing that the company achieves this objective (California Pizza Kitchen 2011). Furthermore, the vision statement is inclusive in itself in that it communicates the message in a directional, flexible, and focused manner.
Strategic planning is an organizational process in which it looks towards developing and sustaining success or balance in its ever changing environment.
Strategic planning is the continuous and systematic process of guiding members of an organization to make decisions about its future, develop the necessary procedures and operations to achieve that future, and determine how success will be achieved.