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The process of strategic planning for marks and spencers
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Describe the process of strategic planning
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As I read chapter one of the Strategic Staffing textbook, I found that Chern’s has a very strong strategic plan. Every single decision that was made for this company served as a strategic example to get and stay ahead of their competitors. Chern’s CEO and COO, Ryan and Ann Chern, have shaped this department store in a way that not only brings in profit, but can set the trend for its competitors and future businesses that want to join the department store market. Chern’s has a really great staffing strategy. They have one store manager, eight department managers, eight assistant managers, 100 full-time employees and 25 part-time employees. The way Chern’s has set up their store is strategic because the 25 part-time employees are hired to continue
Target’s core employee development strategy is to embrace, teach, and model concrete behaviors that will lead to higher levels of individual and system performance and excellence. Some of these objectives include teaching employees to perform at the highest level in a current position, manage internal and external environmental changes, increase promotability, and contribute directly through all outputs towards to common company goal. Each position in the company has a set list of guidelines for core behaviors and expectations. This set of guidelines are used to measure each individual employee and the achievement of these goals can help these employees progress their careers at Target. Linkage to performance plans also help in the development of employees. In these performance management training sessions, HR staff help employees develop a sense of understanding about the core values associated with striving for excellence, obtaining results, and other characteristics of high-performing organizations. Employees learn to communicate these core behaviors, and this gives all employees a clear understanding to what it takes to be a high performer. Another very important aspect for Target leadership is to identify and develop future positions. This creates back-ups for each position in the store to ensure seamless transitions if a current employee leaves or is terminated. Performance management is measured not only on individual employee basis, but also by the company as a whole. We will observe the company’s performance compared to its biggest rival Walmart. Based on recent stats we were able to compare the two companies in several aspects as
Some core competencies that must be exploited are: Brand Kmart is an existing well-known and trusted national brand in USA Kmart has private label and designer clothing that is well endorsed Infrastructure Kmart has a large number of well-located, low-cost, leased stores in urban far away from competitors through out the country ( Appendix B ). Staffing Confidence by the market in Kmart is created by the achievements of its staff and management. With the turn-around strategy in place, new blood has been put into the top management structures. In any renewal there will be retrenchment as unprofitable stores are closed. This can be used as an opportunity to retain and move high performing staff to where they are needed and to get rid of non-performing staff. Anderson the chairperson of Kmart is well supported by Wall Street and the board of Directors. These new staff members enter the company with needed skills to address problems in certain areas that previously were poorly managed such as inventory control and merchandising. Store locations, layout and Performance Stores conveniently located away from competitors like Wal-mart and Target therefore less to compete for customers face-to-face. There are 250 non-performing stores who have already been identified as being more cost effective to close than continue with running costs. Expertise exists in-house for the planning of store layout and appearance to meet different customer segments. This concentration of effort will enable focus on key areas Technology Kmart has already invested in good retailing systems. The system can be use to control inventory, supplier payments, track customer buying and monitor income versus profit margins across all stores. Research and Development The planning department is well established and in cross-functional to provide various perspective. The planning department to ensure that strategies at all levels are executed can further use the access to past data and knowledge of changes in buying patterns. Financial Backing JP Morgan Chase has agreed to support Kmart to avert the current threat of closure due to bankruptcy.
The leading retailer of prescription drugs, CVS Health, has positioned itself as a growing and sustainable healthcare platform for an aging populace and changing healthcare dynamic. The officers, along with the board of directors have made strategic moves in the past few months and years to better position itself in obtaining a large market share, while providing its shareholders with obtainable growth potential. In the case of CVS Health, I believe that the executives and management team are the largest influencers of the culture and with setting goals for the company and customers.
Business strategy and model: Zappos.com had a differentiation strategy with which they had differentiated themselves from the rest of the market. They had use a unique corporate culture in their company which was one of the major competitive edges of the company. According to the CEO of the company, Tony Hsieh, that everything that they had done at Zappos such as their relationships with 1,200 to 1,500 brands, policies and website style could be copied, however, the only thing that no one could copy from them was their unique culture. Zappos had 10 unique core values as a basis of their company’s culture, employee performance and their overall operations. They were hiring and firing people on the basis of their abilities that whether they were living up to these core values or not.
Spanish clothing company Inditex, owner of the Zara clothing store chain, has one of the most unique and successful operational strategies in the retail business. While their techniques are somewhat unorthodox, their unyielding focus on capital investment, supply chain synchronicity, and merchandise design has given them a noticeable edge over the competition. Not only has Zara seen 20% annual growth of sales and net income since 2001, they also report collecting an impressive 85% of the full ticket price of their clothing. While it would be counterproductive for Target to try and emulate many of Zara’s more intensive business practices, taking a closer look at some of the specific operational techniques that Zara uses can provide terrific insight on ways to improve profitability in the Target Corporation.
...M. E. (2008). Competitive advantage: Creating and sustaining superior performance. New York: Simon and Schuster.
One thing about having a task is to stay the course in order for it to be completed. It requires team assistance. Job design is a core function of human resource management. These type of designs are the methods of relationship of jobs in order to satisfy technological and organizational requirements along with the social and personal requirements of a job. Human resource management is the management of human resources, quite naturally. It is designed to maximize employee performance in service of an employer's strategic objectives. CEO Kip Tindell thought big when he pondered upon such valuable asset in creating an employee first culture for a positive workplace. This type of thinking and planning for others come from being passionate about meeting the needs of others. And this also comes through a purposeful leadership and inspired journey. The type of job design strategies that would be appropriate for organizations like The Container Store is to have an open mind to the people, places and things around them. Find out what is needed to bring forth improvement. For example, job enrichment is the process of improving employee satisfaction by modifying their work. A constant and quarterly modification is necessary in order for growth to take place. What many people do not realize, is that job enrichment has the ability to create happier and more content employees. This can help reduce
Berman, B., & Evans, J.R. (2013). Retail management: A strategic approach (12th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.
Leadership: Terry Leah the CEO of Tesco in 1997 was considered a visionary leader that changed the structure of the Tesco organization A visionary who changed the face of shopping (Alex Brummer 2010). According the article A visionary who changed the face of shopping the leaders at Tesco want to create strong teams and want the employees to be committed to the goals and vision at Tesco. Tesco is focused on providing quality goods and services to customers, but also has developed a workforce by training them to be leaders that will promote teamwork and help ensure that the employees will go the extra mile to help customers. By having employees believe in the values and become better leaders this will create a better place to work where quality service is
One of his strategic planning that aligned with the Vision was the strategic staffing. Jack Welch said, "The ideal manager, according to Welch, is one who shares his vision, has boundless energy, and possesses the ability to radiate enthusiasm and ignite that flame in other employees. Along with those highly desirable skills, the best managers also have the indispensable gift of creating, developing and refining a vision and putting it to work in a practical way" (Davis 2010).
One of the strategic that they used was to empower their employees. “Empowering workers with the sense that everything they did made a real difference to the success or failure of the company” (McCaslin, 2008). When employees feel that they have power to make decision within the organization it gives them a feeling of ownership, they tend to relate more towards the organization that they working for. According to their CEO, it has certainly proved to be a successful strategy so far.
Sadler, P. & Craig, J.C. (2003). Strategic management (2nd Edition). Sterling, VA: Kogan Page Publishers.
Berman, B., & Evans, J.R. (2013). Retail management: A strategic approach (12th ed.). Upper Saddle River, NJ: Pearson Prentice Hall.
How a motivated and well managed manpower leads to better customer service and high profits.
Corporate strategy is a broad topic that any company cannot afford not to have if success has to be assured. The modalities that an organization puts in place to include corporate strategy or as part of corporate strategy also have a great contribution to the profitability of that organization. In this research paper, the learner will focus on Essex Fire Authority and the strategy that the authority has adopted for success in its service delivery to the community. Corporate strategy calls for consideration of corporate social responsibility, profitability, customer satisfaction, sustainability and application of technology in its service delivery .