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Develop a strategic plan for your selected company
Description
Develop a strategic plan for your selected company. The plan should incorporate the findings from your SWOT and VRIO analyses. Outline clear strategic objectives and provide actionable recommendations for achieving these objectives. Consider both short-term and long-term goals.
Detailed Breakdown of Strategic Plan Assignment
| Section | Content |
|---|---|
| SWOT Analysis | Conduct a thorough SWOT analysis of your selected company. Identify the key strengths, weaknesses, opportunities, and threats facing the company. Discuss how these factors influence the company’s current strategic position and future opportunities. |
| VRIO Analysis | Perform a VRIO (Value, Rarity, Imitability, Organization) analysis to assess the company’s resource-based advantages. Identify which resources and capabilities provide the company with a sustainable competitive advantage. Discuss how these advantages can be leveraged in the company’s strategic plan. |
| Strategic Objectives | Based on the SWOT and VRIO analyses, outline clear strategic objectives for the company. These objectives should address both short-term and long-term goals. Ensure that the objectives are specific, measurable, achievable, relevant, and time-bound (SMART). |
| Actionable Recommendations | Provide actionable recommendations for achieving the strategic objectives. Detail the steps the company should take to capitalize on its strengths and opportunities, while mitigating its weaknesses and threats. Include considerations for potential risks and how they can be managed. |
| Implementation Plan | Outline a high-level implementation plan for the strategic recommendations. Discuss the resources, timelines, and key performance indicators (KPIs) that will be used to measure progress and success. Consider the potential challenges in implementing the strategy and how they can be addressed. |
| Monitoring and Evaluation | Develop a framework for monitoring and evaluating the success of the strategic plan. Discuss how the company will track progress towards its strategic objectives, and how it will adjust its strategy in response to changes in the business environment or internal performance. |
Instructions: A 4-5 APA formatted page strategic plan, double-spaced, submitted as a Word document. Cite three (3) peer-reviewed articles not including your textbook.
Grading Criteria
Clarity and feasibility of the strategic objectives, the thoroughness of the SWOT and VRIO analyses, the quality of actionable recommendations, overall organization, and presentation of the plan.