Management Essay on Scenario Planning Example | Topics and Well Written Essays - 1000 words

Management on Scenario Planning - Essay Example Nevertheless with the passage of time Joe Papa handed the responsibility of running the business to his eldest son. Now the elder son Little Joe now wants to expand the operations of the company and like to open outlets on parts of the St. Louis County and in the suburbs of St. Louis. The next half of the report will be presenting a list of recommendations that can be applied by the company to formulate their strategies for the next 5-10 years. Recommendations In order to have a sound strategic plan for the future the company at first needs to define its core products, services as well as the target group of customers. Defining target is important as the company exists because of its customers. In this process the company must also develop a mission and vision statement. This will clearly portray the intentions of the company about where it wants to go and what it wants to achieve in the near future. Now since the company wants to operate in other parts of the country it needs to hav e a proper strategy. The selection of place where it will be opening the outlet has to be at busy place. This will ensure steady flow of customers. After a shorter expansion and based on the feedbacks of the local customers regarding products and services, the company can take up international expansion. This will not only help the company to earn more revenue, but will also facilitate them to cater to a large number of segments. Prior taking the international expansion the company needs to ensure it maintains the highest quality of products and services. Also other factors such as customer relationship management and customer query management needs to strong. Depending upon the country of operation and its external environment the company may take up either FDI or joint venture to expand. It is important that within next few years the company develops a core competency for itself. Therefore in order to develop it the company must focus on a number of aspects. Some of the possible a spects on which competency can be achieved are variety in dishes, authenticity of the ingredients, ambience of the outlets, free home deliveries, specialized or localized menu etc. The company should implement information technology into their system of operations. By implementing IT into their system the company will be able to introduce various other options. For example it can introduce online order processing system, inventory management system, customer relationship management and also automation of a number of store activities. The company should promote itself with the help of television advertisement, fliers in the form of discount coupons and also promotion through newspaper will help to serve the purpose. Nevertheless strategic planning can also be an effective tool, if properly utilized by the company. In this context the board of directors for the company must consider one among single, standing and contingency plans. After determining the best possible solution and base d on the evaluation, it should prioritize the plans in a systematic manner. The implementation of the plans should be the next step. The company should also consider controlling the implemented strategies. Assignment II Strategic planning is defined as the process by which organizations decides about the objectives of the company and also decides upon the appropriate courses of action required to achieve the objectives (Cambridge Dictionaries