Week 2 Strategic Plan Research

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University of Phoenix *

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581

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Business

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Jun 19, 2024

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Week 2 Strategic Plan Research A sample strategic plan in retailing was my go-to for this assignment. The retail strategic plan I found clearly states and go over where the organization is going and how it will get there. The first steps it mentioned where the MFP (merchandising financial planning which is the mapping of the financial goal of the inventory, sales planning, and inventory planning. The next step is evaluating the market then it mentions its Swot analysis, its customers behaviors and the set objectives that will need to be measured that’s why addressing the KPI’s are vital in planning. Yes, the sample plan evaluated the internal and external because this is what is done in a SWOT analysis so yes its does brings this into the planning which we would consider a situational analysis that focuses on strengths, weaknesses, opportunities, and threats of an organization. For example, a firm’s internal environment consists of financial resources, technological resources, and its capabilities of personnel and their performance. This brings us to the inclusion of a people plan and addresses the achievement of diverse workforce which has a bit to do with the internal environment. This is where the organization needs to outline how the organization will manage, develop, and utilize its human resources. The planning will need to always include corporate responsibility and environment sustainability because when running a business, the business and its employees, its suppliers etc. needs to have integrity and have positive ethical behavior. If this is not incorporated it can cause a problem within a business and may have a negative impact on the organization. If an organization doesn’t practice this, it may lose its target market or its consumers. If a company adopts key social responsibility principles like taking accountability and being transparent, an organization can help tackle long term viability, and success within the business systems. If this can be incorporated in the planning, it maximizes not only the shareholders’ value. But the business can operate in a way that will not only benefit its society but itself as well. Reference Retail Planning: Insights + Strategic Retail Planning Guide (shipbob.com)

What Do We Mean By Strategy? (mheducation.com)

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Week 2 Strategic Plan Research

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