Strategic Plan, Part II: SWOTT Analysis University of Phoenix Integrated Business Topics BUS/475 StrengthsOver a decade of successful experience. One stop shop for all entertainment needs. One of a kind themes and service. VIP clientele. Maintained Quality. | WeaknessesSizable capital requirement for expansion. Limited inventory. Under estimating needed staff for large events. | OpportunitiesIncreased demand among the elite. International presence. Introduction of new services for every age group. | ThreatsParty WarehousesKeeping regular staff between events.
Lack of reliable company transportation. | Blu Wine Partners SWOTT Table Blu Wine Partners was created to ignite an international client base and audience with distinguished and innovative entertainment. Delivering hands on approach to effective communication throughout the community exceeding all expectations. To provide professional and experienced staff members who will strive to create a truly memorable and fun occasion for every client, every time. Our goal is to be a vibrant and valued service that bridges various entertainment gaps from city to city.
We want to inspire a global audience to play just as hard as they work. With a strategic plan and goals we turn visions into a reality. Strategic planning will determine the course of this new business. A strategy provides a framework for managerial decisions, reflecting a company’s awareness of how, when and where it should compete; against whom it should compete; and for what purposes it should compete (Pearce, Robinson 2009). The first thing we did was plan our business strategies and our purpose at Blu Wine Partners which is the mission statement.
A mission statement will describe the purpose of the company, what services will be provided, the companies philosophy, and goals. The mission statement is a living statement and may need to be changed to meet the needs of changing times (Pearce, Robinson 2004). We had to go about business from the start with specific strategies in place. Specific actions where implemented in our internal and external environment. We assessed it and understood that knew that once we put the plan in motion there would be a few updates along with periodic policing.
A company has to choose over the top strategies and lengthy objectives to get the best outcome. Strategic management involves the planning, directing, organizing and controlling of a company’s strategy-related decisions and actions (Pearce, Robinson 2004). For Blu Wine Partners, we knew that everything had to be researched, planned and researched again. A Strategic plan is crucial when you look at the many companies before you that failed. By putting together a strategic plan you are outlining who and what your company is all about.
This plan also sets the expectations throughout the company and the plans set in place to carry out our vision and mission. With any startup company, external factors are faced with both positive and negative issues that are unavoidable. That is when the powers that be have to once again come together reassess the current strategic plan. Creating goals, objectives, and executing a plan are all accomplished by developing a strategic plan, company vision, and mission. By doing this we are sharing with everyone how serious we are about Blu Wine’s success.
Strategic planning is a necessity for our business. Without it we can only go so far. Organizing is a function the management uses to put together all the possessions to put into play the plan at hand that was agreed upon with our planning. In the midst of organizing, the management will create the internal structure, develop affiliations, and more importantly distribute the needed resources. Controlling is an established performance standards based on Blu Wine’s objectives that are measured and reported actual performance. Leading is encouraging others to do and give their best performance.
That also means to motivate and communicate with everyone affiliated with the company. Leading happens in departments, divisions, teams, and on the executive management level. Leading is defined as the management function that involves the manager’s efforts to stimulate high performance thru the employees. Planning is where it all starts. Without successful planning, Blu Wine cannot control, organize, or lead the organization. Planning helps determine other avenues of the business as well as unhealthy selections that been implemented. Planning helps us put together long term goals and objectives.
A company’s vision would indicate what our business will look like in about 5 to 6 years from now. We would share thru our vision what we intend to pursue and accomplish. When reading any vision statement you should be able to determine the customer needs that they are wanting to satisfy. A well-developed strategic plan is very important for a company to succeed in establishing a top of the line successful business in today’s competitive market. References Pearce, J. A. II, ; Robinson, R. B. (2009). Strategic management: Formulation, implementation, and control (11th ed. ). New York, NY: McGraw-Hill.
