A powerful business does not imitate, it differentiates itself from competition. Lovely Flowers approach to the flower store market is customized customer service and superior product quality. A flower store where people do not have to pay for extra service because is already included in the price. Lovely Flowers differentiates from competition since time of ordering to delivering. The following will discuss strategic planning process for Lovely Flowers with the mission, vision, values, balanced scorecard, SWOTT analysis, and communication plan.
Businesses need a planning strategy to guide its own goals. Managers make decisions based on the strategic plans of an organization. A planning strategy "reflects 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, 2004).
According to Jack Pearce and Richard Robinson (2004), strategic management is a "set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company's objectives."
Strategic management focuses on the company's mission, capabilities, competition, strategies, and objectives to name a few, things (Pearce & Robinson, 2004). For Lovely Flowers's long term goal to become prestigious within five years, strategic management will make a strategic plan by assessing Lovely Flowers's competitors, capabilities, environment, strengths, and weaknesses. Besides external benefits, a company that uses the strategic management approach improves in-house problems within its staff such as problem prevention and less resistance to change due to increased interaction amongst employees and management.
Mission StatementThe first step to strategic plan is to have a mission statement. The mission statement is the philosophy behind strategic planning. Lovely Flowers mission statement is, To be recognized for exceptional product quality and excellent personalized customer service. The company guarantees customer satisfaction and values friendly service. The mission statement...