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For this assignment, select a real company in the fast food industry.
You have just been hired by (your selected company) as its new vice president of strategic planning. The corporation’s performance in recent years as well as the changes with business and economic conditions will be a central focus of your new job.
Given the size of the corporation and the fact that it is in a highly competitive industry, the chief executive officer (CEO) to whom you report has already given you permission to hire a staff of recent Master of Business Administration (MBA) graduates to assist you in your efforts. You recently completed the interviewing and hired four people with minimal real business experience.
In coming months, you and your team will be creating a completely new—and, presumably, more effective—strategic plan. You plan to begin by holding a kick-off meeting with your team.
Deliverable Length: 1,000–1,250 words
To feel confident that all of the employees in your strategic planning team understand all that you have taught them, you require each to prepare a streamlined version of the key elements of a strategic plan. You require each employee to prepare the following sections of a strategic plan for the corporation's next 3-5 years:
•Mission and Vision Statements (Simply copying from an existing real company is unacceptable.)
•Specific, Measurable, Achievable, Realistic, and Time-Bound (SMART) Goals and Objectives
•Industry Analysis
•Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) Analysis
•A Perceptual Map ◦Choose any criteria that you think are important to plot.
◦Explain why you picked the criteria.
Your task is to create a plan, following the same parameters, which will be the sample standard that your employees' submissions should match.
Strategy Formulation and Processes: McDonald
Name
Institution/Affiliation
The American fast food industry has been confronted with a crisis period as a result of the state of the national economy as well as the establishment of new ideas, for instance, casual dining. McDonald's as a business has weathered off the implications of the crisis period because of the economies of scale that has contributed to the increase in profit levels this has been due to the implementation of adequate strategic measures. McDonald's is a significant global brand that manages a chain of restaurants, where the company utilizes strategic management systems to run its operations. This report focuses on the organizational strategic planning that can be integrated into the company so that to influence its market position. Han (2008) asserts that the size of a strategic plan depends on the complexity and the size of the business. A business still maintains its operations even without a strategic plan, but such situations are typically characterized by the enterprise lacking a sense of purpose and priority. However, the process of developing a strategic plan is fundamental as it allows the parties involved to thoroughly examine the market position held by McDonald's.
The strategic planning team at McDonald's has been tasked with the responsibility of guaranteeing an improvement of the corporations' performance for 3-5 years. This is as a result of the change in business and economic conditions. Rodrigo (2012) states that McDonald's utilizes specific strategic plans to establish the direction the company assumes. Elaborated below is the alteration to the corporation’s mission and visions statements suggested by the new strategic planning team.
Mission: “Our commitment is to ensure that our customers are served quickly and courteously in clean and modern environments.”
Vision: “Attain dominance in the fast food industry globally, while providing our customer with quality food and services.”
The top management at McDonald's can ensure that the corporation maintains its sales and earnings by capitalizing on the competitive advantage through performing an easy-to-follow SWOTT analysis.
Strengths
