Buy essay on Strategic Plan, Conceptualizing a Business

The development of the women’s and children’s clothing and décor items business in a small town may raise a number of problems if the business is developed without the clear plan, vision, mission and accurately defined goals the owner of the business wants to achieve. In this regard, the development of mission and vision of the company along with the basic principles on the ground of which the company can develop is essential for the successful business development. On the other hand, the mission and vision along with fundamental principles should be realistic and meet the actual potential of the company and needs of customers.
First of all, it is important to dwell upon business, products or services, and customers by developing a mission statement. Taking into consideration the fact that the target customer group of the company consists of women and children as well men interested in décor, the company should develop its business focusing on the family as the target customer unit. At the same time, the company needs to take into consideration needs of its target customer group for the target customer group is families with children and the main part of the target customer group will consist of women. Therefore, the company needs to offer its customers products, which are interesting for them and meet their needs. In such a context, the mission of the company should be the creation of the positive ambiance of the “place to be”, where the entire family can come for shopping. Therefore, the mission of the company is to meet needs of its customers and attracting them to the company’s products and services through the creation of the “place to be” atmosphere.
At the same time, the vision of the company includes the focus on the high quality of its products and services and participation in the community life to make the company a part of the local community, where customers can not only do shopping but also feel at ease as being in the place, where they can feel comfortable as being in a part of their community. Therefore, the vision of the company is offering customers products and services of the high quality and active involvement in the community life through participation or sponsoring socially significant events in the community.
In such a context, it is important to dwell upon the guiding principles and values in terms of culture, social responsibility, and ethics. In cultural terms, the company needs to focus on the adaptation of its products and services on the community’s cultural background. What is meant here is the fact that the clothing and décor elements should meet cultural traditions and norms of the local community. Obviously, if the company offers its customers some extraordinary products, which have never been sold in the community and which have never been used by community members, the company will definitely fail in its business development. At the same time, the company should conduct the policy of social responsibility. The social responsibility of the company will have different manifestations. First, the company should be socially responsible in relation to its own employees and their family members. In this regard, the company can offer partial or full health insurance coverage for its employees and their family members. In addition, the company should develop and implement the compensation plans for employees that retire from the company. Moreover, the company should take part in socially significant projects in the local community. For instance, the company can supply children’s clothes, which the company has failed to sale, to orphan or children in need, who live in the local community. Naturally, the company should conduct its business ethically that means that the company should not use promotional campaigns that may be offensive in relation to its rivals. The company should respect cultural norms and traditions of its employees and customers.
At the same time, the organization should address customer needs and it is important to analyze briefly how the company can achieve competitive advantage. To meet customer needs, the company should conduct detailed marketing analysis to find out what customers expect from the company and what products they are accustomed to and willing to buy. The company can offer new products and traditional products of the high quality at affordable prices. The pricing policy may be an effective tool to gain a competitive advantage over rivals because affordable prices will definitely attract customers. Moreover, the company should combine affordable prices with the high quality of its products.
Thus, taking into account all above mentioned, it is important to place emphasis on the fact that the company should focus on the fulfillment of its mission and vision. The company can reach a tremendous marketing success, if it meets its customer needs and follows its basic principles defined above. In such a way, the company should offer products of the high quality at affordable prices and conduct socially responsible policies.

References:
Chowdhry, B., Howe, J. (1999). Corporate Risk Management for Multinational Corporations: Financial and Operational Hedging Policies. European Finance Review, 2.
Elekdag, Selim, Alejandro Justiniano, Ivan Tchakarov. (2006). “An Estimated Small Open Economy Model of the Financial Accelerator.” IMF Staff Papers. 53:2, p.219-224.