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Strategic plan

Paper Outline

Executive summary
Tiffany & Co background, mission, vision and value statements

Environmental scans

Review of the best strategies from Week Four and a recommendation to the organization
Implementation plan
Functional tactics for change management

Tasks and task ownership
Action items, milestones and a deadline

Resource allocation
Key success factors for implementation

Budget and forecasted financial prospects, including a break-even chart

Risk management plan, including contingency plans for the identified risks
Change management strategies that would enhance successful implementation
References

 
Executive summary
Strategic planning involves the analysis of changes in the environment, formulating the objectives of the organization and the establishment of urgencies to allocate resources. The strategic planning framework includes the organizing team of management and the planning staff, auditing the environment or the situation, developing mission, goals and objectives, creating broad strategies, establishment of programs and budgets, monitoring program results and the environment. Brand names used by companies place them above their competitors in the global markets. The key anticipated management personnel successfully execute business objectives.
Environmental scanning provides an analysis of the internal and external environment. It involves owning and using information about occurrences within the environment. Environmental scan aids managers in making decisions regarding their company. In the external environment, environment scanning is done on the immediate environment, national environment and broader socioeconomic environment or the macro environment.
Action plans are very critical to strategic planning. They break strategic plans into noticeable steps, give out each step to people and suggest when each step will be accomplished. With the implementation plan, a timeline for implementation is determined, service providers are trained and educated, the roles and responsibilities of service providers are defined, written protocols for referrals are developed, and policies and procedures are developed.
A reliable and effective management plan is vital for an organization to overcome workplace resistance in the wake of changes or adjustments. Change management strategy helps in presenting of a new way of doing business. For instance, goals optimize flexibility, promote innovation, and sustain change as a result of developing a successful change management strategy. In this context, the analysis will focus on how Tiffany & Co has developed and implemented a strategic plan in its operations.
 
Tiffany & Co background, mission, vision and value statements
Organization background
Tiffany & Co was founded in 1837 by Charles Lewis Tiffany and John F. Young. The two individuals opened a store in New York that was intended to sell Stationery and costume jewelry. In 1845, the store began dealing with high-quality silver pieces which remains as its specialty. Later in 1853, the company was renamed to what is now Tiffany & Co. Over the years, the company became strategically tied to the political leadership in the country, which contributed to its immense growth and success. After a fall in profits during the great economic depression, the new management changed tact by getting rid of goods it deemed unworthy. They cleared goods such as diamond rings for men, leather goods, silver plate, and antiques. In turn, new products were introduced by the company (Haines, 2010).
The products were of high quality but of a lower price. The change of tact was immensely successful stretching to 1978 when it was sold to Avon products Inc., a world leading manufacturer of cosmetics. Avon later sold the company in 1984. The new management embarked on regaining the high image. The company became a public corporation in 1987. This strategy helped the new management to introduce new products, which include fragrances, silk scarves, handbags, and briefcases among others. They also opened new stores in London, Zurich and Munich. Tiffany & Co continue to enjoy a strong brand name and customer loyalty, which accounts for its large growth and strength even in the face of the economic downturn (Haines, 2010). Currently, the company has a strong brand name, and is famous for its luxury goods.
Organization’s mission
The company’s mission is to provide quality rings and luxury brand items that are associated with romance, quality and style.
Vision
The organization is a symbol of American design with the theme of Love, Beauty, Romantic and Dream.
Value statements
They believe that jewelry from their company cannot expire and be discarded.
Environmental scans
The analysis of both internal and external environments is developed through environmental scanning. While being conducted, the scanners in Tiffany Co identify the important trends inside and outside the company. The human resource department determines how they want those trends to affect the work and the workforce. The department also describes the expected gaps between what is most likely to happen in the future and what should ideally happen in that future (New York (State) 1991).
Review of the best strategies from Week Four and a recommendation to the organization
Tiffany & Co may also adapt generic strategies to achieve maximum growth. These strategies include differentiation, low-cost leadership and focus on their cost or differentiation strategies (Pearce & Robinson 2006). With the threat of fake products and imitations, Tiffany & Co should adopt the strategy of differentiation. It must be such a recognizable brand that no imitator can pose any challenge to its brand. In 2005, research shows that 90% of the items sold under Tiffany & Co label on eBay were counterfeit (Damassa, Hyder and Wilcox 2007). It is prudent to boost efforts to strengthen product name and authenticity. Another generic strategy could be low-cost leadership. However, such a move should be made careful not to hurt the brand name. The company should consider opening stores that deal exclusively with affordable, but high quality items. To avoid confusion and loss, the company may open the stores under a different name.
The company may also consider the focus strategy, which is the most suitable for Tiffany & Co. Botten and McManus (1999) asserted that it is better to focus on a narrow market and serve it perfectly than to target the broad market. However, this strategy has its own disadvantages. The company may not make enough profits in the short term thus making it harder to survive the recession. In addition, the target audience may no longer be different from the rest of the market during hard economic times. The competition may also pose a challenge by filling the market gap that would occur if Tiffany & Co was to focus-strategies.
Implementation plan
The witnessed economic recession and diminishing prioritization of jewelry items by customers is threatening to impede the company’s performance. As such, the company has identified key strategic issues that it seeks to pursue with an aim of countering the effects of the diminishing factors. The strategic issues are set to facilitate its growth both in the established and emerging markets. Firstly, the company has strategies for expanding its market by venturing into new market such as India. The company also has strategies on how to mitigate the possible risks that the economic complications may present.
Objectives

To identify potential change management strategies that would enhance successful implementation of contingency plans
To identify key success factors for implementation and functional tactics
To provide credible information relating to budget, action items and forecasted financial prospects
To provide reliable information pertaining to risk management plan and key success factors in the implementation process

Functional tactics for change management
Functional tactics are operating guidelines and production systems that aid performance in institutions. They are also strategic measures and plan of activities that facilitate execution of duties (Barney, 2007). Imperatively, Tiffany Corporation should adopt new tactical approaches to production, sales, marketing, and distribution of products. The tactics include the adoption of lean administration concept and proper market segmentation. This will lead to the realization of its contingency plans. In this case, they are instrumental in ensuring effective management of resources, designing of products and development of new business units.
Action items, milestones and a deadline
As noted, the company has an obligation to implement key action items that hold the capacity of sustaining its performance capacity. The action items would ensure that the company is operated under conventional management techniques (Barney, 2007). They will also facilitate the implementation of the strategic plans. The items include integration of the democratic management system, designing of quality and affordable products and proper market segmentation. Other action items include improvement of brand recognition, infrastructure, distribution network and favorable pricing. Consequently, the company has made tremendous milestones in the management of its expansion and contingency plans since its inception. Its major plans and strategic missions are being executed within specified timelines (Pearce & Robinson, 2011). This shows that the current tasks will receive appropriate Implementation. The strategic plans will be executed within the set timelines and the company’s capacity in terms of resources.
Tasks and task ownership
The management of Tiffany Company must design key tasks and operating guidelines promptly to facilitate the implementing of the strategic controls and contingency plans (Mintzberg, Ghoshal, Lampel & Quinn, 2003). This is essential in ensuring elimination of wastages that will enable the company to maximize on its resources. The main tasks that are vital in ensuring complete actualization of the strategic plans include:

Tasks
Duration
Resources

Performance of feasibility study
2 weeks
Project experts

Hiring of personnel
3weeks
Hiring panel, time, resources

Installation of task control and assessment panels
1 month
Personnel, processors, hardware’s

Operating work plans and acquisition of basic equipment
1 month
Financial aid ($ 60,000)

 
Resource allocation
Managers in any institution must adopt effective techniques of resource management and allocation. This is vital since resources such as money and infrastructure are key drivers of any strategic plan. Therefore, managers in Tiffany Corporation are obligated to develop a viable work plan. They also have to develop a budget on how the expansion process will be executed (Pearce & Robinson, 2011). The work plan should be arranged in order of priority.
Key success factors for implementation
Success factors for implementation are essential elements that aid execution of tasks. They ensure that key activities within the implementation process are executed with limited complications. Barney (2007) noted that, key success factors that managers should adopt include an effective performance of the feasibility study on the tasks, favorable allocation of resources and designing of activities in the order of priority. Innovation, acquisition of quality raw materials, development of strong brands and effective marketing also form key success factors. The factors would enable Tiffany Company to implement its strategic plans and achieve best results.
Budget and forecasted financial prospects, including a break-even chart
Tiffany Company’s budget that covers the cost of implementing its strategic plans and projected return on investment is provided below. As noted, the cost of implementation of the plans is lower than the projected revenue by $ 600,000. This shows that the company would break even effectively.

Plan
Cost of implementation ($ 000)
Projected revenue ($ 000)

Opening of new branches
1,200
1,600

Product designing
200
300

Brand recognition
200
250

Market segmentation
50
60

Distribution network
60
100

Total
1,710
2,310

Break even figures = 2310/1710= 1.35%

 
 
Risk management plan, including contingency plans for the identified risks
Superior risk management is one of the main strategic plans that Tiffany Company seeks to implement. In this case, the company is facing severe risks that are caused by hostile environmental conditions. The risks that seek to impede its profitability, expansion plans include diminishing of raw materials that threaten to affect the quality of its products, and price variations that seek to dampen customer loyalty. These risk factors have forced the company’s top management to embark on high-powered deliberations.
The deliberations are to institute proper contingency plans to counter the risks as they occur. These contingency measures include identification of new sources of raw materials, alternative materials, and adoption of low switching costs for consumers. Other contingency measures include the introduction of new brands, saving money in a reserve account and continuous innovation. These plans would help in cushioning the company from recording dismal performance in both worst-case and best-case scenarios if implemented appropriately.
Change management strategies that would enhance successful implementation
Tiffani Corporation should adopt conventional techniques of change management. This is crucial in facilitating holistic implementation of its strategic and contingency plans. Particularly, the company should advance its technological set ups, execute online sales, marketing, embrace innovation and develop favorable guidelines to aid resource allocation. Development of effective communication systems, acquisition of quality raw materials, research and development of effective pricing strategies are also essential elements that facilitate change management. These elements hold the capacity of ensuring that Tiffany Company that has a strategic plan of expanding its network and eradication of pricing risks achieve its targets.

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