Strategic Plan Part 1

Strategic Plan, Part I: Conceptualizing a Business

The competitive nature of business decreases the likelihood that new businesses will succeed. Thompson, Gamble, and Strickland (2006) write that strategy is “management's game plan for growing the business, staking out a market position, attracting and pleasing customers, competing successfully, conducting operations, and achieving targeted objectives” (p. 3). To survive in a competitive marketplace, companies must develop a strong strategic plan. Strategic planning is an essential part of running a successful business and must reflect the company’s mission, vision, and values. The mission, vision, and values of the company state the company’s purpose and goals and lay the groundwork for the company’s path to success. A strong strategic plan does not guarantee success for a company but failure to develop a strategic plan may very well lead to failure for the company.

Mission Statement

According to Pearce and Robinson (2009), a mission statement is “management's game plan for growing the business, staking out a market position, attracting and pleasing customers, competing successfully, conducting operations, and achieving targeted objectives” (p. 25). The mission statement answers the questions of the purpose and product of the company, the beliefs of the company, who the company serves, and how the company will complete these items. By creating a mission statement, the company attempts to provide a unifying purpose for the company to guide the company toward its goals. The mission statement also provides a basis for strategic planning and decision-making within the company.

Craver’s Sweets and Treats is a bakery specializing in a variety of desert items and as is the case with most companies, is built on the values, beliefs, and vision of the owner. The mission statement for Craver’s Sweets and Treats is:

Craver’s Sweets and Treats is committed to providing fresh baked goods, made with quality ingredients to...