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Strategic Planning - Assignment Solved

   

Added on  2021-04-17

24 Pages4696 Words67 Views
Running head: STRATEGIC PLANNINGStrategic planningName of the universityName of the studentAuthor Note

1STRATEGIC PLANNINGEXECUTIVE SUMMARY:This report is going to forecast the market condition of the Krispy Kreme Doughnuts (KKD)to sustain in the market by adopting various market strategies, which is described in thisreport. This strategy can help the company to sustain in the market. The report recommendsthree main strategies to KKD so that they can increase their market share by improving theirprofitability. From the report, it can be observed that there is connection between therecommended strategies and the developed strategies of KKD as further recommendationshave provided to achieve the actual strategies of the company. From the financial part of thereport, it can be seen that KKD is required to invest large amount of money for theimplementation of their strategies. With the help of the implementation of these strategies,KKD will be able to capture more market share along with the improvement in profitabilityposition.

2STRATEGIC PLANNINGTable of ContentsIntroduction:...............................................................................................................................3Step 1..........................................................................................................................................3Step 2..........................................................................................................................................3Step 3..........................................................................................................................................4Step 4:.........................................................................................................................................5Competitive Profile Matrix (CPM):.......................................................................................5Step 5:.........................................................................................................................................6External Factor Evaluation (EFE) Matrix:.............................................................................6Step 6:.........................................................................................................................................7Internal strengths and weaknesses:........................................................................................7Step 7:.........................................................................................................................................8Internal Factor Evaluation (IFE) Matrix:...............................................................................8Step 8:.......................................................................................................................................10SWOT Matrix:.....................................................................................................................10SPACE Matrix:....................................................................................................................11Boston Consulting Group (BCG) Matrix:............................................................................11Internal-External (IE) Matrix:..............................................................................................12Grand Strategy Matrix:........................................................................................................12Quantitative Strategic Matrix (QSPM):...............................................................................12Step 9........................................................................................................................................14Step 10......................................................................................................................................15Step 11......................................................................................................................................17Step 12......................................................................................................................................18Conclusion................................................................................................................................19References................................................................................................................................20

3STRATEGIC PLANNINGIntroduction:The KKD Company is operating its business in various countries and for this itessential to investigate the various strategies planning related to the company, which in turncan help the company to implement various strategies and to implement this for competing inthe market (Ginter, Duncan & Swayne, 2018). Moreover, a financial calculation is done toforecast the outcomes of this strategy in future. Hence, this report has made CompetitiveProfile Matrix, External Factor Evaluation (EFE) Matrix, Internal strengths and weaknessesand some other matrices. Step 1Krispy Kreme Doughnuts (KKD) does not have any published visions statements. Themain mission of the company is to satisfy the demands of their customers by providing themwith quality products and services. In this context, the main objective of KKD is to satisfy the needs of the customerswith the assistance of collaborative team effort. The aim of KKD is to be the best in itsindustry (Hitt, Ireland & Hoskisson, 2012).The strategies of KKD are shown below:To fulfill the demands of customers by providing fresh doughnutsTo transform the business by entering in smaller factory shops rather thanwholesale customersTo promote the company’s local relationship marketing by raising more funds (Hitt,Ireland & Hoskisson, 2012).

4STRATEGIC PLANNINGStep 2The following discussion shows the new vision and mission statement of KKD:As per the vision statement, the aim of the company will be t provide the customerswith joy and happiness through fresh doughnuts, music and art (Hill, Jones & Schilling,2014).In order to achieve this vision, the mission of KKD will offer fresh doughnuts withgood music and art at the same time. The company will offer a range of doughnuts to itscustomers in affordable price. In addition, the collaborative team will always be ready toprovide quality services to the customers (Hill, Jones & Schilling, 2014). Step 3From the provided case study, it can be seen that KKD has some major external threatand opportunities. They are mentioned below:ThreatsThe habit of healthy eating is a major external threat for KKD. It can be seen that thepeople of United States and the globe have become more health conscious as theyprefer Low-carb diets to fast food. Apart from this, the government is also imposingrestriction on fast foods including doughnuts shops. It can affect both the profitabilityand business opportunities of the company (Wheelen et al., 2017).Major fluctuation in coffee price is another external threat for KKD. Some majoraspects like droughts in Brazil, fungal infection in 2014 and deforestation has affectedthe coffee prices. This aspect is contributing towards the loss of revenue of KKD(Rothaermel, 2015).Opportunity

5STRATEGIC PLANNINGThe provided case study indicates that the global doughnuts market is lookingpromising and it can be regarded as a major external opportunity for KKD. The mainreason contributing towards this opportunity is the increasing demand of doughnutsall over the world (Wheelen et al., 2017). Step 4:Competitive Profile Matrix (CPM):Krispy KremeDoughnutsDunkin’s BrandsGroupTim HortonsStarbucksCriticalSuccessFactorWeightScoreWeighted scoreScoreWeighted ScoreScoreWeighted ScoreScoreWeightedScoreBrandReputation0.2530.7541.030.7541.0Marketing0.0530.1530.1530.1540.20ProductQuality0.2541.030.7520.5041.0Location0.1540.6040.6020.3040.60CustomerLoyalty0.1020.2020.2010.1030.30CustomerService0.1020.2040.4010.1040.40Product0.1010.1040.4040.4040.40

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