STR 581 Week 4 Learning Team Assignment - Strategy Paper - BONUS 2
STR 581 Week 4 Learning Team Assignment - Strategy Paper - BONUS 2
Popular in Course
verified elite notetaker
Popular in Department
This 0 page Study Guide was uploaded by kimwood Notetaker on Friday November 6, 2015. The Study Guide belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 57 views.
Reviews for STR 581 Week 4 Learning Team Assignment - Strategy Paper - BONUS 2
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 11/06/15
Running head ALTERNATIVE STRATEGIES FOR KUDLER FINE FOODS Alternative Strategies for Kudler Fine Foods STR5 81 YOUR NAMES DATE NAME OF PROFESSOR ALTERNATIVE STRATEGIES FOR KUDLER FINE FOODS Alternative Strategies for Kudler Fine Foods Kudler Fine Foods KFF has a vision and needs to use strategic planning to grow The strategic section involves a constant evaluation of internal and external environments and how it affects KFF s future Team B will present five alternatives for KFF to plan successfully for future endeavors These alternatives consist of management restructure market development product development differentiation and technological advancements Management Restructure KFF has grown out of its initial business plan and can no longer grow with one person running everything KFF can use horizontal integration as a strategy to improve the company management This strategy allows the skills of KFF managers to convert possible new sites into profitable contributors to the profit margin University of Phoenix 2009 The special thing about this process is that it expands on a fundamental competitive advantage for KFF the knowledge management has of key personnel A strategy that could be used to restructure management is retrenchment Retrenchment is trimming current operations If the weaknesses of KFF come from inefficiencies retrenchment can serve as a turnaround strategy Pearce amp Robinson 2009 This could result in KFF gaining new strength from streamlining of operations and elimination of waste Market Development Another strategy that KFF could implement to increase sales would be the grand strategy of market development The main reason a market development strategy fits the organization relates to the span of control issues that develop with additional locations with limited capital ALTERNATIVE STRATEGIES FOR KUDLER FINE FOODS 3 investment This strategy ranks second only to concentration as the least costly and least risky of the 15 grand strategies Pearce amp Robinson 2009 page 214 In regard to span of control Kathy Kudler is responsible for a significant portion of operations Although each store has a manager and full time staff business is still run more like a sole proprietor than a corporation By implementing a market development strategy Kathy could focus on building the customer base of existing stores through additional advertising in store classes or other outreach events that will bring in additional customers without the expense of additional locations Product Development KFF s has the desire of expanding business by using a product development strategy Product development is mainly a process of modifying existing products or offering new products through established channels Pearce amp Robinson 2009 KFF can modify existing products add new features to their products modify packaging and offer products with new avors and tastes This strategy will help to satisfy existing consumers attract new consumers and increase revenue Before offering new products KFF needs to analyze target consumers demands choices needs and preferences to satisfy them with the right products With a good market assessment environmental scan and economic analysis combined with the mission and objectives KFF can offer quality products with new concepts by using the latest technologies with low production costs Market conditions are always changing and to maintain a good position in the market product development is important Differentiation ALTERNATIVE STRATEGIES FOR KUDLER FINE FOODS 4 Related to product development is the concept of differentiation Differentiation requires that the business have sustainable advantages that allow it to provide buyers with something uniquely available to them Pearce amp Robinson 2009 p 250 KFF s sustainable advantages are providing highquality meats cheeses herbs and spices and wines with the availability of gourmet specialists to provide direction and education in the gourmet arena Additionally offering classes and catering are valueadded services that the customer will not have access to at other establishments By embracing a differentiation strategy in building the business KFF has set themselves apart from competition Continued differentiation will be achieved by continually adding new products and offering additional services such as prepared takeout meals Technology Advancements As KFF continues to grow and expand improvements in technology play a vital role in making growth manageable The use of technology transforms inputs into decision making information necessary to control costs of employees inventory management and gather customer data With the current system Kathy devotes too much time to inventory management and purchasing of supplies and products Improvements to technology need to be put in place for a better inventory control system interfacing between all locations and suppliers This uses point of sale system to interface with inventory while tracking customer information and purchase history to determine potential areas of growth Kathy wants to use a website to allow customers to learn more about the company including general store information and available services University of Phoenix 2007 In an effort to maintain the competitive advantage the website allows customers to make purchases This attracts worldwide customers along with those down the street from each location ALTERNATIVE STRATEGIES FOR KUDLER FINE FOODS Team s Priority Strategy A common theme mentioned in several of the strategies above is the need for Kathy Kudler to spread responsibilities to others building some depth in her management team For this reason a management restructure strategy is the priority for the organization to recognize growth going forward Up to this point the company is managed under a simple organizational structure but needs to move toward a functional organizational structure Pearce amp Robinson 2009 By choosing this deliberate strategy Kathy will identify the appropriate skill sets needed in the management team and add them to the company management team over the next one to two years The additional management capacity establishes a home office concept that can provide support to the existing locations and any others opened going forward This strategy will also allow Kathy to continue to focus on the product specific duties that have made the company successful to this point Conclusion Of the many potential strategies that KFF could select moving forward the team has discussed management restructure market development product development differentiation and technology All of these strategies are valid for various reasons but the management restructure is the highest priority now By developing a deeper bench in the company s management team additional growth of Kudler Fine Foods will be adequately supported well into the future ALTERNATIVE STRATEGIES FOR KUDLER FINE FOODS References Pearce J A amp Robinson R B 2009 Strategic management formulation implementation and control 11th ed New York McGraWHillIrwin University of Phoenix 2007 Kudler fine foods Computer Software Retrieved from University of Phoenix Simulation STR581 website
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'