Strategic Management Crafting And Executing Strategy

strategicalalalal Management Crafting And Executing StrategyYou atomic upshot 18 required to perform strategic planning for your organisation or superstar you atomic number 18 familiar with in your plain or region and Develop a dream contestation, agency statement and statement of abide bys, and rationalise their allow fornessUndertake and internal analytic thinking of the organisation and analysis of its external environment, using several appropriate models corresponding an industriousness five forces analysis.Craft strategies and explain their appropriatenessYou do not need to develop performance processes. But you should mention the critical size fittedness of implementation, executing and rating of strategies you come up with for this assignment.Word count executive director summaryStrategic Management has come to be recognized as an inherent divorce of watchfulness in only organisations. This paper surrounds the tuition of a vision statement, delegacy statement and statement of values, and the explanation of their appropriateness while taking into consideration the SWOT analysis and the crafting of strategies for the AP search connection which butt end lay a solid foundation for sustainable beat to come business growth. Explanations leave alone be surrounding the critical greatness of implementation, execution and evaluation of strategies.Table of Contents foundation 6Background 7Vision statement 8Mission financial statement 8 line of Values 9Appropriateness Vision, Mission and recital of values 10SWOT ANALYSIS 10-11Porter Five forces analysis 12Pestel compendium 13-14Craft strategies and explain their appropriateness 14-16Importance of implementation and execution strategies 16Importance evaluation of strategies 17Conclusion 17References 181. IntroductionThe aim of this paper is to craft strategies for the AP look for Comp whatever which I take away understudied, develop a vision statement, missionary station statem ent and statement of values, and explain their appropriateness while taking into consideration the SWOT analysis.Firstly I go forth explain and develop a vision statement, mission statement and statement of values. Secondly, I will undertake an internal analysis of AP tip Company and analysis of its external environment, using several appropriate models comparable PESTEL analysis and Porters five forces.Finally, I will explain the critical importance of implementation, execution and evaluation of strategies. In addition, meaningful conclusions will be move from the discussions arising from Strategic Management issues. The relevant information and content for this paper were gathered from books, lectures and internet research. I wish to ac hunch over conductge the assistance of my wife and colleagues for their worthy contributions toward this paper.2. BackgroundLocated on the East Bank of the Demerara, in Guyana, AP fishing Company is Guyanas pioneering angle fabrication in Snapper, for twain local anaesthetic anaesthetic and trade grocery store. The company has eleven trawlers which be equipped with cold storage facilities for boneheaded water look for and turtle excluding devices (TEDs) to avoid entrapment of turtles in the trawler nets. alone trawlers atomic number 18 registered and atomic number 18 licensed by type these trawlers would go fish in pairs and they would spend approximately twenty one days and then(prenominal) return with their catch. The superior quality catch would be packaged and sell to the supranational market, while the remaining catch would be sold to the local whollysale markets.3. What is a vision statement? harmonise to (Arthur A.Thompson, 2010) A strategic Vision account points an organization in a particular direction, charts a strategic path and moulds the organizations identity. In opposite words, a Vision assertion defines where the organisation wants to be in the future and how it will achieve it an d what kinds of valet de chambre re germs it necessitate to achieve this.A P search does not shortly absorb an set up Vision Statement.An ideal Vision Statement would indicate as followsWe are concerned with providing superior quality Snapper fish for local and export market with step forward signifi cleartly sacrificing natural resources. Our business is ever cogitate on foresighted term viability of this industry done safe, answerable and sustainable practices.4. What is a Mission Statement?A Mission Statement defines the goals and objectives the organisation wishes to achieve presently. According to (Arthur A.Thompson, 2010), a Mission Statement identifies who we are, what we do and why we are here.Present Mission Statement reads as followsTo fit our nodes needs by providing the best heart and soulAn ideal Mission Statement would read as followsTo acquire, process and market quality Snapper at competitive prices in the local market and to establish A P Fishing as the leading exporter in the country. To implement and maintain more(prenominal) than environmentally friendly processes by the utilization of bio degradable packaging components without sacrificing company marking and competitive advantage.5. A Statement of valuesAccording to (Arthur A.Thompson, 2010), A Statement of Values consists of the beliefs, traits and ways of doing things that management has determined should guide the pursuit of its vision and strategyAP Fishing Company has the follo come afterg values of which the employer and employees have recognised, reiterated from time to time and implemented by means ofout the company since its inception.Core Values righteousness We moldiness be held accountable for our actions. We make and support business decisions through experience and goodish judgment.Customer Service Excellence We are use to contacting customer needs and honoring commitments that we have made to them, both locally and transnationallyTeamwork Our team i s supportive of each opposites efforts, loyal to one another, and care for each other both personally and professionally.Balance We are flexible, helping team members strike a come upnessy work and life balance.Community and environment We strive to help and improve the communities where we work and live. We are concerned about the environment and sanction the use of recyclable products and renewable energy.Integrity We act with honesty and integrity, not compromising the truth.Respect We contend our team members, customers, partners and suppliers with mutual respect and sensitivity, recognizing the importance of diversity. We respect all individuals and value their contributions.Open Door Communication All team members are support to openly share theiropinions and views.6. Appropriateness of Vision, Mission and Statement of valuesThe vision, mission and values statement of company are very important, since the vision defines the companys future, where the mission defines the present goals and objectives of the company which are measurable and values are the bone marrow values, which the company has built its reputation on, so it is very essential to have these statements established early in any company to have a competitive advantage.7. What is SWOT ANALYSIS?SWOT means Strengths, Weaknesses, Opportunities and Threats. Strengths and Weaknesses are considered to be internal factors all over which the company has few measure of visualize. Opportunities and Threats are considered to be external factors over which the company may have essentially forgetful or no control.7.1. Internal7.1.1. StrengthsThe internal strengths of A P Fishing Co. are as followsIt provides opportunities for employee professional growth and personal achievement.It provides training in all diversified areas of the fishing profession so that employees are varied and multi-skilled and are equipped to effectively handle any job on the trawlers out at sea.Highly skilled and experi enced employees in the fishing profession.Markets to penetrate or create new markets. The fishing industry is a thriving industry. The possibility for market growth is high and A P Fishing Company has the ability to add its market share. This type of industry is obviously an industry with a long life cycle and will not become obsolete unlike other technologically innovative products with relatively short life cycles. In addition, A P has opportunities to substitute into production and packaging of other types of fishes in ready to establish versatility, higher(prenominal) profitability and competitive advantage.7.1.2 WeaknessesThe internal weaknesses of A P Fishing Co. are as followsManagers and staff are not competent in other functions of the company such as accounting and valet de chambre resource management.Employees are somewhat modify by assuageal unemployment when the trawlers are grounded and fishing season is closed.Key employees in management positions are near ing retirement.7.2 External7.2.1OpportunityGood market demand both locally and internationally.Growth in demand for more organic and healthy food for thought . The noticeable change in food predilections of people raise only boost the fishing industry. The growing preference of fish over chicken as a major source of protein and as a healthy combination of any diet has tremendously contributed to the immense growth in demand for fish.7.2.2. ThreatsThere is always curse of new entrants to the snapper fishing industry which threatens the availability of this resource to all relevant stakeholders. There is always the threat that snapper, albeit a renewable resource, will not replenish itself as fast as it is utilized by current fishing industries. There is no regulation that currently seeks to promote sustainable development in these industries.There also exists the threat of hunt by exotic vessels in the snapper areas due to the lack of sufficient and experienced coast guards t o protect and prevent alien invasion in local waters.8. Porter Five forces analysis8.1 Rivalry among sellersFish wholesalers are competing assiduously for business. When fish wholesalers are similar in size and capability, they can usually compete on a fairly even footing. When fish is scarce, it usually results in increase in the fish prices. When competitors see opportunities to satisfy customer in a unique way or are under pressure to improve performance, they will compete tirelessly to win customers confidence.8.2 Threat of new entrantsDespite the absence of stringent regulations restricting the number of companies in the fishing business, the threat of new entrants may still be relatively low because of the high initial capital investment, know how, fishing and export licence requirement and the relative large sizes of existing fishing businesses which benefit tremendously from economies of scale leaf.8.3 Threat of Substitute productsThere are many an(prenominal) alternatives to Fishsuch as chicken, pork, beef etc and these alternatives are exploited when fish is scarce. However, the growing ferocity on healthy eating may mean that some customers may be willing to pay premium prices when the product is scarce and some may revert to substitutes which are more affordable.8.4 Bargaining power of SuppliersIn the fishing industry, the supply of fish is not dependent on human intervention so much but on various forces out at sea. Therefore, water pollution through oil spillages, pouching by foreign vessels are some things which may affect the bargaining power of suppliers. In the fishing industry there are many alliances and partnerships which are accented on protecting and improving the fishing industry. 8.5 Bargaining power of customersWholesalers are one of the important competitive forces in the fish industry they can often dictate prices by buying in bulk. The wholesalers benefit from economies of scale and as such fishing companies make very bantam m argins on such gross sales. The wholesalers, however, can demand premium prices from retail customers who are health conscious and not price sensitive.9. Pestel Analysis9.1PoliticalThe Guyana political science is encouraging marine fishing activity and is supporting this development by way of granting small loans, grants, adequate incentives, infrastructure and training programmes. Future development is expected to focus on further expansion of fresh and processed fish products and related manufacturing activities, catering for both domestic and export market needs.9.2 EconomicalAccording to (Anon., 2008) The fisheries sector is a significant contributor to Guyanas economy, with 3% of total gross domestic product accruing from the sector. The fishing industry employs around 6,500 people in harvesting and a further 6,000 people in processing, with many more benefiting indirectly through fishing related industries such as boat building and gear mechanism supply and repair.9.3 Socia lAP Fishing Company has created many jobs for the locals and also increase their spending power by paying these persons a relatively good salary and also bonuses on every trip depending on the catch. AP Fishing Company has taken a personal interest in growing the community and keeping it clean.9.4 TechnologicalTechnological advancement has tremendously affected A P Fishing Industry inclusive of innovative improvements in fishing processes, packaging and the development of products. It has also improved administrative functions such as the dissemination of information, receipt of orders, and delivery of products or services.9.5 EnvironmentalThe increase emphasis on environmental protection and waste disposal has led A P Fishing to change its current packaging to more bio degradable components. It is also foreseeable that A P Fishing will cross to make its processes more environmentally friendly in the future.9.6 LegalThe Government does not have the competency to set sustainable Total permissible Catches because of insufficient human and technical capacity. Commercial fishing is a regulate business and must be licensed to operate. In addition, the company must have an export license before it can enter the international market.Present StrategyThe present strategy of the company has worked well over the years, but this research has found that this strategy does not have any long term viability for the company and thus would be not able to give AP Fishing Company the competitive advantage it needs for long term viability and profitability.Craft strategies and explain their appropriatenessAP Fishing Company strategizes to pit both the local and international markets with its focused differentiation strategy on quality snapper. Operational StrategyAP Fishing can improve its order taking process by use of bespoke software, internet decree and an efficient switchboard system. This would reduce costs and bureaucracy.Marketing StrategyBecause of its internationa l presence, web trade is imperative. Internet marketing goes beyond geographical boundaries and can be personalized and interactive. Export market is a major part of the business, and where more of AP Fishing Company revenue is generated. The World Wide nett AP Fishing Company should launch an interactive website to target the export market, where potence customers can ask various questions and feed back given. Customers can focalise new orders online and can even track the current status of their orders. opposite options includeBrochure AP Fishing Company has advertised in the country tourism brochure, this is to target mostly visitors and the international market so they know what kind of product the company offers.Newspaper advertising when feasible this is appropriate for the local market both wholesalers and retailers.Sales StrategyThe objective of proposed sales strategy is simply to sell quality and well packaged snapper fish to wholesalers at affordable prices, and to max imize the free trade cartel in Caricom market. . To help realize our goal, we will implement the followingThe customer is the king. We make sure we connect professionally and personally both with our local and international customers to ensure their wants and needs are satisfied.Ensure staffs are well trained and knowledgeable in the companys products.Discounts are offered to new wholesalers based on referrals system.Importance of implementation and execution of strategiesAccording to (Arthur A.Thompson, 2010)implementation and execution of strategies are primary quill operating(a)-driven activity revolving around the management of people and business purposes. Strategy implementation is the process of translation of strategies and policies into action through the development of programs, budgets and procedures. It is typically conducted by the middle and lower level management but is reviewed by the binding management. Unless the corporation is appropriately organized, programs are adequately staffed and activities are properly directed, these operational plans fail to deliver the goods. To be effective, a strategy must be implemented through the right organizational structure and appropriate management practices. In addition, management must also ensure that there is senesce towards, objectives according to plan by instituting a rigorous process of control over important activities.It is critical that Executing strategy is done successfully so that the companys performance targets can be met. It is a job for the whole management team, and the process typically affects every part of the company.11. Importance evaluation of strategiesStrategy military rating is as significant as strategy cooking because it throws light on the efficiency and effectiveness of the comprehensive plans in achieving the desire results. The managers can also assess the appropriateness of the current strategy in todays dynamic world with socio-economic, political and technologic al innovations. Strategic Evaluation is the closing phase of strategic management.The significance of strategy evaluation lies in its capacity to co-ordinate the task performed by managers, groups, departments etc, through control of performance. Strategic Evaluation is significant because of various factors such as developing inputs for new strategic planning, the urge for feedback, appraisal and reward, development of the strategic management process, judging the severity of strategic choice etc.13. ConclusionIn conclusion, it is appropriate to verbalize that AP Fishing Company needs to revolutionize its present strategy to be able to enjoy competitive advantage in the fishing industry by utilising technology to gain more access to customers globally. The company needs to address its weaknesses urgently to avoid any major decline in profit.A P Fishing Co. is undoubtedly equipped with human resources in its core competencies however, other peripheral aspects of management such as accounting, marketing and even recruitment can be outsourced to specialist entities. It is already established that one of the weaknesses of A P Fishing is its inability to manage other functions of the company. Outsourcing will benefit the company in many ways such as decreased overheads and fixed costs (salary costs), access to specialized services, change magnitude focus on core competence.In addition, A P Fishing should consider the option of diversifying into other categories of seafood such as prawns and shark. If and when snapper becomes an purposeless resource due to bad sustainable development strategies, A P Fishing should be able to maintain its customers and current market by offering suitable alternatives to its customers. Focused diversification is necessary for continued endurance if a cost leadership strategy is unfeasible.