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The paper presents a business plan for a boutique style food store selling specialist/gourmet food stuffs. The paper includes a range of strategic analysis planning tools, including a mission statement, an environment analysis, a review of strategic objectives, a look at generic strategies and a discussion on market segmentation and diversification strategies.
From the Paper:"One strategic consideration which the business should consider is that of generic strategies as highlighted by Porter (2004), Porter highlights three generic strategies for generating competitive advantage based around cost leadership, differentiation and market focus. It is important that the business follows only a single one of these strategies at the generic level given that an attempt to follow multiple models can lead to organisational strategic confusion and thus performing badly in all elements without creating a competitive advantage in either. In light of the strategic objectives of the business is it is considered that the differentiation strategy would be the model which has the best strategic fit for the organisation. This has a number of implications for the business including pricing strategy, market segmentation and HR policies.
"Based upon the strategic objectives of the company and selection of a differentiated generic strategy it is recommended that the company follows a premium pricing policy. The premium pricing policy is based around the principal of charging customers a high price thus generating higher revenues for the business (Jobber 2007). However in order for this to be a successful strategy there are a number of considerations, in the first instance the business must create the perception that the product and buying experience is worth the premium over those products and experiences offered by rival establishments following a different strategy."
Sample of Sources Used:
- Arnold, G. 2007. Essentials of corporate financial management. Harlow: FT Prentice Hall.
- Brassington, F, Pettitt, S. 2007. Essentials of marketing. 2nd ed. Harlow: FT Prentice Hall.
- Business Link. 2009. Creating top level mission statements. Available online at: http://www.businesslink.gov.uk/bdotg/action/layer?site=210&=en&r.s=sc&r.l1=1073858805&r.lc=en&r.l3=5000785532&r.l2=5000783607&topicId=5000785532&r.i=5000785732&r.t=RESOURCES [Accessed on 30/11/09].
- Business Voice. 2004. Are corporate mission statements a waste of space? Available online at: http://www.richardscase.com/articles?art=25 [Accessed on 01/12/09].
- Huczynski, A, Buchanan, D. 2009. Organisational behaviour. 6th ed. Harlow: FT Prentice Hall.
Cite this Business Plan:
Business Plan for the Food Retail Industry (2012, January 04) Retrieved October 22, 2019, from https://www.academon.com/business-plan/business-plan-for-the-food-retail-industry-149866/
"Business Plan for the Food Retail Industry" 04 January 2012. Web. 22 October. 2019. <https://www.academon.com/business-plan/business-plan-for-the-food-retail-industry-149866/>