Strategy Formulation Essay Paper.
This paper is an essay that provides action recommendations based on the results of an
internal analysis conducted on the Apple Company. These recommendations are meant
to assist the company to expand its growth capabilities while at the same time ensuring
that the firm is able to compete favorably within the market. Strategy Formulation Essay Paper.
a) Mission Statement: To positively inspire the world and create a bright future.
This mission statement means that the Apple Company aims at having a
worldwide distribution of its products so that they can change the lives of the respective
users in a beneficial and convenient manner.
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b) Specific Goals:
i. To increase the awareness of the Apple brand within the target market and retain
the most loyal customers. This strategic goal is expected to be achieved through
the use of mobile and online marketing. Social networking sites shall be
integrated with mobilized platforms where the potential customers will be
informed about the products sold and distributed by Apple. What’s more, this
awareness will also include promotional campaigns that are expected to last for
six months. Strategy Formulation Essay Paper.
ii. To increase the volume of sales and returns on investment on a quarterly basis.
This financial goal means that the Apple company will make alterations in its
daily operations so that the cumulative sales increase after every four months.
This goal will be monitored for at least one year and the results will be used to
project areas where significant improvements can be made.
iii. To expand the firm’s operations and open up more retail stores within strategic
locations in all the companies where Apple has established its activities. This
expansion shall be made possible through the process of carrying out market
research so as to identify the areas that hold the highest potential in terms of
business growth. This strategic goal is a long-term one that is projected to be
achieved within a span of at least three to four years. Strategy Formulation Essay Paper.
iv. To cut down on operating costs so that the expenses of the company can be
minimized. This is one of the goals that every business strives to accomplish with
each passing day. In the case of Apple, cutting costs can be done by focusing on
supplying its services within the regions that are most profitable. In addition,
these costs can be reduced by closing down the centers that have a low number
of customers and are not so busy. This is a strategic goal that can be achieved
within nine months on the higher side.
v. To introduce products that have batteries with a longer shelf life so as to increase
the lifespan of the battery. This goal is meant to promote and embrace
sustainability so that the immediate environment can be preserved. The constant
charging of phones, laptops and computers releases a lot of toxic gas into the
atmosphere and this increases the rate of global warming. This is a very
ambitious goal that can be achieved slowly over time and hence, more time shall
be allocated to ensure that sustainability is accomplished and realized. Strategy Formulation Essay Paper.
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c) Strategic Plan
The Apple Company can swiftly increase its profit margin and competitive
advantage by adopting a well established strategic plan. The latter involves a
systematic and orderly way of defining the goals and visions of a firm by developing a
stepwise approach that details how they can be met (Appelbe 2014, p. 64). Strategic
plans are used as a compass that can set out clearly the priorities, strengths and
opportunities for a company and work out a feasible tactic of accomplishing them
(Franken et al 2009, p. 53). The Apple Company can develop an optimal strategic plan
based on its defined goals as well as the results of its internal analysis. Strategy Formulation Essay Paper.The incorporation of an external consultancy team by the top management team or TMT can
be one of the ways that can ensure a suitable strategic plan is drafted promptly.
According to the internal analysis, the Apple Company has a competitive advantage
based on the value of its products. This is because the firm sells products that are
original and innovative (Mahoney and Qian 2013, p. 119).
At the same time, the company has also launched numerous applications that
augur well with the tech savvy generation that always wants to be on toes with the latest
form of technology. Therefore, it would benefit the firm if they used this advantage to
achieve the first goal of increasing the awareness of the brand and attracting the most
loyal of its customers. In business, consumers always feel appreciated and cherished
when their brand of choice recognizes their efforts (Vukosav et al 2014, p. 18). Hence, it
would be strategic if Apple Company came up with a marketing plan that rewarded its
loyal customers with a discount on its products or extended warranty. This would make
the indecisive customers to rethink their current brands and adopt Apple which gives
more value for money. Strategy Formulation Essay Paper.
The SWOT analysis of the Apple Company indicates a number of weaknesses
that may threaten its performance within the mobile and the computer industry. This
analysis shows that this form has a very heavy reliance on a single product, which is the
Apple Computer (Bettis et a 2014, p. 78). What’s more, this firm places a high price on
its products, making them unaffordable and out of reach to more potential customers.
Additionally, the weaknesses of the Apple firm lie in the fact that there is constant
change in the management team and its product compatibility is also questionable
(Carpenter and Sanders 2009, p. 34). This means that the strategic plan should be
developed in such a manner that these weaknesses are captured and the immediate
course of action should be presented. Strategy Formulation Essay Paper.
The external consultancy team would readily recommend that Apple Company
should diversify its products and reduce its reliance on the Apple computer. This would
be a wise approach because if the sales of this single gadget begin to decline, then the
performance of the entire firm would be jeopardized. However, diversification of
products would ensure that the Apple Company benefits from the wide array of product
that it handles. Additionally, the prices of the products offered by this corporation should
also be revised accordingly (Carpenter and Sanders 2009, p. 34).
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High costs of products and services often translate into less affordability that
discourages consumers from buying the commodities. Consequently, the cost acts as a
limiting factor that only allows the chosen few to invest in the products. This strategic
plan would ensure that price fixing is done according to the value of the product.
Lowering the price would mean more sales and this would still enable Apple to achieve
its sales targets. The same approach should be used when it comes to solving issues of
management within the firm. The constant change in management is a process that
leaves the firm volatile such that cracks may begin to form in the company (Mahoney
and Qian 2013, p. 119). Strategy Formulation Essay Paper.
This can in turn take a toll on the operations of the company, such that
productivity, performance and efficiency is compromised. As such, the most appropriate
way of dealing with management issues is to select a competent team that would run
and govern the firm in a proficient manner (Vukosav et al 2014, p. 19). Conclusively,
this strategic plan can enable the Apple Company to improve its performance
significantly and continue enjoying a competitive advantage over most of the firms in the
same industry.
Strategy Implementation
Evaluation
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Strategy Formulation Essay Paper.