Company overview
Kudler Fine Foods was established in 1998 and deals with food products. It has been steadily growing and expanding and its plans now are to increase the company products and ensure that their customers are being served effectively and efficiently (Articlesbase, 2008). The company is planning to improve its catering services and also have another store. This will be enabled by effective marketing and strategic changes within the company. By carefully studying the internal and external environment of the company, it will be possible to do marketing that will make the company very competitive in the market. The company needs to apply modern technology in its operations as this will enable it to reach many people through the internet and in turn enlarge its market. It will also make operations faster and efficient (Articlesbase, 2008).
Strategic plan options for Kudler Fine Foods
In this case the two strategic plan options that can be applied by Kudler Fine Foods are PEST analysis and SWOT analysis (Robson, 1997). In PEST analysis the company will need to consider external environment factors such as political factors, economic factors, technological factors, and social factors. Political factors refer to government policies and legal issues affecting the firm’s operations (Robson, 1997). Economic factors refer to the economy of the company’s country of operation. The economy of a country affects people’s buying power and the organization’s operation costs. Social factors refer to issues like the population of a place and the culture of people in the place. Technological factors affect the efficiency in production as well outsourcing of ideas (Robson, 1997).
On the other hand SWOT involves analysis of both the internal and external factors affecting the firm. Strengths in a business help it to compete well with other businesses while weaknesses may eliminate it from the market. External factors also come as threats to a business or an opportunity which can read to faster growth. Accurate SWOT analysis helps the management to streamline a business for profit (Grint, 1995).
Strengths of each option
PEST Analysis comes with a number of weaknesses as well as strengths (Grint, 1995). One of the weaknesses is that it only concentrates in the external factors but doesn’t consider internal factors. Also PEST Analysis is only suitable in a business that has been in operation for some time. Its strengths are that it is not very involving and it is less costly (Grint, 1995).
Weaknesses of each option
SWOT Analysis’ weaknesses include its high cost, and it is also very much involving. This is because it starts with PEST analysis and then comes to the internal environment factors. Its major strength is that it can be used by both old and new firms. In this case Kudler Fine Foods should use SWOT analysis to be able to analyze both its internal and external environment factors (Robson, 1997).
Revised organizational mission, vision and values statements
In considering the above factors the company will also need to change its vision, mission, and values in order to make it more relevant and competitive in the market. Its vision should not only be to offer the best foods but also a variety of foods in order to cater for individual differences and diversity in culture. Changing the vision will necessitate the change of mission in order to pursue the new vision. Company values will also need to be changed in relation to the weaknesses that will be revealed by SWOT analysis.
References
- Articlesbase, (2008), Market Case Study.
- Grint, K. (1995), Management: A sociological Introduction¸ (2nd Edit), London: Polity Press
- Robson, W. (1997), Strategic Management and information systems, (2ndEdit), London: Pitman publishing Ltd