Strategic Management Value Creation

Question: Discuss about the Strategic Management for Value Creation. Answer: Introduction Business strategy helps in creating plans for the achievement of goals and objectives of a firm (Henry, 2011). Paradise group is Singapore based chain of restaurants(Paradise Group, 2017). These restaurants specialise in good ambiance, food and creating a feel of Singaporean brand and culture. Therefore, a sound business strategy for the company would help in assessing its strengths and weaknesses. Paradise group is a known chain of restaurants and has a reputation of serving good food with proper ambiance(Paradise Group, 2017). However, the firm should not be lax in its business strategy. It needs to improve and implement its strategic planning process. Strategic planning gives orientation to the firm to achieving its objectives. For proper strategic implementation a firm should have a specific vison and mission statement which propels the firm ahead (Hill Jones, 2012). Vision of Paradise group is to become an international chain of restaurants offering oriental cuisine(Paradise Group, 2017). The mission is to provide customer value and customer satisfaction. The firm is doing well in creating a niche for itself in oriental cuisines(Paradise Group, 2017). However, for achievement of its vision of becoming an international diners choice, the firm needs to assess its strengths and weaknesses (Hiriyappa, 2013). Strength of the firm is the ambiance of its restaurants and the quality of service. This needs to be further enhanced through removing weaknesses like inadequate employee training. Increasing tourism to Singapore from across the globe is big opportunity for becoming international dinars favourite. However, competition is also equally growing. Therefore, the firm should aim on assessment of competitors strategy (Steiner, 2010). Major competitors of paradise group are Tung lok Group, Ding Tai fung and Crystal jade group. All these restaurant chains specialise in oriental cuisine and try to serve high quality food(Paradise Group, 2017) Tunglok group is one of the leading restaurants in Singapore and has a well trained staff and interior decoration to impress the customers. Ding tai fung has won various awards in customer service. Crystal jade has a much larger international presence and has its restaurants in Hong Kong, Indonesia and some other countries (Timeout, 2017). Paradise group needs to incorporate proper training of employees to match the competition(Ress Paul, 2014). It also has to think about further expansion globally. BCG matrix classifies a companys business units into four categories based on its market growth and market share (Thompson, 2010). Paradise group has to assess whether its restaurants or menu items have become dogs. Disinvesting such menu items is important. The competitors of Paradise group like Tuglok group or Cristal Jade have global standards restaurants and they discontinue menu items which show declining trends. Similarly paradise group also needs to disinvest such items. Paradise group needs to analyse whether the new restaurants opened by the firm which show question mark type of trends need to be developed further or divested(Ferrel, 2012). Paradise groups major competitor Cristal Jade opened restaurants in neighbouring countries which had initially low growth rate but with investment the growth rate improved. Paradise group has to use similar strategy. Paradise group has to analyse which of its restaurants are attracting more customers and further invest in such restaurants. The restaurants in main Singapore have traits of stars. Similarly the city restaurants of Cristal Jade and Tunglok have high growth rate and market share. Further investment is needed in such restaurants. Paradise group should assess its highest selling menu items and restaurants with maximum cash generation and try to generate maximum cash from them. Certain oriental cuisines are extremely high selling in these restaurants and maximum cash generation should be sought from them. Through this analysis company can foresee which of its question marks and stars have potential of becoming a cash cow. Paradise group has a potential for sustained and long term growth because of its good menu and trained staff however, the firm needs to improvise and make long term strategic changes in order to become an international diners favourite(Henry, 2011). Following are some suggestions which the firm should follow for this objective to be achieved by 2027. Paradise group needs to make a global impact to become global diners favourite by 2027. For this purpose the firm can use various market entry strategies which will help it in reaching new markets. There are various methods of market entry which can be adopted. These are mergers acquisition or joint ventures (Bamford West, 2012). The most effective and easily executable option for Paradise group will be joint venture where it needs to join hands with other resurrects in the country it aims to enter. The firm can also use substantive growth strategy to gather more market share within Singapore and outside. Growth can be achieved by finding new markets to sell the products (Bamford West, 2012). For example, the firm can target kids and youth by having youth and kids specific entertainment options available in the restaurants. The firm can also use horizontal integration and acquire other restaurants in Singapore or other countries to expand its global operations(Bamford West, 2012). This will help in global recognition of the Paradise brand. Another strategy that the firm can use to become a global chain by 2027 is to use related diversification(Hiriyappa, 2013). Through this strategy the firm can extend its product line and enters into similar areas (Ferrel, 2012). Paradise group can start selling readymade food products in addition to selling the menu items. The firm can extend its cuisines to appeal more to global customer so that it can easily achieve its objective of becoming a favourite place of the global customers. The firm can also incorporate activities which appeal to tourists more. As Singapore is a global tourist destination, the firm can include events which highlight Singaporean culture so that customers can enjoy a feel of Singapore. Moreover, Paradise group can extend its services by offering supermarket services and provide off the shelf eatable products to its customers. Therefore, with proper strategic planning, Paradise group can become a global restaurant chain with excellence in customer service and delivery. Conclusion An understanding of business strategy can help Paradise group in evaluating the various strategic choices it has. With the help of business strategy the firm can assess its growth potential, competitors and external environment. This will help the firm in achieving its organisational objectives. References Bamford, C. E. West, P. G., (2012) Strategic Management : value creation, sustanability, and performance. New York: Cengage Learning. Ferrel, O., (2012) Marketing Strategy. New York: Cengage Learning. Henry, A., (2011) Understanding Strategic Management. Oxford: Oxford University Press. Hill, C. Jones, G., (2012) Strategic Management: An Integrated Approach. New York: Cengage Learning. Hiriyappa, B., (2013) Strategic Management and Business Policy. bloomington: Booktango. Paradise Group, (2017) About us. [Online] Available at: https://www.paradisegroup.com.sg [Accessed 5 March 2017]. Ress, G. Paul, S., (2014) Strategic Human Resource Management: An International Perspective. London: Sage. Steiner, G. A., (2010) Strategic Planning. New York: Simon and Schuster. Thompson, J. L., (2010) Strategic Management: Awareness Change. London: Cengage Learning EMEA. Timeout, (2017) Singapore Restaurants. [Online] Available at: https://www.timeout.com/singapore/restaurants [Accessed 5 March 2017]. Ungson, G. R. Wong, Y.-Y., (2012) Global Strategic Management. Mew York: M.E. Sharpe.

What the In-Crowd Wont Tell You About Help Writing Papers for College

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Term Paper Topics Related to Business

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Why Almost Everything Youve Learned About Can You Write about Drowing in Your College Essay Is Wrong and What You Should Know

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How to Use Act Essay Questions and Answers For Writing Your Best Essay

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EDM Song People Grinnin by Nervo Essay Example

EDM Song: People Grinnin by Nervo Essay The style of EDM music is a new sound to my ears, yet when I heard â€Å"People Grinning† by Nervo, I started to understand why EDM is so popular. For the analytical listening assignment, I chose this song to show my roommate Bryce and was he in for a ride. With a song with no main vocals and a lot of rhythms, bass drops, and change of pace, I knew he would for sure give me a good response. My roommate Bryce Harris is my new best friend, who loves all versions of music except for country He hates country. Bryce is an 18-year-old college student that makes his music and loves to break down songs by each individual instrument. He can play multiple instruments and sings any genre. I knew immediately I had to choose him to listen to the Nervo song for my assignment. He was quite antsy and ready to hear the song I was about to play for him, especially since he had no idea what would come out of the speakers. As I hit play, the music started playing and initially Bryce was shocked as he jumped back with his eyes wide open. When the beat started to build up for the first drop around the 10-15 second mark, his head started to nod faster with the beat as he was in anticipation for it. When the beat dropped at 30 seconds, he broke out in laughter and was smiling with amusement. As the song went on and slowed down for about 15 seconds he had a confused face that came out of nowhere and started thinking hard for a moment. After that, the small sample vocals played after 2 minutes of the song, and you could see he was analyzing the vocals and lyrics in his head as he looked up and put his hand on his chin. The song started to build up for another drop, he was ready for it this time. When the beat dropped for the final time, he started to move his whole body to the song, I could tell he wanted to get up and dance if he could. As the song started to end and the drums started to be the main instru ment he started to tap his phone with his index and mid We will write a custom essay sample on EDM Song: People Grinnin by Nervo specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on EDM Song: People Grinnin by Nervo specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on EDM Song: People Grinnin by Nervo specifically for you FOR ONLY $16.38 $13.9/page Hire Writer

The Lincoln Assassination Essays - United States, Free Essays

The Lincoln Assassination Essays - United States, Free Essays The Lincoln Assassination On April, 14 1865 President Abraham Lincoln was shot while watching a performance of An American Cousin at Ford?s Theater. President Lincoln died the next morning. The person who had killed Lincoln was John Wilkes Booth. A few days before he was killed, Lincoln had told his spouse about a dream he had, he saw a president shrouded on a catafalque in the east room of the White House. Even after this dream he attended An American Cousin at Ford?s Theater. John Wilkes Booth thought the president was determined to destroy the constitution, set aside the rights reserved to the states, crush civil liberties, and restore monarchy. He saw the confederacy was the only means to of upholding the values of the founding fathers. He devoted much of late 1864 and early 1865 to a series of plots to abduct Lincoln and use his capture to nullify the Union?s war aims. Every scheme ending in frustration. After Lee had surrendered to the Army of the Potomac, in the second week of April, he saw that only the most desperate measures offered any hope of salvaging the Southern Cause. Shortly before he went into the theater, he stopped at tavern for a drink. While in the bar an acquaintance jokingly remarked that "he would never be as great as his father," Booth replied by saying "When I leave the stage, I will be the most talked about man in America." The Atlanta Campaign of 1864 In the spring of 1864, Gen. W. T. Sherman concentrated the Union armies of G. H. Thomas, J. B. McPherson, and J. M. Schofield around Chattanooga. On May 6 he began to move along the railroad from Chattanooga to Atlanta. Sherman had two objectives, one was to destroy the army of General J. E. Johnston and the other was to capture Atlanta. Johnston realizing that he was outnumbered started to retreat south. Sherman tried a direct assault on Johnston?s forces and was repulsed. Johnston had retreated back to the south bank of the Chattahoochee river. On July 17, John Bell Hood replaced Johnston as General. He tried to continue with Johnston?s plan, but failed to stop the advance of Union troops. He retired to Atlanta, which Sherman soon had under bombardment. On September 1 Hood abandoned Atlanta, the next day Sherman moved in and burned it. The Maryland Invasion A year after the confederate defeat at Gettysburg. Robert E. Lee planned to invade the North again like he did in the campaigns of Antietam and Gettysburg. He hoped that this would be enough to get Grant to detach part of his army to protect Maryland, Pennsylvania and Washington City, or to have Grant attach fortifications and risk heavy lose. Miscellaneous Fort Pillow Massacre: An incident that took place in Fort Pillow, Tennessee, April 12, 1864. Confederate troops commanded by General N. B. Forrest, stormed and captured Fort Pillow on the Mississippi River. The garrison of black soldiers and Tennessee Unionist held out beyond all possible hope. The joint committee on the Conduct of War investigated and charged that the Confederates indiscriminately slaughtered more than 300 black soldiers. General Sherman was ordered to investigate, but his report was never published. Battle of Franklin: November 30, 1864, a Civil War engagement in which the Confederate forces were defeated. After abandoning Atlanta, General Hood reorganized the Confederate army at Lovejoy?s Station. His hope was too cut off Sherman?s lines of communication.