STR 581 Week 6 Individual Assignment - Strategic Plan UpdateFinal Version

1 Running head: STRATEGIC PLAN UPDATE – FINAL VERSION STR 581 Week 6 Individual Assignment - Strategic Plan UpdateFinal Version Individual Assignment: Strategic Plan Update—Final Version YOUR NAME STR/581 DATE NAME OF PROFESSOR Individual Assignment: Strategic Plan Update—Final Version Executive Summary Established in 1998, Kudler Fine Foods is a company that provides quality food products at a reasonable price in order to provide its customers within the San Diego metropolitan area with the best options. Kudler maintains three stores with various departments. The company prides itself in providing value for its employees and customers. From a financial perspective, Kudler’s financial statements reflect a competitive market presence within its industry based on its size and history; this can be seen within its income statement and balance sheet. Kudler’s financial forecast demonstrates that the company expects a great deal of growth in the future. An environmental scan shows that although the company faces several threats, the company has numerous opportunities it can capitalize on that may foster continued growth. Company Background Opened by Kathy Kudler in 1998, Kudler Fine Foods is a specialty food store that provides its customers with quality services and products at reasonable prices. Kudler has three stores, with locations in Del Mar, La Jolla, and Encinitas. These stores have departments that provide produce, bakeries and pastries, meat and seafood, condiments and packaged foods, and specialty dairy products. Mission Statement The purpose of a mission statement is essentially to explain the underlying rationale for a company’s existence, and at the same time, inquire as to what a company’s function is in relation to how the company places itself within society (Pearce & Robinson, 2009). The mission statement is critical in that it expresses a company’s true identity and philosophy while establishing an image in which the general public will perceive. As such, it is important that the mission statement of Kudler Fine Foods emphasize the aforementioned premises. The previous mission statement of Kudler Fine reads as follows: “Kudler Fine Foods is committed to providing our customers with the finest selection of the very best foods and wines so that your culinary visions can come true” (Kudler Fine Foods Web Site, 2007). A more appropriate mission statement for Kudler would be: “The mission of Kudler Fine Foods is to provide a large assortment of high quality foods and wines at the best possible prices with the assistance of a well tenured and obliging workforce in order to meet and exceed the expectations of its customers to make their shopping experience as enjoyable as possible”. Vision Statement A vision statement is one that explains the position in which a company wishes to be in within the company’s future (Pearce & Robinson, 2009). This kind of statement involves thinking strategically on a long-term level while establishing its intentions. For most companies, the vision involves growth or sustainment in regard to overall size, capacity, and input/output. The previous vision statement of Kudler Fine Foods reads as follows: “Kudler Fine Foods will be the premiere gourmet grocery store for those savvy shoppers who are searching for the finest meats, produce, cheeses, and wine” (Kudler Fine Foods Web Site, 2007). A more appropriate vision statement for Kudler would be: “The vision of Kudler Fine Foods is to focus on its customers while capitalizing on its capacity to be profitable by offering the variety, quality, and prices on its food and wine products in order to continue its growth and become a leader within the industry and highly recognized by the people in which its serves”. Value Statement A value statement entails its values in terms of its social, cultural, and ethical responsibilities to its internal and external clients (Pearce & Robinson, 2009). The value statement is an expression of a company’s foundational priorities and the actions