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STR 581 Week 6 Learning Team Assignment Strategic Plan and Paper 2015 version

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Strategic Plan

STR/581

Strategic Plan

James Cash Penney started JCPenney, now known as JCP, 110 years ago. Penney aspired to be a lawyer for his family was not really well-off. His father was a Baptist minister and a farmer. He never had an opportunity to start in law school due to educational expenses that his family cannot afford. He worked in a local dry goods store where he became an assistant manager in Golden Rule Store. He had the chance to acquire one-third of the venture. In five years time, that was 1907, Penney acquired that of his partners (Soylent Communications, 2012). He had a vision to establish an entity that treats people the way he wants to be treated and this is what people commonly hear as “fair and square”. His very first retail business was named Golden Rule as based on his philosophy in life coming from the words of Confucius: “treat others as you want to be treated”. JCPenney was successful in his business for long years. His venture has

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STR 581 Week 6 Learning Team Assignment Strategic Plan and Paper 2015 version

  1. 1. STR 581 Week 6 Learning Team Assignment Strategic Plan and Paper Link : http://uopexam.com/product/str-581-week-6-learning-team-assignment-strategic-plan- and-paper/ Sample content Strategic Plan STR/581
  2. 2. Strategic Plan James Cash Penney started JCPenney, now known as JCP, 110 years ago. Penney aspired to be a lawyer for his family was not really well-off. His father was a Baptist minister and a farmer. He never had an opportunity to start in law school due to educational expenses that his family cannot afford. He worked in a local dry goods store where he became an assistant manager in Golden Rule Store. He had the chance to acquire one-third of the venture. In five years time, that was 1907, Penney acquired that of his partners (Soylent Communications, 2012). He had a vision to establish an entity that treats people the way he wants to be treated and this is what people commonly hear as “fair and square”. His very first retail business was named Golden Rule as based on his philosophy in life coming from the words of Confucius: “treat others as you want to be treated”. JCPenney was successful in his business for long years. His venture has the capacity to be an industry leader in innovation, pricing, and marketing strategy. Way before internet was invented, JCPenney offered catalogs to showcase their products. And now, they have jcp.com and their facebook page in which they do their promotions, marketing and sales (Toy, 2012). JCPenney had difficult times in keeping a close competition with Macy’s and Dillard’s Department Store especially when there were costs hikes when sales were down. The company adopted measures to deal with its problem. There were reorganization and product modifications to satisfy their customers. JCPenney used to adopt a Mission Statement that speaks of the company’s aim to provide fashionable and high quality products at reasonable prices. It wishes to supply its customers the best service and products that an entity can provide. By establishing stores in ideal locations, JCPenney can respond to customer orders and inquiry on a timely manner. Today’s vision of JCPenney includes eight “Winning Together Principles”-associates, integrity, performance, recognition, teamwork, quality, innovation, and community. All associates are valued, developed and rewarded by JCPenney for all their hardwork and skills. To show the company’s integrity, JCPenney conducts its business in accordance with ethical business principles. Trainings and comments are provided to personnel to boost their performance. The success of every employee is recognized by the company. To show teamwork, JCPenney’s workforce strive for success together by means of headship, cooperation, open and straightforward communication, and respect. The company aims to provide quality and innovative products, work, and services with the touch of creativity and smart ideas. As part of JCPenney’s ethical principles, the entity cares for its environment.
  3. 3. Before the end of 2011, JCPenney recognized the necessity of bringing together a new set personnel to fill the organizational hierarchy especially the top level who would lead the entire team towards the fulfillment of its revised vision. One of the persons who filled a very important position is Ron Johnson, the company’s new CEO since November 2011. Johnson has a very competitive record in the field of retail business and he is the man behind the success of Apple Inc. and Target Corporation. Another personality is Michael Francis who became jcp.com’s president during December 2011. Having a successful experience in Target Corporation, Francis provided JCPenney with his skills in marketing, merchandising methods, and harmonization. For financing, relationship with stakeholders, company plans, budgeting, supply chain, management of resources, and technological innovations, JCPenney hired Mike Kramer as its new COO during December 2011. JCPenney’s Senior Vice President Michael Dastugue is its present Chief Financial Officer. This new organizational line-up was introduced by JCPenney to achieve its target sales figure and give its entity a new image that can help attract new customers. JCPenney has this new program statement that shows the entity is redoing things and is willing to recover from the negative effects of the past moves the entity made. It further announced that their organization wants to entertain clients the way they want to be entertained: fair and square. JCPenney wants to be of value to the community more than its goal to be the biggest store in the retail industry. The company strives to be the American’s favorite store (jcp.com, 2012). This program characterized JCPenney and confirmed the philosophy of the entity’s creator. After the company experienced decreasing revenue figures for a matter of ten years, it has now decided to follow a new strategic plan. Its aim is to offer its products at affordable prices and give its clients memorable and satisfactory services at the lowest possible cost. The company adopted a strategy that would entail the lowest cost and that would provide products matched to the needs of specific class. When a generic strategy is already in place, the company shall reflect on execution plans that best suit its strategy. Identify the Best Value Discipline The very foundation of every successful company can be one of the three important concepts of value discipline. These concepts are operational excellence, product leadership, and customer intimacy (Horwath, 2006). In operational excellence, the company is devoted to provide the clients with the best value products (Horwath, 2006). In customer intimacy, the company is devoted to provide specific clients with their specific requests thus promoting individual contentment. In product leadership, the company is devoted to provide its clients with the endless supply of trendy items and services (Pearce & Robinson, 2011).
  4. 4. The latest program of JCPenney aimed to earn client’s trust and provide product segregation through its pricing strategy. In 2011, the company introduced the two latest member of its board. The organization validated this information by releasing the statement that these two new directors have the same enthusiasm as those of the current members and that enthusiasm is to achieve success for the entity (jcp.com, 2012). Of the three value disciplines, JCPenney is adopting operational excellence. The entity aimed to operate in the most efficient means by lowering overhead, minimizing non-value adding activities, minimizing transaction expenses, and maximizing resources and potentials (Pearce & Robinson, 2011). With these, it is evident that the foundation of JCPenney’s new method is its operational excellence. Identification of a generic strategy Generic strategy is a means to execute a grand strategy with no other framework but to aim for success in the industrial competition. Generic strategy can be classified into three. These are aiming for an efficient industry leadership; aiming to release exceptional products for people from all walks of life; and lastly, aiming to get into every customer’s heart. In summary, the company’s focus is on two things: cost and differentiation (Pearce & Robinson, 2011). To continue on its growth, JCPenney incorporates the above mentioned strategies in three ways. First, it has in fact said that http://uopexam.com/product/str-581-week-6-learning-team-assignment-strategic-plan-and- paper/

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