Crafting and Executing Strategy
Running Head: EXECUTING STRATEGY
Crafting and Executing Strategy
Whole Foods
Assignment # 1
Strayer University
BUS 599: Strategic Management
Spring 2013
Develop an argument supporting the importance of a strategic plan for the success of the defined business.
For the success of the defined business, in this case for Whole Foods Market, the importance of a strategic plan is unquestionable. In Crafting & Executing Strategy: The Quest for Competitive Advantage: Concepts and Cases Arthur A. Thompson, Jr., A.J. Strickland III, and John E. Gamble (2009) state that “a company’s strategy is management’s action plan for running the business and conducting operations” (p.6). They go on to further explain that a company’s strategy is all about how management intends to grow the business, how it will build a loyal clientele and outcompete rivals, how each functional piece of the business will be operated, and how performance will be boosted. Any organization without these defined “how’s” cannot succeed because all aspects of the business would be out of sync and could potentially take action that would be counterintuitive to the success of the company as a whole.
If Whole Foods Market’s strategy (outlined below) didn’t fit the company’s situation, didn’t help the company achieve a sustainable competitive advantage, or result in better company performance, than the overall strategy would come up short and need to be re-evaluated to meet the needs of the business to drive success in these three big areas.
Whole Foods Market’s strategy focuses on being America’s healthiest grocery store, seeking out the finest natural and organic foods available, maintaining the strictest quality standards in the industry, and having an unshakeable commitment to sustainable agriculture. All of these pieces make up the Whole Foods Market’s strategic plan for its day-to-day operations in all aspects of the business, and without all of its employees being clear on
Crafting and Executing Strategy
Whole Foods
Assignment # 1
Strayer University
BUS 599: Strategic Management
Spring 2013
Develop an argument supporting the importance of a strategic plan for the success of the defined business.
For the success of the defined business, in this case for Whole Foods Market, the importance of a strategic plan is unquestionable. In Crafting & Executing Strategy: The Quest for Competitive Advantage: Concepts and Cases Arthur A. Thompson, Jr., A.J. Strickland III, and John E. Gamble (2009) state that “a company’s strategy is management’s action plan for running the business and conducting operations” (p.6). They go on to further explain that a company’s strategy is all about how management intends to grow the business, how it will build a loyal clientele and outcompete rivals, how each functional piece of the business will be operated, and how performance will be boosted. Any organization without these defined “how’s” cannot succeed because all aspects of the business would be out of sync and could potentially take action that would be counterintuitive to the success of the company as a whole.
If Whole Foods Market’s strategy (outlined below) didn’t fit the company’s situation, didn’t help the company achieve a sustainable competitive advantage, or result in better company performance, than the overall strategy would come up short and need to be re-evaluated to meet the needs of the business to drive success in these three big areas.
Whole Foods Market’s strategy focuses on being America’s healthiest grocery store, seeking out the finest natural and organic foods available, maintaining the strictest quality standards in the industry, and having an unshakeable commitment to sustainable agriculture. All of these pieces make up the Whole Foods Market’s strategic plan for its day-to-day operations in all aspects of the business, and without all of its employees being clear on
References: Thompson, A. A., Strickland, A. J., & Gamble, J. E. (2010). Crafting and executing strategy: The quest for competitive advantage: Concepts and cases: 2009 customer edition (17th ed.). New York: McGraw-Hill-Irwin. Whole Foods. © 2013 Whole Foods. http://www.wholefoodsmarket.com/company-info Accessed January 16, 2013.