Conceptualizing in Business Essay
Conceptualizing in Business
A solid strategic analysis is beneficial to shareholders, employees, customers, and decisions makers within a company. The core of an effective strategic plan contains a well-thought and informative mission statement. Using the brand of Mexican Food Express as a benchmark, a mission statement has been developed to differentiate the company’s products from the competition. In addition, the vision statement as plays an important role in communicating the ultimate goal of the company’s strategic decisions. A driving force behind the mission and vision is the company’s values and ethical principles, which often dictate the choices made during strategic planning. When it is fully implemented, the strategic plan will allow Mexican Food Express to gain a strategic advantage over its established competitors.
By delivering uniquely flavored Mexican style food at budget prices, Mexican Food Express seeks to establish an international presence over the next 5 years. The current international fast food markets in Asia, South America, and Africa are dominated by American style fast food with leaves considerable opportunity for competing styles of cuisine. Mexican Food Express will use an aggressive marketing plan and develop a supply chain network that will enable rapid growth in overseas markets. Newly established restaurants will be able to supply local communities with quality meals at competitive prices while simultaneously creating value for shareholders.
Mexican Food Express will grow into the largest fast food provider of Mexican style cuisine in emerging markets. The brand will have an established presence in Asia, South America, and Africa with restaurant locations being found within the top 25 major cities on these continents. By saturating the
world’s most populous metropolitan cities, Mexican Food Express will be the most recognizable Mexican food brand in the world.
Guiding Principles, Values, and Culture
Mexican Food Express has several important ethical principles that influence major decisions in the strategic planning process. First, the company is concern about making quality food available to the lowest income groups. Therefor, it is important to keep a wide selection of low cost food products available on the menu. This becomes an especially important consideration as we expand in markets that experience high levels of poverty. Second, the company is committed to delivering exceptional customer service to its patrons. Customer loyalty is a driving factor towards the long-term success of the brand. Failing to deliver exceptional customer service could seriously hinder the ability to grow into new markets.
In order for employees to express Mexican Food Express’s guiding principles, it is essential to create a corporate culture that that reflects these principles. Providing ample opportunity for advancement within management hierarchy and the ability to participate in supplemental training will keep employee motivation high. As a result, employees will be eager to follow the ethical values set forth in the strategic plan. It is likely that the company will need to make slight modifications to organization culture to meet the preferences of various world cultures.
Impact on Strategic Direction
The mission, vision, and values of Mexican Food Express serve as the foundation for strategic decision making while the company gears up for expansion. When an unexpected variable causes a change in direction, the company will continue to use its mission as a guide for future choices. The primary mission is always to maximize shareholder profits, but the values determine the approach thee company will take to achieve this goal. Overall, this will help the company build a corporate culture in these new markets that gains the respect of the locals. If the company is considered to be helping the local community, the chances of creating an effective strategic plan are highly unlikely.
Addressing Customer Needs
Expanding into emerging markets presents a unique challenge to address customer’s needs. Every country exhibits its own unique culture and it is essential to pander to the preferences of each individual culture. A system that works in the United States is not likely to see the same level of success in Bangladesh, unless serious modifications are made to the business model. To overcome this challenge, the company will conduct independent research and use paid consultants to determine how to tailor the brand’s image for success in vastly different cultures. As time progresses, the company will be able to assess strengths and weaknesses by testing different models in each regional area. Gaining insightful knowledge about each country’s cultural preferences will allow the company to attain a competitive advantage.
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Thompson, A. A., Gamble, J. E., & Strickland, A. J. (2006). Strategy: Winning in the marketplace: Core concepts, analytical tools, cases (2nd ed.). New York, NY: McGraw-Hill.