Strategic Plan- Sweet Reads
Since its inception, Sweet Reads has supported a vision of providing excellence in service from exceptional employees. Sweet Read is committed to:
Responding to consumers' needs efficiently and exceeding their expectations,
Providing competitive pricing, and III. Providing the highest level of on-the-job training to the staff
This will earn Sweet Read a reputation of consumer satisfaction and loyalty. Since its formation, the company has worked tirelessly to differentiate itself and adapt to the fast-paced market dynamics. Its adaptation of the balanced scorecard has made it what it is now. Through concentrating on key areas of the scorecard, Sweet Reads will continue to build and improve its vision, employee satisfaction, customer satisfaction, internal business operations and its financial position.
With its operations in the fast foods and books industry, Sweet Reads has a challenge of differentiating itself from other contenders. This is its biggest barrier in its business strategy. Competitors like Taco Bell and KFC offer a challenge for Sweet Reads and makes it hard for profit potential. Although these competitors do not necessarily offer the same products, they are a source of competition in the area of cost reduction. Health consciousness has become a key aspect regarding competition. Customers are now settling on healthier choices like salads and sandwiches. Sweet Reads has attempted to rise above by introducing healthier items on its menu and eliminating items such as Hamburgers, which promoted an unhealthy lifestyle (Tonchia & Quagini, 2010). In an effort to increase innovation and differentiation, Sweet Reads has introduced premium coffee beverages at reasonable prices. This new division provides existing and new customers different...
The company's suppliers include Simplot and Golden State Foods. All Golden State Foods' outlets use the same raw materials from the same suppliers. Customers can enjoy the same brands whether they are in China, Beijing or Rochester. This is the foundation, which the company has encouraged consistency among its restaurants and bookstores. The company depends on its suppliers in providing the highest quality products to clients. Manufacturing and shipping these products across the world is the whole business of these suppliers. If Sweet Reads wants to lose its suppliers, it would have to change its product lines and altogether its menu (Blokdijk, 2008). This has given its suppliers a vast amount of bargaining power. Sweet Reads can use the five-industry analysis device to evaluate its strategy. Through eliminating the chances of losing business to its rivals, being aware of potential entrants, equivalent products and losing suppliers, Sweet Reads will continue to differentiate itself while maintaining relationships with customers, employees and suppliers.
Sweet Reads trains its employees to enhance customer services. The aim of the training is to offer consistency in quality and service in all its outlets across the world. By focusing efforts on managers to insist on consistency, integrity and Sweet Reads' vision, the company will earn a competitive advantage in the industry. Additionally, the company sponsors advanced management training to ensure the success of managers. Follow-ups are conducted on employees with the aim assessing the effectiveness of the training programs. The company also uses mystery shoppers in its…
