Description
Write a paper on the scenario listed below in bold: (APA formatting, minimum of three pages, typed, double-spaced, size 12 font, 1 inch margins. Include a title page with your name and program).
You have just become the CEO for a company that once held a prominent market share and is now lagging behind. There could be many reasons but you have a limited time to reflect on the past, revisit the company’s mission statement, is it still relevant, and create business strategies that will build and sustain the company to once again become a leader in the marketplace.
Develop business strategies that support the mission of the organization, invest and develop teams to be committed to a mutual purpose and goals, develop feedback and metrics to measure progress, develop and implement a succession plan for yourself.
Explanation & Answer
Attached.
Running head: TRENDYWEAR STRATEGIC PLAN
Trendy Wear Strategic Plan
Student’s Name
Institutional Affiliation
1
TRENDYWEAR STRATEGIC PLAN
2
Trendy Wear Strategic Plan
Brief Overview of the Company
TrendyWear LTD was once one of the leading companies in the retail clothing industry in
terms of market share, as it concentrated in the retail of clothes of young children aged 1-17 years.
However, the company has been struggling to maintain its position over the past three years, which
has seen it lose a significant portion of its market share. Consequently, the board of directors at
TrendyWear LTD have decided to make substantial changes in the way of operation as well as the
structure, which includes the appointment of a new CEO to lead the change in an attempt of
regaining the market share.
Mission Statement
Currently, the mission statement of TrendyWear is to become the leader in the retail
clothing industry by offering superior design, quality, and value to the consumer.
The above mission statement is relevant to the new CEO since it helps in outlining the direction
that TrendyWear should take, which is becoming the leader in the market by offering goods and
services that lead to the maximization of customers and shareholders' value.
Strategies
Following the mission statement of TrendyWear, the new CEO has proposed the following
strategies to help the company become the leading player in the clothing retail industry;
Implementing Customer Relationship Management
The new CEO’s objective is to help the company increase in size by increasing its share in
the retail market by 30% in the first twelve months. In this case, the first strategy will be to engage
TRENDYWEAR STRATEGIC PLAN
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in activities that improve the brand recognition of the company. Sales volume and market share
increase when a company has strong brand awareness in the market (Huang & Sarigollu, 2012).
The first approach towards improving brand awareness of TrendyWear products will be to use
customer relationship management software (CRM) (Saifullah et al., 2015). CRM is crucial as it
wi...
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