Description
Throughout this course, you have been using different analysis strategies to determine best practices for developing your business plan. It’s time to develop a strategic plan that will help you determine where your business is now, where you want to take it, and how you will get there. Your strategic plan will help you implement and manage the strategic direction of your company. Additionally, you will communicate the direction of your company to stakeholders.
Develop a strategic plan for the company you selected (UNDER ARMOUR) at the beginning of your MBA program and share it with stakeholders.
Create a 10- to 15-slide presentation for key stakeholders to solicit their approval of your strategic plan. Address the following in your presentation:
- An introduction with mission and vision statements
- Core values, ethics, and social responsibility principles
- Analysis of the company’s:
- Internal environment (e.g. strengths and weaknesses related to resources, trademarks, patents, copyrights, or current processes)
- External environment (e.g. opportunities and threats related to market trends, economic trends, demographics, or regulations)
- An evaluation of the internal and external environment’s impact on achieving the company strategy
- Create a strategic objective for the company.
- Create short- and long-term goals for achieving the company’s strategic plan.
- Determine methods for collecting data and measuring the success of the strategic plan.
Explanation & Answer
Please view explanation and answer below.
UNDER ARMOUR
INC.
Strategic Plan
INTRODUCTION-UNDER ARMOUR INC.
• Vision -To Empower Athletes Everywhere
• Mission- To bolster athletes’ competitiveness by leveraging
passion, design and relentless pursuit of innovation (Under
Armour, n.d). .
• Core values- love, equality, collaboration, innovation, always
connect, transparency, creativity, and celebrate the wins (Under
Armour, n.d).
• According to Under Armour (2020), the ratings on ethics has not
been good; numerous reviews have indicated that the company is
‘not good enough’
• Under armour social responsibility mainly focuses on
sustainability; the company aims at being more efficient with
resources, making each dollar count and reduce waste as well as
their carbon footprint.
COMPANY ANALYSIS-INTERNAL
ENVIRONMENT: STRENGTHS
• Diversified product portfolio: The company’s product ranges
from apparel to sportswear besides footwear and accessories
• Various distribution channels: Under Armour’s main
distribution channel is the wholesale channels.
• According to SWOT and PESTLE, (2020), wholesale
represented 60% of net revenues.
• Direct to customer sales accounted for 34% of net
revenues while licensing and connected fitness channels
each represented 3% of net revenues
• ...