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STR 581 Week 6 Strategic Plan Part 3

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STR 581 Strategic Plan Part 3
Strategic Plan Part 3
STR/581
Strategic planning is a critical element of an organization’s annual
business plan. A strategic plan consists of a number of components. In
addition to analyzing a company’s strengths and weaknesses, a
strategic plan also includes implementation and control techniques.
While this may seem easy enough, implementing a strategic plan into an
organization can be challenging. Barnes and Noble, like a number of
corporations are seeking ways to improve productivity and profitability.
This essay will identify business alternatives for the bookseller which will
enable them to diversify their product offerings.
The development of a strategic plan consists of many steps. One
important step is identifying the best strategic alternatives. These
alternatives include value discipline, generic strategy, and grand
strategy. These three areas are especially important for Barnes and
Noble. In recent years, the bookseller has experienced a slide in market
share. While Barnes and Noble has been able to rebound over the past
year, the company must identify ways to remain competitive.
A generic strategy is very important for Barnes and Noble. A generic
strategy is a basic approach to strategic planning that can be adopted by
an organization in any industry to improve competitive advantage.
Generic strategy is composed of three elements, differentiation, focus
and low cost strategies. Differentiation strategy is the ideal strategy for
Barnes and Noble.
Over the past decade Barnes and Noble has faced stiff competition from
Amazon and other non-traditional retailers such as Walmart and Costco.
The bookseller must identify ways in which to set itself apart from
competitors. According to DataMonitor (2010)
Value pricing strategy adopted by Barnes & Noble is a key competitive
advantage in a market where the consumers are more price sensitive
than ever before. The company’s stores employ an aggressive

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