Companywide Strategic Planning
Company-Wide Strategic Planning and its Four Steps
Company-wide strategic planning refers to setting comprehensive strategies that guide decision-making and day-to-day operations across the organization. These strategies reflect the company’s long-term objectives and culture (Steiner, 2010). The entire organization operates based on these overall strategies, counting on them to attain its long-term objectives. The four steps of company-wide strategic planning include environmental analysis, goal setting, strategy formulation, and strategy implementation.
Environmental analysis by Price Mart of Jamaica involves assessing the internal and external environment to discover business strengths, weaknesses, and opportunities for improvement. Next is goal setting, involving setting SMART goals that will form the basis for allocating resources and managerial decision-making. In the case of Price Mart, SMART goals may include its product scope and sales revenue. After defining goals, the next step is to select the most suitable course of action to achieve these goals. The final step is the strategy implementation stage, which involves resource allocation, the creation of KPIs, and monitoring progress.
Designing Business Portfolios and Developing Growth Strategies
One way to design business portfolios is through synergy and diversification. Finding synergies refers to establishing a business that would complement the existing one (Verhoeven & Johnson, 2017). For instance, a retail business may be complemented by a fast-food restaurant on the sidelines. On the other hand, diversification involves adopting more product lines. Also, market analysis may come in handy and help the company identify the trends that the business may leverage and build its portfolio.
On the other hand, to develop growth strategies, the business may need to engage in new product development or enhancement. For instance, a retailer may acquire a bakery to make bread to bolster its product scope. Also, the retailer may partner with manufacturers to sell their products from the store (Verhoeven & Johnson, 2017). Once sales occur, the retailer retains an agreed percentage of the revenue generated.
References
Steiner, G. A. (2010). Strategic planning. Simon and Schuster.
Verhoeven, B., & Johnson, L. W. (2017). Business model innovation portfolio strategy for growth under product-market configurations. Journal of Business Models, 5(1).
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Question 
answers the following questions. Students are required to identify a company of choice(can be the company used from assignment 1) and use examples from the company list of products and or services to support the responses to the questions. Students are required to prepare an audio-visual recording of their presentation using Zoom and share the recording via my email for assessment along with the PPT.
Companywide Strategic Planning
1. Explain company-wide strategic planning and its four steps. 4mks Alder
2. Discuss how to design business portfolios and develop growth strategies
5mks Alder
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