Strategic Plan: Bridal Extravaganza

Running head: STRATEGIC PLAN

Strategic Plan: Bridal Extravaganza

MBA580

University of Phoenix

Executive Summary

The key challenges and opportunities for Bridal Extravaganza are to increase profits and become a leader in the competitive world of the bridal industry. The strategies and objectives chosen are in alignment with the challenges and opportunities presented to Bridal Extravaganza. The objectives and strategies presented will allow Bridal Extravaganza to increase their profits 30% and to lead them to becoming a leader in the bridal industry. This is something that can be accomplished by creating a fully functioning website that pays for itself. Initially funding would need to be allocated to pay for a web designer and a marketing campaign, but by the end of five years all costs should be recouped and profits should be increased 30%. Overall, if the strategic plan is a success then the benefit of increasing profits 30% and becoming a leading in the bridal industry will be worth the initial investment.

Organizational Background

Bridal Extravaganza is a start up business. This business is looking for initial investors. It is owned by Amy Moore, and will be located in the Dallas/Ft. Worth, TX area. Bridal Extravaganza will be a 3-4 story mall on one side with vendors from all aspects of a wedding including: flowers, ministers, invitations, caterers, bakers, dress shops, tuxedos, alterations, salons, spas, etc. The opposite side of the development will house the weddings, receptions, bridal suites for dressing, kitchens for caterers, salons and spas. There will also be an outdoor rose garden off the vicinity to house out door weddings and receptions. The caterers and bakers will be in house employees and there will be bridal consultants that worked directly for Bridal Extravaganza that would help coordinate all of the bridal needs. Customers could either use the services for offsite weddings or in house weddings.

Mission and Vision Statements

“The mission of a company is the unique purpose that sets it apart from other companies of its type and identifies the scope of its operations. In short, the mission describes the company's product, market, and technological areas of emphasis in a way that reflects the values and priorities of the strategic decision makers” (Pearce & Robinson, 2004, p. 20). “The company mission is a broadly framed but enduring statement of a firm's intent. It embodies the business philosophy of the firm's strategic decision makers, implies the image the firm seeks to project, reflects the firm's self-concept, and indicates the firm's principal product or service areas and the primary customer needs the firm will attempt to satisfy” (Pearce & Robinson, 2004, p. 1). Bridal Extravaganza’s mission statement is: We are in the wedding business providing all bridal services to our clients in one location.

“A vision statement presents the firm's strategic intent that focuses the energies and resources of the company on achieving a desirable future”(Pearce & Robinson, 2004, p. 22). Bridal Extravaganza’s vision statement is: Bridal Extravaganza, The One Stop Bridal Shop. The values of Bridal Extravaganza are: Hassle-Free, Stress-Free, and Affordable Weddings available in One Location.

“A mission statement that is developed from this perspective provides managers with a unity of direction transcending individual, parochial, and temporary needs. It promotes a sense of shared expectations among all levels and generations of employees. It consolidates values over time and across individuals and interest groups. It projects a sense of worth and intent that can be identified and assimilated by outside stakeholders, that is, customers, suppliers, competitors, local committees, and the general public” (Pearce & Robinson, 2004, p. 65). The mission, vision and values of the organization will help make the budding business a reality. It will allow stake holders to understand what the business is about and how it is offering their customers a unique service. Bridal Extravaganza will use its mission and vision statements to help achieve their goal of increasing sales by 30% and becoming a leader in the bridal industry.

Macroeconomic Forecast

Economic indicators were obtained from the May 1, 2008 Market Indicators & Forecasts from EIU Data Services. Economic indicators show private consumption to be on the rise over the next