A growth strategy for Fifers Bakery Essay Example | Topics and Well Written Essays - 2750 words

A growth strategy for Fifers Bakery - Essay Example Fifers bakery is a large scale bakery supplying retailers with breads, cakes and other baked products. At present the company has no strategic plans for the next five year. To be able to develop a strategic plan the company should be aware of the key innovation trends and new product and category opportunities. A Growth Strategy should be planned to enable the company to anticipate the changes in the internal environment caused by the external environment in time. To start the process of selecting a market-dominating business and marketing strategy we must take the first four steps: Setting the vision for Fifers Bakery, gathering environmental and competitive intelligence, and identifying the strengths and weaknesses of the company.Fifers Bakery vision is to create business opportunities for both business owners and their employees to upgrade operations and increase both profits and wages. The company should be focusing on innovation that will lead the company into major growth. It i s also the company's focus to develop and produce new products that are not available in in-store bakeries and offer good customer service that has a personal touch in order to have customers coming back. The knowledge in information technology will be given importance since this will help the company to shorten its work from years to hours, minutes or seconds. Overall the vision of the company is to provide services that will benefit not only the company but its customers as well. To develop the best Growth Strategy for Fifers Bakery we must first understand the world outside the organization. Our focus will be our competitors, technology, market size and trends, our clients, availability of key resources (people and materials) and others that includes customer request and suggestions. Aside from the above mentioned external environment it also includes strategic implications for baking industry, category opportunities, new product opportunities and retailer and distribution drivers. Identifying the strength and weaknesses of Fifers Bakery includes the internal environment of the company. This includes the ability of the company to get new clients products and services, research and development , automation and equipments, knowledge and skills, employee diversity, capacity, training, company structure and culture, total Quality Management Systems, finance including cash flow, ROI leadership and others. From the above listed focus we will be able to start working on our Growth Strategy that will help Fifers Bakery survive or even lead the baking industry in the next five years. Topic The objective of this study is to be able to create a Growth Strategy for Fifers Bakery. The baking industry is complex, extremely competitive and fractious. The need for change and the focus for innovation are important. A Growth Strategy for Fifers Bakery will start at defining the company's goals. The attainment of such goal will mean that the vision has become a reality. It is best to identify first what markets we will do business. Since Fifers Bakery is a supplier for a retailer, then we will need to focus on those retailers who can cope up with the demand of the customers. We should not be only focusing on the orders; we should also overview the services being given to the customers. Baking industry has becoming very stiff that you need to improved or change some items in order to attract customers. We will be able to choose from being a marginal player with a small percentage or a big player with a significant portion of the market or we will dominate the market and crush all competition. It is important to identify which market we will focus. Customers play a vital role in the success of the organization. Fifers' bakery can make and bake the best cakes and bread in the world but if it is not what they need it would be a waste of time,