Business Plan: Inglot's Strategic Plan

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[. . .] Strategically, INGLOT has also created a source of agility (Sull, 2009). That allows it to seize growth opportunities by scaling up their business as need arises and implementing innovative changes in products to grow their market share. INGLOT's strategy has used creative mechanisms to mitigate risk and wait for the right time to embrace opportunity.

Sources of absorption

INGLOT has several sources of absorption that allow the company to withstand competitive forces and other threats to the company's operations (Sull, 2009). The first is the company's low fixed costs. The company has low costs of production of their products. This allows the company to price their products at medium price levels and also gives the company ability to survive price wars with competitors. The company also has tangible and intangible resources, which generate profits in the short and long run. These resources enable the company to embrace opportunities for growth and shift in markets.

INGLOT has also managed to lock in customers by providing them with high quality products at affordable products. These allow for high levels of customer satisfaction and loyalty since switching to competition means the consumers will pay high costs for switching.

Sources of agile absorption

Sources of agile absorption are important in deploying the company's capabilities in different combinations as dictated by market trends and customer needs. The first source of agile absorption is the tactic of building absorption without negatively influencing agility. For INGLOT, this is achieved through having low fixed costs. The other source of agile absorption is the tactic of maintaining an agility culture. For INGLOT, they inculcate a culture of agility for their employees, for example, by keeping costs low by leveraging low cost labor in its production, research, and development facilities.

Strategic action plan by year

Year

Activities

1

Product development: INGLOT will be involved with strategic planning and plan implementation by conducting market research to understand customer needs in its operating locations.

Service delivery: INGLOT will identify and prioritize markets to expand to.

Human resources: Staff will be reorganized to achieve efficient levels of productivity. Staff will also be trained to ensure they understand the company culture effectively and their roles.

2

Service delivery: the company will develop partnerships with businesses in locations where expansion is planned. INGLOT will also develop an expansion plan based on one model. This involves evaluation of different expansion models such as partnering and franchising and choosing the best fit.

Human resources: the company will update the training activities for their staff.

Resource development: INGLOT will plan for expanded engagement of members of staff. They will also seek resources such as leases, patents, and partnerships needed for expansion.

3

Service delivery: INGLOT will strengthen their service delivery activities to date. They will formalize the expansion model chosen to apply it in all locations. The company will also expand its initiatives to assess customer satisfaction with products and educate customers on optimal product use and other important aspects of the products.

Human resources: INGLOT will review the current staff and determine human resource development needs of staff members to be met through training activities

Resource development: INGLOT will implement store marketing planning to strategize and coordinate marketing activities across all store locations.

4

In this year, INGLOT will evaluate their action plan and develop an expanded action plan.

Service delivery: INGLOT will continue to develop and sustain their expansion activities and initiatives including marketing for new partnerships needed. INGLOT will also dedicate resources to support building of new partnership relationships.

Human resources: INGLOT will continue to focus on development of their staff including supervisors and management.

Resource development: INGLOT will strengthen efforts to allocate resources efficiently

5

In this final year, INGLOT will continue to develop the activities detailed in this action plan by increasing the number of consumers they support across their program.

INGLOT will also evaluate their progress and detail the successes and failures to produce lessons learnt for future implementation.

INGLOT will also plan their new strategic plan for the next five years.

References

BROWN, T., BUSH, P. & NORBERG, L. 2001. Building Executive Alignment, Buy-In, and Focus with the Balanced Scorecard SWOT Harvard Business Review.

KIM, W.C. & MAUBORGNE, R. 2007. Blue Ocean Strategy. Harvard Business Review.

NECAS, Z. & HUY, Q.N. 2014. INGLOT: Conquering the World, Fontainebleau, France, INSEAD.… [END OF PREVIEW]

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Inglot's Strategic Plan.  (2014, June 22).  Retrieved May 24, 2019, from https://www.essaytown.com/subjects/paper/inglot-strategic-plan/790886

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"Inglot's Strategic Plan."  Essaytown.com.  June 22, 2014.  Accessed May 24, 2019.
https://www.essaytown.com/subjects/paper/inglot-strategic-plan/790886.