Discussion Question Feedback on Strategic Plans and Market Segmentation

Please provide feedback of 300-400 words for each of the below discussion question replies:

DQ1: Transferring a strategic plan into a reality can take more than planning.  Provide an example of a leader who has transformed a strategic plan into a reality? How did they innovate and lead the company? What can you learn from this person?

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Reply 1:

A leader that comes to mind during this time period would be Elon Musk, which I am sure has been mentioned before and for good reason. While Elon Musk is not one of the original founders of Tesla Motors, he is a co-founder and is considered to be the face of Tesla Motors. Musk had been a part of the organization since 2004 and was influential in obtaining venture funding and investments by Google and eBay were made. By the end of 2009, Musk had contributed over $70M of his own money to ensure the company’s success – sacrifices made by a leader for the better good for the organization. Elon Musk is a part of several other organizations, not just Tesla Motors, and the overall theme is innovation by technology. As time progresses the advancement of technology pushes forward even faster – and with the impact of COVID around the globe there may has been improvements in existing ideas as well as new concepts. “The focus on building digital services to cope with Covid-19 has led to significant advances in key technologies — such as cloud computing, artificial intelligence and semiconductors — that will enable the next wave of innovation” (Kim, 2021).

Reference

Kim, T. (2021, April 28). Elon Musk’s Golden Age of Tech Innovation Is Coming. Bloomberg.com. Retrieved September 14, 2021, from https://www.bloomberg.com/opinion/articles/2021-04-28/elon-musk-s-golden-age-of-tech-innovation-is-coming.

Reply 2:

Strategic planning and implementation are a key factor in the success of a company. They help to align and guide an organization as well as provide measurable goals. However, there is an vast number of strategies available and as David, David, & David mention “a manageable set of the most attractive alternative strategies must be developed, examined, and prioritized, and selected…[and] creativity should be encouraged” (2020). An example of a leader that has transformed a strategic plan into a reality is the cofounder of Whole Foods, John Mackey. Starting in the 1980s with only a handful of employees, John Mackey created a world-renowned company that has worked to shift a focus onto a healthier way of eating as well as introduced an alternative way of thinking for entrepreneurs and management with the concept of “conscious capitalism”. Mackey has been quoted in many interviews about how his focus has always been to help people eat healthier and live longer. Since the beginning, Whole Foods mission and purpose has been to nourish people and the planet. Walking into a Whole Foods this can be felt, as well as looking at the projects the company has been involved in. Another idea Mackey has turned into a reality is conscious capitalism. Building on traditional capitalism, trust, compassion, stakeholder orientation, and value are added into the equation. I’m sure many of us have read about conscious capitalism and leadership with the MBA program. One quote by Mackey gives an insight into his thinking and planning “as an entrepreneur, I’m focused on the future and what more I want to accomplish, rather than looking back at what I have already done” (Schumacher, 2019). One thing to take away from Mackey is the importance of continually looking forward. Mistakes and failures are going to happen and can be a learning lesson but it is important to look forward and focus on your dreams and ideas. Also, sustainability, caring for stakeholders, and aspiring to do good is possible to integrate into business and be successful.

References

David, F. R., David, F. R., & David, M. E. (2020). Strategic management concepts and cases: A competitive advantage approach (17th ed.). New York, NY: Pearson Education. ISBN-13: 9780135203699

Schumacher, J. (2019, January 3). How whole foods CEO John Mackey is leading a revolution in health and business. Entrepreneur. https://www.entrepreneur.com/article/325128

 

 

 

 

 

 

 

DQ2: Identify and discuss three reasons why market segmentation is so important to strategy implementation. Please include examples from industry you have been or would like to be associated with.

Reply 1:

According to David, David & David (2020), market segmentation is dividing a market into distinct subsets of customers that differ from one another in product needs and buying habits. These segments are created based on the unique demographic, geographic, psychographic, or behavioral characteristics of consumers (David et al., 2020). In order for companies to determine what segment to select, strategists must determine the characteristics and needs of different consumers to analyze their differences and similarities. This allows them to develop consumer profiles. Based on this data, they determine which consumer group to target, and how to market with those consumers. Our text gave us the perfect examples of businesses that market varied offerings, which is the Marriott Hotel. A lot of what I do involves traveling as a result, I try to stay with one hotel chain vs. staying at whatever location is the cheapest. Marriot has several different hotel options and they tend to market accordingly. For example, if you are looking for Luxury you would want to enjoy their St. Regis, W. Hotels, or JW Marriott. If you are looking for premium options, which is typically the case when traveling for business or vacations you would want to look for Marriott hotels, Marriott Vacation clubs, or Westin hotels. Those looking for longer stays would consider the Marriott Residence Inn, which acts as a hotel fully equipped with a kitchen, living room, and separate bedroom. Lastly, you have your Select options which are typically for one-night stays. This would be Four Points, Springhill Suites, and AC Hotels by Marriott.

Reference

David, F. R., David, F. R., & David, M. E. (2020). Strategic Management Concepts and Cases: A Competitive Advantage Approach (17th ed.). New York, NY: Pearson Education.