Strategic Plan: Implementation, Strategic Control, And Contingency Plan University Of Phoenix/Str581 Assignment

2198 words - 9 pages

Big Lots Implementation
Barbara "BeBe" Smith
STR/581 Strategic Planning and Implementation
April 29, 2019
Dr. Patrick Oldenburgh Jr, Sphr
Running head: BIG LOTS IMPLEMENTATION
1
BIG LOTS IMPLEMENTATION
2
Big Lots Implementation
For Big Lots to implement its strategic plan, the organization realizes the importance of defining key facets that will make this feat attainable. Therefore, to undergo this feat, the company must define its objectives, tactics (functional), actions, milestones deadlines, tasks along with ownership, allocation of resources, and make recommendations. Furthermore, Big Lots must also establish five other elements to complete: 1) success factors, 2) budget, 3) financials forecast, 4) break-even analysis, 5) and risk management that must include a contingency plan for identifying risks. Although, the company’s strategic plan appears daunting, Big Lots use three strong pillars in the organization’s implementation framework for its strategic planning process (SPP). These pillars include, Jennifer, associate, and shareholder. Combined, these pillars can solidify Big Lots competitive advantages and sustainability.
Big Lots Objectives
The organization Big Lots, chief objective, continue to improve with consistency in performance, while establishing a solid foundation for company’s future growth (Annual Reports, 2014). Big Lots is adamant, the company does not have room for complacent behavior. Big Lots must lead with consistency, confidence, curiosity, and courage (Annual Reports, 2014).
Jennifer Pillar
Merchandising, marketing, and store execution are Big Lots strategic primary pillars of “Jennifer”. Jennifer is a fictitious person Big Lots prefer to as its targeted audience. Jennifer also represents the consumer “…most likely to shop often at Big Lots!” (Annual Reports, 2014).
Merchandising – The first facet, Big Lots will provide more stock of items that the consumers purchase frequently along with increased variety, especially in the food items (both persishable and non-perishable). Furthermore, the company concentrated on installing freezers, coolers, and appropriate equipment to accept the Supplemental Nutrition Assistance Program (SNAP).
While invariably concentrating on expanding its product line, the organization will work toward amplifying and editing other current items (furniture, consumables, home décor, and seasonal). The initiative to expand the company’s leasing program (Easy Leasing) which makes purchasing large ticket items more affordable for the customers can improve the organiztion’s sales revenue.
Marketing – Big Lots rigorously focused on expanding its brand though reaching the goal via achieving one million Facebook fans, along with followers on Twitter, Pinterest, and Instagram to establish social media presence. Another avenue the company traveled to increase their targeted audience, airing on a diverse, multiculural TV network in multiple languages.
E-commerce – providing the customers to shop...

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