04 Nov Using your analysis of the strategic plan from the Wk 2- Strategic Plan
Using your analysis of the strategic plan from the Wk 2- Strategic Plan Research assignment, complete the following:
Analyze in 350 to 525 words the:
- Purpose of the strategic plan
- Key objectives:
- Market development and how your ideas fit
- Process improvement
- Development of people
- Product/service – How do you deliver? Is there a way to improve quality over time to differentiate?
- Key performance indicators (KPIs) to measure performance over time
Recommend initiatives to support your objectives to improve the strategic plan.
Identify ways to adapt to the changing business environment.
Strategic Plan Research
University of Phoenix
· Amazon: Who they are and where are they going?
Amazon is a multinational technology company that leads in online retail, artificial intelligence, cloud computing, and digital streaming services. Originally envisioned as a global bookstore, the company has become a significant company today. The company adopts a functional business strategy (Chen, 2022). It is at drawing customers into Amazon and ensuring they stay through serving customers in a friction-free shopping experience
The vision of a company directs the company toward its long-term goals. The vision statement of Amazon focuses on dominating online retail from a global perspective. Amazon's mission statement states that the company strives to offer the best available range of products at the lowest price possible. Umar, 2022). Theoretically, a mission statement should enumerate the feasible approach that it should apply to achieve its vision. Amazon's mission aims at using its services and product pricing to attract customers.
· Amazons Internal and External Environments briefly.
The company's internal environment promotes its ability to execute its business strategies, focusing on core competence. The organization has a hierarchical management structure. This type of management facilitates the stability of executives and hence facilitates the comprehensive implementation of the business strategy (Chen, 2022). The external environment of Amazon comprises the political, legal, social, environmental, and technological aspects that affect the business structure. The social and technological factors are beneficial to the entity. The company must revise its policies to be free from litigation (Chen, 2022). The firm is at risk of high competition from new entrants, suppliers' bargaining power, and substitute services and products.
· Diversity, Equity, and Inclusion
Amazon prioritizes its social and environmental effects in its business strategy. The company champions environmental sustainability programs, where it donated 2 billion in 2020 to promote zero carbon emissions worldwide. The company promotes a transparent and equitable supply chain to promote wage equity, worker safety, vendor transparency, gender equity, and environmental sustainability (Yu et al., 2022). The company is keen on avoiding labor and environment violations by conducting rigorous third-party assessments and in-house evaluations to ensure that supply chain patterns are cognizant of global standards and practices.
The company is dedicated to having a diverse and equitable workforce. The company draws its staff from institutions that serve an ethnically diverse population. The company promotes black colleges, women's colleges and universities, Hispanic serving institutions, and other institutions promoting minority groups. The company has inclusive criteria that serve people with disabilities too. The company has education programs with an allocated budget of $700million for training 100000 employees. The company also supports staff that want to advance their education by providing 95% reimbursement for a fee (Umar, 2022). Even though the company has good employee relations, it has been in the limelight for having difficult demands from employees. A culture that cannot sustain the corporate in the long run.
· Corporate Social Responsibility and Environmental Sustainability
Sustainability is an extremely valuable aspect of Amazon's business because it benefits not only the company, but also the environment, its customers, and the local communities. They are well on their way to achieving the goal of using only renewable energy by 2025, as well as eliminating carbon emissions by 2040. The company plans to spend $100 million on global forestry programs in addition to the 100,000 totally electric delivery cars it has purchased. To ease the transition to a low-carbon economy, Amazon set up the Climate Pledge Fund, a $2 billion fund.
To combat the detrimental effects of Coronavirus advancements on Amazon's independent delivery service providers, the Amazon Relief Fund was established in 2020 with a commitment of $25 million. Amazon also offers its Device Donation Program to schools in need near its fulfillment sites in the United States, along with electronic gadgets and gift cards. Amazon aims to meet customers' needs by offering superior experiences. This strategy is instilled in the company's interaction with external and internal environments and promotes corporate social responsibility.
Chen, B. (2022). Investment Value Analysis of Amazon. In Proceedings of the 5th International Conference on Economic Management and Green Development (pp. 301–308). Springer, Singapore.
Umar, A. (2022). Evaluation of management effectiveness in the organization (Based on Amazon Inc.) (Doctoral dissertation, Private Higher Educational Establishment-Institute "Ukrainian-American Concordia University").
Yu, W., Hassan, A., & Adhikariparajuli, M. (2022). How Did Amazon Achieve CSR and Some Sustainable Development Goals (SDGs)—Climate Change, Circular Economy, Water Resources, and Employee Rights during COVID-19? Journal of Risk and Financial Management, 15(8), 364.
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