Mission, Vision and Value Statements of Wegman Foods – Research Proposal Example
Strategic Management Research Proposal Table of Contents Proposed Research Topic 3 Purposes 3 Background of the Study 3 Research Objectives 5 Research Questions 5
Literature Review 7
Proposed Research Topic
The proposed research topic is ‘an analysis of external and internal environment of Wegman Foods and validate the organizational mission, vision and value statements’.
The purpose of the proposed study is to conduct an overview of the strategic factors of ‘Wegman Foods’ by analyzing the prevailing internal and external environment of the organization. The proposed study will look into the strategic factors that will help the organization in effective strategic management perspective. The proposed study will focus on to validate the mission, vision and value statement of Wegman Foods.
Background of the Study
The strategic management is gaining importance in the practical implementation of company’s objectives due to the changing nature of environment where businesses operate. In today’s world, management of strategic aspects is needed at every phases. Strategic management is such a phenomenon that influences the organization’s performance. It can be seen that organizations that faces the same environmental condition, works with different strategies. This is due to the differences in their internal structure. For this reason, an analysis of both the internal and external environment of Wegman Foods has been proposed to conduct with the aim that a complete strategic management perspective can be drawn (David, n.d.).
The objectives of the research are
To make a complete analysis of the internal and external environment of Wegman Foods
To validate the mission, vision and value statement of Wegman Foods
To propose a future strategic plan for Wegman Foods
(VCCS Litonline, 2005).
The research questions to be analyzed in this proposed study are:
What is the nature of the internal and external environment of Wegmen Foods in which it operates?
Is the mission, vision and value statement of the company validated?
How the findings of analyzing external and internal environment can be used to plan future strategies for the company?
What is the importance of strategic management in influencing the performance of an organization?
In this proposed research study, an important aspect of measuring the performance of an organization has been taken up. The market scenario is changing day by day and is becoming complex with innumerable number of market players. Thus one can generally imagine the importance of strategic formulation and up gradation in an organization. Considering the growing demands and challenges, organizations take up various strategic planning. In this proposed study, a validation approach to the mission, vision and value statement of Wegman Foods will be presented with evidences from various empirical sources (Kaplan & Et. Al., 2008).
The focus of the literature review will be on the presentation of various empirical evidences of the significances of strategic management in an organization. With respect to the evidences, strategic plans will be evaluated and will be equated to the present market position of the company with the intention that a precise strategic plan for the future can be formulated. The process of planning is a step by step implementation of various alternate objectives and come up with the best one (Silverthorne, 2010).
An appropriate strategic formulation in line with the marketing position of the firm will lead to a competitive advantage position for the company. For this purpose, a complete environmental analysis will be conducted by choosing an appropriate technique that will be supported by proper empirical evidences through literature review (Rapp, n.d.).
In the proposed study, the research methodology that will be used is qualitative research with secondary data. Qualitative research methods will be used because the data are qualitative in nature and cannot be expressed in numerical forms. Moreover, qualitative research is a very flexible method of conducting the research and would be best suited for the research concerned. The external and internal environment will be analyzed and for that data will be collected from various secondary sources.
For example, data about the internal structure of the company will be collected from http://www.acsu.buffalo.edu/~lmosoian/ Wegmans. This will help in knowing the kind of operation that Wegmans deal with (Wegmans, 2008).
For analyzing the internal and external environment data will be collected from this source http://www.articleshub.org/article/23727/Wegmans-Food-Markets-Inc---SWOT-Analysis---Market-Research-Report-On-Aarkstore-Enterprise.html Wegmans Food Markets Inc - SWOT Analysis - Market Research Report on Aarkstore Enterprise. The data will be helpful if SWOT analysis is chosen as the form of analytical tool (Aarkstore Enterprises, 2010).
The information about any aspect of the company can be collected from the following source which is the official website of the company http://www.wegmans.com/webapp/wcs/stores/servlet/HomepageView?storeId=10052&catalogId=10002&langId=-1&clear=true
The proposed study comprises of the limitations that adequate data may not be available on the sources because of their being secondary in nature. Moreover secondary data are less reliable and cannot be taken for granted all the time. Moreover various internal data may not be available on the secondary sources which are confidential to the company.
The proposed research study comprises of a very crucial aspect of any organization in which a complete environmental analysis will be conducted. The proposed research study will provide an opportunity to Wegmans Foods to plan strategies for the future. It will also help to gather data about the organization as well the industry where it deals. The outcome of this will not only provide a complete analysis of the environmental aspects but also will aid in evaluating the business scenario of Wegman Foods.
Aarkstore Enterprises, (2010). Wegmans Food Markets Inc - SWOT Analysis - Market Research Report On Aarkstore Enterprise. Article. Retrieved Online on December 02, 2010 from http://www.articleshub.org/article/23727/Wegmans-Food-Markets-Inc---SWOT-Analysis---Market-Research-Report-On-Aarkstore-Enterprise.html
David, F., (No Date). The business Mission and vision. Strategic Management. Retrieved Online on December 02, 2010 from http://gsme.sharif.edu/~strategicplanning/SP_Session3.pdf
Kaplan, R. & Et. Al., (2008). Balance Scorecard Report. Harvard Business School Publishing. Retrieved Online on December 02, 2010 from http://www.exed.hbs.edu/assets/Documents/developing-strategy.pdf
Rapp, W. V., (No Date). Strategy Formulation and International Competition. Competitive Condition. Retrieved Online on December 02, 2010 from http://web.njit.edu/~rappw/C-072.pdf
Silverthorne, S., (2010). One Strategy: Aligning Planning and Execution. Executive summary. Retrieved Online on December 02, 2010 from http://hbswk.hbs.edu/item/6370.html
VCCS Litonline, (2005). Objectives for Researching. Introduction to Literature. Retrieved Online on December 02, 2010 from http://gsme.sharif.edu/~strategicplanning/SP_Session3.pdf
Wegmans, (2008). UCF College of Business Administration. IRS: FMIS. Retrieved Online on December 02, 2010 from http://www.acsu.buffalo.edu/~lmosoian/
ICMR, (2007). The Wegmans Way. Excerpts. Retrieved Online on December 02, 2010 from http://www.icmrindia.org/casestudies/catalogue/Human%20Resource%20and%20Organization%20Behavior/Employees-Customers-Wegmans%20Work%20Culture-HRM%20Case%20Studies.htm
Mohanty, D. & Madhav, T. P., (2005). Wegmans: The US Retailers Success Formula. Value Chain Analysis Case Study. Retrieved Online on December 02, 2010 from http://www.ibscdc.org/Case_Studies/Strategy/Value%20Chain%20Analysis/VCA0008.htm
Wegman, D., (2007). Wegmans Food Market. Creating a Culture of Health. Retrieved Online on December 02, 2010 from http://www.prevent.org/data/files/initiatives/dannywegman.pdf