ASSIGNMENT NAME: Individual Assignment

STUDENT NAME: Gunjan Bisht

STUDENT NUMBER: 200577086

COURSE NAME: Human Resources Planning HRMN1016

INSTRUCTORS NAME: Sarah Gayer

DATE SUBMITTED: 19th Feb 2024.

Define a strategic plan:
A strategic plan is a document that describes the company's current situation, desired future situation, and how to
transition between them. It usually consists of the following elements:

-An executive summary summarizes the main points of the plan.

-A company description explains the company's history, mission, vision, and values.
-SWOT analysis is a strategic analysis of an organization's internal and external environment that identifies its strengths,
weaknesses, opportunities, and threats.
-A description of the business goals and projects that the company wants to achieve over the next two to three years.
-12-month action plan that specifies the initiatives, responsibilities, deadlines, and key performance indicators for each
goal.
-A monitoring and evaluation system that tracks the progress and outcomes of the plan and allows for adjustments if
necessary.

A strategic plan assists a company in defining its direction, allocating resources, and planning for change. It also helps to
align the company's various departments and stakeholders around a shared vision and mission. A strategic plan is typically
developed by the company's upper management, with input from employees, customers, suppliers, and competitors. A
strategic plan is not a static document; rather, it is dynamic and must be reviewed and updated on a regular basis to reflect
the company's changing circumstances and needs.

List the steps your text identifies in the strategic planning process:
Define your vision: This is where you'll express your desired future state, purpose, and values. To assist you with this
step, use tools such as vision statements, mission statements, and SWOT analysis.

Assess where you are: This is where you assess your current situation, including your strengths, weaknesses,
opportunities, and threats. Environmental scans, stakeholder analysis, and gap analysis are all tools that can help you with
this step.

Determine your priorities and objectives: This is where you define your strategic goals and objectives based on your
vision and assessment. You can use tools such as SMART criteria, OKRs, and a balanced scorecard to assist you with this
step.

Define responsibilities: Here, you assign roles and tasks to your team members based on your priorities and
goals. To assist with this step, use tools such as the RACI matrix, action plans, and Gantt charts.

Measure and evaluate results: This is where you track and assess your progress, outcomes, and impact. You
can use tools like KPIs, dashboards, and feedback loops to assist you in this step.

Define the Mission, Vision, and Values elements of a strategic plan:

The strategic plan of any organization comprises three critical components: mission, vision, and values.

Mission: The mission statement outlines the organization's primary purpose, what it does, and who it serves. It should be
clear, concise, and specific.

Vision: The vision statement depicts the organization's desired future state, goals, and how it intends to make a difference.
It should be inspiring, motivating, and challenging.

Values: are a set of principles that depict an organization's culture, ethics, and standards of behavior. They reflect the
organization's identity and beliefs while remaining consistent with its mission and vision.
These three elements are vital in communicating the organization's objectives, purpose, and ethical standards to both
internal and external stakeholders. They also provide guidance for the organization's strategies, actions, and decisions to
pursue its vision.

Create your own Mission, Vision and Value statements:

For a clothing company: GAP

Mission: We want to inspire and empower people to express their individual style and personality through our clothing
and accessories.

Vision: To be the most popular and trusted brand in the fashion industry, providing high-quality, sustainable, and
affordable products to all.

Our values include creativity, diversity, inclusion, innovation, and social responsibility.

Objectives for the next three years:

- To increase customer loyalty and retention by 15% while acquiring new customers in various segments and markets.
- To introduce new collections and lines that reflect current trends and customer preferences while also enhancing our
brand identity and recognition.
- To improve our supply chain and inventory management while reducing our environmental impact and waste by 25
percent.
- To grow and nurture our human capital while also providing a positive and collaborative work environment for our
employees and partners.
- To expand our online presence and e-commerce capabilities while also providing our customers with a seamless and
convenient shopping experience.

Goals for achieving our objectives:

- Implement a customer relationship management system and loyalty program, as well as provide personalized
recommendations and promotions to our customers.
- Conduct market research and analysis while working with designers and influencers to create and promote new
collections and lines.
- To use circular and green practices and technologies, and to source materials and products from ethical and sustainable
suppliers and manufacturers.
- To provide competitive compensation and benefits, as well as training, development, and feedback to our employees and
partners.
- Optimize our website and mobile app, integrate them with our physical stores and social media platforms, and provide
our customers with a variety of delivery and payment options.

Action plans for achieving our goals:

- Utilize customer data and feedback to create personalized messages and offers for different customer segments based on
demographics, behaviour, and preferences.
- Stay informed of fashion industry trends and customer preferences to design and launch new collections and lines that
cater to various markets.
- Implement circular and green solutions, including recycling, reusing, repairing, and reselling products and materials to
improve supply chain and inventory processes and systems.
- Establish and communicate clear expectations and values to employees and partners, providing regular feedback,
recognition, and opportunities for learning and growth.
- Continuously improve website and mobile app functionality and usability, ensuring compatibility with physical stores
and social media platforms, and offering a variety of delivery and payment options such as click and collect, home
delivery, and digital wallets to enhance customer experience.
Identify performance metrics to measure if you are on track to achieving your goals (or not).
- We can compare our customer loyalty, retention rates, customer lifetime value, customer satisfaction, and customer
acquisition costs to our targets and benchmarks.
- We can evaluate our sales volume, revenue, market share, brand awareness and reputation, and customer feedback for
new collections and lines.
- We can assess our environmental impact, carbon footprint, waste reduction, cost savings, and adherence to our
sustainability standards and policies.
- We can evaluate our employee engagement, retention, and satisfaction, as well as productivity and work quality, and
address any issues or concerns that arise.
- We can assess our online traffic, conversion and retention rates, e-commerce revenue, and customer satisfaction and
feedback regarding our online presence and e-commerce capabilities.
References:
What is strategic planning? | BDC.ca. https://www.bdc.ca/en/articles-tools/business-strategy-planning/define-
strategy/strategic-planning-demystified.

Strategic Planning - Definition, Steps, and Benefits.

https://corporatefinanceinstitute.com/resources/management/strategic-planning/.

Strategic planning - Wikipedia. https://en.wikipedia.org/wiki/Strategic_planning.

Strategic Planning - definition | BDC.ca. https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/templates-business-

guides/glossary/strategic-planning.

What is strategic planning? A 5-step guide - Asana. https://asana.com/resources/strategic-planning.

The Strategic Planning Process in 4 Steps | OnStrategy. https://onstrategyhq.com/resources/strategic-planning-process-

basics/.

The 5 steps of the strategic planning process | Mural. https://www.mural.co/blog/strategic-planning-process.

Strategic Planning: A Guide to Develop a Strategic Plan. https://www.clearpointstrategy.com/blog/strategic-planning.

Shop Gap Canada for Casual Women’s, Men’s, Maternity, Baby & Kids Clothes. https://www.gapcanada.ca/.

Gap Inc. - Wikipedia. https://en.wikipedia.org/wiki/Gap_Inc..

Gap: Business Model, SWOT Analysis, and Competitors 2023. https://pitchgrade.com/companies/gap.

Home | Gap Inc.. https://www.gapinc.com/en-us/.