Kering 603
.docx
keyboard_arrow_up
School
Central Michigan University *
*We aren’t endorsed by this school
Course
698
Subject
Business
Date
Jan 9, 2024
Type
docx
Pages
12
Uploaded by shaanius20
KERING STRATEGIC IMPLICATIONS FOR
Utilizing a shared HR services platform
MSA 698 Directed Administrative Portfolio
Paper #1 MSA 603 Strategic Planning for Administrators
Submitted by:
Taraiya Dodd
Instructor:
Dr. Don Forrer
Submission Date:
May 31, 2020
Running Head: MSA 698 Directed Admin Portfolio Paper #1- MSA 603 Dodd 2
Abstract The strategic nature of any company is determined by the analytical direction executed by its management. To engage in successful operations, all companies undergo the strategic planning process. The process includes action steps as follows, 1. Select the corporate mission and major corporate goals. 2. Analyze the organization’s external competitive environment to identify opportunities and threats 3. Analyze the organization’s internal operating environment to
identify the organizations strengths and weaknesses 4. Select strategies that build on the organization’s strengths and correct its weaknesses in order to take advantage of external opportunities and counter external threats. Strategies should be consistent with the mission and major goals of the organization. 5. Implement the strategies (Hill, Schilling, and Jones, 2020, p. 13).
Running Head: MSA 698 Directed Admin Portfolio Paper #1- MSA 603 Dodd 3
Firms may go through new periods of the strategic planning process every year to reaffirm a strategy and structure already in place (Hill et al, 2020, p. 13). Operations in multiple regions utilizing shared Human Resources services has to be mastered in such a way that the company operates at the efficient rate. One example is Kering Americas Inc, who uses a shared services operation to handle its HR services faces this challenge continuously with having to find
the best fit formula to provide its consumers the best experience while remain profitable. McDowell (2011) stated that shared services users are defined as doing any of the following “centralized the management and processing of a group of common business transactions under a
single department or service, Implemented a common information system environment and standardized operational processes for the target services, operated fully as a shared service for at least one year (p. 119). Kering is a global luxury group, that was founded in 1963 by Francois Pinault. The headquarters is located in Paris, France manages multiple fashion brands referred to as “ Houses in Fashion”, leather goods, jewelry, and watches. The Brands consists of Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pommelato, Dodo, Qeelin, Ulysee, Nardin, Girard Perregaux, and Kering Eyewear”. The company has approximately 34,902 employees according to its key financial data on its finance page. Therefore, the need to achieve significant administrative efficiencies while reducing costs is important for the company(McDowell, 2011, P. 118). In order to achieve superior performance and maximize shareholder value, the correct strategy has to be formulated and implemented throughout the entire operations at the company. The mission of any firm should detail what that company does, the vision articulates the desired future state of the company as to what it would like to achieve (Hill, Schilling, and Jones, 2020).
Running Head: MSA 698 Directed Admin Portfolio Paper #1- MSA 603 Dodd 4
At Kering, the vision of luxury enables every individual to express what makes him or her unique. The name Kering means “caring” and is a symbol of the company’s core values. The strategy Kering uses focuses on creativity through a bold vision of luxury, in greater detailed it is
stated on its website as “ with a creative vision that focuses on authenticity and audacity, Kering sets trends, and bold crafts tomorrow’s luxury. A luxury that is creative, authentic, and sustainable, one that offers powerful and genuine creative content and allows people to assert their individuality” (Kering.com).
A company is said to have a “competitive advantage” when its profitability and profit growth are greater than the average of other companies competing for the same set of customers. It has a “sustained competitive advantage when its strategies enable it to maintain above-average profitability and profit growth for a number of years (Hill, Schilling, and Jones, 2020, p. 7). In this paper I will use a SWOT analysis to examine the way Kering maneuvers in its internal environment and external environment while successfully streamlining a shared services strategy
that would unify the benefits for all its luxury goods. Strengths
Brand Reputation helps consolidate and expand market entry
Assets/capabilities
High Margins
Strong supplier relationships
Consistent financial performance
Weaknesses
Focuses too much on consumer- oriented product development and marketing approach
Bad advertising causing issues of racism controversy
High employee turnover rate
Running Head: MSA 698 Directed Admin Portfolio Paper #1- MSA 603 Dodd 5
Opportunities
Lifestyle brand that focuses on fitness and wellness, makeup, and traveling Digital improvements bring new innovation
Increased online Presence Kering’s Sustainability strategy Threats
Increased cheap counterfeits
Competitors Changes in economic system
Selective retailing
Having a strong brand name and awareness attracts new business partners and customers.
Diverse products allows Kering to be able to target various consumer groups with its presence in the industry , Kering has a strong presence in the industry , Kering has a strong track record of launching new products, and tested various concepts in markets in markets using insights from local consumers in markets using insights from local consumers. As a result, the company creates/improves the marketing strategy. With Kering acquiring or aligning with many brands it can also be a weakness as it increases the liabilities in the operation. Having many locations within the brands employees come and go as they may venture use Kering because of its name as a stepping-stone. Thus, long-term employment may never be the actual goal of employees leading to challenging retention efforts. The challenge to remain differentiated is also a threat as the luxury as there is “ requirement to presser the positional nature of items and services over time is translated into the need to mobilize a plurality of heterogeneous resources and coordinate strongly diversified skills, through flexible forms of connection between the company and the various actors
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
Business Performance Management (BPM) can be seen to be the convergence of Corporate Strategic Planning and Business Intelligence (BI).
a) Provide an overview of the key steps within a Corporate Strategic Planning process, identifying any strategic planning techniques that could be employed.
b) Describe a suitable BI system that could be used directly by a senior manager to monitor company progress towards achievement of its corporate strategic plan.
arrow_forward
The obligations of an investor-owned company's board of directors in the strategy-making, strategy-executing process include
A) taking the lead in developing the company's business model and strategic vision.
B) coming up with compelling strategy proposals to debate against those put forward by top management.
C) taking the lead in formulating the company's strategic plan but then delegating the task of implementing and executing the strategic plan to the company's CEO and other senior executives.
D) overseeing the company's financial accounting and financial reporting practices and setting CEO compensation.
E) approving the company's operating strategies, functional-area strategies, business strategy, and overall corporate strategy.
arrow_forward
Final Business Model and Strategic PlanWrite a 700- to 1,050-word section for your business model and strategic plan in which you add your strategies and tactics to implement and realize your objectives, measures, and targets.Include marketing and information technology strategies and tactics.Develop at least three methods to monitor and control your proposed strategic plan, being sure to analyze how the measures will advance organizational goals financially and operationally.Explain the ethical issues faced by the organization, summarize the legal and regulatory issues faced by the organization, and then summarize the organization's corporate social responsibility.Develop a 350-word page executive summary defining the new division of existing business. Share your Vision, Mission, final business model, value proposition and list your key assumptions, risks, and change management issues. Quantify the growth and profit opportunity and planned impact on various stakeholders.Note:…
arrow_forward
1. Discuss the concept strategic management implementation.
2. Discuss the concept of strategic management planning or formulation.
arrow_forward
Internal Analysis
This assignment is based on the NIKE Company
In this section, you will study the internal resources, capabilities, core competencies, and value chain of your selected firm
1 Use the VRIO framework to identify the competitive position held by your firm Which, if any, of these resources are helpful in sustaining the firm’s competitive advantage?
2 Identify the core competencies that are at the heart of the firm’s competitive advantage (Remember, a firm will have only one, or at most a few, core competencies, by definition)
Submit a report on you findings that is clearly written, well formatted and thoroughly covers this issue Besides addressing each prompt you should justify your answer with significant detail and examine any implications that the issue has on their business strategy
arrow_forward
onsider the business of delivering healthcare. Select a healthcare business such as a hospital, nursing home, or a long-term care facility and reflect on what the healthcare business you selected needs to continue delivering care to its patients from an operational perspective. Finally, select a healthcare manager from the type of healthcare business you selected with whom to conduct an interview. When conducting the interview, focus the conversation on the following:
What are the key operational decisions that healthcare managers must consider when determining the annual budget for healthcare business?
Who are the stakeholders involved in overseeing that a healthcare facility is operationally sound?
What are the funding sources for the healthcare business and how are they obtained and maintained?
Do not provide handwritten solution
maintain quality and accuracy in you asnwer
arrow_forward
Identify which level of investment in customer relationship management would the following be categorized and support your answer with at least one statement.
arrow_forward
This discussion is associated with the Navigate 2 Scenario - Episode 4: How are we doing?
It’s time for a marketing audit! The Health Care System wants to see how responsive they are to market needs and preferences, and if their marketing strategies are showing a good return on investment. You have been brought in as an objective party to perform this audit. During this episode, you need to identify the right people to be in the interviews and choose the best questions to ask from the following categories. Identify who the stakeholders are in the interview and who are the best people to ask questions regarding the following categories (choose 3 categories). What are the questions you will ask?
Market and market segments
The organization
Competitors
Products and services
Price
Promotion
Channels of distribution
arrow_forward
1. Roger is telling Mary the first three steps in planning an organization. In the correct order, they are ____.
Writing a mission statement, creating a vision statement, and strategic planning
Strategic planning, creating a mission statement, and creating a vision statement
Strategic planning, operational planning, and preparing a vision statement
Tactical planning, operational planning, and writing a mission statement
Operational planning, creating a mission statement, and developing a hiring plan.
arrow_forward
Opportunities and threats are:
a) identified as part of the firm's tactical planning process.
b) factors that are external to the firm but can still affect its performance
C) factors that are internal to the firm and those over which the firm has a great deal of control.
d) dealt with primarily in a furm's operational planning process.
arrow_forward
SWOT, Strengths, Weaknesses, Opportunities, Threats.
1. Produce a new business idea.
2. Conduct a SWOT analysis for the new business idea developed
3. Identify a minimum of 5 items for each component in the SWOT analysis.
arrow_forward
Identify the resources, capabilities and core competencies that would be needed for that business.
Resources: Asset that an organization can use when formulating or implementing a strategy.
- Tangible: people, money, equipment, location, supplies
- Intangible: knowledge, patent, trademark, brand, reputation, training system
Capabilities: An organizational and management skill necessary to orchestrate a diverse set of resources and deploy them strategically. This is an intangible.
Core competencies: A unique strength within an organization that allows it to differentiate its products and services from those of its competitors, creating higher value or lower costs for its customers and itself.
Identify the major costs of the following three ways to start a new business.
Start-up
Business purchase
Franchise
What do you think is best way to start up this business (creating a new business, buying an existing business or franchising a business)? Why?
arrow_forward
Course Title: Introduction to Human Resource Management
Please Correct the Answer and Long Question/Answer
Question :
Devising the company’s overall strategic plan is top management’s responsibility. However, few top executives formulate strategic plans without lower-level managers’ input. In view of the current business competitive pressures do you think this strategy will work, give your arguments? Also explain why strategic planning is important to all managers. and briefly describe the steps of strategic planning process.
arrow_forward
Credential: Strategy Planning Professional (SPP)
Explore the purpose, requirements, and career benefits of the credential.
Purpose
What knowledge, skills, or expertise does it help recognize?
What fields or industries is it relevant to?
How widely known or recognized is it?
Requirements
What is the financial cost for the credential?
What is an estimate of the time required to earn it?
What evidence needs to be provided to earn it, such as a portfolio, paperwork, exams, work experience, and so on?
Does the credential require renewal, and if so, how does one renew the credential?
Career Benefits
How might the credential impact a job application, or the types of jobs a person could reasonably apply to?
How might the credential impact pay or expected salary for a new role?
What specialized knowledge or skills would a person gain from earning the credential, and how might they benefit the organization?
Is the credential required or preferred for regulatory requirements your…
arrow_forward
1. Explain the Decision Roles of Management
a. Explain the following aspects of Management.
!.Management of People
!!.Management of Work
!!!.Management of Operations
b.In order to plan successfully, there must be SMART goals. Explain the importance of each concept of the “SMART” in relation to successful planning.
c.Explain the following basis of Planning in the formulation of organizational goals.
!.Mission of the organization
!!.The Environment of the organization
!!!.The Values of the organization
2.a. Explain the following terms:
i.Efficiency
ii.Effectiveness
b. Distinguish between effective managers and successful managers.
arrow_forward
181. In a five-year study, researchers Nohria, Joyce and Roberson conducted in-depth analysis of 160 companies and more than 200 management tools and techniques, such as customer relationship management and use of an intranet. What were their findings? That is, according to the researchers, how would a company exploit its competitive advantage to achieve superior business performance? 182. What is a sales response function? 183. List the three phases of the strategic marketing process and the output report for each. 184. List the three steps of the planning phase of the strategic marketing process. Briefly describe what goes on during each of the three steps. 185. List and explain two types of marketing plans. Ans: Long-range marketing plans cover marketing activities from two to five years into the future. Such plans are often directed at top-level executives and the board of directors. 186. Describe Porter’s framework and the four resulting generic business strategies. 187.…
arrow_forward
To complete your task, you are required to choose a Start-Up business of your choice which you are going to make functional in near future. (For example, sole trading, partnership, private limited company etc.)
Once you identify the type of Start-Up, business which you are going to make operational in near future.
• Determine what type of internal and external information is required by your chosen business for planning, decision-making and control purposes.
• Use PESTLE and Porter Five Forces framework to analyse the key factors (at least 3) that influence your organisation and how those will support business decisions.
arrow_forward
. A training program allows a firm to establish the necessary abilities in their personnel.Describe the significant of strategic training.
arrow_forward
During which stage of the Strategic Management Process, does the management function of staffing fall?
a.
Strategy Implementation
b.
Strategy Formulation
c.
Strategy Evaluation
d.
Strategy Planning
arrow_forward
Recommended and explain 6 New strategies (formulated that are not already existing in their business strategies) that NETFLIX Should Implement in their business that can propel the company's business forward.
arrow_forward
create an Operationalplan for a wind farm (wind turbines that produce electrcity)
Your operational plan should include key processes,structures and strategies involved in the transformation ofinputs into outputs. Where possible, a transformationmodel may be used to demonstrate this process. Thebusiness approach to planning and management ofproduce and services may also be included. And descriptions of key personnel and the organisationalstructure, employments agreements, etc.
arrow_forward
Assessing the Use and Role of Nonfinancial Performance Indicators This question pertains to the use of nonfinancial performance indicators as part of a comprehensive managementaccounting and control system. You are asked to think critically about the value and challenges ofusing such data for performance-evaluation purposes. The following source should be accessed andread prior to answering the questions that appear below: Christopher D. Ittner and David F. Larker,“Coming Up Short on Non-financial Performance Measurement,” Harvard Business Review,November 2003, pp. 88–95.Required1. What are the primary benefits of incorporating nonfinancial performance indicators as part of a comprehensive management accounting and control system?2. Why do Ittner and Larker believe that many companies fail to realize the kinds of benefits listed inrequirement 1?3. In 2008, the Institute of Management Accountants (IMA) revised its definition of managementaccounting (see…
arrow_forward
provide answer with explanation
arrow_forward
1. Discuss the relationship between long-term, strategic and corporate planning.
2. Discuss the importance of all three to the success of an organization.
arrow_forward
The vice president of production at a medical systems manufacturer has hired you as an HR consultant to work with her company to develop an
ergonomics initiative that will lower labor costs and increase productivity. In your first meeting with this client and her management team, you present
a proposal for the design of the ergonomics program. Which of the following would be an element of your proposed program?
Involve employees in ergonomics-related activities and programs.
O Involve key customers and suppliers in all ergonomics-related activities and programs.
O Involve senior executives only in ergonomics-related activities and programs.
O Involve production managers and employees who only perform ergonomics-related activities and programs.
You are an instructional designer for the learning and development division of a large publishing company. Virtually all employees at the company use
computer for 6-7 hours of every work shift each day. As a result, many of these workers have…
arrow_forward
2. Case Studies
2.1. Business Strategies: Why dis Kodak Fail? What happened to a great company?
Do some research on competitive forces and driving forces that are at work or relevant to the mentioned
companies/industry Draw five-forces diagram and briefly discuss the nature and strength of each of the
competitive forces. Make a list of the driving forces in the industry and draw some conclusions about
whether the likely impact of these driving forces on these companies were favorable or unfavorable.
Give your insights.
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
BUSN 11 Introduction to Business Student Edition
Business
ISBN:9781337407137
Author:Kelly
Publisher:Cengage Learning
Essentials of Business Communication (MindTap Cou...
Business
ISBN:9781337386494
Author:Mary Ellen Guffey, Dana Loewy
Publisher:Cengage Learning
Accounting Information Systems (14th Edition)
Business
ISBN:9780134474021
Author:Marshall B. Romney, Paul J. Steinbart
Publisher:PEARSON
International Business: Competing in the Global M...
Business
ISBN:9781259929441
Author:Charles W. L. Hill Dr, G. Tomas M. Hult
Publisher:McGraw-Hill Education
Related Questions
- Business Performance Management (BPM) can be seen to be the convergence of Corporate Strategic Planning and Business Intelligence (BI). a) Provide an overview of the key steps within a Corporate Strategic Planning process, identifying any strategic planning techniques that could be employed. b) Describe a suitable BI system that could be used directly by a senior manager to monitor company progress towards achievement of its corporate strategic plan.arrow_forwardThe obligations of an investor-owned company's board of directors in the strategy-making, strategy-executing process include A) taking the lead in developing the company's business model and strategic vision. B) coming up with compelling strategy proposals to debate against those put forward by top management. C) taking the lead in formulating the company's strategic plan but then delegating the task of implementing and executing the strategic plan to the company's CEO and other senior executives. D) overseeing the company's financial accounting and financial reporting practices and setting CEO compensation. E) approving the company's operating strategies, functional-area strategies, business strategy, and overall corporate strategy.arrow_forwardFinal Business Model and Strategic PlanWrite a 700- to 1,050-word section for your business model and strategic plan in which you add your strategies and tactics to implement and realize your objectives, measures, and targets.Include marketing and information technology strategies and tactics.Develop at least three methods to monitor and control your proposed strategic plan, being sure to analyze how the measures will advance organizational goals financially and operationally.Explain the ethical issues faced by the organization, summarize the legal and regulatory issues faced by the organization, and then summarize the organization's corporate social responsibility.Develop a 350-word page executive summary defining the new division of existing business. Share your Vision, Mission, final business model, value proposition and list your key assumptions, risks, and change management issues. Quantify the growth and profit opportunity and planned impact on various stakeholders.Note:…arrow_forward
- 1. Discuss the concept strategic management implementation. 2. Discuss the concept of strategic management planning or formulation.arrow_forwardInternal Analysis This assignment is based on the NIKE Company In this section, you will study the internal resources, capabilities, core competencies, and value chain of your selected firm 1 Use the VRIO framework to identify the competitive position held by your firm Which, if any, of these resources are helpful in sustaining the firm’s competitive advantage? 2 Identify the core competencies that are at the heart of the firm’s competitive advantage (Remember, a firm will have only one, or at most a few, core competencies, by definition) Submit a report on you findings that is clearly written, well formatted and thoroughly covers this issue Besides addressing each prompt you should justify your answer with significant detail and examine any implications that the issue has on their business strategyarrow_forwardonsider the business of delivering healthcare. Select a healthcare business such as a hospital, nursing home, or a long-term care facility and reflect on what the healthcare business you selected needs to continue delivering care to its patients from an operational perspective. Finally, select a healthcare manager from the type of healthcare business you selected with whom to conduct an interview. When conducting the interview, focus the conversation on the following: What are the key operational decisions that healthcare managers must consider when determining the annual budget for healthcare business? Who are the stakeholders involved in overseeing that a healthcare facility is operationally sound? What are the funding sources for the healthcare business and how are they obtained and maintained? Do not provide handwritten solution maintain quality and accuracy in you asnwerarrow_forward
- Identify which level of investment in customer relationship management would the following be categorized and support your answer with at least one statement.arrow_forwardThis discussion is associated with the Navigate 2 Scenario - Episode 4: How are we doing? It’s time for a marketing audit! The Health Care System wants to see how responsive they are to market needs and preferences, and if their marketing strategies are showing a good return on investment. You have been brought in as an objective party to perform this audit. During this episode, you need to identify the right people to be in the interviews and choose the best questions to ask from the following categories. Identify who the stakeholders are in the interview and who are the best people to ask questions regarding the following categories (choose 3 categories). What are the questions you will ask? Market and market segments The organization Competitors Products and services Price Promotion Channels of distributionarrow_forward1. Roger is telling Mary the first three steps in planning an organization. In the correct order, they are ____. Writing a mission statement, creating a vision statement, and strategic planning Strategic planning, creating a mission statement, and creating a vision statement Strategic planning, operational planning, and preparing a vision statement Tactical planning, operational planning, and writing a mission statement Operational planning, creating a mission statement, and developing a hiring plan.arrow_forward
- Opportunities and threats are: a) identified as part of the firm's tactical planning process. b) factors that are external to the firm but can still affect its performance C) factors that are internal to the firm and those over which the firm has a great deal of control. d) dealt with primarily in a furm's operational planning process.arrow_forwardSWOT, Strengths, Weaknesses, Opportunities, Threats. 1. Produce a new business idea. 2. Conduct a SWOT analysis for the new business idea developed 3. Identify a minimum of 5 items for each component in the SWOT analysis.arrow_forwardIdentify the resources, capabilities and core competencies that would be needed for that business. Resources: Asset that an organization can use when formulating or implementing a strategy. - Tangible: people, money, equipment, location, supplies - Intangible: knowledge, patent, trademark, brand, reputation, training system Capabilities: An organizational and management skill necessary to orchestrate a diverse set of resources and deploy them strategically. This is an intangible. Core competencies: A unique strength within an organization that allows it to differentiate its products and services from those of its competitors, creating higher value or lower costs for its customers and itself. Identify the major costs of the following three ways to start a new business. Start-up Business purchase Franchise What do you think is best way to start up this business (creating a new business, buying an existing business or franchising a business)? Why?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- BUSN 11 Introduction to Business Student EditionBusinessISBN:9781337407137Author:KellyPublisher:Cengage LearningEssentials of Business Communication (MindTap Cou...BusinessISBN:9781337386494Author:Mary Ellen Guffey, Dana LoewyPublisher:Cengage LearningAccounting Information Systems (14th Edition)BusinessISBN:9780134474021Author:Marshall B. Romney, Paul J. SteinbartPublisher:PEARSON
- International Business: Competing in the Global M...BusinessISBN:9781259929441Author:Charles W. L. Hill Dr, G. Tomas M. HultPublisher:McGraw-Hill Education
BUSN 11 Introduction to Business Student Edition
Business
ISBN:9781337407137
Author:Kelly
Publisher:Cengage Learning
Essentials of Business Communication (MindTap Cou...
Business
ISBN:9781337386494
Author:Mary Ellen Guffey, Dana Loewy
Publisher:Cengage Learning
Accounting Information Systems (14th Edition)
Business
ISBN:9780134474021
Author:Marshall B. Romney, Paul J. Steinbart
Publisher:PEARSON
International Business: Competing in the Global M...
Business
ISBN:9781259929441
Author:Charles W. L. Hill Dr, G. Tomas M. Hult
Publisher:McGraw-Hill Education