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Strategic Plan Research

Rosiland Young

Dr. Shane Howell

Strategic Planning and Implementation 581

May 28,2024

Weekly Individual Assignment STR/581 Grading Rubric

Strategic Plan

A company that is looking to gain or strengthen its competitive edge should undertake the process of developing a strategic plan as it is an essential step. The coordinated measures that a corporation takes in order to outcompete its competitors and become more lucrative are essential components of a business strategy (Barney & Hesterly, 2019). The process of approaching new clients, achieving sustainable growth, and making the most of possibilities that are available are all components of strategic planning. The firm is able to adjust and adapt to changes in the market, which is a significant benefit of the approach. Apple is expanding the variety of sources in its supply chain by relocating production away from China. Lasarte (2023) reports that the corporation is constructing new manufacturing facilities in Vietnam with the purpose of producing Macbooks. Apple has commenced manufacturing iPhones and iPads in India. This business strategy is anticipated to mitigate supply chain interruptions that were widespread in China during the peak of the Covid-19 pandemic. The relocation is anticipated to reduce production expenses as Vietnam and India are burgeoning economies with lower labor costs compared to China. Furthermore, the implementation of this plan will enhance Apple's ability to negotiate more favorable terms with its suppliers and distributors.

Apple, Inc. holds the distinction of being the world's largest and most valuable business. The corporation is well-known for using innovative technologies in its personal computers and smartphones, which has earned them widespread recognition. Through the application of the SWOT model to the analysis of the company's internal environment, it was discovered that Apple possesses high levels of brand awareness, innovativeness, and quality products. In addition to this, it possesses the benefit of remarkable financial success and profitability. As an illustration, the business brought in more than 394 billion dollars in revenue in the year 2022 (Laricchia, 2023). But the prices of Apple's products are significantly higher than those of other brands. On the contrary, the research of the external environment reveals that Apple is facing an increasing amount of rivalry from technology companies such as Samsung. Likewise, the alterations in the political and economic environment are impacting the business's profitability and competitiveness.

Apple is dedicated to fostering an inclusive and diverse workforce in its organizational culture. This multinational technological corporation is aware of the significance of varied teams in the process of encouraging creativity and ingenuity. The number of female workers at Apple has climbed by 89% across the world, as indicated by the company's workforce data (Apple, Inc., 2023). In addition, there has been a rise in the number of individuals from marginalized groups, such as Blacks, who have risen to positions of authority in the workplace. Apple, Inc. aims to achieve carbon neutrality by the year 2030. In order to accomplish this ambitious goal, it aims to utilize clean energy and recycle materials extensively to minimize waste and environmental contamination in the production of its products. Furthermore, Apple has implemented many corporate social responsibility (CSR) projects, encompassing equity and fairness endeavors, educational endeavors, and disaster relief efforts. These projects are designed to support and improve communities in regions where Apple operates.

References

Apple, Inc. (2023) . Inclusion and diversity. https://www.apple.com/diversity/

Barney, J. B., & Hesterly, W. S. (2019).  Strategic management and competitive advantage: Concepts and cases. Pearson.

Laricchia, F. (2023). Apple's global revenue from 1st quarter 2005 to 2nd quarter 2023. Statista, https://www.statista.com/statistics/263426/apples-global-revenue-since-1st-quarter-2005/#:~:text=In%20its%202022%20financial%20year,Apple%20has%20invested%20billions%20in

Lasarte, D. (2023). Apple wants to move its manufacturing out of China. Yahoo Finance, https://finance.yahoo.com/news/apple-wants-move-manufacturing-china-212300214.html#:~:text=The%20company%20cited%20supply%20chain,as%20reasons%20for%20the%20move.

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