Running head: STRATEGIC PLAN
Strategic Plan: Bridal Extravaganza
MBA580
University of Phoenix
Executive Summary
The key challenges and opportunities for Bridal Extravaganza are to increase profits and become a leader in the competitive world of the bridal industry. The strategies and objectives chosen are in alignment with the challenges and opportunities presented to Bridal Extravaganza. The objectives and strategies presented will allow Bridal Extravaganza to increase their profits 30% and to lead them to becoming a leader in the bridal industry. This is something that can be accomplished by creating a fully functioning website that pays for itself. Initially funding would need to be allocated to pay for a web designer and a marketing campaign, but by the end of five years all costs should be recouped and profits should be increased 30%. Overall, if the strategic plan is a success then the benefit of increasing profits 30% and becoming a leading in the bridal industry will be worth the initial investment.
Organizational Background
Bridal Extravaganza is a start up business. This business is looking for initial investors. It is owned by Amy Moore, and will be located in the Dallas/Ft. Worth, TX area. Bridal Extravaganza will be a 3-4 story mall on one side with vendors from all aspects of a wedding including: flowers, ministers, invitations, caterers, bakers, dress shops, tuxedos, alterations, salons, spas, etc. The opposite side of the development will house the weddings, receptions, bridal suites for dressing, kitchens for caterers, salons and spas. There will also be an outdoor rose garden off the vicinity to house out door weddings and receptions. T ...