Strategic Management Process 1 Strategic Management Process MGT 401 Strategic Management Process 2 Strategic Management Process Starting a business is not an easy task The start up process involves many details and all are necessary in order to successfully operate a business Many of those details are part of the strategic management process This process consists of nine steps that will help the entrepreneur become successful in his or her business The nine steps include forming a vision and mission statement identifying the strengths and weaknesses of the business looking for opportunities and threats surrounding the business assessing factors for success researching the competition setting goals and objectives researching strategic options and selecting the options appropriate for the business putting those plans into action and establishing controls Zimmerer and Scarborough 2008 In this paper I will apply these steps to Slumber Parties Inc a company for which I am currently a consultant Vision and Mission Statement The vision and mission statement for Slumber Parties Inc is one in the same and according to Slumber Parties Inc 2011 is We seek to empower women at every stage of life through our products demonstrations and business opportunities To achieve this goal we offer the chance for women to become more confident and satisfied in all aspects of their lives Slumber Parties Mission Statement As a Slumber Parties consultant it is my personal mission to educate myself about our products and how to sell them book parties and recruit others to share in this business opportunity Slumber Parties Inc is a direct selling company and this opportunity is offered to women only age 18 and older Our presentations help women of all ages and lifestyles to become more sexually aware by bringing romance fun fantasy and creativity back into their relationships Whether hosting a party purchasing products or developing a career thousands Strategic Management Process 3 of women have become successful in reaching personal and professional fulfillment through Slumber Parties Weaknesses and Strengths The primary weakness of Slumber Parties Inc is the competition While Slumber Parties Inc is a very successful company and known all over the country there are still numerous companies that offer similar products benefits etc Therefore it is necessary for all Slumber Parties consultants to make certain that customers are happy in order to ensure repeat customers in the future This will help deter customers from booking parties ordering products or sharing in the business opportunity with any similar companies Even though the competition is fairly saturating there are many strengths in association with Slumber Parties that help them have an advantage over the competition The competition offers products to their customers that are less superior in quality when comparing them to the products Slumber Parties offers The prices through Slumber Parties are also much less expensive than what the competition offers The benefits for becoming a consultant also far outweigh the benefits one would have with the competition including consultant percentage on all products sold Opportunities and Threats Most people view the current economy as being in recovery mode and this is viewed as a threat for most direct selling companies However this somehow seems to strengthen sales for Slumber Parties and most consultants for Slumber Parties have not seen a decline in sales This is perhaps because of the nature of the business and the products that are being sold As with most direct selling companies who are selling items such as makeup candles etc one can walk into any department store and find them at a much more reasonable price and enjoy a relaxed Strategic Management Process 4 shopping experience However with the nature of our products one cannot find them in just any store and when they are found the shopping experience is anything other than relaxed Through our parties the customer has the opportunity to be in a relaxed environment with friends and shop in privacy while asking any and all questions that will be answered to her in a professional and confidential manner Key Factors for Success Some of the key factors for success for Slumber Parties Inc include two strict guidelines that all consultants must adhere to following These are guaranteeing delivery of products the night of the party and only conducting parties for women ages 18 and over This is not something that the competition enforces and is what makes Slumber Parties stand out in the crowd By offering products the night of the party customers will leave happier and will return as customers in the future Also by ensuring that there are only women at the parties the atmosphere is much more relaxed which makes the women attending the party feel more comfortable in asking questions regarding the products Competition The competition for Slumber Parties includes companies such as Passion Parties Brown Bag Parties Temptations Parties etc Slumber Parties Inc stands out from the competition because of the quality of their products low product pricing and benefits to consultants just to name a few Goals and Objectives The primary goal and objective of Slumber Parties Inc is wrapped up in its mission statement mentioned above It is their goal to empower women at every stage of life through their products demonstrations and business opportunities Strategic Management Process 5 Strategic Option Because not everyone is in need of such products Slumber Parties Inc adopts the focus strategy and they focus on providing these particular products and business opportunities to women ages 18 and over This type of strategy helps them target a more specific customer Strategic Plan into action Accurate controls Concerning the strategic direction the main focus is to provide quality training for all consultants to ensure quality service is being provided to all customers Slumber Parties Inc achieves this by offering free training and workshops to all consultants who join Conclusion The strategic management process is vital to every business owner today and it is safe to say that without it most businesses will fail This process is a valuable asset for Slumber Parties Inc because it displays all of the important aspects for the company to remain successful and adhering to this ongoing process will help the company stay competitive and successful Zimmerer and Scarborough 2008