Expert Answer:CLC Strategic Management Case Analysis Part 2 (ste

  

Solved by verified expert:I am only in charge of steps 9-12 and I’ve bolded them down below. I’ve attached my other group members’ steps they’ve completed so you will know the direction in which to work. I don’t think you really need the rubric since you’re only doing 9-12 steps, but I’ve attached it anyways. There’s more of the project our group will complete later but for now I only need steps 9-12 completed.this is the book in case you need it for whatever reason: David, F. & David, F. (2017). Strategic management: Concepts and cases; a competitive advantage approach (16th ed.). Boston: Pearson.Steps in Preparing a Comprehensive Written AnalysisIn preparing a written case analysis, you should follow the steps outlined here, which
correlateto the stages in the strategic-management process and the chapters
in this text. (Note—Moredetailed steps, including a minute-by-minute breakdown, are given
later in this Part 6.)Step 1 Identify the firm’s existing
vision, mission, objectives, and strategies.Step 2 Develop vision and mission
statements for the organization.Step 3 Identify the organization’s
external opportunities and threats.Step 4 Construct a Competitive
Profile Matrix (CPM).Step 5 Construct an External Factor
Evaluation (EFE) Matrix.Step 6 Identify the organization’s
internal strengths and weaknesses.Step
7 Construct an Internal Factor
Evaluation (IFE) Matrix.Step 8 Prepare a
Strengths-Weaknesses-Opportunities-Threats (SWOT) Matrix,Strategic Position and Action Evaluation (SPACE) Matrix, Boston
ConsultingGroup (BCG) Matrix, Internal-External (IE) Matrix, Grand Strategy
Matrix, andQuantitative Strategic Planning Matrix (QSPM) as appropriate. Give
advantagesand disadvantages of alternative strategies.Step 9: Recommend specific
strategies and long-term objectives. Show how much yourrecommendations will cost.
Clearly itemize these costs for each projected year.Compare your
recommendations to actual strategies planned by the company.Step 10: Specify how your
recommendations can be implemented and what results youcan expect. Prepare
forecasted ratios and projected financial statements. Present atimetable or agenda for
action.Step 11: Recommend specific annual
objectives and policies.Step 12: Recommend procedures for
strategy review and evaluation.
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Steps in Preparing a Comprehensive Written Analysis
In preparing a written case analysis, you should follow the steps outlined here, which correlate
to the stages in the strategic-management process and the chapters in this text. (Note—More
detailed steps, including a minute-by-minute breakdown, are given later in this Part 6.)
Step 1 Identify the firm’s existing vision, mission, objectives, and strategies.
Step 2 Develop vision and mission statements for the organization.
Step 3 Identify the organization’s external opportunities and threats.
Step 4 Construct a Competitive Profile Matrix (CPM).
Step 5 Construct an External Factor Evaluation (EFE) Matrix.
Step 6 Identify the organization’s internal strengths and weaknesses.
Step 7 Construct an Internal Factor Evaluation (IFE) Matrix.
Step 8 Prepare a Strengths-Weaknesses-Opportunities-Threats (SWOT) Matrix,
Strategic Position and Action Evaluation (SPACE) Matrix, Boston Consulting
Group (BCG) Matrix, Internal-External (IE) Matrix, Grand Strategy Matrix, and
Quantitative Strategic Planning Matrix (QSPM) as appropriate. Give advantages
and disadvantages of alternative strategies.
Step 9 Recommend specific strategies and long-term objectives. Show how much your
recommendations will cost. Clearly itemize these costs for each projected year.
Compare your recommendations to actual strategies planned by the company.
Step 10 Specify how your recommendations can be implemented and what results you
can expect. Prepare forecasted ratios and projected financial statements. Present a
timetable or agenda for action.
Step 11 Recommend specific annual objectives and policies.
Step 12 Recommend procedures for strategy review and evaluation.
Course Code
MGT-660
Class Code
MGT-660-O500
Criteria
Content
Percentage
100.0%
Summary and Findings
70.0%
Argument Logic and Construction
20.0%
Mechanics of Writing (includes spelling,
punctuation, grammar, language use)
5.0%
Documentation of Sources (citations, footnotes,
references, bibliography, etc., as appropriate to
assignment and style)
5.0%
Total Weightage
100%
CLC: Strategic Management Case Analysis Part 2: Summary
Unsatisfactory (0.00%)
A summary that describes the best way to address the
selected aspect of the strategic management process is not
included
Statement of purpose is not justified by the conclusion. The
conclusion does not support the claim made. Argument is
incoherent and uses noncredible sources.
Surface errors are pervasive enough that they impede
communication of meaning. Inappropriate word choice or
sentence construction is used.
Sources are not documented.
40.0
Less than Satisfactory (74.00%)
A summary that describes the best way to address the
selected aspect of the strategic management process is
included but lacks any discernible overall purpose or
organizing claim. Partially relevant data is used to support
findings.
Sufficient justification of claims is lacking. Argument lacks
consistent unity. There are obvious flaws in the logic. Some
sources have questionable credibility.
Frequent and repetitive mechanical errors distract the
reader. Inconsistencies in language choice (register) or word
choice are present. Sentence structure is correct but not
varied.
Documentation of sources is inconsistent or incorrect, as
appropriate to assignment and style, with numerous
formatting errors.
Satisfactory (79.00%)
A summary that describes the best way to address the
selected aspect of the strategic management process is
included. The summary is apparent and appropriate to
purpose. Mostly relevant data is used to support findings.
Argument is orderly, but may have a few inconsistencies. The
argument presents minimal justification of claims. Argument
logically, but not thoroughly, supports the purpose. Sources
used are credible. Introduction and conclusion bracket the
thesis.
Some mechanical errors or typos are present, but they are
not overly distracting to the reader. Correct and varied
sentence structure and audience-appropriate language are
employed.
Sources are documented, as appropriate to assignment and
style, although some formatting errors may be present.
Good (87.00%)
A summary that describes the best way to address the
selected aspect of the strategic management process is
included. The summary is descriptive and reflective of the
arguments and appropriate to the purpose. Relevant data is
used to support findings.
Argument shows logical progressions. Techniques of
argumentation are evident. There is a smooth progression of
claims from introduction to conclusion. Most sources are
authoritative.
Prose is largely free of mechanical errors, although a few may
be present. The writer uses a variety of effective sentence
structures and figures of speech.
Sources are documented, as appropriate to assignment and
style, and format is mostly correct.
Excellent (100.00%)
Comments
A summary that describes the best way to address the
selected aspect of the strategic management process is
included. The summary purpose is clear and serves as the
foundation for a plan to achieve the purpose. Relevant data is
used to support findings and illustrates a deep understanding
of the subject.
Clear and convincing argument that presents a persuasive
claim in a distinctive and compelling manner. All sources are
authoritative.
Writer is clearly in command of standard, written, academic
English.
Sources are completely and correctly documented, as
appropriate to assignment and style, and format is free of
error.
Points Earned
Part One: Monique Ayala
Step 1
Vision and Mission Statements
The authors of the case study were unable to locate an existing vision and mission statement for Wynn
Resorts International. With some research, a very long (multi-paragraph) statement about the culture
of the resort was found. This statement, along with the actual case information will be used to
formulate a vision and a mission statement for Wynn Resorts International.
Objectives
The objectives of the company are to offer high-end gambling and entertainment while maintaining a
culture of compassion. An internal objective is to diversify the range of employees in order to create the
image of an equal opportunity employer.
Strategy
The current strategy of Wynn Resorts International is to ensure that customers keep coming back visit
after visit. This is accomplished by extensive award programs for customers and highly trained
employees to keep the culture of the resort a place the customers want to visit. The firm also makes
smart expansion plans in order to grow the business. The opening of the Macau resort will be followed
by the opening of a resort in Boston, Massachusetts. However, the firm chose to forgo a bid in Atlanta,
Georgia due to falling gambling rates. This shows thorough research before considering expansion
plans.
Step 2
Vision
“Provide our guests with luxury service.”
Mission
“We are committed to providing our community and our guests with luxury service and world-class
entertainment. Our diverse group of employees are trained with compassion to provide the very best in
hospitality. Our high-end gambling accommodations, restaurants, and shows rival the very best in the
industry to allow our guests the most luxurious options in both Nevada and Macau.”
1. Customers: Our customers seek high-end gambling options and world-class entertainment
through shows, shopping, spas, dining, and more (David & David, 2017).
2. Products or services: We provide high-end hotel accommodations as well as gambling and
entertainment to ensure that our customers have the time of their lives while visiting one of our
properties.
3. Markets: Our Resorts can be found in Las Vegas, Nevada and abroad in Macau.
4. Technology: Our shows, spas, restaurants and gambling locations have the latest and greatest
technology to serve our customers.
5. Survival, growth, and profitability: With the expansions into Macau and Massachusetts, we have
a wider range of locations available to our customers as well as recent changes to the Macau
infrastructure will make travelling to the resort easier.
6. Philosophy: We are a compassionate company that realizes that diversity goes beyond language
(Wynn Resorts International website).
7. Self-concept: Our culture is based on compassion and can be seen through the actions of our
employees.
8. Public image: We are committed to the community that surrounds us.
9. Employees: Our compassionate team of employees unite to provide the very best in hospitality
and service to our customers
Step 3
External Opportunities
-Internet Gaming and Poker: This potential threat is actually a great opportunity for Wynn Resorts
International to enter the online gambling market. Creating an app that would allow people to play
Texas Hold’em or Slots online will open up the possibility of having a successful platform for 25-35-yearold customers. The biggest rivals (MGM and Caesars) have already expanded into this market.
-Resort Amenities: Wynn Resorts International targets high-end clients to produce most of their
revenue through gambling. The current trend is towards table games instead of slot machines;
therefore, the firm should adjust its offerings accordingly. Additionally, there is a trend towards nongaming activities such as bars, clubs, and shows. The Wynn should ensure that adequate non-gaming
activities are available for the younger adults seeking this kind of entertainment. As these people age,
they will return to the resorts that they had the most fun. When they reach the Wynn’s target middle
aged group, these people will return and play more on the tables.
External Threats
-Gambling Regulations: The changing regulations are a threat to every casino. Nevada allows statewide
gambling and Massachusetts allows it in some areas. However, some of the largest tourist destinations
in the US do not allow gambling. These regulations restrict the building of a casino. Internationally,
gambling is allowed more frequently in places like Macau, Dubai, and Singapore.
-International Crime: Crime syndicates are drawn to casinos to perform business. This puts a damper on
the tourists and community members that frequent the casinos.
-Competition: MGM, Caesars, and the lottery create the largest competition for Wynn Resorts
International. The Wynn needs to stay more technologically advanced than its competitors to keep their
revenues in profit.
References
David, F.R. & David, F.R. (2017). Strategic management: a competitive advantage approach, concepts
and cases (16th ed.). Pearson Education, Inc.
Wynn Resorts International. Corporate Responsibility. Retrieved on February 26, 2019 from
https://wynnresortslimited.gcs-web.com/corporate-responsibility
Type
External
Internal
Wynn Resorts
Weight
Rating
Score
Segments
0.1
2
Technology
0.25
2
Customer Service
0.2
4
Credit Risk
0.2
1
Organizational Structure
0.1
2
Finances
0.15
3
1
MGM
Critical Success Factors
Rating
0.2
0.5
0.8
0.2
0.2
0.45
2.35
3
2
4
3
4
1
MGM
Score
0.3
0.5
0.8
0.6
0.4
0.15
2.75
Lottery/Online Gambling
Rating
Score
4
0.4
4
1
1
0.2
1
0.2
1
0.1
3
0.45
2.35
Opportunities
1 Less overhead provides more opportunity to expand in emerging markets
2 85 percent of Americans now view gambling as an acceptable activity
3 Fierce competition outside of the US for high-end customers
4 Create an online app in which customers can gamble (Texas Hold’em or slots)
5 New $5 billion bridge linking Hong Kong to Macau
6 Ensure adequate non-gaming activities for young adults are available
7 Remain more technologically advanced
8 Ensure casino upgrades are ahead of schedule
9 Increase in Las Vegas revenues
10 Industrywide Revenue Volatility
Threats
1 Gambling Regulations
2 International Crime
3 Fierce competition with more experience and segment space
4 Decrease in Macau revenues
5 Organizational structure with duplicate titles
6 In the past 40 years, many states have added casinos, increasing pressure on Las Vegas
7 Costs of maintaining and upgrading casino amenities
8 More competition
9 Smaller operation
10 Diversification
Weight
Rating
0.12
0.08
0.08
0.06
0.05
0.04
0.02
0.02
0.02
0.01
0.5
Weight
Score
2
4
3
1
4
4
3
4
3
3
Rating
0.1
0.08
0.06
0.05
0.05
0.05
0.04
0.03
0.02
0.02
0.5
1
0.24
0.32
0.24
0.06
0.2
0.16
0.06
0.08
0.06
0.03
1.45
Score
2
2
1
1
2
1
4
3
2
2
0.2
0.16
0.06
0.05
0.1
0.05
0.16
0.09
0.04
0.04
0.95
2.4
Strengths
1 Already part of an emerging market in Macau
2 Updated amenities such as eight restaurants, shops, poker pit, and more
3 High level of customer service
4 High-end hotel accomodations
5 Recent expansion into MA increases diversification
6 More high-end customers who gamble higher amounts
Weaknesses
1 Competition is in more segments with a wider reach
2 Revenues are not as high as competition
3 Two titles for management
4 Decreasing revenues in Macau
5 New smoking ban in Macau also expected to increase already decreased Macau
6 No mobile app for online gambling
Click The Blue Buttons Below to Navigate Part 1 More Efficiently
Strengths
IE Matrix
Weaknesses
Opportunities
Threats
CPM
BCG Matrix
SPACE Matrix
Perceptual Maps
GRAND
SWOT
QSPM
HOME
Welcome to the Free Excel Student Template Version 16.1.12
Dear Student,
By using this Template, you hereby agree to the Copyright terms and conditions. This Template should save you considerable time and allow for your presentation to
be more professional. Do not mistake this Template for doing all of the work. Your assignment is to analyze and present strategies for the next three years. You will
still need to do the research and enter key internal and external information into the Template. The Template does not gather or prioritize information. It does however
assimilate information you enter in a professional way and does many calculations for you once that critical information is entered. Refer to the David & David
textbook for conceptual guidelines for developing all matrices and analyses included in this Template. Best of luck with your project.
Instructions for Using the Template
1
P lease read all Template instructions below carefully before you start each new section of this Template. Only type in the green boxes. Refer to the David & David
textbook for conceptual guidelines for every matrix and analysis in this Template.
2
This Template is organized into three primary parts: P art I, P art II, and the respective data output pages for your respective matrices. All data entered will be entered
into P art I or P art II. P art I consists of data entry in developing matrices, where P art II consists of data entry for your financial information, including ratios, financial
statements, and projected financial statements. Blue buttons are provided for navigating within and to P art I, yellow buttons are for navigating within and to P art II,
orange buttons are for navigating to the respective matrices and pink buttons are for navigating to your financial output tables. The navigation buttons along the top
of P art I and P art II may not be visible for Apple users but all other features should work without any problems.
1
Enter into the Template exactly 10 strengths and 10 weaknesses, no more and no less. Your factors should be detailed and actionable rather than vague. For example,
the strength: “Sales up nicely” is too vague and not actionable; “Sales were up 15% on women’s apparel in China during 2015” is stated far better. Always be thinking
in terms of divisions when writing strengths and weaknesses. Note women’s apparel could be a division for Nike. All divisions do not need to be treated equally;
allow more coverage for divisions with more revenue and those most pertinent to your strategic plan.
2
Weights reveal how important a factor is to being successful in the industry. All weights are “industry-based.” A factor of 0.10 for example is 5 times more important
than a factor of 0.02 for being successful in the industry. Do not be afraid to include factors with lower weights though. To have a factor make your top 10 list (10
strengths for example out of the 100s the firm likely has), justifies its importance, yet it still may be relatively a lot less important to the industry than others factors
you include. Also, be mindful with respect to what industry your firm operates. A moderate priced casual hamburger restaurant may have more in common with a
moderate priced chicken restaurant than with McDonalds. Automatically considering McDonalds, Burger King, and Wendy’s as the “industry” just because they all
sell hamburgers may not be appropriate. Here, casual moderated priced restaurants may serve better as the “industry.” After entering in the weights, check to make sure
the sum of your weights equals 1.0 for your internal factors. Also, arrange your strengths with highly weighted factors listed first; arrange your Weaknesses also with
highly weighted factors listed first.
3
In contrast to weights that are industry-based, ratings are company-based and reveal how well your firm is performing. Use the coding scheme given below for ratings
in an IFE Matrix: If your strengths are being cut off, simply drag your cursor between the two row numbers on the left to widen the row.
Strengths and Weaknesses
1 = “major weaknesses”
2 = “minor weaknesses”
3 = “minor strength”
4 = “major strength”
1
2
3
4
5
6
7
8
9
10
1
2
3
4
5
6
7
8
9
10
View IFE Matrix
Strengths
revenues rose 19 percent for 2017 to 265.7 billion
Updated amenities such as eight restaurants, shops, poker pit, and more
High level customer service
return on assets 2.53
company’ s earnings rose, influenced primarily by the improvement in operating margins (EBITDA margins) from
21.48% to 25.15%.
operating cash flow of 52.79% compared to the same period last year is about the same as its change in earnings this
period
expansion in operating (EBIT) margins from 13.94% to 16.14% has also impacted the company’ s earnings growth
pretax margins contracted from 8.18% to 7.15%.
Recent expansion into MA increases diversification
More high-end customers who gamble higher amounts
Weaknesses
There is substantial duplication of titles in the firm’ s structure, including two different executives with the title
president of Wynn Macau.
Missing vision and mission statement for Wynn Resorts
Atlantic city is the highest revenue gaming in the world and has no resort there
Revenues are not as high as competition
shares have dropped .17 cents
Decreasing revenues in Macau
Wynn relies a lot on the long-term tenure of Stephen Wynn as CEO for company survival
gambling revenue in December was up 15 percent to 22.7 billion patacas, slightly lower than analysts’ expectations
for growth of 17-20 percent.
One-time items weakened operating performance
gambling on credit
View IFE Matrix
Total Weight (Must Equal 1.00)
Weight
Rating
3
4
4
3
0.06
0.05
0.08
0.06
3
0.06
4
0.05
4
0.06
0.05
0.04
0.04
3
3
4
Weight
Rating
0.05
0.06
0.05
0.04
0.03
0.05
0.03
2
2
1
1
2
1
0.04
0.05
0.05
2
2
2
1
1.00
Opportunities and Threats
1
Enter into this Template exactly 10 opportunities and 10 threats, no more no less. Your factors should be detailed and actionable rather than vague. Keep in mind both
opportunities and threats should be external in nature. Ask yourself “Does the firm have control over this factor? ” If the answer is yes, then it cannot be an opportunity
or threat. For example, as a clothing retailer you may have an opportunity to “start selling clothes in China.” This is not an opportunity for two reasons: 1) the firm has
internal control over doing business in China, and 2) the statement is a strategy. The underlying opportunity may be “Women in China spent 20% more on athletic
apparel in 2015.” Note how this opportunity is specific, actionable, divisional, and external (we cannot control the culture or demand for female athletic apparel). All
divisions do not need to be treated equally, allow more coverage for divisions …
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