Last year Victor Luis became new president and chief commercial officer of American large accessories producer, Coach International Group. He has been working in this company since 2006. He will replace previous executive chairman before his retirement, Lew Frankfort, who headed the company for 35 years. Now he prepares business for next generation, while working on succession plan since 2008. Mr. Frankfort being 66 years old considered many candidates, but Mr. Luis being 46 years old appeared among one of the best, because he had experience in international business outside the USA. Previously he worked in Baccarat Company and LVMH group. Coach competes with many rivals, who pressured it. Later shares fell by 1.2% in composite trading on stock exchange in New York. Sales decreased by over than a third over the last year. However, Coach’s international sales grew by 12%, and sales in China arose by 40%. (Mattioli, 2013).
I think each company should outline its own vision, mission, purpose, values and strategies. Strategic planning process should apply SWOT analysis, which main objectives are to analyze internal strategic factors, strengths and weaknesses, opportunities and threats of the organization. Relevancy is based on these desirable states, plans, policies, targets, objectives, strategies, tactics and actions. Strategic planning may be performed by short-term or long-term goals. In real world, planning methods are defined to formulate and implement a strategy, evaluate and control its progress. Every company should take into consideration things like barriers, rivals, customers, suppliers and other challenges. (The strategic planning process, 2013).
I completely agree with Mr. Frankfort, who states that “his executive chairman role is indefinite and full-time role”. Therefore, it appears from this article that any executive’s role requires absolute dedication, lasting efforts and non-stop hard work.