2. Exercise 3-2 Building Support for a Performance Management System at the GAP, Inc. You have just been appointed the Chief Human Resource Office (CHRO) for The Gap, Inc., a large retail clothing company with more than US$1 billion in sales, 3,000 retail stores in the United States, and over 130,000 employees. The mission of the company is to create emotional connections with customers through our brands, unique designs, and enjoyable store experiences. The current performance management system is not delivering results in terms of business performance, with the company posting a 10% decline in sales during the previous month, the 12th monthly decrease in a row. The Chief Executive Officer (CEO) believes that this is because of a lack of strategic alignment between the companys overall mission and its retail stores. Imagine the class instructor is the CEO of the company, and the other students are members of the top management team. Your task is to devise a new strategic plan that achieves the CEOs goal of greater alignment between organizational-and store-level strategies. Based on the mission statement of the company and other information provided: a. Develop a mission and vision statement that translates the organizations mission statement for the retail stores using the guidelines below. (Hint: Sections 3-3-3 Mission and 3-3-4 Vision provide detailed guidance and examples of mission and vision statements.) Mission statements should include: The product offered (clothing); the target customer group (young adults and casual wear for professionals); benefits of the product (cost, quality, style); technology used (if applicable); and a focus on sales growth and profitability (increasing revenue). Vision statements should be: brief, verifiable, bound by a timeline, current, focused, understandable, inspiring, and a stretch. b. Develop 23 retail store objectives and the strategies to achieve those objectives. These should be closely linked to the new mission and vision statement. (Hint: Sections 3-3-5 Objectives, 3-3-6 Strategies, and 3-3-7 Developing Strategic Plans at the Unit Level provide detailed guidance and examples of setting objectives and strategies.) Objectives should address the next three to five years, and provide a clear performance target to aim for. They might address issues such as sales revenue, payroll, or advertising. Strategies should address how the objectives will be achieved. They might address issues such as operations, customer surveys and benchmarking, or inventory management. c. Prepare a brief (510 minute) presentation that: Presents the new strategic plan (mission, vision, objectives, and strategies) to the CEO and the top management team, and convinces the CEO and the top management team to support the new plan Your presentation should clearly answer the question Whats in it for me? for both the CEO and the rest of the top management team. Articulate how the new plan aligns with the organizations overall mission and how it will lead to greater sales. Consider how you can make the CEO and the rest of the top management team feel a sense of involvement and ownership (e.g., allow top management team members to provide suggestions about the verbiage of the mission or vision; allow them to take responsibility for some part of the process).