Triton College Strategic Evaluation Presentation

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Triton College

Description

the Final Strategic Plan. The Final Strategic Plan contains the elements of all the previous weeks' components and incorporates instructor feedback. The strategic recommendations will be evaluated and the best options chosen for recommendation. The final strategic plan should contain: 

Table of Contents

Executive Summary (350 to 700 words)

Company Background

Mission Statement

  • Vision Statement
  • Value Statement
  • Environmental Scan
  • Internal and External Environmental Analysis
  • Strategic Recommendation
  • Implementation Plan
  • Organizational Change Management Strategies
  • Risk Management Plan
  • Conclusion
  • References

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1 Strategic Evaluation Latasha Henry University of Phoenix, Master of Business STR/581 Professor Pamela Linden 1/13/19 2 Strategic Evaluation The purpose of this assignment is to continue Visa’s strategy plan from part 1 & 2 (Environmental Scan and Internal Environmental Analysis). Part 3 of this plan involves evaluating various strategies and making recommendations for the Visa organization. This strategic evaluation for Visa will include: Evaluating potential business level strategies for the organization. Assessing potential corporate level strategies for the organization. Assessing potential global strategies for the organization. A strategy recommendation or combination of strategies the organization should implement and include a rationale for that recommendation. To give a recap from part one and two of the strategy plan from the Visa Corporation and their environmental scan and internal environmental analysis. The Visa Corporation commits to environmental sustainability beyond direct operations by empowering it as a lifestyle. Environmental sustainability focuses on the rates of renewable resource that includes harvest, pollution creation, and non-renewable resource depletion that can be continued indefinitely. If the environmental sustainability cannot be continued indefinitely then they are considered not sustainable. The main principles of the energy usage within visa is known to have high standards for integrity, compliance, and corporate governance in all interactions. The most likely places available for energy efficiency improvements is the global prioritization of the potential impacts of climate change and waste reduction. The main aspect of environment hurt by Visa is waste of paper and plastic, which is utilized when creating the cards for customers, in addition to sending paper form documents and bank statements that are mailed to the homes of cardholders 3 who has chosen not to go paperless. Plastic waste also of cardholders with initial cards and constant replacements. The Visa corporation has boosted the environment ecosystem by creating their “electronic network” which is a way for cardholders, financial institutions, and merchants to connect without means that may harm the environment for example, paper. Visa has replaced energy efficient equipment by transitioning their system to a purchasing renewable electricity in 2018. Visa is not involved in any government energy conservation or protection schemes they are transparent with their expectations even with the employees, government, vendors, and card holders. In conclusion, Visa has a great energy and environmental management system, and they are known as one of the top 100 eco- friendly organizations. I would recommend they go extremely paperless regardless of the customers opinion. Banks in general waste so much paper, which is insanely negligent to the ecosystem. As of 2019, the whole world is updated with the internet and most people don’t do anything but shred the documents, which is another use of wasteful materials. It would eliminate paper waste and help cardholder because their documents would be accessible at any time. This method also prevents customers from becoming a vulnerable target for identity theft. Strategy evaluation is the process of collecting information regarding how well the strategic plan is progressing. The term strategic evaluation is defined as the process of determining the effectiveness of a given strategy in achieving the organizational objectives and taking corrective action wherever required. Strategic evaluation is a valuable strategy formulation since it throws light on both the efficiency and effectiveness of the comprehensive plans in achieving the desired results. For this process to be successful there must be a way of 4 finding out or tracking whether the strategy being implemented will guide the organization towards its intended objectives. Evaluating potential business level strategies for the organization is an important factor for the Visa corporation. They have developed a digital payments strategy plan because technology is driving their consumers towards making purchases by using several different types of point of sale experiences. This includes debit and credit cards that need to work across all these experiences that are growing in various locations. These needs can be meet by using specific channel-agnostic payment credentials that are capable of working in a fast, safe, and convenient way across any channels that the customer decides to choose. Assessing potential corporate level strategies for the organization is a target for the Visa corporation. There has been a dramatic shift to mobile payments that are being made. The payments are rapidly evolving due to a rise in digital commerce, in addition to the increase in mobile phone usage. The smartphone penetration has increased to roughly 74% in the United States and the numbers are continuing to rise in the future. Assessing potential global strategies for the organization critical matter for the Visa corporation. By developing mobile growth with mobile devices help to garnered twice the purchases of desktop purchases involving retail traffic during the holiday season for 2015. Mobile was able obtain a 60 percent increase in growth rate during the holiday season although there was a slow down in sales at the actual store locations. Over time more alternate payment methods continue to emerge at the top of the wallet, this notion has been replaced by other top line payment methods. Apple Pay users only witnessed a 23% increase in the change of their default cards. The organization place emphasizing on the importance of establishing their cards to be used as a primary payment method. 5 Conclusion A strategy recommendation or combination of strategies the organization should implement and include a rationale for that recommendation includes changing the behavior of their consumers. I recommend that Visa consumers use multiple devices that provide intuitive and seamless experiences as a user that apply to all applications. Visa should focus more on their mobile first users and create centric design strategies that will drive their consumers to their payment products for usage. Providing convenience for consumers when checking out speeds up the drive for the need of payment channels. Having a digital payment strategy in place help to implement an integrated approach to the various channels that an available to their consumers. Because millennials are increasing the demand for alternative payment methods, I recommend that the Visa corporation provide the specific payment methods being that they are more quick, convenient, and preferred channels to engage with. The form of communication used by millennials is much more different than the form of communication used by the baby boomers. The millennials avoid using as much verbal communication as possible, instead they prefer to communication via text and other alternative methods. 6 References Black, K. (2017). Business Statistics: For Contemporary Decision Making, (9th Edition). Hoboken, NJ: Wiley. Visa. (n.d.). Operating Responsibly | Visa. Retrieved from https://usa.visa.com/aboutvisa/operating-responsibly.html. 1 Environmental Scan Latasha Henry University of Phoenix, Master of Business STR/581 Professor Pamela Linden 12/16/19 2 Environmental Scan The content of this assignment consists of performing an environmental scan for your target company. This assignment will determine how to create value and sustain competitive advantage using the environmental scanning strategy, evaluate the company's external environment, assess the company's general environment, evaluate the organization's industry operating environment. Visa Company is an American multinational financial service provider with its headquarters at Foster City in California. The company provides electronic money transfer services in more than 200 countries across the world. The services are facilitated through the use of credit, pre-paid, and debit cards that are Visa-branded. The company has considerable competitors in its industry, such as Bank of America, PayPal, JP Morgan Chase Bank, American Express, Discover Financial Services, MasterCard, and Capital One. Due to stiff competition in the market, the company must come up with a favorable environmental scanning strategy that will improve its competitiveness and value creation. The first thing the company should focus on during environmental scanning is the steady growth that the world is experiencing. Consumers are spending more, and transactions are increasing (Glenn & Gordon, 2015). Therefore the company should consider investing in improving digital money transfers at a lower cost to attract more customers. The provision of faster ways to transfer money or make transactions will not only help increase the profit margin of the company but also a competitive advantage. Second, the company should consider the consolidation of the payment and schemes processors. Visa Inc. should do this either through the extension of its services in less penetrated markets or the introduction of cost synergies through acquisitions. The company has to upgrade its platforms through the adoption 3 of the latest technologies, such as machine learning, Artificial intelligence, and cloud services. Third, the company should also do research to identify its potential targets. The targets should be evaluated based on strategic fit and financial health. Lastly, the company should partner with potential partners in the market to facilitated innovation in new payment methods and data analysis techniques (Glenn & Gordon, 2015). The integration of these considerations from environmental scanning will help Visa company to improve its competitive advantage and creation of value for its consumers. The external environment of the Visa Company consists of political, economic, legal, social, environmental, and technological factors. To begin with is the political factors that play a vital role in determining how the politics of a particular country can affect the long-term profitability of the company. The company operates in more than 200 countries across the globe. Therefore, it is exposed to different political systems that can affect its overall operations. Visa Inc. has to counter the problem by diversification of its financial services to improve overall performance. The next factors are economic factors that include inflation rate, interest rate, foreign exchange rate, and economic cycle. The economic factors help determine the aggregate demand and supply of the company's financial services at any given time (Henry, 2018). Therefore, Visa Company can use the economic factors of a given market to assess and forecast the growth of its market in a particular market. The next factors are social factors related to the way a certain society does things. The marketers of Visa Inc. must consider the attitudes and beliefs of a particular community while penetrating any market. This should help them to understand how they need to craft the marketing message to deliver to a specific society. The next factors are technological factors that are affecting a lot of industries at a fast rate in current days. Financial services have shifted from the old fashioned way of business operations 4 to digital methods and techniques, which are much quicker and reliable. Therefore, for the company to keep pace, it needs to be proactive in digital innovations and creativity. The next factors are environmental factors that refer to standards and norms that each particular market has. The environmental factors of a given country affect the profitability of the company (Henry, 2018). Therefore, before entering a given market, Visa Company must consider the environmental factors of the industry to ascertain if they will be favorable. The last external environmental factors are the legal factors that differ from country to country (Henry, 2018). Some are high in protecting intellectual property rights, while others are low. Visa Company should scan for legal factors of a market before entering it to avoid losing its crucial information and plans to competitors. The general environment of the Visa Company consists of both the external and internal environmental factors. The external environmental factors include the external factors that affect the organization from an external perspective. They include political, economic, social, international, environmental, technological, and legal factors. Political factors deal with the politics of a country the company operates. Economic factors are the state of the market in terms of the inflation rate, economic cycles, foreign exchange rates, savings rate, and interest rate (Murphy, 2018). International factors are the factors that affect the global markets for a particular industry. Legal factors involve the regulations and laws set in a particular market, while social factors are the norms and beliefs of a particular market. Technological factors are the advancements that a market is having or working towards attaining. On the other hand, the internal environmental factors of Visa Company are competitors, consumers, suppliers, and organization culture. The largest competitors of the company are MasterCard, JP Morgan Chase Bank, American Express, and Discover Diners Club. Due to the advancement in technology, new entrants are entering Visa Company’s industry-leading to a threat 5 in profitability and performance (Murphy, 2018). Next, the demand for debit and credit cards by middle-class consumers has increased, leading to improved profitability of the company. The relationship between the company and the suppliers is great and has been enhanced through the iSuppliers portal that brings together diverse suppliers (Murphy, 2018). Last is the organization culture that is established to align with the ethical standards and core values of the company. Visa Company believes that it needs to earn the trust of investors, merchants, financial institutions, and cardholders. That is why the company commits itself to a high level of personal and professional behavior. In the process, the company can act with transparency and openness. The company implements a strong governance structure and constantly monitors its corporate governance and practices. This ensures that it stays at the level of set standards of the law and regulations of the NYSE and meets the investor’s expectations (Visa, n.d.). Visa Company consists of a board of directors who are comprised of independent people entirely except the Chief Executive Officer. There is an annual election whereby the shareholders elect the board of directors. The independent directors of the company meet regularly in its executive sessions. The chairs of the committee are rotated in general at least once after five years (Visa, n.d.). The board committee chatter establishes the responsibilities and roles of each company’s committee. The company also has a code of business ethics and conduct defining its operations globally. 6 References Glenn, J., & Gordon, J. (2015). (PDF) Environmental Scanning - ResearchGate. Retrieved from https://www.researchgate.net/publication/286279000_Environmental_Scanning. Henry, Z. (2018). Visa Inc PESTEL Analysis. Retrieved from https://www.case48.com/pestelanalysis/3173-Visa-Inc. Murphy, F. (2018). Visa Inc PESTEL & Environment Analysis. Retrieved from https://www.essay48.com/term-paper/3173-Visa-Inc-Pestel-Analysis. Visa. (n.d.). Operating Responsibly | Visa. Retrieved from https://usa.visa.com/aboutvisa/operating-responsibly.html. 1 Values and Strategy Paper Latasha Henry University of Phoenix, Master of Business STR/581 Professor Pamela Linden 12/9/19 2 Values and Strategy Paper The purpose of this assignment is to develop a paper that will identify the major components of the strategic management process with your company. This paper will discuss how these components work together to create value for the organization. In addition, this paper will evaluate the company's mission statement, vision statement, motivation strategy, innovation strategy, and people strategy. It will determine if the organization does not have one or more of these, and how does that affect the organization and its people. In conclusion this paper will explain the role of ethics and corporate social responsibility in strategic planning that includes: How does this direct their strategy? How does the organization's vision and mission align with your own values and vision? How does your role influence this and vice versa? Strategic management is known as the process of ongoing planning, monitoring, analysis and assessment of all the things that are necessary for an organization to meet their goals and objectives. Due to the constant changes in the business environment organizations are required to assess their strategies plans to aim high for success. There are five major components of the strategic management process: goal setting, analysis, strategy formation, strategy implementation and strategy monitoring. Each component of the strategic management process serves a purpose: Clarify Your Vision, Gather and Analyze Information, Formulate a Strategy, Implement Your Strategy, Evaluate and Control. These components work together to obtain the overall goal. The organization that will be used to identify the components of strategic management is the Institute for Nonviolence Chicago. Their mission is to replace the cycle of violence using the principles, practices and teachings of nonviolence. This process is achieved through outreach, 3 mediation, support, and nonviolence trainings, and engage strategies to interrupt and replace the cycle of violence. These strategies include: Reducing the number of community shootings and homicides (especially retaliatory violence). Reducing recidivism amongst groups that are at the highest risk of being involved in violence. Strengthening positive support systems for violenceinvolved young people. Heal and empower the community during tragic situations and the aftermath of violence. Transforming the relationships between the law enforcement and the communities they serve (Nonviolence Chicago, 2016). The Institute for Nonviolence Chicago believes in the “Theory of Change”, which is that violence will be reduced when the individuals that are at the highest risk of becoming a victim or perpetrator of violence unless they receive appropriate and intensive interventions. The community’s resiliency is increased through implementing a comprehensive approach that helps to develop a sustainable community-based safety infrastructure. The projected outcome is that individuals will have improved life outcomes, incidents of violence will be reduced, and the community safety increases. At the center of the tiered approach the organization choose to target those most at-risk of violence victimization or perpetration in order to provide them with intervention that includes street outreach, case management and crisis our response team. In addition, to the family and friends whose risk may also elevated, will also be able to receive secondary prevention services including re-entry and general case management, crisis response, legal support, workforce development, education. This include those who are at risk simply because they reside or hang out in the neighborhood, will receive primary prevention services including Safe Spaces and other youth- and community-based programming. The approach that the Institute for Nonviolence Chicago takes to engage with the community in services is hyperlocal, restorative, trauma-informed and rooted in principles of nonviolence. 4 Final Thoughts The Hyper-local approach that is used by the Institute for Nonviolence Chicago is located on the Boarder of Austin and West Garfield Park (near Cicero Avenue and Chicago) they employ individuals and families from the communities we serve. Their location in the community is intentional and allows them to serve as an anchor for both community residents and local their local neighboring partners. This positions the organization as community “insiders” who are trusted, respected, credible partners and service providers. The Restorative approach that is used by the Institute for Nonviolence Chicago applies restorative justice principles to its work with participants. The Chicago’s Restorative Justice (RJ) work is both led and implemented by a network of agencies or Hubs that are committed to a community led approach to youth crime and conflict issues. Both the Austin and West Garfield Park communities have positioned themselves to become Restorative Justice Hubs as well. The Trauma-informed approach used by the Institute for Nonviolence Chicago is that 50% of the children as youth experience some type of exposure to one or more traumatic events in their lifetime. By using a trauma-informed, culturally sensitive approach, the organization will provide and broker services to community residents who are directly or indirectly exposed to violence to connect them with the necessary supports that will be able to address the emotional, behavioral, physical, educational and other impact of trauma that has affected their lives. The Nonviolence principles of Dr. Martin Luther King that are used by the Institute for Nonviolence Chicago is a well-defined philosophy of nonviolence and is embedded across all aspects of Nonviolence Chicago’s work, and heavily focuses on the principles and practices from the teachings of Dr. King. This philosophy was built around several specific ideas, and being most notable that violence is learned, cyclical, and systemic in its nature. Although, the cycle of 5 violence is perpetrated by a small number of individuals it can still damage an entire community. The Institute for Nonviolence Chicago believes that nonviolence is a learned behavior and can also become cyclical when enough people choose to peacefully resolve their conflict from within. The organization infuses high doses of nonviolence through community members and role models to change the prevalence and status quo of violence by using a collaborative community-based approach founded on the theories and practices of nonviolence and relationship (Nonviolence Chicago, 2016). Conclusion Although, being able to identify the major components of the strategic management process within your company is a good start for the strategy plan you must also be able to understand how these components work together to create value for the organization, which is evaluated by their mission statement, vision statement, motivation strategy, innovation strategy, and people strategy. Each component determines the overall outcome of success. 6 References Black, K. (2017). Business Statistics: For Contemporary Decision Making, (9th Edition). Hoboken, NJ: Wiley. http://www.nonviolencechicago.org/
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Running head: STRATEGIC PLAN

Strategic Plan
Student’s Name
Institutional Affiliation

STRATEGIC PLAN

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Table of Contents
Executive Summary....................................................................................................................................... 3
Company’s Background ................................................................................................................................ 4
Vision Statement ........................................................................................................................................... 4
Value Statement ........................................................................................................................................... 4
Environmental Scan ...................................................................................................................................... 5
Internal and External Environmental Analysis .............................................................................................. 8
Strategic Recommendation .......................................................................................................................... 9
Implementation Plan .................................................................................................................................. 10
Objectives ............................................................................................................................................... 11
Functional Tactics.................................................................................................................................... 11
Action Items ............................................................................................................................................ 11
Milestones and Deadlines ....................................................................................................................... 12
Tasks and Task Ownership ...................................................................................................................... 13
Resource Allocation ................................................................................................................................ 13
Key Success Factors................................................................................................................................. 13
Break-Even Analysis of Visa Company in millions ................................................................................... 14
Organizational Change Management Strategies ........................................................................................ 14
Risk Management Plan ............................................................................................................................... 15
Conclusion ................................................................................................................................................... 15
References .................................................................................................................................................. 16

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STRATEGIC PLAN

Executive Summary
Strategic management is known as the process of ongoing planning, monitoring, analysis,
and assessment of all the things that are necessary for an organization to meet its goals and
objectives. Due to the constant changes in the business environment, organizations are required
to assess their strategies plans to aim high for success. This paper will look at the Visa Company
by analyzing how it can adopt a strategic plan that will be useful in meeting its mission. Over the
years, technology has made significant advancements in creating new entrants in the market. It
has thus created a lot of competition that requires Visa Company to come up with tactics of
gaining a competitive advantage through improving their operations. The paper will, therefore,
analyze common areas within the organization by looking at how it can run different activities to
facilitate the successful implementation of the plan. To develop a paper that will identify the
major components of the strategic management plan, the entire company will be evaluated to
come up with a suitable formulation. This paper will then discuss how these components work
together to create value for the organization.
In addition to that, this paper will evaluate the company’s mission statement, vision
statement, motivation strategy, innovation strategy, and people strategy. An environmental scan
will equally be done, which will help in coming up with an internal and external analysis of the
company. The examination will be used in guiding the company through the factors that should
be included in the strategic plan. The recommendations will have to target on what should be
implemented and what changes will have to be made where necessary. In conclusion, this paper
will come up with strategies to be applied in organizational change management and a breakeven analysis that will be used in evaluating the risks associated
with the plan. The analysis will help in finalizing the plan where key areas will be highlighted
with proper measures given on how to go about them.

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STRATEGIC PLAN

Company’s Background
Visa Company is an American multinational financial service provider with its
headquarters at Foster City in California. The company provides electronic money transfer
services in more than 200 countries across the world. The services are facilitated through the use
of credit, pre-paid, and debit cards that are Visa-branded. The company has considerable
competitors in its industry, such as Bank of America, PayPal, JP Morgan Chase Bank, American
Express, Discover Financial Services, MasterCard, and Capital One. It is a company that works
to facilitate global payments via the use of technology in countries across the world. Through the
use of a digital currency that works to promote its services, the company focuses on bringing a
positive change through their servic...


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