Running Head: CAREER CONNECTION: Final Strategic Plan CAREER CONNECTION: Final Strategic Plan Christy Lager BUS / 475 October 24, 2016 Elaine Boyle CAREER CONNECTION: Final Strategic Plan 2 Table of Contents I. Title Page II. Table of Contents III. Strategic Plan Part 1: Existing Business or New Business Division; Vision, Mission, and Value Proposition IV. Strategic Plan Part 2: SWOTT Analysis – Internal and External Environmental Analysis; Supply and Value Chain Analysis V. Strategic Plan Part 3: Assumptions, Risk and Change Management Plan; Summary of Strategic Objectives; Balanced Score Card and its impact on stakeholders; the Communication Plan VI. Tactical Plan VII. Conclusion VIII. Reference Page CAREER CONNECTION: Final Strategic Plan 3 Introduction- Strategic Plan Part 1: Existing Business or New Business Division; Vision, Mission, and Value Proposition Ask yourself how you can create a strong introduction that provides background, which funnels into a strong thesis statement. The Center for Writing Excellence contains examples that you can follow. The paragraphs below are not an introduction. Fitbit's mission is simple to have fun while being fit; Fitbit states on their site that they are “passionate team dedicated to health and fitness who are building products that help transform people's lives. While health can be serious business, we feel it doesn't have to be. We believe you're more likely to reach your goals if you're encouraged to have fun, smile, and feel empowered along the way.” (Fitbit Designer, 2016). The new branch of Fitbit proposes to make a difference in the world by taking on the challenge of SIDS with a wearable baby monitor. “SIDS is when a baby who seems healthy dies while sleeping. It’s the number one cause of death in babies between one month and one year of age. No one knows exactly. It might be due to a problem in the part of the brain that controls breathing and waking up. Doctors think SIDS happens when a baby with this problem falls asleep in a dangerous position or place.” APA formatting error – please see the Center for Writing Excellence regarding quotes exceeding 40 words. (Sudden, 2015). The new product for Fitbit is a Fitbit baby monitor a wearable baby monitor that is linked to a parent’s device that will put the knowledge CAREER CONNECTION: Final Strategic Plan and power to protect these babies in the parent's control. That is the mission of Fitbit Baby, empowering parents to make a difference and take charge of their babies possessive error wellbeing. Very nice mission! It is very specific and customer focused. Fitbit baby, the new division Fitbit’s primary focus has been fitness and fun, sharing your results with others and challenging them to be motivated. They have made wellbeing fun and entertaining, for the new division, it is moving in a different direction. Empowering parents to have more information about their baby’s welfare during sleeping. Babies are adorable and cute, but their wellbeing is not a fun matter. Therefore, the new division should be a have a separate mission and an individual identity for the original Fitbit that is customer focused. Using the same applications that the trackers currently utilization and building on this application to convey more information. The wearable monitor will attach to the baby’s wrist of a foot. It will track the baby’s oxygen, heart rate, sleeping patterns and send all this information to the parents FitBit and FitBit application. The beauty of such a device is that an alarm can be set to go off if the baby’s heart rate stops or oxygen levels stop. Also with all this information being sent to an application on you cellular that allows you to analysis it allowing a parent to tell when a baby fell asleep, how well they sleep, how many times they woke up and the total number of hours they slept. There are complaints that this function of the adult product is not accurate. How would you overcome these objections in regards to this product? 4 CAREER CONNECTION: Final Strategic Plan 5 Building customer base This device would be one of a kind innovation a way to track a baby’s sleep patterns, heart rate, oxygen levels and linked all this to another’s wearable device all these elements have never been available at home to parents. If the baby’s heart stops or breathing stops, it sets off an alarm on the device that is worn by the mother. It will be easy to find the customers because Fitbit is already well known. Fitbit's software is one of a kind and easy to use. The benefits of being reassured of your baby’s safety while sleeping are priceless worth any amount of investment the fact that the investment is reasonable makes it all the more worthwhile. Because SIDS is a very real concern for parents and any device that might help prevent that is worth the money. Having parents believe in the device will be the key because of the cost of such devices it will be important to get SIDS organization to sponsor the device. The next key will be providing the best quality service and money back guarantee will be necessary. It will be crucial to have customer service available during late hours in case of monitor issues. Also, the customer base will be parents adjusting to a new life with little sleep. Making things as straightforward and efficient as possible, if they need customer service make it easy for them and quick. The new division’s vision and business model “Companies commercialize new ideas and technologies through their business models. While companies may have extensive investments and processes for exploring new ideas and technologies, they often have little if any ability to innovate the business models through which these inputs will pass.” APA Formatting error (Chesbrough, CAREER CONNECTION: Final Strategic Plan 2010;2009;). 6 The business model in place to start up will be buying one get one. Anyone with a current Fitbit can receive fifty percent off the Baby Fitbit. Good idea – this is more tactical in nature so be sure to include these types of promotions in your week five paper. This business model will get the word out about the new device and build clientele. Increasing awareness of the new product and creating a market. This section would be stronger with more detail regarding your business model. A business model is not about marketing tactics – it focuses on business operations. Explain how the vision, mission, and value of the new division align with the company's mission and vision. Thank you for remembering to include section headings. How can you reduce these long phrases to a few concise words? The new division’s mission is a separate entity from FitBit current mission of having fun while getting fit. The BabyFit has a separate mission and vision to empower the parent to protect their baby’s by giving them more knowledge on the children. Both FitBits division strives to meet customers’ needs by offering them quality products with powerful software support. The new product being a device that puts parents at ease and is reasonable priced is going to create a frenzy of interest in the device. Summarize how the vision, mission, and values guide the division's strategic direction. The new divisions will strive to continue to uphold FitBits needs possessive good name and customer service record while implementing its identity as an individual product. The new division's clear mission and practical approach will help keep them on track. The fact that the device already exists and only needs to be altered to fit a baby CAREER CONNECTION: Final Strategic Plan helps with keeping the cost of production reasonable. The customer service and management is already in place the new division will maintain their strategic direction aligned with the already profitable parent company’s directions. Define your guiding principles and values for your division in the context of culture, social responsibility, and ethics. Children are at the core of every culture; they are the future of every society. Making a device that will help share the responsible of parents and save lives is both socially reasonable and ethically responsible. Continuing to keep the price affordable and obtainable for families and paying employees a fair wage is also important to the principals of the new division. This section would be stronger with more detail. Vision, mission, and values channeled by strategic planning A company’s vision, mission, and values should be recognizable in the mission statement. You should understand what a company’s bottom line is by their mission statement. Fitbit Baby’s mission is to empower parents with knowledge. The values are clear to help parents, the vision to make a difference in parent’s life. Much like the mission statement for the fitness device make a difference in fitness while remaining fun. While profit is important, making a difference in people’s lives is just as important. Having clear core values and making sure that those values are clearly laid out in the strategic structure of the company will help keep the new division true to their identity. Excellent point! I like the observations regarding values and strategy. 7 CAREER CONNECTION: Final Strategic Plan 8 I don’t see the vision statement that you developed for your division. Fitbit Baby’s mission is to empower parents with knowledge. This is both the vision and the mission of Fitbit Baby to empower parents with knowledge to give them the tools to be the confident amazing parents that Fitbit already sees them as. Conclusion Business models are used to construct new ideas and implement, mission statements and vision are used to keep the model on track and aligned with the core values. “There are a variety of perspectives, models, and approaches that can be used with strategic planning. The way a strategic plan is developed depends on the nature of the organization's leadership, the culture of the organization, the complexity of the organizations environment and the size of the organization.” (Paschall, 2013). You can have all the key elements of a successful business and not succeed; it is important to have a strategic plan in place and a way to maintain that plan. That plan should always have an action plan that lines up with the core values and mission statement and those involved in the decision making should believe in the plan. CAREER CONNECTION: Final Strategic Plan 9 Vision, mission and goals- Strategic Plan Part 2: SWOTT Analysis – Internal and External Environmental Analysis; Supply and Value Chain Analysis FitBit’s new business division would ensure that its clients continue getting the best of services they received from the previous product. Fitbit provided that they had a standard mission that was also attainable and let them remain relevant to the demands of the market. They advantage of their already existing device and only made modifications and integrated both of them so as to function as one. They also took advantage of the already existing customers and buyers who ensured that they kept them as loyal clients and attracted others. How can you create a stronger thesis statement? This last statement does not identify your paper’s objective and scope. Shareholder value or financial perspective Market share Fitbit intends to raise their market share considerably by at least ten percent every fiscal year, in a three-year row. According to Monahan, (2013), the increased market share is designed to increase the customer base of the company and raise the revenue collection of the firm. With the growing market share, they would have a rough assumption that they are above its peer companies that offer the same product range. Also, Fitbit would struggle to ensure that they maintain the same level of market share for as long as possible without letting it reduce, (Monahan, 2013). Revenues and costs The fit baby services would make sure that they sell their products as low as possible so as to increase the number of buyers who used the product. Fit baby, being an additional item to CAREER CONNECTION: Final Strategic Plan 10 their list of goods, would depend much on how they previously marketed and sold the previous item. Fitbit would sell the product at half the price for those who already acquired their former item. They would sell the item to buyers for as low as possible to attract as many clients who would have wished to try out the product by did not have the capability. What are your specific goals related to revenue and profitability? These are an important part of a scorecard. Profitability At the initial stages of selling the product, the firm would not expect as much profit as they would focus on determining the reception of customers on the product. However, later on, they would conduct a bit of sale and marketing of the good, out of the main shop to clients out of their reach, Monahan, (2013). That would be a positive means of letting the products sell as possible then make a lot of revenue at the end of the day. Competitive position The firm already has a competitive advantage over their competitors, in their first commodity, in which they ensured that clients enjoyed while keeping fit. Similarly, the company aims at ensuring that the new gadget gets integrated with the new one so as to remain competitively advantaged, Monahan, (2013). Also, the gadget would have the capability to remit signal at any time and required no battery to operate, instead used the message from the heartbeat to get recharged. Customer value perspective The company would ensure that they maintain and raise the hopes of their preexisting consumers and potential ones. The reason for that would get aimed at reducing their doubts CAREER CONNECTION: Final Strategic Plan 11 through efficient service delivery to their customers. The consumers would relatively get happy no realizing that the previous device was already compatible with the additional one. Customer retention or turnover Fitbit would try as much to win the hearts of many consumers as possible, with the hopes of ensuring that they took their services forever. Monahan, (2013) points that they gave their buyers coupons that let them shop another time at reduced prices. Consumers also received a node whenever they bought items, apart from the fact that they got bonuses, their names got noted for the purpose of promotions. Whenever there were promotions, they would be the first to get informed. Customer satisfaction and value The customers’ satisfaction would get arrived at awkward wording through timely delivery of quality FitBaby whose specifications met all the requirements of the consumers. Also, the users would be free to raise complaints from a toll-free number that got picked throughout the day and night. They highly valued the feedback of the customers. Internal operations perspective Measure of process performance The measure of performance would get determined through the employee's sales and if whatever they produced met the demands of the consumers. The sales outcome is what would tell as of what the consumers require or if the product was still needed attention according to its specifications, (Monahan, 2013). Impact of change on the organization CAREER CONNECTION: Final Strategic Plan 12 The move raised the name of the firm a notch high, apart from giving them a reason to make other similar developments that would build their name further, Monahan, (2013). The firm got focused on what best suited its customers and what the employees would handle with much ease sufficiently. The employees, in turn, agreed to the terms of the job as they were relatively attractive. Learning and growth Employee satisfaction The employees would get rewarded not only for the good work that they did in developing the product but also for the sales that they made. It is through the impressive power of employees that they would sell the product. Thus employees would get rewarded so as to ensure that they have the spirit to make other inventions. Employee turnover or retention The firm has got incentives and paid leaves that give the employees a reason to work with the business for long. They also found that working with the employees on overtime and spending more that gave them the reason to work in the business. The workers also got united through various means as teambuilding and other processes. What are examples of SMART goals related to this objective? Technological innovation According to Lele, (2012), the gadget got technologically advanced to the level of the standard of the latest innovations in the industry. The rationale for that was that people ensured CAREER CONNECTION: Final Strategic Plan 13 that they got trendy wears as things changed. They kept their competitors on their toes while their consumers served with the latest technological trends. Communication plan The above procedures required managers and their colleagues so as to pass them to their supervisors depending on the departments, whether sales or the production. They also ensured that the workers got aware of the strategies that they required so as to develop Lele, (2012). They made the employees work with minimal supervision autonomously. Employees also served the customers selflessly delivering all their demands as they requested. They applied a consumerbased strategy, which focused on what consumers require and the rate at which they demanded products. Another communication was a giving the customers a complete assurance that they would get the state of the art outcomes at the most competitive prices as possible. Consumers would get promised of the best products in the market even before the item reached the market. That would create a demand already as they would anticipate the features of the product before setting to buy. Conclusion- How can you create a strong conclusion that summarizes your key points and makes a final point for reflection? The above is a report on the manner that an organization can gain competitive advantage of the new product line that it adds into the market. The report then delves into means including the growth of the company, internal operations of the company, and the financial perspective of 14 CAREER CONNECTION: Final Strategic Plan the enterprise. The firm, however, must ensure that they remain ahead of other firms. A reason for them to work tirelessly each day and night. What about risk and mitigation? Strategic Plan Part 3: Balanced Score Card and its impact on stakeholders; the Communication Plan Scorecard Objective 1 On Time Delivery 2 Quality 3 Less Costs Metric 96% of the time 100% Satisifaciton Reduce cost by 5% INTERNAL PROCESS PERSPECTIVE Objective 1 Production 2 Better Utilization 3. Elimenate Non Added Activities Metric 10% Increase LEARNING AND GROWTH PERSPECTIVE Objective 1 Skills 2 Advanced Methods 3 Control and Sustain Metric 25% Improvement 25% Improvement 25% Improvement Target Two years Two years Five years Target Five years 100% First year 96% First year Target Year 1 Year 2 Year 3 Communication Plan External Legal/Regulatory Strengths Patent What do you mean? Weaknesses Imitations or coping from competitors external Global Global market in place with Fitbit Economic Improving economy will increase market external Technological Advance software that is far above any Other countries could manufacture similar product cheaper external Customers may opt to spend their money on a more common baby monitor then spend extra on something new external Other fitness wearable competitors Opportunities Create a legal/ethical disclaimer that releases responsibility Continue expanding globally Threats Potential lawsuit on responsibility if death occurs Expand into medical field through networking connections with pediatricians and hospitals. Expanding beyond public market further Unexpected economic down turn could create loss. Economically US is slowly recovering Superior technology being People are relying more on Global companies could increase competitions Trends Wearable technology continues becoming more popular More world trade continues to advance 15 CAREER CONNECTION: Final Strategic Plan competitors external expanding into the market. external Innovation is hard to sustain without a continued flow of new ideas and fresh thinking process into the medical field developed by a competitor technology then ever Encouraging employees to be innovative and to give input will help take advantage of great possibilities Innovation running stale mate. Innovation requires inspiration and creativity and is not easy to maintain consistently Maintaining a social present presence? can be time consuming and requires attentiveness that could require full time attention from employees. The upcoming generation is the most innovative of our history Innovation Innovation being part of the commitment to the company will keep them at the forefront of the industry Social Fitbit has created an empire on sharing experiences socially and connecting. Implementing g those same characteristic with the new division will be vital. Many companies have switched to environmentally friendly the blue print for such a switch is in place with trend setters like Dell already switching to environmental friendly external Fitbit remains leader in the industry despite large competitors advancing into the market It is a new industry with a different clientele which will offer challenges external The social connection that could be created with such a new product could make a huge difference in the world socially. Connecting families in a new manner It could be expensive to make the switch to environmentally friendly Tax credits and social standing could be greatly improved with a switch to environmentally friendly methods Could be hard to maintain all area’s environmentally friendly causing more harm the companies character then positive More and more companies are turning environmentally friendly, socially it is a positive move. Many competitors and more emerging yearly external Focus on advance hardware, water proof, damage resistant Being the leader in a market always make you the standard to beat Competition has been growing rapidly over the last two years Taking advantage of the current Fitbit following Breaking into a new market is challenging How can you be more specific? New innovation with a great need that could make a That not enough current owners take advantage of the strategy Wearable fitness continues to grow followers Environmental Competitive Internal Strategy Socially we are more connect than any other generation with the use of social media and technology 16 CAREER CONNECTION: Final Strategic Plan difference in the world New division can take current structure and modify for greater success to build the initial market Loyal employees can feel threatened by restructuring Structures Fitbit has a sound organizational structure Greater focus on department that handles hardware, the hardware has not been as advanced as competitors Processes/System s Fitbit has a strong process and system Adapting from health field to medical field Networking with new field and employees creates growth Getting the system wrong when starting up new division could be destructive to the company Resources Fitbit current production facilities and business structures and facilities Cost of additional resources to create new product Supply chain is established new products could use current supply chain for resources Suppliers could change terms because of new product Goals To sell 1500 in the first six months Be prepared for unexpected issues Strategic Capabilities Offering half off current owners of device Culture Creating a culture that is embraces innovation and motivation Current owners not having a new baby therefor no need for device Big competitors have a stronger work culture, example Apple and Google external Clean slate or new division offers huge possibilities Real chance to make a difference Technologies Advanced software Be more specific Problem with implementing concept to fruition Innovation New product is an innovation one of a kind Continuing to support and cultivate innovation Setting realistic goals, you are capable of keeping up with Sustaining the first few years until the product takes off Job dissatisfaction of loss of quality employees could create problems in the company internal Patenting everything before competitors learn of technology Keeping a balance between innovation and Getting on the top places to work list for upcoming years to encourage quality employees to choose Fitbit Advance other Fitbit products with inspired technology form new product Chance to try new opportunities to increase Involving employees in company decisions of structure increases personal ownership in a company Employee input and social responses are greatly offering more information has to the health of a company Contracts and relationships are in place trends would say that suppliers would want to maintain these Making goals public to involve the community Families continue to grow and have children Company has made its mission clear and its employees the center of their focus People love new technology Companies that are innovative are trend setting 17 CAREER CONNECTION: Final Strategic Plan Intellectual Property Patent in place for basic technology already Leadership Using the insight from FitBit current leaders to help designate new division leaders within the new division is difficult People could use concept and alter it enough to become competitors without infringing external Not finding a leadership crew that can inspire and motivate innovation internal It will take time for competitors to become inspired giving great opportunity to new division to protect and develop the product We have seen success with current leadership we have greater opportunities then other startup companies because we already have a strong foundation internal productivity with employees internal Those with more money and following taking up the concept Not being able to afford the leadership crew we would like on a startup budget internal Anything successful is copied and improved Trend say you get what you pay for. Investing in your employees and leadership is your best investment CAREER CONNECTION: Final Strategic Plan Week 5 tactical Plan-Starts Here Write a 700- to 1,050-word section for your business model and strategic plan in which you add your strategies and tactics to implement and realize your objectives, measures, and targets.      Include marketing and information technology strategies and tactics. Develop at least three methods to monitor and control your proposed strategic plan, being sure to analyze how the measures will advance organizational goals financially and operationally. Determine the best possible options for evaluating the strategic plan. Explain the ethical issues faced by the organization, summarize the legal and regulatory issues faced by the organization, and then summarize the organization's corporate social responsibility. Include in this section the possible implications of the triple bottom line (people, planet, profit) on the strategic plan and its implementation. Conclusion for the entire paper here CAREER CONNECTION: Final Strategic Plan 18 Reference Designer. (n.d.). Retrieved October 02, 2016, from http://www.fitbit.com/about Sudden infant death syndrome (SIDS). (2015). American Family Physician, 91(11), Online. Chesbrough, H. (2010;2009;). Business model innovation: Opportunities and barriers. Long Range Planning, 43(2), 354-363. doi:10.1016/j.lrp.2009.07.010 Paschall, L. (2013). Implementing a strategic plan. Dental Assistant (Chicago, Ill. : 1994), 82(1), 14. The, B. (n.d.). SWOT Analysis: Discover New Opportunities, Manage and Eliminate Threats. Retrieved October 10, 2016, from https://www.mindtools.com/pages/article/newTMC_05.htm Huang, Y., Xu, J., Yu, B., & Shull, P. B. (2016). Validity of FitBit, jawbone Lele, M. M. (2012). Creating strategic leverage: Matching company strengths with market opportunities. New York: J. Wiley. Monahan, G. (2013). Enterprise risk management: A methodology for achieving strategic objectives. Hoboken, N.J: John Wiley & Sons. O'Connor, T., & NAW Institute for Distribution Excellence (U.S.). (2010). Strategic planning for distributors: Execution isn't everything - it's the only thing!. Washington, D.C: NAW Institute for Distribution Excellence. Huang, Y., Xu, J., Yu, B., & Shull, P. B. (2016). Validity of FitBit, jawbone CAREER CONNECTION: Final Strategic Plan 19 UP, nike+ and other wearable devices for level and stair walking. Gait & Posture, 48, 36-41. doi:10.1016/j.gaitpost.2016.04 Huang, Y., Xu, J., Yu, B., & Shull, P. B. (2016). Validity of FitBit, jawbone
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