CAREER CONNECTION: Final Strategic Plan

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timer Asked: Mar 27th, 2017
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Question Description

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.

Write a 350-word executive summary defining the new division of existing business. Share your Vision, Mission, final business model, and value proposition, and list your key assumptions, risks, and change management issues. Quantify the growth and profit opportunity and planned impact on various stakeholders.

Note: Any investor should be eager to meet with you after reading your executive summary.

Using the University of Phoenix Business Model and Strategic Planning Outline as a guide, combine Parts 1, 2, and 3 of your completed business model strategic plan with your Final Business Plan Model assignment and Executive Summary. This includes the Business Model, Vision, Mission, Values, SWOT Analysis, Supply Chain Analysis, Balanced Scorecard, and Communication Plan from prior weeks. Your consolidated final strategic plan should be 4,200 to 5,250 words in length.

Format the paper consistent with APA guidelines.

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1 Strategic Plan Part 1: New Product or Service Kristine Wightman BUS / 475 March 6, 2017 Garold Cole, Instructor 2 Strategic Plan Part 1: New Product or Service Signs by George is a small signs and decal business that was established in 2003 in Spanaway, Washington. The company got its start by creating window decals that were sold primarily on eBay.com. As the company grew, it expanded its operations to include custom made wood and vinyl signs, custom created logos, and more recently, tee shirts and hats. They have an established online presence via their website and Facebook page, but the company needs to evolve into a more digitally accessible retailer. Creating additional services, such as a mobile app and at home installations may create a stronger customer base, and further promote the company’s presence. The goal will ultimately be to continue being innovative in providing the best in customer services and products. Proposing a New Product Signs by George is a company that puts the needs of the customer on the front line. The success the company has had with their unique logos and quality products have enabled continued relationships with loyal customers. To continue to grow as a company, the goal is to make the products available and easily accessible to all customers. The mission statement is, “To provide quality custom made products quickly and affordably.” The proposal is two-fold: 1) Provide a service allowing custom made decals to be installed at the customer’s location; 2) Create a mobile app allowing customers to order ready-made decals. Curbside Installation Service. The company can expand the installation process and hire two to three individuals to go to the customer’s location, whether it be at home or at work, for a small additional fee. The installation division will determine the radius of the service distance that will be allowed. Installation will include automobiles, boats, and recreational vehicles. 3 Mobile Device Application. The company takes custom individual orders, as well as large bulk orders for businesses. A mobile app can be created to allow customers to see readymade decals that can be adhered to clothing articles, such as tee shirts, hoodies and hats. The app should have features allowing the customer to choose a decal, style of clothing, color, and size, depending on availability. The app should also have payment processing available, and notifications set up to inform the customer when the product is ready for shipment or store pickup, at the customer’s request. In addition to creating a mobile app, the company’s website should be updated to offer the same features for customers using their personal computers. Addressing the Customer Needs with a Competitive Advantage Kimberly Amadeo (2016) wrote, “A competitive advantage is what makes you better than the competition in your customers' minds.” Amadeo stated a company needs to know these three determinates: what you produce, target market, and competition. What you produce. Be clear on what you are providing to the customer. Target market. Know who your customers are, and know your market. Competition. Not just similar products or companies. Competition includes anything and everything else that meets your customers’ needs (Amadeo, 2016). While there are other sign businesses in the area, the majority will not install vinyl decals to automobiles at a customer’s location; the expectation is that the customer will bring their vehicle to the location to have the installation done on site. This will give Signs by George a competitive advantage over other businesses, differentiating them with an additional service to the customer. Although other sign businesses offer a user-friendly website that can be interactive, a mobile app will give Signs by George an advantage that other firms do not yet have. The 4 different features and abilities to create a tee shirt, for example, and the quick turnaround of product will show the local customers that they can order a product and have it ready by the time they arrive to the store. This will create an efficient system for customers who want a specific design that is made available, and process the entire order via their mobile device. Vision and Business Model The vision for this division is to “make our products available and easily accessible at an affordable price.” The goal for the new service is to reach our customer base in a new and innovative way, while providing a faster turnaround on certain products. The business has been built on providing other businesses with their sign and decal needs, whether it be a new storefront, or displaying their company logo and information on the company’s vehicles. Signs by George can further expand their business to meet the individual needs of their customers with ready-made decals for the line of apparel that is available. The “brick and click” business model would work best for this division of the company. Creating an interactive website and additional mobile app will allow the company to reach a wider target audience. Advertisements that pair with Facebook, Twitter and YouTube will allow the product to be promoted and further endorse the presence of the company. Vision, Mission and Value The mission that Signs by George has is, “Our goal is to create a brand for your business that stands out. Essentially making your business our business.” The creators at Signs by George work hard to create a design for other companies that can be seen and recognized for that specific company. Their vision is to create a partnership with other companies to ensure that their presence in the marketplace is known, thus establishing the sign business in the community. 5 Creating an improved website and application will further reach customers that are outside the community. Using social media is a great place to advertise and promote the product that is available at Signs by George. Extending the reach of their market will allow growth and opportunities to branch out, bringing value to the division that is being proposed. The mission statement, “To provide quality custom made products quickly and affordably” provides a template that will direct the company in creating a values statement. The values statement should incorporate the importance of quality product, affordability, and building relationships with the customers that will last for years. The values should be an example of how each customer is appreciated, no matter how big or how small the order. To summarize, the vision, mission, and values of the company should work together to create an atmosphere that values the customers’ needs above all else. When the team members value the customer, they will ensure greater quality while being mindful of the importance of swiftness in product turnaround. Defining Guiding Principles and Values Signs by George prides themselves in staying competitive in the sign and decal business, while continuing to provide quality products for their customers. Signs by George has aspired to instill in their team members the importance of good customer service, communication between designs and final product, as well as providing quality products using quality materials. The founders of Signs by George have understood that products should withstand time and elements to ensure the customer’s needs are continuously met. If the product does not hold up within a certain amount of normal wear and tear, they guarantee their products and replace as needed. This creates a bond between customer and the business that reassures the customer will continue to have the product they were promised, showing the importance of having good ethics. 6 Signs by George values being ethical is working with customers, as this type of business gets promoted by word of mouth and referrals. It is their continued goal and purpose to provide a quality product and service. Culture defines the character and personality of your organization. According to HR Insights (2013), “Culture is as important, if not more important, than your business strategy because it either strengthens or undermines your business and the objectives it is trying to achieve. Culture is significant, especially because… • “It attracts talent. Potential job applicants evaluate your organization and its climate. A strong, positive, clearly defined and well-communicated culture attracts the right fit and talent. • “It drives engagement and retention. It creates a work environment that either strengthens or weakens employee engagement and retention. • “It impacts happiness and satisfaction. Research shows that employee happiness and satisfaction is linked to a strong workplace culture. • “It affects performance. Organizations with stronger cultures outperform their competitors in financial performance and are generally more successful” (HR Insights Blog, 2013). Signs by George should improve on their workplace culture to establish an atmosphere that attracts talent, impacts happiness, and affects performance. Doing so will increase the principles and values that will drive the company into a creative and production work environment. 7 Conclusion Signs by George is a small business that has the opportunity to transform itself into becoming more interactive and accessible to today’s market. The target audience is going to be easier to reach via social media and the internet, with a few modern changes and technological improvements. There is a capability for this company to evolve into a leading competitor locally and nationally. The mission, vision, and values statements can give the company a stronger direction in which to travel, while its conscientious efforts in good quality control has already established a good customer base. Understanding their competitive market will continue to push the company forward without losing who and what they represent. 8 References Amadeo, K. (2016, November). What is Competitive Advantage? 3 Strategies that Work. The Balance. Retrieved from https://www.thebalance.com/what-is-competitive-advantage-3strategies-that-work-3305828 HR Insights Blog. (2013). Retrieved from https://www.yourerc.com/blog/post/WorkplaceCulture-What-it-Is-Why-it-Matters-How-to-Define-It.aspx Strategic Plan Part 2: SWOT Analysis Kristine Wightman BUS/475 March 13, 2017 Garold Cole Strategic Plan Part 2: SWOT Analysis This analysis will determine the different factors of SWOT, which consists of strengths, weaknesses, opportunities, threats and trends of the business. The company, Signs by George, is a small business looking to expand its services by reconstructing their website, developing a user-friendly app, and adding the additional service of on-site installation, as opposed to having the customer come to the business location for vehicle decals and wraps. By analyzing both the external and internal factors, the company will be able to work out a strategy for marketing the concept, differentiating the proposed services from the competition, and recreating the business plan for innovative expansion. SWOT Analysis of External and Internal Factors The SWOT analysis is an important tool to look at external and internal factors for the business to expand their services, and to discover whether the proposal follows a good strategy for success. Below is the SWOT table of the findings: External Strengths Internal On-site vehicle decal On-site designers can facilitate installation is not as accessible the right design for each product through other sign businesses. ordered. They can also make Most companies prefer the recommendations to the customer bring their vehicle to customers. them. Signs by George wants to include on-site installation. With other sign businesses to compete with, the new services will differentiate Signs by George from the pack. Weaknesses Further research is needed to A good business strategy needs determine if patents or to be developed to ensure the trademarks are needed to be success of the app and the applied for. services offered. Current website is not reaching Requires an excellent tech its target market. support team. Unsure whether the app will be The current building is small and Opportunities Threats as efficient and accepted as not efficient to expand the hoped. services. With the use of the internet, Develop a plan to process orders the business can target a quickly and efficiently. Organize broader audience nationally. materials and keep an inventory Eventually the business can and a system to be fully stocked. look toward global markets. Organize materials, apparel, and A user-friendly application can products to be efficient and to be developed to enable an keep the inventory accurate. interactive experience for the Create an atmosphere among the customer. staff of unity and good work Website that is interactive for ethics. the customer to play with the Establish a relationship with different options and choices suppliers to receive bulk items at in custom made apparel. a discounted rate. Ensure the app is original, and not a copycat of another business. As the installation requests grow, the number of mobile installers will increase, causing higher emissions being released. Fuel efficient vehicles or hybrids should be considered to establish a green business. Trends Social media is great Create an atmosphere to promote advertising, especially for creativity and unity in the Gen-Xers and Millennials. workplace. Using Facebook, Twitter, and Keep Social Media updated on YouTube as a means for upcoming styles, designs, sales promoting the products and and so forth. Promote the app services offered will further and the website through social establish our online presence. media. Interactive app will put more control in the hands of the customers, giving them choices on design, style, color and size of apparel on their mobile devices. Synopsis The SWOT analysis shows Signs by George what strengths they can build on, and where improvements need to be made. A lot of development time and energy will need to go into the improved website, and in the proposed application. An online presence needs to be strengthened and promoted through social media advertisement. Economic, legal and regulatory factors must also be considered. Economics. The region that the business is in consists of a wide range of income levels and unemployment. There are large communities being built at a staggering rate consisting of large homes on small lots, pocketed with older communities with low end and pre-fabricated homes. The region also contains several families and schools, which could affect the type of products that can be available for large groups or organizations. Per The News Tribune (2017), the region’s residents are showing a 3.6 percent rise in labor force for 2016, and a “2.2 percent growth in jobs projected for 2017 is expected to create an additional 6,800 jobs. 2017 per capita income is expected to rise 3.1 percent, driven by construction growth and assuming local workers fill those jobs” (Cockrell, 2017). More jobs will ensure a better economy for the region, which affects all businesses in the area. Taxes. Tax codes vary from one region to another, and it will be imperative to consider how the taxes in the area will affect expanding the services and the budget required for additional products and services. Additional employees will also affect the amount of taxes the company must pay every year (Legal and Regulatory Factors Affecting Business, 2015). High Costs of daily operations must also be taken into considerations. A business strategy that incorporates the amount of increased expenses will contribute to the deliberations on how much to expand and help to create a workable budget. Organization. Because the business is small, employing three to five employees at a time, Signs by George is flexible in making changes within the organization. The nature of their business creates an environment that is able to adapt to changes in seasons, changes in the economy, and changes within their own organization. With increasing the services offered, changes in their workspace will be necessary to accommodate an increase in product orders. The company should consider moving into a larger facility, with a storefront that is easily accessible to the public. This gives the sign business an opportunity to make their presence visible, bringing in more customers and business. Displaying product and designs will also promote the business further. Core Competencies. According to Dess, Eisner, Lumpkin, & McNamara, (2014) core competencies are “the glue that binds existing businesses together or as the engine that fuels new business growth.” The core competencies in Signs by George include creative energy, a desire to create a quality product, and the need for achieving their goals. The new division of the company will create and efficient system that will take the website and mobile orders, organize the products, and send the materials to the individuals in the production department. The division will also maintain an inventory, and keep product (in various colors, sizes, and styles) stocked according to customer preferences (information that will be collected and analyzed after a six-month trial run). Issues and Opportunities The SWOT analysis helped to identify some of the issues that need to be attended to, as well as opportunities the proposed division will bring to the business. In addressing these issues and opportunities, a better strategy can be developed to be successful and profitable. A major issue that has previously been mentioned is the need for a larger facility. Obtaining a larger space to separate the office and workspace, as well as creating a space dedicated to inventory will give the business a better flow. The signs and decals department should be separate from the apparel department, since the materials used are different. This will also create an organized space enabling orders to be better produced in a quick and efficient manner. Another issue is determining the funds needed to move the business, and invest in the startup material for expanding the pre-made apparel products. Obtaining a business loan could be profitable if the interest rates are low enough, and the terms reasonable. Locating an investor can be a better solution financially, if the business owner is willing to share in the profits and responsibility. A reputable software developer would need to be employed to develop the app and restructure the website, and an IT person would need to be partnered with as well to keep the technological processes up and running. One of the opportunities this business has is to expand their technology to incorporate an improved website that a customer can navigate easily through. The website should add additional links to the product options that are carried. If they want custom made decals or apparel, they would click on a link directing them to that page. If they want to order a design that is unique to this company, they have that option as well. Organizations can navigate to the page that specializes in groups orders, and in creating a unique logo or brand for that organization. A mobile app will also be developed to navigate the customer in the same way, allowing browsing of the products, selecting the order, and paying directly from the mobile device. Social media is a valuable tool that will promote the business further and create ads that consumers will be drawn to. Social media furthers cements the online presence for this company, reaching a wider range of consumers. Many sites do produce tee shirts, hoodies and hats with fun and interesting designs that consumers enjoy; the variety, however can be limiting in that ...

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