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Running head: Business Model and Strategic Plan Part III 1 Business Model and Strategic Plan Part III: Balanced Scorecard and Communication Plan Cory L Carrington BUS/475 April 24, 2017 RAMZY NOEL Business Model and Strategic Plan Part III 2 Shareholder Value or Financial Perspective Balanced Scorecard Market share Soco’Robics Fitness Studio can double their market share for the new idea by focusing on gaining new clients by advertising online, email, physical promotions (billboards or commercials). Revenues and costs Can lower the cost of this new service by looking for equipment and manufacturing at a lower price. Profitability Soco’Robics Fitness Studio can boost the profitability of the division by suggesting to its current clients to purchasing the program by adding it as lower cost because of their member status or offer promotions like 30 day test run to gain interest in the service. Competitive position Soco’Robics will be on top by focusing on the unique and rare features that the program brings to the table over its competition. Customer Value Perspective Balanced Scorecard Business Model and Strategic Plan Part III Customer retention or turnover 3 Clients stop going to gyms because they do not have time for it, so Soco’Robics Fitness Studio can use the new program as a retention tool for customers. “Soco’Robics Fitness Studio goal is to make exercising Customer satisfaction convenient, fun, and affordable for clients. And the new division is convenient, fun, and it will be available at an affordable price based on market value of the service.” (Carrington, 2017) Customer value By implementing this new service for clients, Soco’Robics Fitness Studio display value for their client’s goals to stay fit in convenient affordable fashion. Process or Internal Operations Perspective Balanced Scorecard Measure of process performance The division will be measured by the mistakes or errors that are in the system. Clients are able to workout in their home, without technical difficulty with the software or equipment. Productivity or productivity improvement This new division will build on the productivity that Soco’Robics Fitness Studio has been conducting. Impact of change on the organization There should be a boost to Soco’Robics Fitness profitable and popularity because of the convenience this will bring to its clients. Business Model and Strategic Plan Part III 4 Learning and Growth (Employee) Perspective Balanced Scorecard Employee satisfaction Employees will earn incentives for pushing this new service while carrying out their work throughout the day. Nature of organizational culture or climate The nature of the division is convenient, affordable, and fun. The division will provide consumers with schedule flexibility, at an affordable cost, and be an exciting new experience Technological innovation The new division is based on artificial intelligence with a virtual Caribbean character for instructor, with equipment that monitors a person body during workouts. Business Model and Strategic Plan Part III: Balanced Scorecard and Communication Plan “The Balanced Scorecard is a strategic management system that takes four different business perspectives into account in order to understand and achieve your organizational objectives. Aside from being a tool of measurement, it also works to reinforce good behaviors.”(Jackson, 2015) This paper is based on Soco’Robics Fitness Studio new division balanced scorecard and communication plan, which directly aligns with the vision, mission, and values of Soco’Robics Fitness Studio and their SWOT analysis and supply chain analysis. Business Model and Strategic Plan Part III 5 Strategic Objectives Financial Perspective • “Soco’Robics Fitness Studio can increase their market share for the new division by focusing on gaining new customers through advertising online, email, physical promotions. Soco’Robics Fitness Studio will also market the program on websites that are heavily populated with consumers looking to discover new information such as Google and Yahoo, and also targeting popular social media sites like Facebook and Twitter.” (Carrington, 2017) • With equipment needed such as Helo wristband, digital scale, and the A.I. software; the estimated investment of these products and services can be in a range from $10 million or more. The high cost for the new division can be could be lower if we shopped for lower priced equipment and manufacturing. Soco’Robics Fitness will mostly likely look to reduce cost by finding a company in another country with good quality but a lower cost. • “Soco’Robics Fitness will gain a competitive position by focusing on the unique and rare features that the program has over the competition. There is no program like the Caribbean virtual personal trainer, and the main competitive advantage. Soco’Robics Fitness Studio gain is its convenience that it provides members. Clients can workout in their own homes, and clients that work out at the gym can also obtain this program just in case if they had to miss a gym session.” (Carrington, 2016) • Customer Value Perspective Business Model and Strategic Plan Part III • 6 The division will provide consumers with schedule flexibility, at an affordable cost, and be an exciting new experience. The online Caribbean virtual personal trainer program allows members to pursue a healthy lifestyle, even though they do not have the time to actively do so. • Soco’Robics Fitness Studio Mission is to help members achieve their wellness goals and open affordable, welcoming, and convenient locations in new neighborhoods. By implementing this new service for customers, Soco’Robics Fitness Studio display value for their customer goals to stay fit in convenient affordable manner. • The reason Gyms lose clients is because they do not have time to exercise, so Soco’Robics Fitness Studio will use the new program as a tool to keep clients. Clients can benefit from this program as well because if they no longer have the time to travel to the gym, and they want to drop their membership the online Caribbean virtual training program can be an alternate option. Process or Internal Operations Perspective • If clients are able to work out in their home, without technical difficulty with the software or equipment there will not be many calls to technical support for the service. Monitoring complaints about the service can be a good measure of the new division performance. • This new division will build on Soco’Robics Fitness Studio ability to help members meet their goal of wellness in a convenient and exciting manner, and the Business Model and Strategic Plan Part III 7 online Caribbean virtual training is yet another method members can use to achieve their objectives. • The convenience that this division offer clients should give the organization a profitable and popularity boost, allow them to expand globally, and make the Soco’Robics Fitness a leader in innovation in its industry. Learning and Growth (Employee) Perspective • Employees will earn incentives for pushing this new service while carrying out their work throughout the day. • The new division will draw more customers to the business, whether it is to utilize the online Caribbean virtual program or become a member of the gym, because Soco’Robics Fitness Studio commitment to provide consumers with schedule flexibility, at an affordable cost, and be an exciting new experience. • The new division will start a trend because of the Helo wristband, digital scale, and the A.I. software. Companies will attempt to copy Soco’Robics Fitness Studio model for providing customers with convenient options to stay competitive. Communication Plan Purpose: The purpose for the new division is offer virtual online Caribbean personal training services for clients who are do not have the time to participate in training or the other various groups at physical locations. Audience: This program will appeal to businessmen and women in the corporate sector, middle class working families, and clients that would like the service just in case personal situations affect their training sessions. Business Model and Strategic Plan Part III 8 Channels of Communication: Every avenue of communication will be utilize however, the market analysis revealed that marketing this service on websites that are heavily populated with consumers such as Google and Yahoo, and also targeting popular social media sites like Facebook and Twitter will generate new customers. The communication will be conducted through advertisements and promotions such as free trials, video examples of how the service work, and more. Conclusion Soco’Robics Fitness Studio is in prime position to start up their new division, and the balanced scorecard provides the company with the objectives that are pivotal in making the idea a reality. From a financial perspective Revenue and cost is a concern because of the high cost it required to fund the program, but if a reasonably priced manufacturer is contracted the company will benefit from their competitive position. The new division is convenient for consumers so customer satisfaction can be considered a strength for the company, and the new service will aid customer retention. Measuring the performance of the program is not simple, but by monitoring the number of complaints. The fact that the service is innovative and convenient should boost sale and membership applicants for Soco’Robics Fitness Studio. Employees will meet the challenge of promoting the new division because of the incentives they will receive, and company will fulfill it’s mission statement. Business Model and Strategic Plan Part III 9 References Carrington 2017. Retrived from Business Model and Strategic Plan Part I: Conceptualizing a New Product or Service Division of an Existing Business Jackson, T. (2015). 10 Companies Using The Balanced Scorecard (& Why). Retrieved from https://www.clearpointstrategy.com/companies-using-the-balanced-scorecard/ MissionStatements.com. (2015). Retrieved from http://www.missionstatements.com/ Optimum Body, LLC. (2015). Retrieved from http://www.optimumbody.com/virtual-on-linepersonal-training-programs/ ...
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henryprofessor
School: UT Austin

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As you noted in the introductory of this paper, the balanced scorecard is a strategic
management tool that considers four areas of the business as a predictive tool of organizational
performance when corporate initiatives and programs are implemented. T...

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