Description
Purpose of Assignment
Students will have the opportunity to research a company and industry to conceptualize forming a new division of an existing company based on a new product or service. The assigned text and Strategic Planning Outline serve as a guide to complete sections of the capstone project each week. This will allow the student to lay the basic foundation for an effective strategic plan. A final plan will be presented in Week 5.
Assignment Steps
Resources: Strategic Planning Outline and Week 2 textbook readings
Use the Strategic Planning Outline as a guide to complete sections of your capstone project each week. A final strategic plan is due in Week 5. Cite your resources.
Develop a minimum 1,400-word proposal in which you explain the importance of innovation in your selected division's vision, mission, and values, and determine your business model for this new division.
Include the following:
- Propose a new product or service for the new company division. The division should be customer-focused with an innovative mission statement. Ensure you are differentiating your product or service.
- Describe how the division addresses customer needs and achieves competitive advantage.
- Create a vision and a business model for this new division that clearly demonstrates your decision on what you want your business to become in the future.
- Explain how the vision, mission, and value of the new division align with the company's mission and vision.
- Summarize how the vision, mission, and values guide the division's strategic direction.
- Define your guiding principles and values for your division in the context of culture, social responsibility, and ethics.
Cite a minimum of two peer-reviewed references.
Format your paper consistent with APA guidelines.
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Explanation & Answer
Attached.
Running head: STRATEGIC PLANNING
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Strategic Planning
Institution Affiliation
Date
STRATEGIC PLANNING
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Proposal of a New Division
Introduction
In the recent past, there has been heightened competition in the banking sector throughout
the country and globally. It is, therefore, important for my bank to strategize and come up with
products and departments that will help the company to gain a competitive position in the
market. This strategic plan focuses on a well-laid plan for the bank to open new branches in other
states to grow the organization. Banking businesses have been hard to run and there have been
strategies that an organization which is looking in developing the businesses must ensure to use.
There is the problem of interest rates that the banks have to make sure to strategize around them
to ensure there are profits that the bank is making.
The New Service
There have been observations that offering of new services and products for bankers has
been a great opportunity to conduct business. This is because it is a chance for the organization
to connect with the customers and provide the services that can be approved by the customers
that are value added. Customers are the most important aspect of an organization. This is because
in the case where customers no longer value the products and services of the organization, they
are likely to venture into business with other organizations. This is the reason as to why a
business must ensure to base itself on the customer’s interests instead of their own. There is the
risk where risks may be underestimated and the division of the organization may fail even before
it starts. There have been observations that food managers who are strategists make sure to
identify risks and manage them before setting up of the division or venturing into new products
and services.
STRATEGIC PLANNING
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In the case where the risks and problems are not identified and resolved in advance, there
is a high likelihood that the resolution, in the long run, will be costly to the organization. The
new service that the bank is going to introduce in the new division is the internet banking. This is
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