RUNNING HEAD: STRATEGIC PLANNING.
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Title: strategic planning
Student’s name:
Institution.
RUNNING HEAD: STRATEGIC PLANNING.
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Coca-Cola Manufacturing >> Company >> Vision & Mission
Mission statement:
The Coca-Cola Company will provide the highest-quality end products to our customers
while striving to make them the leaders in their respective industries. To ensure that we have a
progressive success, we will attain a reasonable benefit, go on with leading our industry by use
of individual and group determination, improving the existing environment, and integrity.
Employees will be given the opportunity for both personal and professional growth.
In the strategic planning context a goal is a place where the organization desire to be, For
instance, a goal for a sporting organization might be to have 30 qualified and active coaches. An
organization may come up with several goals that will state a pipeline to achieving the vision.
The goal of attaining 30 qualified and active coaches will be a necessary step in meeting the
vision of becoming most dynamic, most respected and best-achieved organization at the district
level.
Specific: goals need to be specific so that there is the possibility of predicting the exact
amount and the type needed.
Measurable: goals d objectives must be stated in a measurable term, for when goals are
measurable they facilitate management planning, implementation, and control. For the ability to
use the objectives as a part of a review process, it should be very clear whether the person met
the objective or not.
Achievable: The next important factor to setting objectives is that they be achievable.
For instance, an objective which states "100 percent customer satisfaction" is not realistically
achievable. It's not possible to expect that everyone must be 100 percent satisfied with their
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service. A goal of "15 percent improvement in customer satisfaction" is better though it may still
not be achievable. If it's assigned to the database developer. There is no likelihood to have
enough influence over the customer interaction process to improve satisfaction by 15 percent.
The goals set must provide a stretch that motivates people to aim higher.
Realistic: This leads to the next factor—realistic. Realistic objectives are objectives that
recognize factors which are beyond control. This means realistic goals are potentially
challenging but not so challenging that the chance of success is small. They can be accomplished
with the tools that the person has at their disposal.
Time-based: The final factor for a good objective is that it is time-based. In other words,
it's not simply, "improve customer service by 15 percent," it's "improve customer service by 15
percent within the next 15 months." This is the final anchor in making the objective real and
tangible. The implied date is the date of the next review when the employee will be held
accountable for the commitments that they have made through their objectives.
Conducting an analysis of your industry is vital for many reasons; one of which is that
you will become much more familiar with your marketplace and with the competition in your
markets. You can use online strategy guides or strategic management models to help in your
analysis. Make sure that you review your industry on a regular, scheduled (e.g. once a year)
basis: your market environments can change rapidly and if you focus on your business, rather
than the market, you can miss opportunities and face unexpected challenges.
The following are key success factors to put into consideration when conducting industry
analysis. Though not all will be applicable to all industries;
RUNNING HEAD: STRATEGIC PLANNING.
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Ability to attract new customers. This involves employing strategies of
making the business attractive to customers this can include using the appealing business
logo, provision of after sale service, promotion offers, offering security in business place
among others.
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Ability to retain existing customers. Though retaining customers is a tough
task, there is need to play a smart game in keeping the customer. This can be creating
trust in customers about the business, being reliable and many more.
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Ability to attract and retain good employees. This can be achieved by the
provision of a reasonable salary, making payment in time.
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Managing your human resources. Human resource should be manageable
so that employee turnover is controlled.
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Managing your cash flow. By managing cash flow, the business will retain
stability and growth.
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Strong distribution channels. Through the creation of stable distribution
channels, the industry will be kept in a progressive state.
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Strong technology capability. Since technology keeps on changing, there
is need to move according to new technology for this will favor the industry as well
giving the industry its success.
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Location to customers. Customers often need that business they can access
with easy for the need closer business to which they can obtain their satisfaction from.
SWOT Analysis should be the key component in the strategic planning process for it
allows for easy identification of strength and weakness, opportunities and threats the
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organization faces. The analysis enables one to identify how to survive in the marketplace,
how you can grow as a business, as well where one is vulnerable.
Strength. By making a list of the industry’s internal strengths, internal factors that can
improve the business’ position can be copied. This may include; superiority in technology, more
sophisticated machinery and equipment, a well-trained sales group, management expertise, high
customer retention among many more.
Weaknesses. They include factors that hinder the company’s ability to achieve its
objectives. They involve unreliable suppliers, lack of financing, gaps in expertise among others.
The weaknesses should be considered for it allows making decisions that will strengthen the
company.
Opportunities. Are external factors that make your business to grow and become
profitable? They include things like new potential market, consumer trends, market innovation
among others. To identify the opportunities involves close analyzing of the competitors’
weakness.
Threats. These are external obstacles the business must overcome. They may include a
declining economy, shortage of labor legal or regulatory change among others. For identification
of the external threat, one should look at the competitor's strengths.
The criteria that I think is important to apply, I by using two determinant attributes which
involves using two determinant attributes on the graph.
RUNNING HEAD: STRATEGIC PLANNING.
The reason for using the criteria is that it is very simple to construct and interpret since it
is only two product attributes which are put into consideration.
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REFERENCES
Houben, G., Lenie, K., & Vanhoof, K. (1999). A knowledge-based SWOT-analysis system as an
instrument for strategic planning in small and medium-sized enterprises. Decision
support systems, 26(2), 125-135.
Cross, K. F., & Lynch, R. L. (1988). The “SMART” way to define and sustain success. Global
Business and Organizational Excellence, 8(1), 23-33.
Fleisher, C. S., & Bensoussan, B. E. (2003). Strategic and competitive analysis: methods and
techniques for analyzing business competition (p. 457). Upper Saddle River, NJ: Prentice
Hall.
Ritchie, J. B. (1975). On the derivation of leisure activity types-A perceptual mapping
approach. Journal of leisure research, 7(2), 128.
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