...stakeholders want it to go. And like a road rally, strategic plans meet detours and obstacles that call for adapting and adjusting as the plan is implemented. Strategic planning is a process that brings to life the mission and vision of the enterprise. A strategic plan, well crafted and of value, is driven from the top down; considers the internal and external environment around the business; is the work of the managers of the business; and is communicated to all the business stakeholders, both inside and outside of the company. As a company grows and as the business environment becomes more complex the need for strategic planning becomes greater. There is a need for all people in the corporation to understand the direction and mission of the business. Companies consistently applying a disciplined approach to strategic planning are better prepared to evolve as the market changes and as different market segments require different needs for the products or services of the company. The benefit of the discipline that develops from the process of strategic planning, leads to improved communication. It facilitates effective decision-making, better selection of tactical options and leads to a higher probability of achieving the owners’ or stakeholders’ goals and objectives. There is no one formula or process for strategic planning. There are however, principles and required steps that optimize the value of strategic planning. The steps in the process described in this series of articles on strategic...
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...ongoing process of building and sustaining relationships by assessing, anticipating, and fulfilling stated and implied needs,’ Quality Digest, 2001).” Even those quality definitions which are not expressly relational have an implicit relational character. Why do we try to do the right thing right, on time, every time? To build and sustain relationships. Why do we seek zero defects and conformance to requirements? To build and sustain relationships. Why do we seek to structure features or characteristics of a product or service that bear on their ability to satisfy stated and implied needs? To build and sustain relationships. The focus of continuous improvement is, likewise, the building and sustaining of relationships. It would be difficult to find a realistic definition of quality that did not have, implicit within the definition, a fundamental express or implied focus of building and sustaining relationships (Quality Digest, 2001.) Elements of Quality There are three key elements of quality: customer, process, and employee (Key Elements of Quality, n.d.). Everything an outstanding company needs to continue being outstanding is these three indispensable elements (Key Elements of Quality, n.d.). The first element is the customer. Customers are the center of any company’s genetic make-up as they are what truly define quality (Key Elements of Quality, n.d.). “They require performance, reliability, competitive prices, on-time...
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...One secret to maintaining a thriving business is recognizing when it needs a fundamental change. 50 Harvard Business Review 1711 Johnson.indd 50 | December 2008 | hbr.org 10/30/08 2:02:02 PM Reinventing Y our Business Model by Mark W. Johnson, Clayton M. Christensen, and Henning Kagermann Jim Frazier IN 2003, APPLE INTRODUCED THE IPOD WITH THE ITUNES STORE, revolutionizing portable entertainment, creating a new market, and transforming the company. In just three years, the iPod/iTunes combination became a nearly $10 billion product, accounting for almost 50% of Apple’s revenue. Apple’s market capitalization catapulted from around $1 billion in early 2003 to over $150 billion by late 2007. This success story is well known; what’s less well known is that Apple was not the first to bring digital music players to market. A company called Diamond Multimedia introduced the Rio in 1998. Another firm, Best Data, introduced the Cabo 64 in 2000. Both products worked well and were portable and hbr.org 1711 Johnson.indd 51 | December 2008 | Harvard Business Review 51 10/30/08 2:02:12 PM Reinventing Your Business Model IDEA panies understand their existing busistylish. So why did the iPod, rather than IN BRIEF ness model well enough – the premise the Rio or Cabo, succeed? behind its development, its natural inApple did something far smarter » Breakthrough, game-changing terdependencies, and its strengths...
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...Organizational culture is the set of key values, beliefs, understandings, and norms shared by members of an organization (Daft, 2012). In this paper, I will examine the elements of Starbucks’ organizational culture that contributed to its success in a global economy and look into management’s role with creating and sustaining the organizational culture. I will next assess the effectiveness of the company’s management decisions in providing innovative offerings for its customers. Then I will look into determining one key management competency and indicate one way the competency is a good fit for the organizational culture. Lastly, I will evaluate Starbuck’s ability to achieve long-term sustainability as a global leader in the coffee industry without the organization’s CEO, Howard Schultz. Starbuck’s is a multinational company famously known for its coffee. Starbucks offers some of the world’s finest grown fresh roasted whole bean coffee. The company first opened in 1971, at the historic Pike Place Market in Seattle as one storefront. The Starbucks’ name is from the first mate in Moby Dick. In 1981, now CEO Howard Schultz first walked into a Starbucks store, his first cup of coffee had him intrigued and he joined it a year later. Starbucks maintains its great success by standing by its mission statement “to inspire and nurture the human spirit, - one person, one cup, and one neighborhood at a time”. In addition to offering exceptional coffee, the company offers a selection of teas, pastries...
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...concept in which all the elements of marketing mix are coordinated with the marketing strategy in order to reinforce what each is saying and to prevent customer confusion from conflicting messages (Winer & Dhar, 2011, p. 281). The elements of the marketing mix that are affected by the IMC are: Advertising, Direct marketing, Sales promotions, Publicity/Public relations, and Miscellaneous communication activities. This paper will make an overview of the Integrated Marketing Communication made by Stihl Holding AG & CO. KG, a company that is number one selling brand of handheld outdoor power equipment for: Forestry, Landscape maintenance and Construction industry . The company has more than 12.000 employees around the world, and their products are sold exclusively by specialist dealers that also provide servicing. The Stihl sales organization consists of 32 Stihl-owned sales and marketing companies and approximately 40,000 specialist dealers in more than 160 countries in the World (Annual report, 2011, p. 54). Stihl Holding AG & CO. KG, IMC Elements In order to analyse Stihl's IMC, first the target market of the company must be determined. According to the company's Annual report from 2011, the target markets of the company are: "Anyone that works in forestry or agriculture, in landscape maintenance or construction - or anyone who expects the highest standards as a private user - knows Stihl and valuates its brand promise: first class quality, customer orientation and innovation"...
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...Key Supply Chain Performance Indicator Paper Danny Shieh ISCOM/370 March 31th, 2012 Leon Powell Key Supply Chain Performance Indicator Paper The success of a company can often be represented by its performance of the supply chain element. Such performance is measured to ensure the flow and process of each element is accurate and up to standard based on the company’s goals and objectives. In this paper, author will first define supply chain and its elements, then define the meaning and importance of key performance indicators. Lastly, Author will explain three example indicators, how it is calculated, and what the number means. Supply Chain Management Supply chain management (SCM) is defined as managing the flow of information and materials from upstream suppliers to downstream customers. The Institute for Supply Management’s definition states that “Supply chain management is the design and management of seamless, value-added processes across organizational boundaries to meet the real needs of the end customer” ("Institute for Supply Management", 2011). The elements of the supply chain are components that made the flow possible. Such element includes supplier, logistics/transportation, purchasing, production, inventory, planning, IT, quality assurance/quality control, and customer. These elements are important to the flow of supply chain as they each contribute a function that worked together...
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...Business Model and Strategic Plan Part 1 BUS/475 Business Model and Strategic Plan Part 1 Scorecard Four Balanced Areas For Measures | Strategic Objectives | Measure | Metric | Target Year 2 | Target Year 2 | TargetYear 3 | Financial | Improve Profitability | Improve return on investments | ROIC | +2% | +3% | +4% | | Improve Revenue | Improve overall Revenue for the company | Revenue | +3% | +4% | +5% | | Increase Assets | Strengthen Financial Resources | Cash Flow | 5% | 5% | 5% | Customer | Customer oriented growth | Increase total number of customers | Market share | +3% | +5% | +7% | | Increase customer satisfaction | Customer satisfaction for goods | Customer surveys | +5% | +10% | +15% | | Increase obesity and healthy living awareness | The amount of customers signing up for monthly newsletters | Customer enrollments | +25% | +40% | +50% | Operation or Process | Improve productivity | Reduce the time to launch products | Product development cycle time | -3% | -5% | -7% | | Improve Physical Resources | Increase the efficiency of current products that product products | Product development | +3% | +4% | +5% | | Reduce Waste | Decrease the total amount of waste at the production line | Expense | -3% | -5% | -8% | Learning and Growth | Improve leadership by reducing turnover | Retain top management positions | Management turnover rate | -20% | -30% | -50% | | Implement a unique work-friendly culture for employees to continue to...
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...As with any venture, direction is a key of success. In becoming an entrepreneur, one must have a path for the business to follow, and that path will be your strategic plan. The strategic plan includes items such as the business plan, company summary for your business, market analysis, goals of your business and estimated financials. Entrepreneurs can’t really tell an exact amount for financing however, entrepreneurs should be prepared to defend their numbers when asked to do so. For most strategists in big companies, after the companies were established, strategists would continually updated their business plans and use them as steering mechanism to direct the company. According to Porter (1996), even though entrepreneurs were able to come...
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...the primary stakeholders would include the stock holders/investors, myself and the management staff, cooking and catering staff, the driving and delivery staff, and the janitorial staff, along with the customers, the suppliers, our creditors and of course the community which we serve. We impact the suppliers because we purchase from them daily. Also our creditors because they anticipate our timely and full balance payments as agreed. With this in mind, our job is to impact the community and customers well enough to generate a greater need for supplies to ensure full and proper payment of balances to creditors. Our secondary stakeholders as mention are those not directly impacted but still possessing an interest. One certain example of this would be the families of the staff. They are dependent upon the income of the employees as means of living. Their interest is among the top of my concerns. Ensuring a pleased but promising staff is a key factor to product, attitude and success. Government agencies are also taken into consideration, we need to ensure that we engage in a completely compliant legal manner and have proper licensing and insurance. Other secondary stakeholders would include the greater community, and the general public. These are people who are not customers that we do not target in marketing, that are not impacted by out location, or our service but are in the area and could still have an interest. There is no real gain or loss by the majority of...
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...Marketing is important to the success of any business. Marketing is the process or technique of promoting, selling, and distributing a product or service (Merriam Webster, 2013). Most consumers want to know about a product or service before they purchase. The consumers’ wants and needs are important to marketing. Marketing gains the attention of consumers. Another definition for marketing is the management process through which goods and services move from concept to the customer (Business Dictionary, 2013). However, this definition includes four elements of marketing. The first is identifying, selecting, and developing of a product or service. The second is determining the price of the product or service. Third is the selection of the distribution place. Last is the development and implementation of a promotional strategy. Marketing is one of the important business functions that a lot of companies ignore. So having the right merchandise, offering the appropriate services, and choosing the right location are the key elements in having a marketable product or service. Marketing is based on thinking about the business in terms of customer needs and their satisfaction (Business Dictionary, 2013). Marketing is important to business because it leads to the success of the company. The distribution and production of a service or product depends on marketing. Marketing has less to do with getting customers to pay for your product as it does developing a demand for that product...
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...Table of Contents Introduction 2 Human Resource Defined 3 Strategic HRM Elements 3 Strategic Planning 4 Strategy 4 Strategic HRM and Goals & Objectives 4 SHRM – A tool to achieve organization’s goals and objectives 6 Case Study 7 Company Information 7 Company background 7 Core strategic aims and values 7 Pest Analysis 8 Political Factors 8 Economic Factors 9 Social Factors 9 Technological Factors 9 Employee and human relations 10 Human Relations 10 Key Success Variables 10 Employee Relations 10 Key Success Variables 11 Global market value and competitive advantage 11 Internal & external customer satisfaction 11 Key Success Variables 12 Conclusion 12 List of Figures Figure 1: Strategic Human Resource Management Model 6 Figure 2: Traditional HR versus Strategic HR 7 Figure 3: Pest Model 9 Introduction In the current global business environment, the role of HR cannot be neglected. HR consideration is equally important as the knowledge economy expects from their workforce to share their contribution in building the structure of the ideas for the benefits of organization as a whole and at the same time support in compliance of its strategy. HR competent people working in an organization set the benchmark in value additions for the business activities that are undertaken in return to have the desired achievements of goals and objectives. Hence it has been pretty crucial to acquaint with the dynamic HR changes that are happening in an economy. ...
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...the customer so well the product or service fits him and sells itself” Peter F. Drucker (2001). Marketing is more than definitions, abstract thinking, theory and being sales manager. It is a science that incorporates functional knowledge that operates, not in a vacuum, but based on accepted principles. The purpose of this report is to inform the reader about marketing in the United States of America. The American style of marketing is the advent of business’ to find a way to make a profit. It is a necessity for businesses to know the current situation of the social economic environment, without such knowledge it is impossible to reach the next level. In the case of marketing evolution, with time comes change and change is a necessity to evolve. As society grows so should a business’ marketing attitude to remain competitive in an ever changing environment. In the business world marketing is continually a key assist or major detriment to a business’ success. Marketing is define as: The activity, set of institutions, and processes for creating, communication, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (Nickels, HcHugh, & McHugh, 2010). To further explain, marketing does for a company what a resume does for person applying for employment. A Marketing Strategy is only effective to a business if all the key elements of the Market Analysis are thoroughly addressed; in particular: Customer Orientation...
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...centralized management paradigm. Even basic services halted – tomato farms as well as police services could not get deliveries from suppliers, make payrolls, or collect from customers. Even such mundane activities in relatively non-integrated industries could be struck and struck hard by the lack of capital and basic finance. Vastly more complicated and capital intensive industries such as shipbuilding and aircraft manufacturing were throttled the same, but have been destined to much longer and more complicated recoveries. The domestic aircraft industry has been targeted as a “national treasure” industry of focused investment and restoration. In global terms, the Soviet Union was indeed an aerospace superpower. Its engineering ability, productive organization and domestic national market had achieved a vertically integrated and complex product line covering all facets of aircraft markets – light aviation, cargo, military, rotary wing and passenger. Only the United States as a sovereign achieved the same. Europe only managed to retain global competitiveness by massive trans-national subsidies and cooperation in the form of EADS. However, in a global industry of truly leviathan corporations, Russian enterprises were muscle bound in other ways, trapped with products of narrow appeal and lacking in some key technological components not as heavily stressed in their domestic industry. Also keeping them bound were inflexibility in their economic system. Curbing their product appeal...
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...Drivers Amazon.com, Inc. is a multicultural electronic commerce company founded in America by Jeffrey P. Bezos in 1994. It was originally named Cadabra Inc. They found that the name was often negatively mistaken as “Cadaver.” The name Amazon was adopted soon after because the Amazon River is the largest in the world, and the letter “A” would help the company to show up at the top of alphabetical lists. Amazon, since its release in 1995, has become one of the Fortune 500 e-commerce company (btmaushart.iweb, 2014). In the business world, Amazon is currently the largest online retailer in the world. It manufactures consumer electronics, most widely known is the Amazon Kindle e-book reader, and has an extensive cloud computing service. Amazon’s start-up was initially only an online bookstore, giving Amazon an advantage of having more and readily available books than any long-established brick-and-mortar book store. By the last 1990’s, Amazon’s success had enabled an expansion from an online bookstore to a wide variety of other products including, but not limited to: CDs, videos, DVDs, electronics, toys, tools, home furnishings, and more. In addition to those products from Amazon, Amazon also sells products from well-known retailers through intermediaries’ agreements. Among those retailers are Toysrus.com Inc., Target Corporation, and Circuit City Stores Inc (FundingUniverse.com, 2014). Amazon takes on a face of a company that came out of nowhere and took over the internet in terms...
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...Strategic Plan, Part II: SWOTT Analysis The Tamale Shop is a restaurant that allows customers the experience to enjoy tamales in an authentic Hispanic setting and the ability to try different types of tamales that are made fresh with natural and organic ingredients. The Tamale Shop offers its customers a variety of different types of tamales from chicken, beef, pork, cheese and vegetarian. In order for the Tamale shop to be successful a SWOTT analysis must be performed to identify the strengths, weaknesses, opportunities, threats, and trends that have an impact on the restaurant. However, before a SWOTT analysis can be done it is important to examine the internal and external forces and elements. There are many external elements that could have an impact on the Tamale Shop and their ability to achieve their long term objectives and goals. The success of the tamale shop relies on their ability to overcome any obstacles that are presented by external factors that include legal and regulatory elements, economic elements and competitive analysis. The legal and regulatory elements can help the Tamale shop achieve their strategic goals by giving managers a better understanding of the legal aspects of running and maintaining a business. Some of the legal issues that may arise for the Tamale Shop are health and safety codes, occupancy limits and restriction. Other legal and regulatory issues that could impact the Tamale Shop are handicap ramps, parking for the disable, and bathrooms...
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