Week 4 Business Plan Strategic Improvement Assessment
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Week 4 Business Plan Strategic Improvement Assessment
The purpose of a strategic plan is to develop a plan to achieve overall goals of the business, this is a part of what a business needs to be asking what’s the plan, where is the business going or its direction or where the business is heading and what are the priorities of the organization. The organization needs and focus are to make sure that everyone working in the organization is on the same page and has one common goal which contributes to business growth. Key Objectives:
Retail marketing is made up of the 4Ps: Product, Price, place, and promotion. The products is the
physical side of things which is what’s being sold. The price refers to the strategy that merchants will use to sell the items or the products. The place is the location or where the platform is located to sell the products. Last, the promotion is how the organization will get the word out to sell the products. There are 7 steps to improve strategy in the retail industry first step analysis of the market, second analyze the customers, set the SMART goals, improve both short terms, and long-term planning, determining the right strategy, implementing the strategy, and lastly tracking the performance. Development of people will be based upon your HR functions, whether large or small if your surrounded by the right people it can help grow the business and grow the work to the next level.
Just a few things to highlight is implemented programs to better attract, develop, retains, inspire and engage the workforce within the organization. To use quality as a product differentiation strategy effectively, you need to adapt your quality continuously to meet the changing needs and expectations of your customers and stakeholders
Key performance Indicators (KPIs) are measurements of performance over time for specific objectives. KPIs provide performance targets for teams to aim for like milestones and insights around the organization to make better decisions. Reference
The Importance of Strategic Planning (investopedia.com)
The 4 Ps of Marketing: What They Are & How to Use Them Successfully
(investopedia.com)
How to Use Quality as a Product Differentiation Strategy (linkedin.com)
What You Need to Know about Retail KPIs (linkedin.com)
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Related Questions
Anne Hathawayy is a data analyst at a marketing company who is responsible for providing support to the reporting functions of an internal management support system. Which of the following is not true regarding designing a management support system?
-Do not be consistent with reports and visualizations
-Clearly define objectives
-Make it fast
-Identify what upper management needs
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Business Performance Management (BPM) can be seen to be the convergence of Corporate Strategic Planning and Business Intelligence (BI).
a) Provide an overview of the key steps within a Corporate Strategic Planning process, identifying any strategic planning techniques that could be employed.
b) Describe a suitable BI system that could be used directly by a senior manager to monitor company progress towards achievement of its corporate strategic plan.
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A plan is prepared that is long-term in nature and it was decided what activities will be done for achieving the plan. It was also decided how many employees will be needed, capital for achieving goals, and what type and how big of an office or land is needed for achieving this plan. Which hierarchy of plan is discussed?
a.
Strategy
b.
Procedures
c.
Policies
d.
Objectives
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1. Describe the general model of problem-solving presented in the text. What are the three main phases and the different analysis steps involved? Explain
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Establishing Objectives and Goals is the second
step in the process of:
a. Planning
b. Directing
c. Leading
d. Organizing
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An important part of planning is a SWOT analysis, understanding an organization’s strengths, weaknesses, opportunities, and threats. Prepare a SWOT analysis for Panera Bread that includes three or four items in each of the four SWOT categories.
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1) S1: A Strategy Map is a useful tool that graphically illustrates the cause-and-effect relationships and connects the Balanced Scorecard strategy with an organization’s operating activities. S2: In order for the balanced scorecard to succeed, the entire organization must be behind it.
Only S1 is correct
Both statements are correct
Both statements are incorrect
Only S1 is incorrect
2) S1: To link measures to a strategy, they must be derived from management and be balanced. S2: The primary purpose of the balanced scorecard is obtaining increased operating profits for the current year.
Both statements are incorrect
Only S1 is correct
Both statements are correct
Only S1 is incorrect
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Analysis of pros and cons of available
alternatives is part of
Select one:
a. Staffing
b. Organization
c. Decision-making
O d. Planning
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Background
Quality Appliances is a regional chain of appliance outlets. Three months ago a new IS system went live to handle all sales, billing, and inventory activity for the chain. All seemed well at the end of the implementation phase. A follow-up survey, however, reveals some issues have developed that Susan Thomas, the IT consultant who developed and implemented the system, wants to address.
Several new hires in the sales force have occurred in the past month. Original plans were to have training for all new hires given by department managers. The new sales people, however, indicate that no training was provided, and they were expected to “train themselves” from the documentation created for the new system. The new hires indicate they are having trouble using the system, because the documentation is support oriented and assumes a knowledge of the system.
Several members of the sales force have asked for enhancements to the system that would allow them more easily to track their…
arrow_forward
1. Roger is telling Mary the first three steps in planning an organization. In the correct order, they are ____.
Writing a mission statement, creating a vision statement, and strategic planning
Strategic planning, creating a mission statement, and creating a vision statement
Strategic planning, operational planning, and preparing a vision statement
Tactical planning, operational planning, and writing a mission statement
Operational planning, creating a mission statement, and developing a hiring plan.
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Identify which function of the management of an organization is being described by the following statement: Requires management to look ahead and to establish objectives. A key objective of management is to add value to the business
a. Controlling
b. Directing
c. Planning
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please answer 5 questions below, my deadline is coming in tomorrow
Information are all in 2 pictures
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Look at the illustrations in the photo. For each of the following, think of which illustration that would be suitable for the particular focus below:
Business Results (Customers, Product and/or Service)
People and the Organization (Participants and Context)
Technology and Information (Technology, information and infrastructure)
2. Each year, students of an academic institution register for classes in their respective programs. The students use an online university registration system to obtain information about the classes offered. This system also stores other student data. University administrators in charge of registration are on hand to advise students on their course selection. The online registration system requires additional hardware and software to maintain the security of the system and to manage the constant student access during the registration period. Some students may still opt to use paper forms for their registration. Remember, this university competed against all…
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Non-financial performance indicators
Identifying the critical success factors of a business is a key element in determining the non-financial performance indicators. Select an organization that you are familiar with, define the organization’s objectives, and identify two (2) critical success factors, and recommend one non-financial performance indicator, which must be measurable (expressed in a numerical formula).
Note: the organization could be a business, a restaurant, a shop, a school club, as long as the organization’sobjectives are clear.
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3.1 Discuss the importance of aligning the project and the company purchasing strategy. 3.2 Discuss why supply management has traditionally not been involved in the corporate strategic planning function.
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The table below lists several steps involved in tactical planning. For each step listed, indicate whether it is associated with the development or the
execution of tactical plans.
Distribute resources to responsible parties
Monitor activities
Specify the resources available
Identify human resource constraints
Assess outcomes
Developing
O
O
O
O
Executing
O
O
O
O
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SCALE FOR A+Points Range: 37.8 – 42Thoroughly developed an argument supporting the importance of a strategic plan for the success of the defined business.Points Range: 50.4 – 56Thoroughly created a mission statement for the company explaining how the mission will be essential to the companyâs success.Points Range: 50.4 – 56Thoroughly created a vision statement for the company explaining how the vision statement supports the companyâs mission.Points Range: 37.8 – 42Thoroughly established five (5) key objectives for the company encompassing operational, financial, and human resource aspects of the business; thoroughly justified why each of these objectives is essential to the success of the business.Points Range: 37.8 – 42Thoroughly justified how the five (5) key objectives established support the mission and vision statements of the company as defined in the assignment.Points Range: 12.6 – 14Exceeds number of required…
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changes to the company’s operations and then reviews the resulting revenue. What step in the planning/control cycle would this represent?
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Your estimated budget to create a website application, that could automatically pull data from all of the user's
connected profiles and submit scholarships applications that may be available to the user, was $2.7 million.
Since the company reduced all the forecasts by 10%, you submitted your forecasted budget as $3 million. This
practice is called as:
A
Padding estimates
B
Planning horizon
Budget structure
D) Organization culture
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After reading the above case study identify the major issues that Eskom is currently faced with which are the hindrance for them to meet their main objective with their talent management strategy.
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As we move from bottom to top, Tactics to Mission Statement, details become more specific.
Group of answer choices
True
False
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I really need help with the formulas to get the answers. Thanks!
Case Study 2: Forecasting Lost Sales
The Carlson Department Store suffered heavy damage when a hurricane struck on August 31, 2013. The store was closed for four months (Sept – Dec 2013) and Carlson is now involved in a dispute with its insurance company concerning the amount of lost sales during the time the store was closed. Two key issues must be resolved:
The amount of sales Carlson would have made if the hurricane had not struck; and
Whether Carlson is entitled to any compensation for excess sales from increased business activity after the storm
More than $8 billion in federal disaster relief and insurance money came into the county, resulting in increased sales at department stores and numerous other businesses.
The table below shows the sales data for the 48 months preceding the storm. The following table reports total sales for the 48 months preceding the storm for all department stores in the county, as well…
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Referencing the scenario provided in Assessment 1, and following the guidance provided by the Strategic consultant, Peter and his team are now prepared to proceed with finalizing their business plan to launch their company. Considering how competitive the business sector is today, it is important that they are aware of their alternative organizational strategies. It is also important that they understand how to develop a sustainable competitive advantage, so as to remain financially viable. The group is considering utilizing the strategy formulation framework to aid in developing the company and its products. Further to discussion with the Strategic Consultant, Peter is aware that there are certain habits that strategic leaders must encompass but is not sure what they are. For this assessment, your group is to assume the role of Peter and his team. In doing so, you are expected to complete the following
3. Based on each category of alternative organizational Strategies as discussed in…
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Referencing the scenario provided in Assessment 1, and following the guidance provided by the Strategic consultant, Peter and his team are now prepared to proceed with finalizing their business plan to launch their company. Considering how competitive the business sector is today, it is important that they are aware of their alternative organizational strategies. It is also important that they understand how to develop a sustainable competitive advantage, so as to remain financially viable. The group is considering utilizing the strategy formulation framework to aid in developing the company and its products. Further to discussion with the Strategic Consultant, Peter is aware that there are certain habits that strategic leaders must encompass but is not sure what they are. For this assessment, your group is to assume the role of Peter and his team. In doing so, you are expected to complete the following:
Identify four (4) conditions for sustainable competitive advantage which align…
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Hello can you help me with one of my work. Can you help me write the background section of my research proposal. My research question is " The impact of remote work on employee productivity and Well- being.
The question isthe following:
The research proposal should contain a background section. The background section has three main functions: 1) It explains what you are going to do; 2) why the topic is relevant; and 3) it shows how your proposed work fits in with what is already know.
Write 800 words
Thanks in advance! i dont need a conclusion or an Introduction.
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Related Questions
- Anne Hathawayy is a data analyst at a marketing company who is responsible for providing support to the reporting functions of an internal management support system. Which of the following is not true regarding designing a management support system? -Do not be consistent with reports and visualizations -Clearly define objectives -Make it fast -Identify what upper management needsarrow_forwardBusiness Performance Management (BPM) can be seen to be the convergence of Corporate Strategic Planning and Business Intelligence (BI). a) Provide an overview of the key steps within a Corporate Strategic Planning process, identifying any strategic planning techniques that could be employed. b) Describe a suitable BI system that could be used directly by a senior manager to monitor company progress towards achievement of its corporate strategic plan.arrow_forwardA plan is prepared that is long-term in nature and it was decided what activities will be done for achieving the plan. It was also decided how many employees will be needed, capital for achieving goals, and what type and how big of an office or land is needed for achieving this plan. Which hierarchy of plan is discussed? a. Strategy b. Procedures c. Policies d. Objectivesarrow_forward
- 1. Describe the general model of problem-solving presented in the text. What are the three main phases and the different analysis steps involved? Explainarrow_forwardEstablishing Objectives and Goals is the second step in the process of: a. Planning b. Directing c. Leading d. Organizingarrow_forwardAn important part of planning is a SWOT analysis, understanding an organization’s strengths, weaknesses, opportunities, and threats. Prepare a SWOT analysis for Panera Bread that includes three or four items in each of the four SWOT categories.arrow_forward
- 1) S1: A Strategy Map is a useful tool that graphically illustrates the cause-and-effect relationships and connects the Balanced Scorecard strategy with an organization’s operating activities. S2: In order for the balanced scorecard to succeed, the entire organization must be behind it. Only S1 is correct Both statements are correct Both statements are incorrect Only S1 is incorrect 2) S1: To link measures to a strategy, they must be derived from management and be balanced. S2: The primary purpose of the balanced scorecard is obtaining increased operating profits for the current year. Both statements are incorrect Only S1 is correct Both statements are correct Only S1 is incorrectarrow_forwardAnalysis of pros and cons of available alternatives is part of Select one: a. Staffing b. Organization c. Decision-making O d. Planningarrow_forwardBackground Quality Appliances is a regional chain of appliance outlets. Three months ago a new IS system went live to handle all sales, billing, and inventory activity for the chain. All seemed well at the end of the implementation phase. A follow-up survey, however, reveals some issues have developed that Susan Thomas, the IT consultant who developed and implemented the system, wants to address. Several new hires in the sales force have occurred in the past month. Original plans were to have training for all new hires given by department managers. The new sales people, however, indicate that no training was provided, and they were expected to “train themselves” from the documentation created for the new system. The new hires indicate they are having trouble using the system, because the documentation is support oriented and assumes a knowledge of the system. Several members of the sales force have asked for enhancements to the system that would allow them more easily to track their…arrow_forward
- 1. Roger is telling Mary the first three steps in planning an organization. In the correct order, they are ____. Writing a mission statement, creating a vision statement, and strategic planning Strategic planning, creating a mission statement, and creating a vision statement Strategic planning, operational planning, and preparing a vision statement Tactical planning, operational planning, and writing a mission statement Operational planning, creating a mission statement, and developing a hiring plan.arrow_forwardIdentify which function of the management of an organization is being described by the following statement: Requires management to look ahead and to establish objectives. A key objective of management is to add value to the business a. Controlling b. Directing c. Planningarrow_forwardplease answer 5 questions below, my deadline is coming in tomorrow Information are all in 2 picturesarrow_forward
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Recommended textbooks for you
- Management, Loose-Leaf VersionManagementISBN:9781305969308Author:Richard L. DaftPublisher:South-Western College Pub
Management, Loose-Leaf Version
Management
ISBN:9781305969308
Author:Richard L. Daft
Publisher:South-Western College Pub