Week 4 Business Plan Strategic Improvement Assessment

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University of Phoenix *

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STR 581

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Business

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Jun 19, 2024

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docx

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2

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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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