strategy and measurements

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University of Phoenix *

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STRCB581

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Industrial Engineering

Date

Feb 20, 2024

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docx

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4

Uploaded by 19Joker78

Forming your strategy—short term goals, long term goals, and strategy measurements. Example. John’s Hamburger Shop (JHS) was established to provide an attractive lunch menu in the local business community. After conducting customer research, noting local pedestrian traffic, and assessing the competition, JHS identified that a weakness was JHS’s limited business hours (11 a.m. to 6 p.m.) and that an opportunity existed to open for breakfast. JHS’s research supported a plan that the new hours should extend to 7 a.m. to 6 p.m. Strategic objective: Maximize real estate resources and market demand by extending operating hours. (Notice that the objective is addressing elements of the SWOT) STRATEGIC PLAN: Extend operating hours from 11:00 a.m to 6:00 p.m. to 7 a.m. to 6 p.m. by January 2 (Note that the plan is a direct followup to the objective --The strategic objective and the strategic plan can be combined in a simple objective. If there is more than one strategy for the objective, then they must be separated. Note also that the plan is specific and has a “measureable “ in the deadline. Ideally, they have more measures such as the amount of revenue the strategy is expected to achieve) Short term goals: ( Note that milestones have due dates and are clear steps to the strategy. Each goal helps attain the plan and does not bring in other strategies. In this case, the measures are time stamps, but these might be other metrics), Develop and test a new menu by December 15 th . Hire a morning shift manager by December 15 to start January 2 nd Hire and train one additional staff member by January 15 Install the morning menu visual display by January 2 nd Market the new hours starting January 2 Long term goals (note that the measurements are built into the goal) Increase the daily average customer level to 300 transactions a day with total average purchase of $12. Reach this level by April 1st. The long-term goals further explain where you want to be given the completion of the short term goals. They are often built into a corporate metric that shows the effect of the strategy in achieving the objectives. Maintain current customer satisfaction rate of 89% (8+) rating on both breakfast and lunch menu.
Measurements: Hiring and training dates Due date of January 2 for menu display “Sandwich style” Sign posted in front of storefront January 2 nd . Sales receipts. Daily average customers will raise by 50 customers by January 31 st Daily average customers will raise by 150 customers by February 28 th Daily average customers will raise to 300 customers by March 15. Ongoing customer satisfaction rates at 89% (8+) rating across all hours. Note that while sales receipts are an ongoing metric, they apply to the strategic goal because to goal was to increase the customer level to 300 transactions a day. Similarly, the metric of customer satisfaction is extended to the morning hours. Sales receipt allows time of day to be recorded and studied .
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