Conceptualizing a New Product or Service Division of an Existing Business

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Business Model and Strategic Plan Part I: Conceptualizing a New Product or Service Division of an Existing Business Angela Mosier BUS/475 May 11, 2015 Elaine Boyle Strategic planning is a very important part of the success of any business. “Focusing a company requires thought. It won’t happen if you don’t make the time,” (Kenny, 2015). There is a great deal of planning and examining the company and the world around it in order to develop a solid and successful strategic plan. This strategic plan will map out the path for Cabellas. The definition of the business is evident in the mission statement. The core values of the company serves to guide the company is everything it faces. All of these factors will guide the company an…show more content…
Shared commitment is the mutual relationship between Cabellas and based on shared goals, trust and respect. Integrity is dealing honestly with customers, employees, executives and the community and abiding by the laws and regulations that are set forth and maintaining professional standards. The mission statement, vision statement and core values of Cabellas serves to guide the company in its strategic direction. The mission statement allows the company to show the customers, employees and executives know that the company is committed to serving the needs of the customers. The mission statement also tells what the company’s strengths are. After reading the statement, customers, employees and executives will know exactly what the customer does. Innovation is an important aspect in any business that aims to be competitive in an ever growing and revolving global world of business. Innovation is defined as the process of translating an idea or invention into a good or service that creates value or for which customers will pay (Business Dictionary). In order to be most successful it is important to create better work processes, products and ideas. One of the key steps in business innovation is conducting an analysis of the market environment, your customers wants and needs and competitors. It is also important to develop a strategic plan that includes innovation as a key process across the entire
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