Introduction
For a business to grow effectively, it must have a good strategic plan which states what its wants to do and evaluate on that strategic plan. This strategic plan should be aimed at achieving business objectives, measures, and targets.
Marketing and information technology strategies and tactics
In the current world, technology is growing each day, and for a business to be competitive, it has to adapt to this technological changes. Some of the ways to do this are by making use of the social media to embrace and advertise the business, adapting to the new technology and applying it to the business, making use of the available online finances, market segmentation, keeping an eye on competition and mind product promotion (DeGeeter, 2004).
Use of social media includes using of internet platforms like Twitter, Facebook, LinkedIn, WhatsApp, and Instagram among others to advertise a business. Through this there is increased awareness of the products, one can also continue the ongoing relationships with customers and even use it to attract more customers to the business (Reece, 2010).This is one of the best methods to advertise for business since there are a lot of people who are using the social media, and it’s easier to reach a wider market. This also helps the company in product promotion because most of the companies like WalMart and Dose have online webs which describe what they do, and they advertise their products there.
Adapting to the new technology is whereby a business should look how technology is advancing and also advance its products. This can be by filing online, communicating online, holding online conferences and most important making sure their products meet the latest online market competition. A company like Dose which is based in America is aiming at making a Bose Entertainment Chair so as to cope with the competition and is a way of adapting to the new technology.
Businesses should also make use of the online finances to build itself and enlarge its product market. Nowadays, there are many online financing institutions which are ready to give out cash to willing businesses and investors and return at low-interest rates. Examples are like American save mortgage limited and caliber home loans among others.
Market segmentation. Market segmentation is the dividing business into smaller market portions with the same need for a product which the business offers and planning a good strategic plan for those markets (McDonald, 2012). When the market is divided into smaller portions according to different needs, it is easier to tackle each portion independently, and this ensures that each market has got what it needs. This works out better because different people have different needs according to their place of residence, gender, climate and more many things. It is good to consider each market separately to provide the best for each.
Keeping an eye on the competition is whereby a company has to look what its competitors are doing and get the best from it or implement their strategies. A company like WalMart which offers groceries and general products should be very keen on its competing business such that they are not left behind during innovation and service delivery.
Methods to monitor and control the proposed strategic plan
Different methods can be used to monitor and control the proposed strategic plan, but the main ones include.
Creating review dates for the plan. This is where there should be fixed dates when a meeting should be called to review the strategic plan. This helps the business or organization to understand how it is fairing compared to the plan. When a pothole in fulfilling the strategic business plan is noticed then, it is avoided early, and this helps the organization to note if there are any positive or negative changes which have occurred following the strategic plan (McQuerry, 2014).
Making changes to the strategic plan when necessary. This comes after the reviewing the plan and maybe the business notices some potholes or problems caused by the plan, they are supposed to make the necessary adjustments. It will help the business not to run at a financial loss, and they will change it so that they may obtain their goals (McQuerry, 2014).
Checking out reviews and asking for customer feedback. This is a major way of monitoring a strategic plan because after getting positive feedback it will automatically show that the business is running effectively, and obvious positive financial results must be registered. This includes checking out how many people have checked into the website, people’s comments on products and more.
Best possible options for evaluating the strategic business plan
For a good business strategy, it must be able to bring advantage, be consistence, feasible and consonance. So, when evaluating this strategic business plan it very crucial to see if it meets those four points. It should bring advantage to the business, it should provide a good response to external environment which includes the change in technology, it should provide consistent goals, and it should not bring about unsolvable business problems for it to be effective.
Explain the ethical issues faced by the organization
The main ethical issues faced by this organization is gender inequality, race, and disability. This is whereby there is no gender equality in the organization since there is a high number of men working there compared to women. Also, race is another problem because in America there are people of different races but the organizations most workers are the whites, so other races like the black Americans, and Asian Americans feel left out of this business.
Summary of the legal and regulatory issues faced by the organization and its corporate social responsibility.
The main legal and regulatory issues faced by the organization include regulation by the law, harassment and discrimination cases, and some dissatisfied customers.
The main corporate social responsibilities include offering Americans food to reduce hunger and carrying out a campaign on advantages staying in a clean environment. This creates a good public image for the organization.
Summary of a new division of existing business. Vision, mission, final business model, the value of proposition and list of key assumptions and change management issues. Quantify the growth and profit opportunity and planned impact on various stakeholders.
Vision
Mission
Final business model
Using the minimum resources to create the utmost most quality output and advertise widely on the internet and other advertisement ways.
Value of proposition
This is a comfortable modern chair and access many services which are not in others like the USB charging cable, earphone port, and heating and cooling system in it. This helps the user to be comfortable at both hot and cold seasons and get entrainment at the comfort of this chair. This makes this chair unique, and that's it's highly reliable.
Key assumptions
The primary key assumption is that our products meet the user's needs, and they are very comfortable with them.
Our products and mode of delivery including incentives are better compared to our competitors that’s why there is high demand.
We can meet the market's demands
Our products meet the laws and regulations of the nation, and they are fully certified and authorized for sale.
Risks
The main threat is facing unhealthy competition where our competitors may sell their product at very low prices to outshine our business. So, it's good to a close eye and good relations to the competitors so that there is healthy competition.
Change and management issues.
Obvious in most of the businesses, change is resisted. It then calls for ways on how to handle the resistance and in this case the main ways is through:
Involving the workers in decision making can help so much in reducing resistance. So once a decision is being made workers opinions should be valued to avoid resistance.
Change at the helm is whereby if a new worker is resisted, the workers should be called and explained to why the organization had to import a new worker from outside other than selecting from the organization. This commonly happens if a new leader is brought.
Communicating with the workers before the change occurs in the business. This helps them to get ready for it, and it may help. This includes telling the workers the advantage of the change and it eases them, and they adopt.
Take time. For a change to be positively accepted, it should not be so fast. It should go on a slow process as workers adapt.
Quantify the growth and profit opportunity and planned impact on various stakeholders
Investors- Investors shall gain profit in their returns since the business will make some reasonable profit.
Workers- Workers will get an increase in their wages because the business will grow.
Suppliers-suppliers will also make a profit because due to increasing market there will be increased demand for raw materials.
Customers- they will get the best products at the lowest possible price, and there will be after goods services.
Government -since the business will grow at large, the government will receive more revenue and also the business will help the government when it does some corporate social responsibilities.
References
DeGeeter, J. (2004).Technology Commercialization Manual: Strategy, Tactics, and Economics for Business Success. Med-Launch, Inc
McDonald, M. (2012). Market Segmentation: How to Do It and How to Profit from It. John Wiley & Sons
McQuerrey, L. (2016). How to monitor and control your business plan. StudioD
Reece, M. (2010). Real-time Marketing for Business Growth: How to Use Social Media, Measure Marketing, and Create a Culture of Execution. FT Press
