Week 3 Peer Review Analysis for Kim Woods only

Executive Summary

Strategic Plan Part 1: Existing Business or New Business Division; Vision, Mission, and Value Proposition.

Strategic Plan Part 2: SWOT Analysis- Internal and External Environment Analysis; Supply and Value Chain Analysis.

Strategic Plan 3: Assumptions, Risk and Change Management Plan; Summary of Strategic Objectives, Balanced Score Card and its impact on stakeholders; the Communication Plan.

Conclusion

Reference Page

Strategic Plan Part 1: New Product or Service

Businesses are constantly evolving due to technological advancements, economic status, and demographical changes resulting in the need for a competitive advantage. Many successful outcomes are due to mission and vision statements allowing employees and the public to view Regal Cinema’s objectives and obligations.  

Regal Cinemas

​With the rapid increase in technology, the entertainmentbusiness is constantly changing and improving their methods to separate them from other competition. Many improvements within theaters include reclining Lazy Boy related chairs, to high definition film projectors, 3-D films, and larger theater capacity to accommodate larger crowds; all of which prove to be affective in customer satisfaction. My proposed service is to take new and innovative improvements will consist of visual effects within the theater that guests will not only see, but feel. Some examples would be fog, a variation of lights, and a platform that will reside under the seats which will move the audience based upon the films storyline. 

Vision Statement

​"This strategic work calls not only for the building of a shared vision and effectively communicating that vision, it also involves clarifying and communicating the stark facts of current reality” (Richardson, 2004, WE HAVE A VISION STATEMENT - NOW WHAT?, para. 2). The Vision of Paradise Cinemas is to present innovative entertainment with the newest technologies in a fun and safe environment suitable for all ages.Providing entertainment within the community, we hope to make a unique connection while focusing on the needs and wishes of our guests in a positive atmosphere. Introducing and providing an efficient and motivated staff that engages in the highest level of professionalism and courtesy to our guests. 

Mission Statement

​The missions of Regal Cinemas to entertain, thrill, and enrich our community in the theater arts by incorporating the newest technologies and innovations. Providing a safe, fun, and welcoming environment is one of our many top priorities here at Regal Cinemas. “Mission statements also have the greatest impact when they reflect an organization’s enduring, overarching strategic priorities and competitive positioning” (Dess, Eisner, Lumpkin, & McNamara, 2014, Mission Statements, p. 25).

Value Proposition

​Customer satisfaction is a subject that Regal Cinemas takes very seriously and strives to improve progress in our growth and expansion. The company as a whole encourages and accepts feedback to identify what our guest’s desire and how to improve our services to ensure guests continue to return and new guests desire to experience our new levels of entertainment that cannot be found elsewhere. Word of mouth travels very quickly in today’s society due to social media, sadly negative experiences are expressed more that positive experiences, which is why we as a company strive to provide the best experience possible. Unlike other movie theaters, Regal Cinemas will incorporatefog, a variation of lights and lasers, and a platform that will reside under the seats, all of which will move the audience based on the films storyline. These new special effects are a valuable asset that I believe will provide this movie theater with anadvantage over other movie theaters. Additional features consist of reclining Lazy Boy related chairs, high definition film projectors, 3-D films, and larger theater capacity to accommodate larger crowds. Before Regal Cinemas expands to additional locations, the management will correct ant problems to ensure that other locations will be able to address and correct the same or related problems. 

SWOT Analysis: Internal and External Environmental Analysis

​A SWOT analysis is one of several business planning tools that an organisation [sic] can use to examine its state of health and investigate business opportunities by itemising [sic] its strengths, weaknesses, opportunities and threats (SWOT)” (Beagrie, 2004, How to... conduct a SWOT analysis, para. 1).When using a SWOT analysis to identify the internal and external environmental analysis’s strengths and weaknesses, these attributes become clear for businesses to identify and work on. Additional examples that internal environmental analysis strengths consist of are technological skills and product quality,weaknesses are lack of important skills and weak brand sales.Opportunity examples consist of the changing in customer tastes and the change in demographics of population, and lastly threats of this analysis would be an increase in taxes and the change ingovernment policies. 

SWOT Analysis: Supply and Value Chain Analysis

The supply chain is very important to Regal Cinemas; by accepting feedback, the cinema can improve deficiencies that guests have identified. Regal has established a number of different strategies to accept customer feedback that has proved to be successful, such as, word of mouth, comment cards, and social media. Regal takes customer service and satisfaction very seriously, due to the competitive nature of surrounding theaters in the area, Regal must excel in every aspect of their business. The value chain analysis is actions utilized by Regal Cinemas to create a competitive advantage against their rival theaters. Examples such as customer service, new technology, and prices are some of the variables that can separate a guests experience from other theaters. 

Assumptions, Risk, and Change Management Plan

​Assumptions can create a great risk to any decision due to the lack of knowledge and infinite possibilities or variables without proper knowledge of a given problem. Making a business decision based on an assumption is just as dangerous as making a decision based on no information about any givensituation. “An assumption is a condition that a person believes is true now or will be true at some future point in time. It’s often based on that person’s experience and creates the context in which the person makes decisions” (Malone, 2012, Assumptions, para.2). Risk has always been and continues to be a major factor in business decisions; many of which retain unknown factors. At Regal Cinemas, the unknown exists when assessing how many guests will attend in the evenings, weekends, and holidays. It is essential to prepare for a high guest count, while preparing for the lack of guests. Additional management plans should include training of new employees, a list of tasks that need to be completed during that work day, week, month, quarter, etc., procedures of maintaining and receiving new equipment. 

Summary of Strategic Objectives

​Regal Cinemas focus is to identify and complete a number of specific tasks to achieve its strategic objectives. Some steps have been identified to achieve the theaters objectives are market standing, innovation, human resources, financial resources, physical resources, productivity, social responsibility, and profit requirements, all of which play a crucial role in the success of the strategic objectives. Incorporating each step into the theaters plan of action will ensure that a positive outcome in each goal will be met promptly. 

Balanced Score Card 

​A balanced scorecard is widely used in the business world and has proven to present favorable results. This strategy allows employees, managers, and owners to be intimatelyinvolved in every aspect of the firm. By incorporating a balanced scorecard into Regal’s business practice, stakeholders will witness the larger picture and motivate them to continue their business. “It allows to see the big picture of what’s happening in the business and shares this picture with employees. As a result line-level employees start seeing the connection between what they are doing now and the strategy of the company. Executives enjoy the top view of what’s happening in the company, why it’s happening and what is the response of the business on this” (Savkin, 2015, Balanced Scorecard allows one to see the big picture, para. 1).

Communication Plan

​Implementing an effective communications plan is essential to the success of all businesses. Communication must surround employees, managers, owners, and stakeholders to avoid surprises within the business that might disrupt the goal or project. Regal has demonstrated some effective methods of communication to keep up with constant changes that a movie theater encounters on an hourly basis. Managers are constantly walking around checking in with team leaders and supervisors to ensure all of the tasks are completed before, during, and after a film has finished. Leaders have other means of communication open to them in the event something needs immediate attention, in which case a walkie-talkie is utilized to contact personal.

Conclusion

Businesses must evolve during this age of technological advancement, economic, and demographical changes resulting in the need for a competitive advantage. Regal Cinemas plans to surpass existing competition by developing a new interactive movie theater allowing guests to experience a new step in entertainment; which will allow this specific business to grow and expand to new locations. 

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References