CAREER CONNECTION: Final Strategic Plan

Strategic Planning

Strategic Planning

Planning is very essential for every company. Planning is very essential since it helps a company to see the risks and the challenges that a certain project may face. Planning also helps an organization to allocate resources effectively which will lead to the success of that specific project and also the growth and development of the whole company. Strategic planning is therefore highly needed when it comes to the development of a new line of production. The coca cola company will have to ensure that it has planned for its product development. There are many areas which are required when it comes to product development. The company should, therefore, be very careful, and it should insist that the strategic planning is of good quality. There are various objectives of planning, and these should be listed to ensure that the project runs smoothly (Annacchino, 2007). The strategic plan paper is therefore very critical. It also considers the communication of the plans about the project.

Potential alternatives to the issues and opportunities identified in the SWOT Analysis

There are various issues and opportunities which have been identified in the SWOT analysis which was carried out on the new product to be developed by the company. There are various alternatives which can be considered and which will ensure that the new product will be successful in the market. One of the issues which will be facing the coca cola's new product is the fact that there is usually weak coordination between government agencies. The company will have to follow the government directives, and it will have to obtain the necessary licensing. If there is weak coordination, the duration of obtaining these licenses may be long, and it will affect the business. The alternative to this is to ensure that the company has started the process of obtaining these things will be available in time. The company should also ensure that it has created the necessary connections in the various governments which will help the project development process move smoothly.

Another alternative for the new product is to ensure that it has exploited the new markets which are emerging in the developing economies. This will create a large customer base for the company and the product. The company should also ensure that they have been able to utilize the skills and the technology they have to make the new products. This will be an alternative for the increased cost of production which will be introduced by the new product. The company has the best technology and also qualified personnel hence it would be easier for the new product. The company should also increase corporate social responsibility for the new product's promotion. This will help to sensitize the public about the new product which will lead to the success of the new product. There are therefore many alternatives for the company and the new product.

Strategic objectives

There are various strategic objectives and goals of the new product division. The first objectives are to increase the market share of the product. This is important to increase the earnings from the sale of the product. The second objective is to ensure that the competitive advantage of the product has been improved. This will ensure that the product is more competitive in the market. The third objective in this area of shareholder value is to reduce the cost of production and increase the profits from the product (Barkley, 2008). The second area deals with customer value. The first objective is to improve the value of the product which means that the customer will receive the high quality product. The second objective is to ensure that customers have been satisfied which makes them remain loyal. The third strategic objective is to ensure that the product is available in most parts of the world so that customers can access the product easily.

The third area is internal operations perspective. The first strategic objective is to improve the process of production and make it efficient. The second objective is to ensure that the change has been accepted by the employees in a good manner. The third strategic objective is to improve the level of production. On the fourth area of strategic objectives are the learning and growth perspective. The first objective is to support research and innovation. The second objective is to motivate employees for high job performance. The third objective is to improve the culture and ethics of the company.

Metric and target for the objectives

There are targets for the various objectives. The targets ensure that evaluation is easier for the achievement of the various objectives (Tillman, Cassone, 2013). The target of the first objective is to ensure that the company has been able to increase the market share of the product by 3% in the next two and a half years. The second target is to ensure that the new product has been rated the most competitive in the market. The third objective is to reduce costs. The metric for this is to cut the production and operational costs of the product by half in the next one year. The other metric is to carry out a survey of the value perception of the product by the customers. The product should satisfy customer's healthy needs. The other metric is that the product should be available in all areas that sell the coca cola Products around the world in six months. The other target is to introduce new technology for production of the new product in the next one year this will help improve productivity. The other metric is employee performance which will mean they have adapted to the change in the next four months. The other target is to ensure that 70% of the workers are specialists in that area of production in three years’ time. This will indicate the level of learning and employee growth.

Communication plan

The strategic objectives of the company have to be communicated. Communication is very essential since it determines how the information will be received by the audience and whether the information will be accepted or it will receive a massive rejection. The audience of the various strategic objectives are the employees, the customers, and the investors. This is to ensure that every stakeholder has been updated on the progress of the company. There are various channels which can be applied to communicate this information (Sehgal, Khetarpal, 2006). To the employees, the company can hold face to face meetings, or it can send emails. To the customers, the company should use the digital media including television, social media, print media and even the company's website. The investors can be briefed during the annual general meeting and emails can be sent to them. The use of all these channels will ensure that the message has been communicated effectively and efficiently. The strategic planning will, therefore, be successful, and the company can start product development.

References

Annacchino, M. (2007). The pursuit of new product development: the business development process. Amsterdam Boston: Butterworth-Heinemann.

Barkley, B. (2008). Project management in new product development. New York: McGraw-Hill.

Sehgal, M. & Khetarpal, V. (2006). Business communication. New Delhi, India: Excel Books.

Tillman, F. & Cassone, D. (2013). Strategic planning and new product development. Upper Saddle River, N.J: FT Press.