Strategic Plan Part 3: Balanced Scorecard and Communication Plan

Introduction

All companies, no matter the size of the company or the type of company, need to have a strategic plan. Within this plan should be an SWOTT analysis. According to our book, SWOTT analysis is “a framework for analyzing a company’s internal and external environment and that stands for strengths, weaknesses, opportunities, and threats and trends” (Strategic Management: Creating Competitive Advantages, 2014). SWOTT analysis uses both external and internal factors. The External factors that were used in the Miller Division SWOTT analysis are legal and regulatory, global, economic, social, technological, innovation, environmental and competitive analysis. The internal factors are strategy & structure, process & system, recourses, strategic capabilities, culture, leadership, technology and intellectual property. Companies, by using the data collected in the SWOTT analysis the firm can focus on the changes that need to be made. The following is the SWOTT Analysis for the Miller Division of Scheidt & Bachmann. The Miller division will need to focus on the weakness and assess the threats that threaten the division now and in the future. In addition, the group will need to try to seize the opportunities to become a viable and profitable division.

Legal and Regulatory, Global and Economic Factors and Trends

Scheidt & Bachmann strength is in its global presence and in the strong team that is knowledgeable in writing code and was able to create the Park, Ride & Play App. The Miller division will need to keep up with the legal and regulations for not only the US but also all countries when the company expands this app throughout their entire global presence. The team will have their hands full with making the app available in the different languages. With the free and pay app, the team has made sure that there is an app for everyone, but the team needs to remember that the cost needs to be low to appeal to more customers. Low-cost and interactive apps are what the customers want. They are looking for best deal for their money.

Social, Technological, Innovation and Environmental Factors and Trends

The social factors that affect a firm are “The facts and experiences that influence individuals' personality, attitudes and lifestyle” (factor, 2016). The Park, Ride & Play app is low cost and very user-friendly, which leads to the team social factor. The Miller Division Strength in the technological and innovative factor lies in the knowledge of the team to make a great eye-catching app. The team will need to focus on the weakness to keep the cost down and also to keep up with technology and not and not just create the app, but to make the app a continuous rebuild of the app that will encourage old users as well as attract new users. Our app will need to be unique and help to differentiate us from our competitors. It will also need to be secure, as customers will depend on our app to keep their financial records safe and secure. The biggest weakness the division faces is the different division have their unique operating platforms, and the app will need to interface with all of those platforms. The trends of these factors are that the customers are already on their mobile devices and allowing the customer to leave feedback will advance our app as well as interact with the customer.

Environmental and Competitive Analysis Factors and Trends

Scheidt & Bachmann has made an effort to go green, like the use of chip coins, Charlie cards or the Park, Ride & Play app follows in this line with paperless receipts. The app will lead to less paper usage, and since most people either copy or scan their receipts for expense reimbursement, less paper recycling, which leads to more trees. The biggest threat to the Miller Division is our existing competitors and hackers. The Miller Division will use the security measure that makes Scheidt & Bachmann PCI compliant for the other divisions to make sure our customer’s information is secure. The Miller group will be keeping up with innovations and are already working on their next product, a virtual assistant at the kiosk.

Strategy, Structure, Process & System, and Technologies Factors and Trends

The strength in the Miller division has in the Strategy & Structure factor is the easy use of the app. The app is made for use from school kids to the elderly. The biggest weakness is that Scheidt & Bachmann’s divisions are all niche industries. Which makes the apps usage and appeals to only customers who use the other division’s kiosks. In the process and systems factor, the strength and weakness is that division only supports the other division’s products and will need to work with the other division’s development teams to keep the app up-to-date with the other operating platforms. A threat in this factor is that the old platforms might slow down the app, making the user frustrated. Technologies will need to be very active by using the latest technology in the app as well as having employees that are continuously learning. The trend is that tech is in, as well as social media and mobile customers, so the team will need to focus on being active on all social media.

Resources, Intellectual Property, Leadership and Strategic Capabilities Factors and Trends

The company used its current resources to create the Miller Division. This helped in its strength of having a knowledgeable staff of their existing product line. The weakness with the resources are that the service team is only being trained to handle certain scenarios, and will need to reach out to the more extensive team in Germany for issue they are unable to handle, but these issues should be minimal, and it is the same structure that is in the other divisions technology teams. The team will use the trademark of Scheidt & Bachmann and applied and obtained the patent for the app in the US & Germany. The division will need to register for patents as they expand. Management will need to keep communication open with the team and find ways to keep the moral up and stress low within the team. Management will need to keep on track for the financial forecast.

Culture, Goals, and Innovation Factors and Trends

Conclusion

Every company needs a strategic plan that includes a SWOTT Analysis. The Miller Division has considered both external and internal factors gathered in the SWOTT Analysis data. The Miller Division will face challenges, but with the strong strategic plan, and thorough SWOTT Analysis the division should be able to have success and overcome these challenges.