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Strategic Planning

 

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27% match (Internet from 12-Aug-2015)

http://octotutor.com

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Submitted to British University in Egypt on 2016-08-16

2% match (student papers from 15-May-2015)

Submitted to 9659 on 2015-05-15

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Submitted to London Business School on 2010-11-26

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Casadesus-Masanell, R.. "From Strategy to Business Models and onto Tactics", Long Range Planning, 201004/06

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Submitted to University of Pretoria on 2012-04-28

Running head: STRATEGIC PLANNING Strategic Planning and the Importance of Innovation in a Business Model November 9, 2016 Professor Beach Abstract Management, as it is practiced today, is more of status quo than about new ways of doing anything or conducting the same old procedures in a different way. Risk averse managers are comfortable with any slight improvement and fear the changes that are brought about by the trial of a different approach. In most cases innovation is confused with invention and this could be the reason for low employee engagement. Innovation is described as the process of translating an idea into a good or service that creates value or for which customers will pay. An innovation must satisfy a specific need and it involves a deliberate application of information, imagination and initiative in delivering greater or different values from resources. It includes all processes by which new ideas are generated into useful products ("What comes after those ellipses?” 2016). A strategic plan is a road map to launch and grow your organization. In the rapidly evolving business world, strategic planning is an important tool that helps one to get a competitive advantage in a marketplace. It is needed because it aligns stakeholders around strategic priorities. It clearly communicates one’s programs, goals and strategies. In an office setting, a strategic plan serves to engage, motivate and retain external and internal audience (How To Write A Strategic Plan, 2016). The mission, vision and core values have a major impact on the strategic direction a company takes and should be considered throughout the planning process (McNamara, 2013). The executives must keenly analyze the need for employees, shareholders and employees so as to optimize the efficacy of the strategic decisions that are taken. The mission and vision statement formulated will serve as a foundation for future management decisions made. For the purposes of this project, I will use the mobile phone repair industry. The company’ s name is Mobile Phone Repair Crew and is relatively young, and it is focused on growing its brand presence. The company operates out of a single location and hosts a website to draw customers. It is an affiliate of Fast connections Mobile Phone Company. The parent company discovered that 30% of the customers were afraid of buying expensive gadgets from their outlets because they thought they were fragile, and thus would go at a loss in case of an accident. 60% of the cases reported from customers included cracking of the screen and overheating. The company thought in order to promote purchases at their outlets; they should start a division that exclusively deals with phone repairs. For those phones purchased at the company, a discount will be given on their repair. This division will address customer needs such as repair of their phones, and will achieve a competitive edge over the rest through innovation. The areas of innovation will be through electronic waste management, repair legislation and content sharing. The division will have a website that promotes sharing of information about fixation of different problems among the devices. This will help the minor cases such as bugging be solved comfortably from one’s residence. The innovation will also research on how to make waterproof phones and at the same time have portability. This will be a one of a kind invention since those phones that are waterproof are usually bulky and heavy. The company will make a follow up of the phones sold out to ensure customers are comfortable at all times when using the devices. Vision Statement The vision statement is an essential component of the process of strategic planning. It provides an image of what the company wants to be in future if the mission is accomplished (Armstrong, 1986). It may take long to achieve but provides a general summary of the organizations guiding principles. Our vision statement is; to build a strong relationship with the local customers and implementing an aggressive marketing plan, and have a nationally recognized mobile repair brand that customers will trust and help it grow to a leader in the industry. Mission Statement This is the second step in building a powerful strategic plan. It should be reflected in the general sentiment of the customers and act as a guide that the management uses in making decisions affecting the company. Customers should easily identify the ethics and values the company promotes just by reading the mission statement. Our mission statement is; with commitment to exceptional customer service, mobile Phone Repair Crew seeks to provide its clients with an affordable solution to repair mobile devices. Through establishing a strong relationship with the local community, the company aims to establish a steady flow of business with a steady flow and positive reputation and referral from customers. Strong focuses on economical business practices will not only help the company expand into new markets but also deliver increased value to shareholders. Core Values This refers to the guiding principles in a business that is valued by stakeholders. Communicating the values to the management will ensure the core values are reflected in the operational decisions made by the company. The target customers should easily be able to identify the core values in a business model. For our company (Mobile Phone Repair Crew), our values can be summed up as reliability, innovation, community involvement and customer satisfaction. Reliability allows us to deliver exceptional customer service. Innovation is crucial since the industry ventures in technology, which is ever changing. Innovation helps us to reduce the cost and provide the necessary capital to help the company grow and expand. It will also bring about shareholder value and also work towards creating that competitive advantage in the market. Community involvement creates an enabling environment to uphold a positive customer relationship needed. Finally, customer satisfaction ensures that the customers get value for their money and in turn they can easily refer the company to a new customer. The success of our business largely depends on maintaining a strong reputation that will promote referrals from past customers. Strategic Direction A clear communication of the vision, mission and core values is necessary for the strategic plan to be implemented. The management and employees should clearly understand the fundamental principles that make up the business model. At the top, the executives have to make high-level decisions that will allow the core values to flourish (McNamara, 2013). In our context, for example, it is important for the management to select new stores that enables the staff interact with customers such as in densely populated urban centers. Perpetual training programs will allow employees improve the customer service. Continuous training programs and seminars not only makes the employees remain focused to the core values and mission but also makes them innovative and keep up to date with the latest technology. This makes the company achieve faster its objectives. Competitive Advantage For one to achieve a competitive advantage over other mobile phone repairing companies, they must adhere to adhere to the core values they set out. As discussed earlier, innovation is critical as it helps us to achieve a competitive advantage. The management has to invest in assets that will promote innovation. Mobile hardware is a rapidly changing industry that will be important to maintain a strong understanding of the leading edge technology (IBISWorld, 2013). Investing in technology will help the company position itself appropriately as major changes occur in the industry. Generating a brand image that is easily recognized by the public can also help in creating a competitive advantage. Through the core values of dependability and community involvement, the company can control its public image. A positive image generates good word of mouth advertising in addition to making it a first choice stop for any customer whenever mobile phone repair arises. Business Model A business model is described as the logic of the firm, the way it operates and how it will create value for stakeholders. Business models are composed of two elements; the concrete choices by the management and the consequences of the choices. The choices include compensation practices, location of the organization, extent of vertical integration and the assets employed, sales and marketing initiatives and many more. Every choice has a consequence for instance pricing policies have obvious implications regarding the volume which in turn affect the economies of scale (From Strategy to Business Models and to Tactics, 2016). The choices can further be divided into three; policies, assets and government structures. The vision of Fast connections Mobile Phone Company is; the digital era we now operate in is transforming our day-to-day lives, our behavior and our interaction with our environment. In this hyper-connected world, we all experience the digital transition in our own way, according to our preferences and possibilities. To be positive, this revolution must include everyone, but also adapt to every person’s aspirations and essentials. This is how it will become a human revolution, grounded in everyday life. The mission is; “Our customers’ practices and needs are evolving. They want simple solutions that are truly useful. They seek flawless connectivity, personalized responses and good value for money. And this is what makes our mission so meaningful: to be "always in touch to connect what’s essential in your life." Thus, the vision and mission of Mobile Phone Repair Crew are similar in that they both touch on innovation and customer satisfaction. Summary By implementing a strategic plan, our company seeks to acquire a leading role in the mobile repair industry. The company can communicate its core values by summing them up with a vision and mission statement. They serve as guidance for decision making among executives, managers and employees. In addition to that they also describe the core values of shareholders. The contents of the plan will be the main driving force for the overall direction of the organization. Implementing the strategic plan will help the company prospect growth, increase value for shareholders and provide that much required competitive advantage. Our company also aims at uplifting the local community by offering sponsorship to schools and colleges for people in this area as part of its Social Corporate Responsibility Program. A budget of 2% of the annual revenue will be set aside to facilitate this. References Armstrong, J. (1986) The Value Of Formal Planning: A Reply From Strategy to Business Models and to Tactics. (2016) (1st ed.). Retrieved from http://www.hbs.edu/faculty/Publication Files/10-036.pdf HOW TO WRITE A STRATEGIC PLAN. (2016) (1st ed.). Retrieved from https://www.hks.harvard.edu/ocpa/cms/files/communications-program/communications- workshops/workshop-handouts/RAMAN_strategic-planning.pdf IBISWorld.(2013). Cell Phone Repair In The US Industry Market Research Report from IBISWorld Strategic Plan Part 1: Mission, Vision, and Values | Octotutor. (2016). Octotutor.com. Retrieved 27 November 2016, from https://octotutor.com/strategic-plan-part-1-mission-vision-and- values/ What comes after those ellipses?. (2016). BusinessDictionary.com. Retrieved 27 November 2016, from http://www.businessdictionary.com/definition/innovation.html 1 STRATEGIC PLANNING 2 STRATEGIC PLANNING 3 STRATEGIC PLANNING 4 STRATEGIC PLANNING 5 STRATEGIC PLANNING 6 STRATEGIC PLANNING 7 STRATEGIC PLANNING 8

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