A business model and strategic plan in which you add your strategies and tactics
ID: 466569 • Letter: A
Question
A business model and strategic plan in which you add your strategies and tactics to implement and realize your objectives, measures, and targets. Include marketing and information technology strategies and tactics. Develop at least three methods to monitor and control your proposed strategic plan, being sure to analyze how the measures will advance organizational goals financially and operationally. Determine the best possible options for evaluating the strategic plan. Explain the ethical issues faced by the organization, summarize the legal and regulatory issues faced by the organization, and then summarize the organization's corporate social responsibility. Include in this section the possible implications of the triple bottom line (people, planet, profit) on the strategic plan and its implementation.
Explanation / Answer
The 3 process of strategy formation and management for any business / organization is :
Strategy Formulation :
This is the first phase of the strategy formation. In this phase, we analyze the current situation of the organization. This process is known as situational analysis.We need to have a deeper understanding on the environment in which the organization performs. Both the internal & external environment of the organization play a crucial role in forming a typical strategical plan. We also form a set of objectives , mission , vision statement and goals for the organization.
Strategy Implementation :
In this phase, we decide and design a program / plan of action to allocate and manage resources. Resources such as man power , machinery , capital and infrastructure equipment. Assigning responsibilities and specific task teams are designed in this phase. We compare the plan of actions and evaluate the efficiency. We search for drawbacks and any loopholes in the process. This phase is crucial in maintaining the consistency , accuracy and reliability of the design plans.
Strategy Evaluation :
In this phase, the main crucial task is measuring the efficiency and effectiveness of the organizational strategy. We conduct a SWOT analysis to understand our strengths and weakness. We also formulate precautionary measures and preventive measures for future. This phase mainly focusses on the sustainability of the organization, maintaining the brand image and withstanding the peer pressure.
Marketing Strategy Plan :
The plan includes 5 major steps :
Ways to monitor and control the proposed strategic plan :
Strategic plans are very crucial part of decision making. We need to consider many alternatives and factors that effect the functioning of the organization. In order to maintain monitor and control a strategic plan we need to follow the key elements :
Measures to address the Ethical issues :
Creating a strict code of conduct to all the employees and stakeholders is amust to maintain ethical values in the organization.Tihs step ensure to maintain the dignity and ethical brand image in the community. This is highly appreciable by the society and increases corporate status and image.
Measures to address the Regulatory issues :
These are government related issues that can hamper the functionality of the organization if not handled properly. These include transport registrations , wastage disposal , work permits, tax deductions, worker wage standards and payroll issues.
Measures to address the Legal issues :
The organization is highly answerable to the law and court of justice if found guilty of any illegal crimes. Every organization is bound by the civil legal standards of the country they operate in. Franchise and joint ventures with other countries have to be very carefully dealt to organize their legal issues.
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