The ability of the business to realize success is dependent on thebusiness model that has been adopted. The focus is on ensuring thatthe business model results in the generation of revenues from thecompany operations (Govindarajan & Trimble, 2011). The businessmodel entails the adjustment of prices and reduction of theoperational costs. The organization will reduce the prices chargedfor the commodities sold to increase the overall sales. Considerationwill be made to ensure that the prices are reasonable and not likelyto subject the company to losses. It is vital to evaluate the cost ofinput in the production process and conduct a comparison with themarket prices in the industry. Next, it would be essential to reducethe operational costs needed in the manufacture of commodities. Theeffect would be enhanced efficiencies in the manufacturing processbut at a minimal cost. The tactic would be instrumental in therealization of objectives of the company which is to make profits.The plan will entail getting raw materials at a lower price andminimize wastage by recycling waste where necessary.
Marketing and Informational Technology Strategies and Tactics
Further, marketing research will be conducted to get the perceptionof customers regarding the services being provided. Products would bemanufactured to their satisfaction. Notable information technologiesto be used entail the use of social networking sites such as Facebookand Twitter to advertise the products. The goal is to increasecustomers making purchases from the company by use of a reliablestrategic plan (Dibrell, Craig, & Neubaum, 2014). Further, thebusiness will adopt the most recent technologies when it comes to theentire process of manufacture. The goal is to ensure efficiencies inthe entire production process but at a minimal cost.
Methods to Monitor and Control the Proposed Strategic Plan
The identified strategic goals are useful to the extent that they canenable the organization to achieve the objectives that have been set(Sandada, Pooe, & Dhurup, 2014). It is essential to come upwith monitoring and control mechanism to measure the strategic plan.The first method is to assess the increase or decrease in sales afterthe introduction of the strategic plan. Secondly, it would beessential to monitor the operational effectiveness of the productionprocess by determining the time of completion of a particularproduction cycle and the number of products manufactured. Finally,profits earned by the organization will serve as a measure toascertain that the strategic plan is effective.
Possible Options for Evaluating the Strategic Plan
The best option is to determine the overall profits earned by theorganization. The business model focuses on revenue and growth of thecompany. The two factors are highly dependent on how much the companyis making regarding profits. Because of the same, it would beadvisable to use the profits to evaluate the strategic plan anddetermine whether or not it is helping the organization achieve theobjectives set.
Ethical, Legal and Regulatory Issues and Corporate SocialResponsibility
The company has established a policy that reiterates the need foremployees within the organization to operate in an ethical manner.The decision arises out of the need to ensure that the employeesavoid any cases likely to arise to misconduct and affect the normaloperations of the firm. However, notable issues likely to be facedconcerning ethics is the aspect of diversity in the workplace. Thecompany will employ a diverse workforce. The legal and regulatoryissues likely to be encountered is in compliance with the establishedrules. The company has the mandate to ensure that it operates withinthe provisions of the legal framework to avoid possible cases ofclosure that can affect the profits made by the company. Finally, thecorporate social responsibility issue likely to arise regards theability of the firm to conduct affairs while taking intoconsideration the impact of the same on the surrounding community.However, the company will take measures to ensure that it upholdssocial responsibility when it comes to the execution of activities.Further, the aspect of sustainability concerning the manufacturingprocess is an issue that must be taken into consideration. Theability of the organization to conduct operations in a sociallyresponsible manner will result in people benefitting since it can beseen as a venture of giving back to the society. For example, thecompany will come up with a program that entails educating theneediest students through a scholarship program. It would be abeneficial venture especially to the people in the surroundingcommunity. Similarly, if the company decides to operate in asustainable manner, the planet would be protected against pollutionand climate change.
To be a leading provider of reliable goods at affordable prices.
To conduct business in a transparent and accountable mannerconsistent with the established guidelines to achieve the identifiedgoals.
The final business model focuses on ensuring that the companyrealizes the highest profits through the adoption of the identifiedstrategic plan. It is the duty of organizations to make sure thatthey make sense out of the activities they are engaged. Profits madeby the business are crucial in enabling the company to grow andexpand its operations (Gerasymenko, De Clercq, & Sapienza,2015). The final business model focuses on measures through whichthe company can have an increase in the overall revenues. Variousmeasures have been adopted that seek to improve the profit-makingcapability of the business. Through the identified measures, it wouldbe possible to achieve sustenance when it comes to the profit model.
Value proposition will be achieved by use of the most recenttechnological means through innovation. However, it is crucial toconsider that the activities conducted by the company significantlydepend on the preexisting strategic plan. The company will worktoward streamlining its operations by the use of the most recenttechnological advances.
All employees will be willing to work toward the achievement of the strategic goals.
The management and employees understand the objectives and are willing to oversee their implementation.
The strategic plan will be realized within the stipulated time.
The time for realization of the identified objectives may be limited.
The company could run short of resources for the implementation process.
The company could fail to withstand competition from other players in the industry.
Some of the managerial employees could fail to work toward therealization of the implementation plan since they cannot adapt to thechange.
Quantificationof Growth and Profit Opportunity and Planned Impact
Growth will be measured regarding revenues earned that are reflectiveof the profits made by the company. Stakeholders are likely tobenefit from the growth since there are incentives that come with thesame.
Dibrell, C., Craig, J. B., & Neubaum, D. O. (2014). Linking theformal strategic planning process, planning flexibility, andinnovativeness to firm performance. Journal of Business Research,67(9), 2000–2007.http://doi.org/10.1016/j.jbusres.2013.10.011
Gerasymenko, V., De Clercq, D., & Sapienza, H. J. (2015).Changing the business model: Effects of venture capital firms andoutside ceos on portfolio company performance. StrategicEntrepreneurship Journal, 9(1), 79–98.http://doi.org/10.1002/sej.1189
Govindarajan, V., & Trimble, C. (2011). The CEO’s role inbusiness model reinvention. Harvard Business Review, 89(1–2).
Sandada, M., Pooe, D., & Dhurup, M. (2014). Strategic PlanningAnd Its Relationship With Business Performance Among Small And MediumEnterprises In South Africa. International Business &Economics REsearch Journal, 13(3), 650–670.