Strategic Plan Part 3
Wayne Felder
BUS 475
July 5, 2017
Gerald West
STRATEGIC PLAN PART 3 / 1Introduction
Usually, it always serves crucial for business enterprises to incorporate efficient objectives that would help in strategic planning. In essence, the organizations need to turn the vision and mission into measurable targets. The strategic objectives facilitate the provision of the business with specific approaches as they also show how the enterprise should operate to facilitate efficiency and improved performance. Moreover, through the objectives, the employees realize some sense of inspiration and motivation since they understand their organizational roles and responsibilities. As the Shaw Group Inc., through its new division aims at introducing a new product, it realizes the need to come up with strategic objectives in four areas. They consist of shareholder value internal or process operations, learning and growth, and customer value perspectives (Grant, 2016). See figure below which entails our balance scorecard followed by strategic perspectives and objectives.
Shareholder Value or Financial PerspectiveBalanced ScorecardMarket share / Shaw Group can increase their market share for the new division by focusing on gaining new customers through advertising online, email, newcomer promotions (billboards or commercials).
Revenues and costs / The expenses for the new division may be costly, however, some equipment can be refurbished or manufactured for reasonable prices.
Profitability / Shaw Group may boost profitability using current member incentives like 15% discount on bill. Referred customer may receive $50 cash upon signing contract. Secondly free 45 day promotions test period trials. Our goal is clientele increase 3% each quarter, for the next 4 years.
Competitive position / Shaw will maintain competitive edge with unique free trial periods and money back guarantees. Free trials within department will not exceed 1% of profits. Limitations as such ensures minimum 2% increase or targeted 3% each quarter.
Customer Value PerspectiveBalanced Scorecard
Customer retention or turnover / Companies primarily lose clients due negligent customer service and technical support. Shaw strives to for guaranteed satisfaction,. Additionally, 24 hour customer and tech support teams, conduct customer surveys every 30 days. Secondly, supervisor spend two hours a day with follow-up customer service calls.
Customer satisfaction / Shaw continues to display renewable energy as user friendly, and efficient. Also, portfolios are archived to ensure clients maintain a good return on investment. exercising convenient, fun, and affordable for customer. We ensure equipment and energy plans are affordable and obtainable and sustainable for each customer, based on market trends.
Customer value / By implementing this new service for customers, simultaneously reduces environmental harm and opportunities for families to save economically.
Process or Internal Operations PerspectiveBalanced Scorecard
Measure of process performance / The division will be measured by the mistakes or errors within the billing cycles or system functions. Customers maintain the right to choose their energy source without difficulties such as technical, support, software or hardware.
Productivity or productivity improvement / This new division will build on the productivity process and monitored monthly to ensure we stay on track within targeted goals numerically.
Impact of change on the organization / The change should give the organization a profitable and popularity boost because of the convenience.
Learning and Growth (Employee)PerspectiveBalanced Scorecard
Employee satisfaction / The new division will provide opportunities for employees to earn incentives for promoting the new service. Commission rewards are distributed quarterly.
Nature of organizational culture or climate / The nature of the organization is to provide customer with affordable eco-friendly service.
Technological innovation / The new division is based on artificial intelligence with a virtual character for instructor, with equipment that monitors property kilowatts daily.
The strategic objectives
Financial or Shareholder value perspective
The financial value would encompass four operational aspects. The strategic objectives, in this perspective, will be on the market share, profitability, as well as competitive position. In this manner, the first strategic objective will be to increase the market share. Due to the rapidly growing demand for energy-related products, operating in a broad market will be of significant benefit to the new Shaw Group Inc. division as many consumers from different markets will be aware of the products and services provided. The second objective is to improve profitability. The objective would depend on the financial resources of the company to facilitate investments and enhance the expansion of projects within the enterprise. The organization can also improve its profitability by reducing the time required to produce the services to enable the consumers to have easy and adequate access. The third strategic objective in the financial perspective is to enhance sustainable competitive advantage. The uniqueness and quality of the product provided in the new Shaw Group Inc. division would improve its competitiveness hence enabling the company to gain an advantage over its competitors (Brown, 2010).
Customer value perspective
The strategic objectives in customer value perspective will be in the areas of customer retention and turnover, satisfaction, and customer value. The first objective is to incorporate effective strategies for customer retention. The new division would retain its customers by providing quality products, which meet their needs and interests efficiently. The second objective is to promote customer satisfaction with the services and products provided by the enterprise. As a new energy conservation provider in the market, the Shaw Group division needs to serve the interests of the clients to ensure effective competition with the existing enterprises. The third objective is to improve customer value. The company can realize this by involving the consumers in setting the costs (Williams, 2014).
Process or internal operations perspective
One of the objectives is to incorporate efficient techniques to measure process performance. In essence, this would be easy to achieve through assessment of the consumer buying patterns to establish whether the new division will operate efficiently or not. Another objective is to improve productivity. As such, the organization will need to fine-tune its processes to realize the best outcomes for the customers, as well as ensuring increased profitability. The third objective is to incorporate positive change processes on the organization. They would encompass the identification or creation of new opportunities (Teece, 2010).
Learning and Growth (Employee) Perspective
One of the strategic objectives, in this case, is to enhance employee satisfaction. In this manner, the Shaw Group Inc., through its new division needs to involve the employees in the decision-making process. As energy and construction service provider that operates across a vast region, ensuring satisfaction of the employees would boost performance and improve productivity. The second objective is to promote employee turnover and retention. The new division of the company would ensure this by organizing effective training programs for the employees to equip them with the relevant expertise and skills and to promote retention. The third objective is to improve technological innovation. The innovation would enable the enterprise and its new division to compete efficiently and sustainably on the competitive platform. In essence, there would be improved service provision to the consumers from various markets (Grant, 2016).
Communication plan
The goals, vision, mission, and values of organizations or business enterprises drive their communication plans. The plan should have various elements. These consist of the target audience identification. Considerately, this step would also require identifying the most relevant ways on how to reach the audience effectively. The audiences would comprise of business leaders, donors, the trade associations and the public in entirety. Message development is another element, which serves of vital concern as the process helps in determining the most appropriate information to disseminate. Assessment of the resources makes it easy to identify adequacy levels, as well as to comprehend the best way of communication. Additionally, it might involve the access to adequate funding, which would enhance the incorporation of appropriate programs that boost the operational procedures of the business. Ideally, development of strategic objectives and plan require proper evaluation to check the accountability of the set programs, as well as to make any improvements, which would be considered efficient. Monitoring of the developments is of great significance in the process. Ideally, communicating the strategic objectives of the company requires incorporation of a suitable communication channel. E-mailing the audiences would be the most efficient technique to deliver the strategic objectives as most of them will access the information easily thereby promoting relevant outcomes in the planning procedure when the organization aims at introducing a new division (Mich, 2015).
Conclusion
Usually, incorporation of appropriate strategic objectives helps an organization to identify whatever it needs to undertake and the manner to operate. In this way, various key persons tend to determine their roles in the organization thereby promoting efficiency. Through this, the organizations evaluate and monitor their levels of performance and the value of market share. As such, the new Shaw Group Inc., the division is not exceptional in any way whatsoever since efficiency in the accomplishment of the stipulated processes would depend on its strategic objectives. Therefore, all the four perspectives need important consideration as they serve the various departments within an organization, which always determine productivity and performance. When this happens, the company will be capable of convincing the consumers regarding energy conservation within their homes, as well as across the business ventures (Brown, 2010).
References
Brown, J .S. (2010), Seeing Differently, Insights on Competitive Strategies, HarvardBusiness School Press, Boston, MA
Mich. (2015). Kellogg Company Named One Of World's Most Ethical Companies. Kellogg Company News Room Retrieved 16 May 2017, from
Teece, D. J. (2010). Business models, business strategy and innovation. Long range planning,43(2), 172-194.
Williams,C. (2014).MGMT Principles of Management(7thEd.). Mason, OH: 4LTR Press.
Grant, R. M. (2016).Contemporary strategy analysis: Text and cases edition. New Jersey: John Wiley & Sons.