BUS 475 Week 4 Complete
DQ1.Explain the reason of constant and essential
updation of implementation and communication of a strategic plan? Who should be
the in charge of the task i.e. updating and communicating a strategic plan?
Why?
DQ2.Was the strategic plan of your organization been
communicated to you? If yes then who and how was it communicated? If not how
does it affect you organizational effectiveness? In general is it essential for
the employees of the organization to know the strategic plan? Support reasons.
Resource: Exhibit 7-1 in Ch. 7 of Strategic
Management
Develop the strategic objectives
for your business in the format of a balanced scorecard.The strategic
objectives are measures of attaining your vision and mission. As you develop
them consider the vision, mission, and values for your business and the
outcomes of your SWOTT analysis. Consider the following four quadrants of
the balanced scorecard when developing your strategic objectives:
Shareholder
Value or Financial Perspective, includes strategic objectives in areas such as:
o
Market share
o
Revenues and costs
o
Profitability
o
Competitive position
Customer
Value Perspective, includes strategic objectives in areas such as:
o
Customer retention or turnover
o
Customer satisfaction
o
Customer value
Process
or Internal Operations Perspective, includes strategic objectives in areas such
as:
o
Measure of process performance
o
Productivity or productivity improvement
o
Operations metrics
Learning
and Growth (Employee) Perspective, includes strategic objectives in areas
such as:
o
Employee satisfaction
o
Employee turnover or retention
o
Level of organizational capability
o
Nature of organizational culture or climate
o
Technological innovation
Develop at least three strategic
objectives for each of the following four balanced scorecard areas identified
above (Financial, Customer, Process, Learning and Growth). Your objectives
should be selected, in part, based on an evaluation of a number of potential
alternatives to the issues and/or opportunities identified in the SWOTT
Analysis paper and table you completed in Week Three. Base your solutions on a
ranking of alternative solutions that includes an identification of potential
risks and mitigation plans, and a stakeholder analysis that includes mitigation
and contingency strategies. You should also incorporate the ethical
implications of your solutions into your selection.
For
each strategic objective, develop a metric and target using a balanced
scorecard format. (For example, a strategic objective in the shareholder or
Financial Perspective is to increase market share. A metric to actually measure
this strategic objective of market share increase is, "The percentage
of increase in market share." The target is the specific number to be
achieved in a particular time period. The target for the metric of
"Increase market share" could be "Increase market share by 2%
for each of the next 3 years" of an increase of 2% per year for 3 years.)
Write a 700- to 1,050-word
summary that explains your critical thinking on how you derived your objectives
from your vision, mission, values, and SWOTT analysis.
Format paper consistent with APA
guidelines.
Develop a generic communications plan and template. This
template will be used to develop a communication plan for your Final Strategic
Plan, due in Week Five.
Week 4 Summary
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475 Week 4 Complete
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