Project Objectives and Metrics – Airbnb

Project Objectives and Metrics – Airbnb

Background

Strategic objectives are a measure of attaining your vision and mission. They reflect the business’s vision, mission, and values and the outcomes of the internal and external environmental analysis.

Scorecard Areas

Develop at least three strategic objectives for each balanced scorecard area.

Why These Objectives Are Appropriate for the Project

The increase in the return on invested capital is appropriate for the project because it will enable the company to plan its marketing strategies. According to Khotimah (2015), return on investment helps companies determine the marketing tactics that are working and those that are not. An increase in return on investment indicates that the marketing tactics are effective. Diversifying the revenue base is appropriate because it will enable the company to expand its market share, thus increasing profit. An increase in profit margins is appropriate because it will grant the company access to money that can be used to expand into new markets, thus creating a competitive advantage. Diversifying the revenue base will also enable the company to extend its brand and offer new services to increase its revenue. An increase in customer lifetime value is appropriate because it will allow the company to create a long-term competitive advantage, thus reducing competition. Increasing customer loyalty is appropriate because it will help the company develop a strong brand image that can be leveraged for global expansion and growth. Improving reviews and ratings is appropriate because it will contribute to the company’s reputation, thus creating a competitive advantage by attracting customers and retaining existing ones.

Moreover, reducing customer waiting time is appropriate because it will enable the company to develop a competitive advantage, thus supporting its growth and expansion plan. Increasing interactions with customers on social media is appropriate because it will allow the company to understand customer needs and preferences to plan brand extensions and new service offerings that create a competitive advantage. Increasing customer retention is appropriate because it will enable the company to generate revenue that can be used for brand extension, developing new services, and expanding global growth. Improving data protection systems is appropriate because it will increase customer retention by developing customer trust. According to Parniangtong (2017), customer trust creates a competitive advantage by building customer loyalty. Airbnb can use customer loyalty to expand its market share and increase profits, thus creating a long-term competitive advantage. In addition, increasing employee teamwork is appropriate because it will support the generation of ideas that can be used in brand extension and the creation of new services. Further, increasing employee retention is appropriate because it will reduce operating costs. High employee turnover raises operating costs because of the money spent recruiting and training new employees (Swanson, 2019). Therefore, a company can reduce operating costs by retaining existing skilled employees.

Why These Metrics and Timelines are Appropriate for the Strategic Plan

The selected metrics and timelines are appropriate for the strategic plan because they effectively measure the company’s progress towards achieving a long-term competitive advantage, expanding to global markets, innovation, and brand extension. For instance, a 10% increase in profits in the first year, a 5% increase in revenue in the first year, and a 15% increase in profit in the first year will measure the company’s ability to raise funds required for innovation, global growth, and expansion, development of new products and brand extension. Also, 100 new customers in the first year, 100 return customers in the first year, and 150 positive ratings and reviews in the first year will measure the company’s ability to increase competitive advantage. Similarly, the decrease in waiting time by 5% in the first year, a 10% increase in customer feedback in the first year, and 100 return customers in the first year will measure the company’s operational efficiency and whether it creates a competitive advantage. Finally, reducing data security issues by 10% in the first year, increasing employee engagement by 5% in the first year, and reducing employee turnover by 25% in the first year will measure the company’s ability to innovate.

References

Khotimah, K. (2015). Measurement of return on marketing investment (ROMI) in manufacturing companies. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2926729.

Parniangtong, S. (2017). Gaining sustainable competitive advantage. Competitive Advantage of Customer Centricity, 1-18. https://doi.org/10.1007/978-981-10-4442-7_1.

Swanson, L. (2019). Minimizing and mitigating the cost of employee turnover. Transplantation, 103(11S), S75-S75. https://doi.org/10.1097/01.tp.0000611984.09921.e3.

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Determine the project and its objectives and metrics. This project should be based on an unmet opportunity for the organization or to minimize a potential threat. What must the organization do to advance its goals and/or expand its competitive advantage? How will you measure their progress?

Project Objectives and Metrics – Airbnb

Use the Balanced Scorecard Template to:

Create at least 3 measurable project objectives for each quadrant of the scorecard based on your analysis.
Determine targets, timelines, and metrics for each objective.

Explain the following in 350-525 words on the Balanced Score Card Template:

Why are these objectives appropriate for the project?
Why are these metrics and timelines appropriate for your strategic plan?