Business Plan Assessment – Strategic Improvements

Business Plan Assessment – Strategic Improvements

Purpose of the Strategic Plan

The purpose of the strategic plan is to outline where the organization intends to be in the future and how it will get there. This is outlined in the vision and mission statement and the measures being taken to achieve the company’s long-term and short-term goals. Another purpose of the strategic plan is to provide an overview of the organization’s internal and external environment to understand the factors that may affect its operations positively or negatively. It also includes a review of the organization’s strengths, weaknesses, opportunities, and threats, how it intends to manage its employees, and how it interacts with the community.

Key objectives

• Outlining the measures that will be taken to meet the company’s vision
• Outline specific goals that will be fulfilled to improve the company’s performance
• Set milestones for meeting specific goals

Market development and how my ideas fit

The organization’s market development includes expanding to global markets using a client-centric approach and manufacturing many products to increase the customer base. The idea of product diversification and customization fits in the market development plan by enabling the company to increase its product catalogue hence attracting more customers (Iskenderoglu, 2020; Simmonds, 2015). Market development also entails expanding physical store business operations to serve many customers.

Process improvement

The organization improves its processes by using customer feedback to improve its products and services. This is facilitated by the client-centric approach, which includes considering clients as part of the essential stakeholders in the e-commerce business. Process improvement also includes creating new strategic alliances and collaborations with other companies, especially in emerging markets, to enhance the efficiency of services in these markets.

Development of people

People development entails training employees to equip them with new skills and capabilities. The organization has a plan that includes educating workers through the Amazon Career Choice Program that provides a 95% pre-payment of the tuition fees for employees to study nursing or airplane mechanics irrespective of whether the skills apply to a job at the company.

Product/service, ways of delivery, and a way to improve quality over time to differentiate

Products and services are delivered via online and physical stores located in different locations. Over time, the quality can be improved by using innovation to customize and personalize product selections for customers and suggest products based on customer preference and shopping history.

Key performance indicators (KPIs) to measure performance over time

One of the key performance indicators that can measure Amazon’s performance over time is increasing customers. This will indicate that the company’s market is developing and give the company an idea of where the customers are concentrated. The second key performance indicator is positive customer reviews on product quality, which will improve the company’s processes.

Initiatives to support the objectives to improve the strategic plan

One of the initiatives that will be used to improve the strategic plan is creating specific responsibilities for employees to ensure that they participate in meeting the objectives. The second initiative is setting targets for the employees to ensure they are serious about meeting the goals. The third initiative is collaborating with everyone in the organization in reviewing the strategic plan to identify areas of improvement.

Ways to adapt to the changing business environment

Amazon operates in a business environment that is regularly affected by changes in customer preferences and trends that influence customer purchasing behavior. One of the ways the company can adapt to the changing business environment is using Big Data to predict changes in customer behaviour and make changes to meet customer needs and preferences. The second way is conducting regular market research to identify the business environment trends and adjust products and services to meet these trends.

References

Iskenderoglu, C. (2020). Product market competition and the value of diversification. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3537479

Simmonds, P. (2015). Product market diversification. Wiley Encyclopedia of Management, 1-2. https://doi.org/10.1002/9781118785317.weom120151

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Using your analysis of the strategic plan from the Wk 2- Strategic Plan Research assignment, complete the following:

Analyze in 350 to 525 words the:

Purpose of the Strategic Plan
Key objectives:
Market development and how your ideas fit
Process improvement
Development of people
Product/service – How do you deliver? Is there a way to improve quality over time to differentiate?
Key performance indicators (KPIs) to measure performance over time

Recommend initiatives to support your objectives to improve the strategic plan.

Identify ways to adapt to the changing business environment.