Purpose of the Strategic Plan
The purpose of the strategic plan is to identify the strengths and weaknesses of the services offered by Florida Blue. Additionally, the strategic plan considers the competitive positioning and external environment aspects as a measure to recommend the best course of action for attaining the company’s strategic objectives.
Florida Blue’s strategic plan objectives are as follows;
- Become a leading business in the health sector
- Enhance environmental sustainability through corporate social responsibility
- Contribute to the wellness and prosperity of surrounding communities through improved mental well-being, food security, and health equity.
Market Development and the Fitness of My Ideas
The company develops its market in line to become a leader in the health sector. Workers are drawn from all markets served to ensure people from those markets feel they are part of the organization. Notably, this is conducted through efforts taken by the market development director. The director initiates programs to identify and nurture new market opportunities while retaining the primary business segment. The company’s strategy identifies a collaboration with market affairs specialists who help the company to activate foundation programs and sponsorships the grow company brand awareness. Notably, this fits with my ideas about becoming a business leader. The market growth will expand the strength of the company in surrounding markets.
The strategic plan focuses on people and external environmental factors to achieve significant objectives. However, improvement can be made to the process to ensure the objectives are achieved quickly. One way of improving the strategic plan is by considering internal matters alongside external factors to achieve the objectives. According to Ilmudeen & Bao (2020), employees are an organization’s greatest asset. Therefore, Florida Blue should consider them in the strategic plan to improve its process.
Development of People
The strategic plan of Florida Blue puts people at the center of its operations. The people’s element in the strategic plan advocates for a diverse workforce. By embracing workforce diversity, the organization ensures that achieving organizational goals is more accessible. Another way of encouraging the development of people is through embracing value-based relationships across the organization that ensure aspects of growth are shared through effective relationships.
Services are delivered through a home delivery pharmacy service. In delivering the service, an external service provider is contracted to deliver on behalf of the company. However, improvement can be made to the service delivery when the company delivers the service without contracting external parties. Subsequently, this will improve quality over time because employees from the organization understand its objectives and thus deliver the services better.
Key Performance Indicators (KPIs) for Measuring Performance Over Time
Two major key performance indicators can measure performance. They include the company’s overall direct premiums earned and the number of customers served in a given period. A change in these aspects will indicate whether a positive or negative achievement is being made.
It is recommended that the company set branches in all states of operation. The branches will then be responsible for monitoring the process of achieving set objectives and undertaking corrective measures.
Adapting to Changing Business Environment
Florida Blue can adapt to changing business environment by assessing the environment periodically. After the assessment, the organization should embrace the idea of change to ensure all new matters from the business environment are adapted (Abratt & Bendixen, 2018). Lastly, the organization should forecast and prepare for the future while paying attention to the present.
Abratt, R., & Bendixen, M. (2018). Strategic Marketing: Concepts and Cases. Routledge.
Ilmudeen, A., & Bao, Y. (2020). IT strategy and business strategy mediate the effect of managing IT on firm performance: an empirical analysis. Journal of Enterprise Information Management, 33(6), 1357-1378.
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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
Market development and how your ideas fit
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.