Ace my homework | Strategic Plan | Acemyhomework Writers
Executive Summary
The fierce competition and continuous growth in the market imply that the company must implement adaption strategies and compete to maintain a sustainable market share. Our company has chosen to focus on product differentiation to extract ourselves from the generic market and provide new and improved products. Providing new and world-class products and services in the next eight years will enable us to attain a significant market share and battle our rivals. Our pricing and quality will be up to par with customers’ expectations. Similarly, constant research and development will enable us to produce quality and unique products as well as constantly advancing our brand (Leiponen, 2012). We expect to apply this mindset in creating a successful business that will generate significant and sustainable profits in these next couple years. Furthermore, we hope to source sufficient funds for human resource needs such as hiring and training. Availability of skilled personnel will enhance efficiency and quality output that generates competitive advantages over the rivals (Dunning, 2013). We chose to invest heavily in the start of the rounds to give ourselves an upper hand and reserve some capital for possible uncertainties later on in the simulation. The company will use its strengths to exploit the opportunities and overcome the threats, while constantly researching and improving on its weaknesses. Our main focus is to surpass our competitors, meet our customers’ expectations, generate sustainable revenue, and thrive in the market.
Mission Statement
Our dream is to create and maintain the world’s best and most reliable sensors in the market. Andrews is a company founded on good ethics, world-class customer satisfaction, and thrive to provide the best quality products at unbeatable prices. We focus on efficiency, customer awareness, and adaptable products. We also integrate modern technology, professionalism, and quality materials in our production to give our customer the best quality they deserve.
Vision & Core Values
We aim to grow and become the largest sensors producer in the local and global markets. We aim to source sufficient funding and automate our production system to attain the capacity of producing premium products for mainstream customers. Similarly, the company aims to invest in research and innovation to improve existing products and develop new brands that would enhance competitive advantage. We focus on extensive brand promotion to enhance awareness, accessibility and achieve high market shares. The firm also aims to implement customer retention strategies and sustainable budgeting to minimize costs while raising revenues (Anwar & Hasnu, 2013). Our core values include innovation, integrity, ethical standards, reliability, and dependability. We also value reliability, efficiency, open-mindedness, and service to all.
Value Proposition
Our product will be focused on superior quality and affordable competitive prices that ensure customer satisfaction. We will also focus on proper efficiency and product accessibility to gain competitive edge rather than the lowest pricing. The firm will also gain customers’ trust and loyalty through product accessibility and reliability at all times (West, Ford, & Ibrahim, 2015). Our goal is to compete aggressively while maintaining good profit margins. Furthermore, the company will invest in modern business technology to enhance operation efficiency, production planning, forecasting, and cost reduction. Funding and researching will help us grow our sales and profit margins in the near future. We want to retain our customers, dominate the market share, make sustainable profits, and attain a comfortable position in the market.
Company Objectives and KPIs
Our company’s objectives will be tied to our strategy and will focus on outperforming our competitors. Our goal is to take over as much of the market share and sales as possible. Besides, we also aim to continue research and development and let our new products outperform the competing brands. We are driven by the desire to do the best and grow in the market. We want to follow a stretch objective and focus our full potential and resources to achieve best results each round. We also seek short and long-term funding while focusing on strategic and financial objectives to maintain a balanced scorecard. In the beginning years, our key performance indicator is to break-even, and use the profits to expand the business. Later on, our KPIs will include expanding revenue, gaining competitive advantage and sustainable market share, as well as overcoming the adverse market changes.
Strategies
We will formulate business strategies through strategic tests and adaptation. We aim to gain competitive advantages through having a good value chain. Besides, sustainable resources, constant research, and automated systems in manufacturing and management will give us that upper edge (Dunning, 2013). We will also conduct accurate forecasts and aggressive marketing to reach consumers; this would enable achievement and retention of sustainable market share. The company will also focus on automation, human resource, customer relationship management, and marketing to ensure customer satisfaction and dominate the market. Research and development in new items each year and paying attention to our competitors will keep us from making simple forecasting mistakes. We plan to have a balanced approach and research in each sector of the market to gain consumer intelligence that guides the formulation of strategies for customer satisfaction and retention.
References
Anwar, J., & Hasnu, S. A. F. (2013). Ideology, Purpose, Core Values and Leadership: How they influence the Vision of an Organization?. International Journal of Learning and Development, 3(3), 168-184.
Dunning, J. H. (2013). Multinationals, Technology & Competitiveness (RLE International Business) (Vol. 13). Routledge.
Leiponen, A. (2012). The benefits of R&D and breadth in innovation strategies: a comparison of Finnish service and manufacturing firms. Industrial and Corporate Change, 21(5), 1255-1281.
West, D. C., Ford, J., & Ibrahim, E. (2015). Strategic marketing: creating competitive advantage. Oxford University Press, USA.
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