Write a 1,050- to 1,400-word strategic objectives summary. Include your balanced scorecard and its impact on all stakeholders, and the communication plan.
Identify key trends, assumptions, and risks in the context of your final business model.
Develop the strategic objectives for your new division of the existing business in a balanced scorecard format in the context of key trends, assumptions, and risks. 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 SWOT analysis and supply chain analysis.
Consider the following four quadrants of the balanced scorecard when developing your strategic objectives:
- Shareholder Value or Financial Perspective, which includes strategic objectives in areas such as:
- Market share
- Revenues and costs
- Profitability
- Competitive position
- Customer Value Perspective, which includes strategic objectives in areas such as:
- Customer retention or turnover
- Customer satisfaction
- Customer value
- Process or Internal Operations Perspective, which includes strategic objectives in areas such as:
- Measure of process performance
- Productivity or productivity improvement
- Operations metrics
- Impact of change on the organization
- Learning and Growth (Employee) Perspective, which includes strategic objectives in areas such as:
- Employee satisfaction
- Employee turnover or retention
- Level of organizational capability
- Nature of organizational culture or climate
- Technological innovation
Evaluate potential alternatives to the issues and/or opportunities identified in the SWOT Analysis paper and table you completed in Week 3.
Create at least three strategic objectives for each of the four balanced scorecard areas. Base your solutions on a ranking of alternative solutions that includes the following:
- Identify potential risks and mitigation plans
- Analyze a stakeholder and include mitigation and contingency strategies.
- Incorporate ethical implications
Develop a metric and target for each strategic objective using a balanced scorecard format.
- 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.)
Outline a brief communication plan discussing how you will communicate the company’s strategic objectives that includes the following:
- Define the purpose.
- Define the audience.
- Identify the channel(s) of communication and why you selected that channel.
Format paper consistent with APA guidelines.
Attached is my last two weeks papers that go along with it. Thank you.
Strategic Plan Part 2
Haley Duell
05/24/16
BUS/475
Internal and external environmental analysis and supply chain analysis.
Internal environmental analysis
Eastman Kodak company is Asia’s most considered technology company that considers its customers likes and dislikes on products they produce. They progressively produce new products in the market so as to cater for the customer’s tastes and preferences. Among its large range of products, is smart phones and tablets seeing Blast smart as the newest Smartphone model known as Blast and each day the demand for these products increases . all together, the market place is seen growing as the population of middle class people in growing countries is rapidly growing. There are several markets for the company’s products and more are emerging such as Amazon and Alibdoa which is one of the boosters for the company’s growth.
External environmental analysis.
Some of the external factors that affect the company ,include competition just as any other organization would face. Its main competitor is Apple which it competes with directly. Apple company remains ahead of Eastman Kodak company because it produces more sophisticated technological products. In addition it uses iOS in its operating system in comparison to Eastman Kodak company which uses Google’s android which the customers do not consider much. This remains a challenge to the company. Its other competitors are Xiaomi and Huawei who provide indirect competition and other middle level Smartphone markets.
It is worth noticing that the company has deployed some strategies to ensure good relationship with its customers on where customers can communicate with them. This has been made effective through creation of certain websites and provision of Eastman customer care service.
SUPPLY CHAIN ANALYSIS.
The company has three major divisions:IT,Device solutions and mobile communication with each division having other sub-divisions. It manufactures electronic equipment and these include smartphones, handsets and tablets. The company targets students, professionals, researchers and business people. Customers aging between 25 and 50 years provide the highest market as they have the capability of purchasing and using the electronic gadgets.
Although the general growth of the company in terms of the market is slow ,the growth in market of smart phones is quite high. In the year 2013, the total “sell in” had increased from 1.73 billion units in 2012 to 1.83 billion units. Growth market of handsets decreased from 9% in 2012 to 6% in 2013. Shipping of smart phones by 2013 was 1.03 billion units. (3/83/RI, 1999)
A SWOT table summarizing findings:
| |
Strength |
Weakness |
Opportunity |
Threat |
| Global |
It is valued most by Asians in production of electronics. |
It cannot match apple company despite introduction of new features |
The population of middle –class in growing countries is growing rapidly. |
Domination of apple company in most USA’s markets is a threat. |
| Economic |
Its sales are steady. |
It uses less sophisticated features in its gadgets. |
There is increased demand for smart phones and tablets in the market. |
|
| Technological |
It offers the best LCD panels, smartphones and mobiles. |
It uses Google android in its operating system which is not considered much by users. |
To introduce wearable technology. |
Shift in buyers needs. |
| Innovation |
|
Weak production of innovations.3 |
To introduce wearable technology. |
|
| Social |
it has good relations between retailers in USA and Europe. |
|
There is high demand as most people e.g. students, business people e.t.c. Wants the gadgets. |
Apple company has good reputation from users regarding its products. |
| Environmental |
|
Failure to recognize the dynamic environmental that is digital |
Online markets to market its products such as Amazon and Alibdoa. |
Apple has a larger market hence it directly competes with Eastman Kodak. |
| Competitive analysis |
|
It receives competition direct competition from apple company |
It has created marketing strategies to keep it competitive e.g. skimming and competitive pricing. |
It receives competition from Huawei |
| Strategy |
It uses marketing communication strategy that involves production, execution ,advertising and sales promotion. |
They failed to keep in touch with the market when laying out strategies. |
With the visionary leaders ,effective strategies are laid. |
Financial constraints may hinder some of the strategies from being met. |
| Resources |
It manufactured its own products. |
|
The company uses its own trucks to transportation of products hence reducing shipping costs. |
Market prices are fluctuating affecting purchasing of required resources. |
| Goals |
Produce middle price smart phones to target middle class customers. |
|
Bring mid price smart phones to customers that are appealing to them. |
|
| Strategic capabilities |
Much focus is in smart phone production and sales function. |
Some of its leaders are not visionary to lay out effective strategies. |
There are opportunities to lay out marketing strategies that will help the company sustain its business. |
|
| Culture |
It was ranked the leading film producer in the world. |
Production of analog cameras. |
Diversify to other income generating sectors e.g insurance provision. |
Digital revolution as other filming firms have offered competition. |
| Technologies |
It was ranked the best producer of LCD panels and smart phones in the world. |
Leaders who are not visionary to welcome digitalization. |
Installation of internet access features in the gadgets. |
Rapid diversification in technology |
| Innovations |
There are innovative people willing to create new innovations. |
|
Provide a middle price phone in the market. |
|
| Intellectual property |
Consumers like photographs so as to keep fond memories of events. |
The cameras are not digitalized. |
New production images, printer services |
|
| leadership |
Some leaders who are visionary to the company. |
Poor management that led to its decrease in sales. |
With the visionary leadership, create new innovations to sustain the business. |
|
SYNOPSIS
Eastman Kodak company was started by the man George Eastman in the year 1888 with a single camera that took photographs of people. It has grown to being the most trusted technology shop in Asia. The company has created several headquarters by the year 2013 that offer best smart phones with the latest being Blast, electronic gadgets, cameras , printers and best photographs for one to keep memories of events.
The company ensures that they provide best services and best selling goods to its consumers. They provide communication channels such as websites and customer care services for consumers and clients to reach them. With the dynamic consumers tastes and preferences, they have to consider that so as to improve the business.
Eastman struggles to remain competitive despite facing various threats and challenges. With the dynamic technological advancement, consumers prefer cell phones and Personal Digital Assistants PDAs that have inbuilt cameras rendering photograph services from Kodak irrelevant. It receives a stiff competition from other Smartphone producing companies such as Huawei which has a better reputation due to its application of sophisticated features in its gadgets. Fluctuating market prices of electronic equipment is also a big blow to the company.
To maintain its position, it manufactures a diversity of items in vast production away from dealing with photography . there are new marketing strategies that involve skimming and competitive ways of pricing so as to be able to withstand the stiff competitition,single distributing outlet and offering promotions to keep customers engaged.
The company aims at ensuring that its employees and the members of executive remain hardworking to see the company sail to great heights. All employees that are more productive are always retained in the company by ensuring adequate salaries to its employees.
It continues to invest in other sectors that provides diversification of its products as well as opening more branches in various parts of the country. It is the objective of Eastman to fund these investment sectors.
Maintaining the quality of products for the consumers is a key issue so as to appeal them. This is done by contacting the consumers to know what is their taste and preference. In addition, Eastman Kodak aims at remaining reliable to its customers as well. This may involve delivery of goods and services at a fair cost and in good time so as to win their trust.
The company anticipates to create more markets for its products as well as bring more services and products to the limelight. This is to be achieved by venturing into innovating new technological measures and produce the gadgets that are in hand with the current digital platform.
As a way of adapting to the dynamic technological platform, Eastman Kodak company installs features to help consumers access internet in the electronic gadgets away from other applications since film photography is outdated.
They have as well improved printout quality of the photographs to appeal customers who prefer using their cell phones and PDAs to capture snaps as well as sell best quality printers.
Due to the unsteady prices of products, it offers to diversify into other incoming generating sectors i.e. Provision of insurances and security. It has financial strategies that are effective that will withstand challenges that can affect the company’s finance and strategically manage the finances in a way it can achieve its objectives.
MAJOR ISSUES AND CHALLENGES.
From the analysis, we identify the following challenges that the company faces:
· Stiff competition from other smart phone manufacturers in the world such as Apple company.
· Increased markets rising for digital replacement.
· Downfall of Eastman Kodak Company.
Who are his competitors and what has it done to remain competitive?
What has brought to the downfall of Eastman Kodak company?
The company faces competition from film photography companies such as Sony, Nikon and Fuji Films in USA. For instance Fuji films came with cheaper products hence winning people’s trust in USA where Eastman Kodak had dominated for many years. Apple company is also a threat to the falling company in production of digital cameras and high tech printers. In regards to the external environment. The rapid development in technology has instilled competition as each company is innovating new technology to remain competitive. Its downfall began in 1990’s when the digital technology swerved in ,which involved sharing photos online but the company never adapted to it. This was due to internal environment force where the company experienced leadership wrangles. Some were visionary and wanted to shift to the digital production and others wanted to remain analog and focus on increasing sales. New firms emerged after copying what the company was doing and taking advantage of the digital revolution to come with new innovations.
· Firms monitor how their competitors strategize their work and use it as a stepping stone to their success.
· To remain successful it is advisable for a company to make sure that it is difficult for others to emulate their main processes and competencies.
· The company should keep in touch with the market so as to be aware of the dynamic tastes and preferences rather than focusing on how to increase sales.
3/83/RI, L. (1999). NEW YORK.
References
http://www.lenovo.com/transactions/pdf/CCS-Insight-Smartphone-Market-Analysis-Full-Report-07-2014.pdf
Piao, M., &Kleiner, B. (2015). Excellence in the Electronics Industry: The Comparison of the Organizational Culture among Apple Inc., and Google Inc. Conflict Resolution & Negotiation Journal, 2015(1).
3/83/RI, L. (1999). NEW YORK.
