Strategic Plan Part 3: Balanced Scorecard And 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 SWOTT analysis and supply chain analysis.
Consider the following four quadrants of the balanced scorecard when developing your strategic objectives:
- Shareholder Value or Financial Perspective, includes strategic objectives in areas such as:
- Market share
- Revenues and costs
- Competitive position
- Customer Value Perspective, includes strategic objectives in areas such as:
- Customer retention or turnover
- Customer satisfaction
- Customer value
- Process or Internal Operations Perspective, 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, 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
Develop at least three strategic objectives for each of the four balanced scorecard areas identified (Financial, Customer, Process, Learning and Growth). Your objectives should be selected, in part, based on an evaluation of a number of potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis paper and table you completed in Week 3.
Base your solutions on a ranking of alternative solutions that includes an identification of potential risks and mitigation plans, and a stakeholder analysis that includes mitigation and contingency strategies. You should also incorporate the ethical implications of your solutions into your selection.
- For each strategic objective, develop a metric and target using a balanced scorecard format. (For 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.
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.
Format paper consistent with APA guidelines including an introduction, APA headings, and a conclusion. Cite any reference material used. Ensure any tables are embedded in the paper. I expect one single artifact to be turned in for this assignment.
I have attached the two previous papers so that you have a reference as to what is being asked.
NEW PRODUCT STRATEGY 1
NEW PRODUCT STRATEGY 7
New Product Strategy
Propose a new product
The innovative product is a healthy drink made by Domino Pizza. The product is named the life refresher. It is healthy for it has been made from fresh fruits. We came up with the product for we saw a gap in the market that people were in need of a healthy diet. People not only here but in the world have become concerned about their health. Consumption is now pegged at organic foods (Ashurst, 2006).
As a result, we saw an opportunity of in a natural drink rather than in foods. People have changed their diet foods, but they still consume carbonated beverages. Life refresher will give an opportunity to drink organic juice. Bates (2001) says that he supply chain will adhere to ethical green means from the suppliers all the way to the customers. Supplies must be produced through necessary means. The production will adhere to high health standards to produce a pure product. The product will be distributed far and wide using efficient means to ensure availability. Being an organic product that is available at reasonable prices will be a game changer in the market. Consumers will take up the product with much gusto.
The Mission is to offer a rare and a fulfilling chance to the lovers of organic fruits as well as to people with diabetic and heart health conditions to have healthy drinks. We aim to attain this objective by:
a) offer affordable broad spectrum of quality blends and smoothies
b) establish a respectful environment where consumers and workers accord each other dignity, kindness and decorum in manner and communication
c) providing safe products by adhering to highest standards of cleanliness
Being Mindful of our Customers
Business participants deserve to be treated better than yester, openness and commitment of customer and employees’ concerns is a family virtue focus. Customer concern is our focus and priority.
Vendors, employees and customers need appreciation for their continued support to the business. Domino Pizza recognizes their time, efforts, service, input and resources. All activities are done with great respect and in appreciation of the partnership as a client, supplier or equity owner.
Services will be skewed to offer a family like environment where customer comfort-ability and relaxation is critical to Domino Pizza. Qualified staff will be available to prepare high quality products that will satisfy consumer nutritional needs and expectation. Earning customer loyalty through sustained goodwill is our focus.
Giving back to the community
Providing employment to the community in which we serve. Qualified employees in the neighboring community through will be given work following a quota systems criterion. Activities like environmental conservation, sporting and scholarship among others that promote the welfare of the society will have our backing.
Stay ahead in the smoothies industry by providing organic products. The differentiating concept will be providing customers with unique fruit products which are purely natural. The aim is to promote healthy living which consumers advocate for in the recent years. That will be the competitive advantage that the Domino Pizza will ride on to win customers while keeping rivals at bay.
Domino Pizza model
Target market and segmentation
The target market will require persons who need organic foods like the diabetic people and vegetarians (Bates, 2001). Travelers and tourists are a source market. Persons who have less time to cook will be targeted. School pupils and students are part of the potential clients. Working people who have short lunch breaks will be on the target list.
Product attributes and branding
Life refresher is a healthy drink. It is of high nutritional value; it has the high level of vitamins and minerals. The product is organic for the juice is extracted and blended in its natural form without any food additives and preserves (Bates, 2001). The processing occurs in a clean environment. The product meets high ethical standards.
Packaging, Labeling and Product support services
The product will be packaged in disposable containers. According to Welter (2013), materials used are bio-degradable to ensure they do not cause an environmental hazard. The product will be packaged in 200ml, 500ml, 1 liter and 5liters containers. The containers will have details of manufacture date, quantity, expiry date and customer care details. The products will have disposable straws.
As a market entry strategy, price skimming and absorption pricing will be used (Singh, 2010). The product will be sold in high-end markets using the market skimming method. Being a new will attract many clients who want to try the product out and, as a result, will be charged highly. As a unique product for it is organic will also attract many customers hence, it should be highly charged. The pricing strategy in low-income areas, absorption pricing will be used. Absorption costing aims at recovering all cost incurred in delivering the goods to the market. That means the low-end market will get product during introduction stages at no extra cost.
As time goes by prices, need to be readjusted based on contribution margin-based pricing (Welter, 2013). The contribution is that additional cost charged on top of the total production cost. The contribution is the profit the Domino Pizza will derive from selling the product at an extra cost. The contribution cost should be more in high-end market for consumers have greater purchasing power. Low-end markets should be charged a lower contribution for they have a lower purchasing power.
Many potential clients are tech-savvy and will be reached via the extensive social media network (Singh, 2010). The Domino Pizza shall establish WhatsApp, Twitter, Facebook, YouTube, Instagram and Domino Pizza website presence to reach out to 70 percent of the market. These platforms have become useful in marketing. Inquiries, complaints, concerns, and compliments are most channeled through social media in the current world. Therefore, products prices and products will be posted and regularly reviewed as per the market changes.
Word of mouth and referral marketing through friends and family will account for 10 percent of the marketing strategy. To reach out to the local fraternity and environment, the Domino Pizza shall use its employee’s network to reach out to the persons. The Domino Pizza shall give marketing incentives to its employees to motivate them to participate in the sales activities (Welter, 2013). A five percent incentive will be credited to the employee or person who a purchase made from his/her referral. That will work well for young persons’ specially the students and pupils.
Audio-Visual media and print media will account for 20 percent combined of the marketing strategy media houses tend to combine the adverts in two of their outlets. According to Singh (2010), television, radio, newspapers and Domino Pizza magazine articles will come handy in marketing. Persons of the older generation who are lifelong readers and fan of the television will be reached mainly through this media.
Ashurst, P. R., & Hargitt, R. (2006). Soft drink and fruit juice problems solved. Cambridge: Woodhead
Bates, R. P., Crandall, P. G., & Morris, J. R. (2001). Principles and practices of small-and medium-scale fruit juice processing. Rome: FAO
Singh, S. (2010). Handbook of business practices and growth in emerging markets. Hackensack, NJ: World Scientific
Welter, F. (2013). Entrepreneurial business and society: Frontiers in European Entrepreneurship Research. Northampton, Mass: Edward Elgar Pub