Building and Sustaining Strategy - WRSX Group - Essay Example

?Building and Sustaining Strategy 0 Business Plan Summary WRSX Group intends to be the best advertising firm in the world. The company aims at having the best human resource department that will assist the firm in attaining its mission and vision. The business also aims at ensuring that it offers the best services, which are also most efficient. 1.1 The Business Business name: WRSX Group Business structure: Company Business location: Happyville USA Date established: 1/05/2013 Business owner(s): james milner, terry mclean, Diana rose, Jamie fox, ann robinson, john lesly, brian pink. The mission statement is to be the best advertising company in the world 1.2 The Market Target market: The target market is small entrepreneurs in addition to large multinational companies experiencing difficulties in marketing. Marketing strategy: My plans are to capture the market through advertisement of the company that will be mainly done online. My other way of targeting the intended market is by providing good and quality services in addition to offering after sale services to the customers. The other way is by charging low prices in order to attract the customers by offering them discounts. 1.3 The Finances The first quarter of our business operation will mainly intended to break even. The second quarter is intended to start building provides. The annual intended target is $100 million dollars and this will be expected to keep increasing while the business keeps adapting to rapid changing economic demands. 2.0 Registration Details Business name: WRSX Group Trading name(s): WRSX Group Date registered: 18/12/2012 Location(s) registered: Business structure: company Licences & permits: council permits on safety, business operations, security 2.1 Business Premises Business location: The business centre will be located in Happyville. 3.0 The Business Vision Statement In the next 3 years, WRSX Group will become a recognized leader in the local and international advertisement firm in the world. Mission Statement Members will receive personalised programs to suit their individual needs at competitive market rates. Staff will have a client focus, and a thirst for continual development of knowledge and their craft. Clients will be motivated to continue to exercise through a variety of programs, with their individual characteristics taken into account. All decisions will be based upon integrity, honesty, efficiency, and a desire for high quality. Management & Ownership Names of owners: james milner, terry mclean, Diana rose, Jamie fox, ann robinson, john lesly, brian pink. Details of management & ownership: As the owners we will run the business and share the profits and dividends according to the shares each member has contributed Key Personnel Recruitment options Selection and recruiting will be done professionally through the internet and oral interviews will be conducted after applications have been collected. The applicant will also undergo a practical interview on the gym training skills they have. Training programs Personal training of the staff will be provided in order to familiarize with the services offered and handling of the sophisticated machines and equipment Skill retention strategies Staff and employees must be licenced as professionals who can safely work in the centre. The staff must renew their licences every year to ensure professionalism is maintained. However, regular training and evaluations will be provided in order to keep the staff updated with the latest skills. Market position: The business is located strategically in the middle of the town Unique selling Our products are both necessity and luxurious and fulfilling customers’ needs and demands are our major motive. Growth potential: Growth is likely to increase due to the demand especially with the sudden changes in technology and innovation with regard to a lot of competition in the market 3.7 Insurance Payment types accepted: Payment of the services offered may be made via electronic money to an account on our website, in cash or via a check Cancellation policy: The client must give a notice of 36 hours to cancel a booked appointment but an appointment may be booked at any time. Warranties & refunds: There will be no refunds for services or goods once sold except in special occasions that the management may determine Quality control: To ensure quality control the employees will have to attend a seminar at the end of every six months. Questionnaires will be provided to the customers to fill regarding the quality of service offered. A suggestion box will also be in place in case of any complains. The questionnaire will be reviewed by the management and make necessary changes if need be. Sustainability Plan Environmental/resource impacts the business has no any environmental hazard since most if its work is done online. Community impact and engagement: the business involves the community through marketing and planning strategies. The Market Market research The market search involves who is likely to use our services. As already mentioned earlier the company targets small emerging business in addition to businesses that are currently facing marketing and strategic management problems. Industry analysis Due to the hard economy times, more people are working two or more jobs so as to certain themselves. This gives them no time to train in the park hence the need for training facility that is near their work place. Customer management The customers will be given surprise discounts from time to time and seminars will be organized for the customer regularly on fitness hosted by athletes who are well known in the region. Advertising and promotional strategy The advertising strategy that we have adopted is the use of social media as the target is the young people. We have our own official page on social platforms as Facebook and a website. This allows us to reach large audience of young people also there is advertisement in the town square bill The Business Minutes Management of growth One of the importance’s of Performance management is to help an organization achieve set goals and objectives. Its achievement is through maximization of individual employee, a team or the entire organization, which is the function of human resource management. To enable employees to be focused and achieve the company’s business plan and objectives performance management and reward system must be there in any institution. It is an important tool in management because it enables individuals to attain self-actualization and strengthen the employee in line with achieving the company’s goals and objectives. It also enables the establishment to reward individuals based on their contributions in goal realization. Achievements of business objectives are an important survival tool for any organization. For accomplishment of business performance, objectives need to be established and explained by the upper management. After sharing the objectives, they should be measured, appraised, monitored and actions taken. However, the performance and management process involves the entire business objectives evolution from its inception until its end. For an organization to increase the strength of the employees, they have to measure it. The process sets specific goals that need to be accomplished in a certain period.  A good performance management system should have the following components: Review of achievements; these achievements should be measured against the set work goals and development goals. Goals for the next 12 months; goals set should be (SMART) specific, measurable in certain units, should be achievable results oriented and should account for time. Professional learning needs; this involves identification of individual employee learning needs for the next business period. Career development plan involved; due to the changing technology and customers’ requirements, on the job training is important since it keeps an employee abreast of the changing technological environment. Management of Risk All derivatives are not high-risk investments as viewed by many. However, if not properly understood, they can be misappropriated thus leading to negative results. The potentiality of securities is very essential and needs to be considered by management. It is important to collaborate with experienced professionals in opportunities, resources, returns, and risk analysis. Investors should know that any investments involve risks and therefore failure can occur leading to losses. Risk management is one of the most important aspects when it comes to management of any business organization. Risk management is done in all spectres of the organization starting from economic and socio-cultural effects that may arise in the business. In order to avoid risks, it is important the management of WSXR group engage in serious planning of the organization’s activities. The reason behind success is due to the different strategies that companies use in different geographical regions. Leadership Capability Leadership can be defined as the ability to lead, direct, guide, give direction and all that appertains to being in a position to influence. It is an attribute that displays such qualities as outlined above. To understand this ability, there are several paradigms upon which the essay must be based; but in specifications to case studies of organizations, corporations and institutional correspondences. These include theorization of the concept of leadership. This is quite fundamental because leadership in any concept cannot be understood unless there is a full incorporation of such ideas as behaviorist theoretical paradigms, theories of contingency, leadership based on transformation, just to mention but a few. Motivation is closely related with performance management, this relationship is very clear in that, high motivation will lead to better performance, so this is a very important component of an organization. The motives of behaving in a particular way are many and varied. Whether a person is left behind at work to finish a report for his or her manager will depend on various variables: the predication as to what will happen if the report was not finished that day; what arrangements has the employee made at home for not arriving at the usual time. E.L Thorndike explains this in his theory of reinforcement has described this relationship. E.L Thorndike’s law describes the relationship between behavior and outcome. The theory concentrates on improving employee's on the job behavior through the appropriate use of positive reinforcement raising their pay or job promotion as a reward for a positive behavior. The management can also choose to ignore either a positive or a negative behavior; this should only be used on temporally basis. Punishment and threat can also be done for those with bad behaviors. Edwin Locke introduced this goal setting theory in the late 1960s. In this theory, Edwin encourages managers to involve employee in setting goals of the organization. This makes an individual to fell that they are so important to the organization and they are part of running the institution. After every financial year, employees need to get feedback on their achievements and compare them with the set target to assess their performance. Employees must be committed to the goal and believe that they are capable of performing tasks. There are various factors to consider when managing employees’ performance: one is organizational objective; there must be openness between the individual employee and the manager. Secondly, the Managers and employees should both have the necessary skills to be able to use the process properly for mutual benefit. In addition, there should be objectivity in forming and communicating judgments, unfair judgment can lead to disappointed worker who will not give good performance. Lastly, all the managers should have the necessary training on performance management and appraisal process. Corporate and Social Responsibility The ability of a business to conduct its business without influencing or infringing the rights of the other business is important in ensuring sustenance of a business. Theorists researching organizations and their structure suggest that interdependence is the catalyst for inter-functional integration (Brown, 1983). Theorists also believe that interdependence relationship in any organization can be in two ways, which is either collective or individual. If the environment coordinates well with the organization, it is possible to achieve integration. Through ERP, many companies have integrated logistics and marketing hence resulting into increases in sales and achievement of targets within the organizations. However, (Bowersox, 2008) argue that there are two catalysts which initiates logistics into the system of key strategic resources, time and competitiveness, which are based on quality, efficiency and success. In his respect Coyle argues that the integration of logistics and marketing functions co-operate with the objective to achieve results for the company (Coyle, 2003) . Typically, for a very long time, the implementation of change has been with technical programs supported in organizations by individuals who prioritize reform. However, the importance of understanding the existing systems and working of pro-poor changes needs recognition. In particular, it is the recognition of the formal, informal roles of the organizations and the existing structural features. The drivers of change incorporate all these components for recognition and base on the relationship between the components. Integration allows existing systems addition into a business process control system or workflow engine. Integrated systems have access to a broader array of data, programmatic business logic, and user interfaces than existing stand-alone silos, so the scope of workflow using that integration can be broad (Gupta, 1985). In order for the ERP system to function, properly accurate data must be provided. As already mentioned above, poor data entry can result into significant losses, hence the integration is important since it helps in avoiding such losses. Use of ERP software requires a lot of commitment by the top management, which is very important in any company. While the top management needs to consider rethinking and setting of their goals, it is also important for them to consider the costs and demands that come with the implementation of ERP as a system. The proper management also incorporates the customers in their plans as they implement the ERP integration process. In order for this to take place effectively; there is also need for the ERP implementation team to competent and very skill full while undertaking this operation. Implementation of ERP is important in organizations since it help in education and training of staff. Many mangers think that with the installation of ERP then their problems are solved. Training helps in maintaining positive culture and efficiency within the organization. Many companies have adopted this type of training and it has proved successful in overcoming their top most competitors. Procurement and Supply Management In order to remain competitive in the market firms should reduce operational time and ensure that the supply chain time is reduced to ensure effectiveness within a firm. The chain linking the production process to the customer should be as short as possible to prevent increase in price and other limitations (W. Yang, 2006, pp. 1-2). Dwell time is mostly associated with the ordering process where the client places an order before in order to reserve the materials and capacity. It may also apply when the customer requests to stop the transportation of the ordered goods for some time. This concept of dwell time applies to both upper and lower metric levels. Keeping supply chain data and metrics in one central position is vital since it allows for supply chain and stock brokers to have an easy access to the latest information on the firm. The information can be used for marketing and future planning between the manufacturer, the marketing team and the warehouse or the retailer. The easy access to the information also facilitates the systematic update of out of stock levels and lost sales. In case of lost sales, an adjustment can be done without affecting the production processes. The out of stock information is also important during the decision making process (Gordon, 1995, pp. 34-48). The cash to cash is a basic financial concept. It is described as the average time required to turn a dollar invested in raw material to the dollar collected from the customer. Cash to cash conversion can be used to determine the liquidity ratio of a firm’s valuation. It is also a universal measurement of the supply chain as it bridges the gap between the processes running in and out of a firm (Faris, 2010, pp. 3-4). Index Average Averaged index aims at discussion the financial capability of the group and why it was chosen. The projection for the group is able to sustain and maintain the business. This section aims at correlating the budgeted amount with what is actually going to be used by the company in form of training and the general maintenance of the company. Bibliography Bowersox, D. (2008). Logistics Leverege. Journal of Business Strategies , 85-99. Brown, D. (1983). Managing Conflict at Organizational Interfaces. New York: Wesly Publishing Companies. Coyle, J. (2003). The managemnet of business logistis, a supply chain perspective. Ohio: South-Westen Thomson Learning. Faris, T. (2010). Managing the supply chain using cash to cash metric. 8th international conference on logistics and SCM research, 1-15. Gordon, S. (1995). Supply Chain and Bench marking. Information Logistics Vol 8, 38-44. Gupta, A. (1985). The R&D marketing . Journal of product innovation management, No 2 12-24. W. Yang, L. (2006). Bi-level programming approach. Cordinating supply chain response time, 1-2. Read More