Task 2 – COO
• Strategic Plan
o Outline your Mission (purpose, present day)
o Outline your Vision (where do you want to go, what do you want to become, future tense)
• Strategic Position – select and apply your understanding of one of the following using Porter’s Generic Strategies:
o Cost leadership or focus
o Differentiation leadership or focus
o Show your understanding of what your strategic position means for your business (opportunities and risks)
• Strategic Objectives
o Analyse how your strategic position translates into specific, measurable, actionable, realistic and timely objectives (i.e. actions to achieve cost or differentiation).
o What resources or skills to you need to achieve each of your objectives (actions)?
Mission:
Our mission is to provide high-quality, affordable and accessible products and services to our customers while maintaining ethical and sustainable business practices.
Vision:
Our vision is to become the leading provider of sustainable and innovative products and services in our industry, recognized for our commitment to customer satisfaction, employee development, and environmental responsibility.
Strategic Position:
We have chosen differentiation as our strategic position, aiming to stand out in the market by offering unique and innovative products and services that are not easily replicable by competitors. We believe that this approach will allow us to command a premium price and build a loyal customer base.
Opportunities:
Ability to charge higher prices due to the uniqueness of our products and services.
Increased customer loyalty and repeat business due to the unique value proposition.
Ability to attract a niche market of customers who prioritize sustainability and innovation.
Potential for higher profit margins due to the premium price point.
Risks:
Increased costs associated with developing and producing unique products and services.
Potential difficulty in marketing and communicating the value proposition to customers.
Increased competition from other businesses attempting to differentiate themselves in the market.
Potential difficulty in maintaining consistent quality standards.
Strategic Objectives:
Develop and launch three new innovative products within the next year, with a focus on sustainability and eco-friendliness.
Resources needed: Product development team, research and development budget, sustainable materials and production processes.
Increase customer satisfaction ratings by 10% within the next six months through improved customer service and product quality.
Resources needed: Training and development for customer service team, improved quality control processes, customer feedback tracking system.
Establish partnerships with three leading sustainability organizations within the next year to enhance our reputation and expand our network.
Resources needed: Dedicated partnership team, networking budget, research and analysis of potential partners.
Increase brand awareness and customer engagement through social media by 20% within the next six months.
Resources needed: Social media management team, social media advertising budget, content creation and marketing materials.
Reduce operational costs by 5% within the next year through the implementation of sustainable and energy-efficient practices.
Resources needed: Analysis and assessment of current practices, investment in energy-efficient equipment and technology, training for staff on sustainable practices.
Achieving these objectives will require a combination of financial resources, skilled personnel, and an emphasis on sustainability and innovation. By focusing on differentiation and developing unique products and services, we aim to build a strong brand reputation and secure a competitive edge in the market.
