Homework Question on Strategic Plan
- Write a 700- to 1,050-word section for your strategic plan in which you add your strategies and tactics to implement and realize your strategic objectives, measures, and targets. Include marketing and information technology strategies and tactics.
- Develop at least three methods to monitor and control your proposed strategic plan, being sure to analyze how the measures will advance organizational goals financially and operationally.
- Finally, recommend actions needed to address ethical, legal, and regulatory issues faced by the organization, and how they can improve corporate citizenship.
- PART 2 Combine your completed strategic plan. This includes the vision, mission, values, SWOT analysis, balanced scorecard, and communication plan. Your consolidated final strategic plan should be 2,800 to 4,200 words in length.
Homework Answer on Strategic Plan
Floriders will have a strategic plan that will be meant to foresee its growth. The main strategies that will be used to help implement and realize the strategic objectives of the hotel are the following. The first strategy will be increase the market share of the hotel. This will be the strategy that will help the hotel increase its market share, revenues, profitability, and competitive position, increase cash flow, increase share holders value and have a better return on investment.
Increasing market share will be achieved through either acquiring a competitor or investment in new technology that improve production capacity. This will be followed by aggressive marketing to make prospective customers aware of the existence of the hotel. Acquiring a rival will have the advantage of having an existing client’s base. This will be derived from the customers of the bought out rival. This coupled with aggressive marketing in both print and social media will increase the number of clients the hotel will be serving.
The bought out business must have potential to expand and must also be performing well financially. This is to avoid investing in an ailing business that may end up draining the finances of the company without any meaningful returns.Improving customer value perspective is a strategic objective that must be achieved for the hotel to grow. Some of the areas that must be achieved under this are customer retention or turnover, customer value, new products development, customer satisfaction, efficiency and reliability in customer service, fast response to customer’s queries, and improve the brand image.