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Who should be responsible for updating and communicating a strategic plan and why?
We have established our overall strategies for the future. We need to make it official by having the Strategic Plan approved. [ Approval may involve the Board of Directors, Executive Management, and others who need to lend their support to get the Plan implemented. By having key decision-makers approve the Strategic Plan, it signals that it's OK to implement the Plan. Implementation is managed
through the development of an Operating Plan. An Operating Plan is a step by step plan for implementing the Strategic Plan. Operating Plans depend upon good strategic plans. If there are fundamental problems with the Strategic Plan, then successful implementation will be extremely difficult. Additionally, since operating personnel must implement the Strategic Plan, some level of involvement prior to this point should have taken place. ]
Expert answered|hersheys|Points 55|
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Asked 6/18/2013 12:04:02 PM
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Why does the marketing strategy increase sales?
Weegy: Answer: Marketing is More Than Advertising But marketing and advertising are not synonymous and 'placing a few ads' is never going to draw the kind of business a small business needs to be successful. Marketing is a process, not an event. [ It involves planning marketing goals and implementing (often a series of) marketing strategies to achieve them. Now that doesn't mean marketing has to be a complicated process. But it does mean you have to know what you want to achieve and get out there and work at it. Here are six simple marketing strategies you can use to increase your customers and sales. 6 Simple Marketing Strategies 1) Offer some free classes/workshops related to your products and/or services - in your home, in a rented venue or through a local education institution such as a Community College. Target specific audiences or events, if appropriate. For instance, someone with a beading business might offer special workshops on Beaded Christmas Projects or Beading for Girls. A yoga instructor might offer a class such as Yoga for Men. 2) Join local business organizations and networking groups. Many, such as home-based business groups, are inexpensive to join. And the marketing benefits are huge. Once they get to know you and what you do, the other business people in your group will mention your business to others and may even give you referrals. Local business organizations are also great opportunities to create and participate in some cooperative marketing strategies, such as holding special Market Days or other events. 3) Create or become front and center in a charitable event. You can get huge amounts of press for events like this – which can translate into new customers. One local artist has painted paper grocery bags which he is selling with all proceeds going to a selected charity, for example. But you don’t even have to go to the trouble of creating your own event; many charities have established events that you can become a very visible ... (More)
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Asked 6/12/2013 7:43:53 PM
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what is an example of strategic objective?
Weegy: Strategic Objective Examples Tammy Tantalizing Tacos’ top line financial goal is to increase her annual revenue by 10%. How will she achieve her financial goal? To sell more tacos. [ In order to sell more tacos, what must she do from her customers’ perspective? Provide great customer service. And what does she need to do to deliver great customer service? Have efficient processes that deliver food quickly. And how does she excel at quick food delivery? By having well-trained employees. - See more at: ] (More)
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Asked 6/12/2013 6:35:31 PM
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What is an example of strategic objective at bank of America?
Weegy: . Hoshin planning is used as the umbrella to integrate financial, personnel, and risk planning into one strategic plan. This ensures alignment in all the different aspects of the business. [ Using a theme similar to balanced scorecard, Bank of America set its strategic goals and plans in three key stakeholder categories. 1. Customer: provider of choice—The Hoshin plan benchmark goal for customer delight is based on the best-in-class leader, Ritz-Carlton. Customer delight is more than satisfaction; on a ten-point scale, it would be measured by a 9 or 10 rating. The company focuses on delight rather than satisfaction because of the stronger correlation to loyalty and increased business. 2. Associate: employer of choice—The Hoshin plan goal for associate satisfaction is based on best-inclass benchmarking, at the level that the top companies are performing at. 3. Shareholder: investment of choice—The Hoshin plan goal is to be the first in peer group for total shareholder return. Bank of America uses kanri, a Japanese performance management process, to manage and achieve its goals. Six Sigma is part of this execution because it helps the company identify enablers to accomplish goals. In the Kanri performance management process, executives review scorecard performance monthly and/or quarterly as needed. They review and understand root causes of performance gaps and what drives causes and effects; they also prioritize resources for key tactics and enablers. Six Sigma is viewed as a vital tool in achieving process improvements. Said Karuturi, “Without Six Sigma, you may get improvement, but it may not be sustainable. Six Sigma provides the discipline for making it repeatable and getting consistent results year over year.” The company is using Six Sigma to re-engineer the enterprise-wide core processes, close gaps in Hoshin plan performance, and make improvements via belt projects. Benchmarking is another important tool for process improvements. ] (More)
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Asked 6/12/2013 6:16:01 PM
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Why does having something to work towards help to motivate the employees and may even gain their committment since they want to see the project through to the end?
Weegy: Businesses should try to keep employee retention rates high, since the loss of workers will cost them money and time to hire and train new ones. [ [ The loss of talented employees can also lead to a decline in a company's productivity, according to the University of Michigan Health System. Business owners can improve the areas of their company that cause workers to quit by determining what motivates employees to stay at their jobs. While a successful career development plan increases a company?s productivity and retains valuable employees, what?s more important is what it does for the individual employee. It is increasingly necessary for workers to build upon their job skills and educational background in order to remain marketable in a constantly-changing, technological world. Take an active role in helping your employees develop their careers to increase job satisfaction and create happy workers who feel they matter to their employers. ] ] (More)
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Asked 6/12/2013 1:54:39 PM
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Why must objections be suited to the broad aims of the firm?
Weegy: Answer: There are two primary schools of though as to what the objective of a form should be. [ Traditionally it has be to maximise the wealth of shareholders but in recent times the view that the primary objective of a firm should be to maximise stakeholder value has begun to gain traction. Shareholder Wealth Maximisation Shareholder's gain wealth through capital gains (increases in share price) and through the receipt of dividends. Due to the vague and complicated nature of this objective other objectives are commonly suggested as possible substitutes. examples of such substitute objectives are: Profit maximisation Sales maximisation Survival Improved efficiency Social Responsibility Stakeholder Value Maximisation A stakeholder is anyone that has an stake in a company, e.g. shareholders, employees, suppliers, etc. The stakeholder value maximisation view argues that in order for a firm to function it must be able to satisfy all of its key stakeholders, not just its shareholders. ] (More)
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Asked 6/13/2013 6:05:10 AM
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