Strategic Plan Essay

Total Length: 2172 words ( 7 double-spaced pages)

Total Sources: 5

Page 1 of 7

The technology market is one of the most competitive landscapes. Without constant innovation and introduction of new products, it may be quite difficult for technology firms to thrive in the long run. Nevertheless, introducing a new product presents a significant moment for an organization as shifts in strategy, organizational structure, business units, and processes are often involved (Hill & Jones, 2012). Accordingly, the process must be carefully managed to ensure the desired outcomes are achieved, especially in terms of stakeholder involvement and communication (Thompson & Martin, 2010). These two aspects will be particularly important as Tex Technologies Limited (Tex) introduces a new product in the increasingly promising consumer drones market. This paper provides a plan for the introduction of the new product, specifically focusing on the strategy for the new product launch, key internal stakeholders to be involved, and communication strategy.

Company Background: Name, Mission, and Vision



Established in 2000, Tex is a fictitious technology firm involved in the design, development, production, and marketing of a range of consumer technology products, including digital watches, virtual reality headsets, as well as consumer applications. The company seeks to make life easier, funnier, and more fascinating for the consumer by delivering innovative, everyday technology products. The company is headquartered in San Francisco, California and has operations throughout the U.S. In a little less than two decades, the company has achieved tremendous success as exemplified by the considerable increase in its customer base, customer satisfaction levels, and financial performance. In the next five years, the company seeks to increase its presence to more regions within the U.S. and outside the U.S., specifically in Canada and the UK. Launching a new product has been identified as an appropriate route for achieving this route. This will be important for improving the firm's competitive advantage in the marketplace.

New Product Launch



The new product to be introduced is a consumer drone, dubbed as the Super Drone. The introduction of this product is particularly informed by the increasingly promising consumer drones market. Also, known as unmanned aerial vehicles (UAVs), consumer drones have gained prominence in the last five years. In that short period of time, the use of consumer drones has transformed from a hobbyist affair to an everyday phenomenon. Drones now have applications in diverse areas, including product delivery, amateur photo and video taking, film making, property tours, 3D modeling, as well as recreation and aerial games. Projections indicate that the consumer drone market will grow tenfold in the next five years (Tractica, 2016).



Though there are now numerous consumer drones in the market, there is still a gap as the market is still growing. The Super Drone will have superior capabilities compared to most drones in the market. The drone will be easier to fly and will be able to film anything anywhere. Designed for not only amateur filmmakers, but also professional filmmakers and novice pilots, the drone will have a 360-degree camera, excellent shutter speed, a wide range of autonomous flight modes, a better touch screen controller, and unparalleled obstacle avoidance and sensing capabilities. It will provide an uninterrupted flying experience, unmatched durability, more responsive controls, an onboard micro SD card, and virtual reality capabilities.
These unique features will come at a more competitive price compared to most consumer drones in the market.



Introducing the new product will have substantial benefits for the company. First, it will broaden the firm's product portfolio, hence increasing revenue streams. Indeed, the importance of product diversification in today's business world cannot be overemphasized (Hill & Jones, 2012). Overreliance on a single or a few products often exposes a firm to the negative consequences of diminishing growth and sales decline at the end of the product lifecycle (Samson & Bevington, 2012). Diversifying revenue streams will significantly enhance the firm's financial performance, consequently giving the firm greater financial muscle to pursue opportunities in the market.

Strategy Implementation: Key Internal Stakeholders



For the new product to be successfully introduced, extensive involvement of employees will be crucial. Indeed, little or no employee involvement is one of the factors responsible for the failure of most strategic plans (Thompson & Martin, 2010). As internal stakeholders, employees require to be engaged throughout the entire strategic implementation process -- from initiation to product design, and launch. The need to involve employees in strategic implementation is particularly informed by the fact that employees are directly involved in executing the strategic plan. When employees are involved, they are more likely to be more committed to the goals and objectives of the plan.



An important stakeholder in the strategic implementation process is the top management. Strategic plans are often initiatives of the management. The management assesses the organization's strengths and weaknesses, identifies opportunities in the market, and plans how to exploit those opportunities. The role of the management involves not only creating the strategic plan and overseeing its implementation, but also mobilizing and providing the necessary resources (Hill & Jones, 2012). Introducing a new product is without a doubt a resource-intensive undertaking, requiring processes such as research and development (R&D), procurement, product testing, and marketing, hence the need for management commitment.



In most cases, it is prudent for the management to constitute a team to implement the project (Hayes, 2014). This ensures more specific accountability for the project. As introducing the new product involves several diverse processes, the project team should be drawn from different functions within the organization. In this case, it will be important to have a team comprising representatives from the top management, R&D, finance, sales and marketing, procurement, and human resource. From each of these functions, individuals with outstanding skills, capabilities, knowledge, and experience will be selected to participate in the project team. Having representatives for the various functions in the team is important for ensuring perspectives touching on each function are included in the strategic implementation process (Hayes, 2014). For instance, sales and marketing personnel will provide insights about packaging and promotion, while human resource personnel will ensure effective selection and training of personnel in regards to the new product. In essence, having an inclusive team will be crucial for the success of the project.

Stakeholder Communication



As mentioned earlier, employees comprise one of….....

Show More ⇣


     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


References

Hayes, J. (2014). The theory and practice of change management. 4th ed. New York: Palgrave Macmillan.

Hill, C., & Jones, G. (2012). Essentials of strategic management. 3rd ed. Boston: Cengage Learning.

Samson, D., & Bevington, T. (2012). Implementing strategic change: managing processes and interfaces to develop a highly productive organization. London: Kogan Page.

Thompson, J., & Martin, F. (2010). Strategic Management: awareness and change. 6th ed. Boston: Cengage Learning.

Tractica (2016). Consumer drone sales to increase tenfold to 67.7 million units annually by 2021. Retrieved from: https://www.tractica.com/newsroom/press-releases/consumer- drone-sales-to-increase-tenfold-to-67-7-million-units-annually-by-2021/

Related Essays

Strategic Management and Its Influence on Stakeholders

available financial resources and personnel, crime rates, and socio-cultural setup. During strategic planning, the department must, for example, consider whether it has the resources and personnel needed to respond to crime, prevent crime, and to enhance public safety. An important aspect of strategic management relates to stakeholder involvement. As an organization, the police department is surrounded by a multiplicity of internal and external stakeholders. Internal stakeholders mainly include police officers and police leaders. The department works with or is affected by several external stakeholders, including the state government, elected officials, correctional personnel, court personnel, the media, communities, businesses, and advocacy groups.… Continue Reading...

Strategic Resource Management Hewlett Packard Enterprise

and HR planning. Through this process, HR activities and plans are incorporated into the corporate strategic plan such that HRM gets linked clearly to, or aligns itself with, corporate goal achievement (Meyer, 2014; Torrington et al., 2002). HP's human resource department must support superior performance levels. Rather than assisting and serving its workforce, the company's HR personnel must create, promote, encourage, and facilitate personnel-building capacity. They should assist the company in making the most of its HR potential and guiding it along the right path -- towards realizing corporate goals (Wheelen and Hunger, 2010). Such an attitude or standpoint forms the starting block to a… Continue Reading...

Strategic Planning

Strategic Planning Cycle Strategic planning is delineated as an organization's practice of outlining its strategy or direction to be undertaken and making decisions on apportioning its resources to carry out the strategy. Strategic planning is largely beneficial to the organization in that it outlines the short-term benefits sought after and where the company seeks to get to. The strategic planning cycle exemplified in a sequence of formal planning procedures, makes certain that managers evaluate key strategic issues being faced by the organization. This is imperative to get through the common… Continue Reading...

Al Sadeem Landscape Strategic Analysis

chairman at the top. The position of the chairman is tasked with the responsibility of laying out the strategic plan of the company and controlling it with a view to maximizing shareholder wealth. Aiding the chairman is the senior management, whose fundamental role is to oversee and coordinate the implementation of the company's strategic plan. The management team, which comprises of seven members, is headed by the CEO. The other members of the team include the senior landscape engineer and architect, site manager, design manager, designer, project coordinator, and the chief accountant. Table 1 below provides the names of the senior managers and the respective position held. Position… Continue Reading...

Marketing Communication Plan for Internal Use

the decisions of the board. It is involved in executing the organization's strategic plan. The management is, therefore, an important stakeholder, which must be kept informed of the marketing objectives, progress, and updates. Unlike the board, the management meets more regularly. These meetings present perfect opportunities to engage the management. The management relies on members of staff to achieve the objectives of the organization. Employees are directly involved in implementing the activities and initiatives of the organization. Among other everyday activities, they go to the field, conduct research, visit prisons, and perform evaluations. Effective communication to this group is essential. Indeed, without… Continue Reading...

Autodine Restaurants Business Plan

that being a private company, the business will not be mandated to adhere to the standards (Epstein et al., 2009). In the most recent strategic plan of the SEC, the body points out that it is prepared to take into consideration the notion of a single set of international accounting standards. This is through the convergence of the generally accepted accounting principles (GAAP) with the Internationally Financial Reporting Standards (IFRS). This convergence will influence Autodine Restaurant as a business in different ways (Sweetman, 2016). The main impact in which this convergence will impact the business is through… Continue Reading...

Haiti Health Marketing Plan

that offers family members in Haiti access to primary health care. This comprehensive marketing strategic plan should provide a roadmap for the pre-pilot phase with its customer-focused objectives. While many organizations have difficulty communicating and connecting with Haitian consumers both in Haiti and in the United States with Haitian Americans, experience and understanding for this specific target population allows for a thorough representation of what can be done to not only reach this target demographic, but also achieve specific goals. Those specific goals involve regular primary care visits and ease of access to important emergency medical services to help prevent major medical issues, while… Continue Reading...

The Best Approach to Human Resources

This report shall manifest with a hypothetical organization and how precisely their strategic plan and shared services framework could and should manifest. Acme Financial Services The hypothetical company that shall be used for this report is Acme Financial Services. To fill in some context as to what this hypothetical company does, a few questions need to answered. To put it concisely, the company has to define who they are, what they do, for whom they do their job and how Acme knows the job is getting done. In terms of "what" the firm does, that would be check cashing and sending of… Continue Reading...

HRM Leader

core values of the bank. Most of all Sally is worried regarding the building of a strategic plan for the branch. The purpose of this assignment is to give detailed explanations as to how Sally ought to bring change and competency as a HRM leader to the ABC Bank branch. Workforce The key issue that Sally has to grapple with is the decision as to which technology to acquire and whether she ought to lay off the current set of employees and hire new employees. Regardless of the change taking place in banking, it is not recommended for Sally to quickly lay off the older employees.… Continue Reading...

Online Marketing and Success

Strategic Approach to Marketing Communications When undertaking any business activity, it is important to have a strategic plan. A strategic plan will offer a guideline on the way specific activity should be approached. It will enable the staff, management, and the stakeholders to assess the level of achievement in the organization. The results obtained will be compared with the projections estimated in the strategic plan. Marketing communication is an important aspect of any organization (Cheung & Thadani, 2012). It involves the language and presentation used when creating product awareness and encouraging customers to buy products and services offered in the organization. In any business, the customer… Continue Reading...

Signature 410-Non-Profit Healthcare Organization

This paper will discuss the marketing strategies employed by CHI, its financial situation, partnerships and strategic planning. Marketing Strategies The marketing strategies used by CHI include TV, digital-marketing with content and social media, print ads and even outdoor advertising to help make CHI more popular among the different communities throughout the states in which it operates (CHI, 2018). As Doster (2013) and Jackson (2011) show, social media is one of the most popular forms of communication used among people today. CHI uses a variety of social marketing techniques, from social media publishing to outdoor advertising. Representatives also play a large role in promoting the company’s… Continue Reading...

911 Commission Report Intelligence and Information Sharing

effectiveness and value of intelligence can only be realized through an excellent strategic plan and a risk based strategy to security. Intelligence must be mapped onto relevant priorities and goals the come out of strategic approach to security (Goldfarb, 2016). This way, organizations become more strategic and selective in their clamor for intelligence. The iterations and metrics of intelligence are defined by continued re-assessment and recapitulations. Successful intelligence information utilizes continuous reassessments, tune ups and updates depending on the challenges, risks and threats that must be mitigated. The bottom-line is that context is everything when it comes to intelligence (Goldfarb, 2016). It… Continue Reading...

Implementing Changes During Downsizing

CEO of the hospital, has requested all department heads to develop a strategic plan in the next one month detailing how they will implement the proposed changes. According to the CEO, there is a need for the hospital staff to start doing more with less. This would allow the hospital to address their current financial situation. The issues at stake currently have to do with the Department of Psychiatry. It looks like the department is the hardest hit with the loss of funding from the state. The department has undergone numerous changes over the years all that had to do with the… Continue Reading...

Nursing Healthcare Balanced Scorecard

Introduction Performance scorecards provide a straightforward means of integrating metrics into a healthcare organization’s strategic planning. Scorecards are most effective when they have a clear purpose, identifying specific patient populations and outcome measures. According to Baker (2015), “savvy organizations select the best metrics to track that are appropriate to what the organizational staff members wish to measure,” which could include specific issues like patient vital signs or patient satisfaction survey outcomes (p. 224). Moreover, performance scorecards need to be simple, kept on a manageable scale so that the data gleaned can be readily communicated to inform organizational practices, policies, and procedures (Hansel, n.d.). The… Continue Reading...

Do Not Resuscitate Orders

orders, discuss how the deontological ethical system applies appropriately well to the issue, and describe a strategic plan for addressing the issue at the national level. Overview Current Policy There is currently no national policy on DNR. Yuen, Reid and Fetters (2011) note that DNR orders have been used by hospitals across the nation for more than 20 years but that “as currently implemented, they fail to adequately fulfill their two intended purposes—to support patient autonomy and to prevent non-beneficial interventions” (p. 791). One of the major problems that nurses have with DNR is that they find it difficult to sensitively broach the subject. Quite simply,… Continue Reading...

Problems Unsolved and a Nation Divided

encourage cross-sector collaborations, develop workforce skills, revitalize local education, promote entrepreneurship, improve infrastructure, and craft regional economic strategic plans. At the federal level, there must be reforms in corporate taxation, immigration, international trade, communications and energy infrastructure, health care, and public education. Addressing these areas can significantly improve the business environment and the standards of the average citizen, thereby reversing the deteriorating competitiveness of the U.S. economy. Tax Reform Taxation is one of the major factors, according to Porter et al. (2016), that have negatively affected the competitiveness of… Continue Reading...

Analyzing Critical Criminology

control of social base with insights about New War directed at actors in the regime institutions and the strategic plans. The two theories would gain from paying higher attention to the dynamics of conflict as opposed to causes that trigger conflict. This means attention should be paid to how issues of contention and political differences and arguments are slated to either contain the wars or escalate them. It is the leaders in political realms that make these choices. Politics Influence Crime Rates among the Lower Class people. It has long been acknowledged that social inequalities case conflict in society. Such great thinkers and writers as Edwin Sutherland postulated… Continue Reading...

The Role of Senior Manager in Eldercare

organizations will encompass a wide range of specific skills and competencies, including those related to coordination, strategic planning, capital budgeting and cost accounting, marketing, advocacy, and interfacing with policymakers, community allies, and stakeholders. The role of the senior manager is multifaceted and varied, and may shift on an almost daily or even hourly basis. At times, the senior manager will function as a visionary leader who devises strategies for planned organizational change. Other times, the senior manager embodies a transformational style of leadership to empower colleagues and subordinates, particularly in an institution with departmental divisions. The senior executive in an eldercare organization may also work with… Continue Reading...

Demand Planning

supply chain operations (specifically distribution, warehousing, capacity management, the end customer, and engineering), as well as the organisation's strategic planning process and bottom line. Demand Planning Issues Today Businesses exist in a constantly changing environment. Customer tastes and preferences, technologies, regulatory requirements, markets, and the industry environment keep evolving, affecting demand planners in different ways (Stadtler, Kilger & Meyr, 2015). The challenge of constant change is that the change sometimes comes at the most unexpected of times, catching demand planners completely unaware. For instance, an unexpected legislation or economic catastrophe causing a revision of previously projected demand levels. In today's business world, therefore, it is more imperative than… Continue Reading...

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Strategic Plan" (2017, February 09) Retrieved October 21, 2019, from
https://www.aceyourpaper.com/essays/strategic-plan-essay

Latest MLA Format (8th edition)

Copy Reference
"Strategic Plan" 09 February 2017. Web.21 October. 2019. <
https://www.aceyourpaper.com/essays/strategic-plan-essay>

Latest Chicago Format (16th edition)

Copy Reference
"Strategic Plan", 09 February 2017, Accessed.21 October. 2019,
https://www.aceyourpaper.com/essays/strategic-plan-essay