BUS475 Final Strategic Plan and Presentation Essay

BUS475 Final Strategic Plan and Presentation - Essay Example Regardless of the business type established; it is pertinent to appreciate the two fundamental components of strategic planning, i.e. long-term objectives and the all-inclusive strategy.These objectives and strategies help management to predefine organizational objectives. Long-term objectives refer to results the organization seeks to attain over a certain period, for instance, a five-year period. Grand strategies, on the other hand, are the thorough approaches that guide organizational actions aimed at meeting the long-term objectives The establishment of these objectives and targets centers on the firm’s mission, values and vision. Some notable strategies that enable the achievement of HBR’s goals and managing the changing environment include the following: Financial Strategies The spa’s main objective is to become the preferential spa where customers go to enhance their natural beauty. HBR also aims at increasing its market share by at least 9-12% in the next two years while also operating on high revenue and low costs. HBR will establish tactics to provide a balance between its income and expenditure. HRB will base its calculation of the preferred profits on the evaluation of desire and price percentiles of profit. HBR will use the strategy of return on investment to maximize the use of financial resources and reduce expenses efficiently. Technology Strategies In keeping up with modern technologies, the spa will achieve its objectives in an effectual manner. The firm will continually upgrade and appreciate the latest software information technologies that have immense impacts of the beauty industry. These technologies will help HBR to share accurate and timely information with all stakeholders. Some vital information technologies, which HBR will have, include intranet networking, the Internet, e-mail, fax, telephones and mobile phones. IT strategies ensure HBR provides services to its clients throughout the day. Technologically, the sp a will position itself strategically by having the latest online reservation and payment services for busy professionals (Wilson & Gilligan, 2005). Marketing Strategies HBR’s marketing objective is to generate awareness of the spa and cater for persons with the desire to be pampered and rejuvenate their innate beauty. HBR aims at offering the best possible beauty experiences to its customers to ensure high referrals. HBR intends to be a magnet for both middle and high income earners by providing tailored packages to suit their demands and financial abilities (Hitt, Ireland & Hoskisson, 2008). These individuals may opt for the complete beauty package that includes a full seaweed body scrub, facial, manicure, pedicure and makeup application or one or two of these services. Irrespective of the package clients choose; HBR will offer its clients the best possible services with the utmost professionalism. HBR will use promotional programs such as gift cards at subsidized rates, adv ertising, especially in social media sites and malls, online marketing and print and electronic media. The firm will also offer complimentary facials to all new clients to retain them for the long term. Monitoring and Controlling In HBR, the implementation of strategic plans is extremely vital since control and monitoring are essential to the accuracy of the strategic implementation plan. Some crucial monitoring and controlling tools include the following: 1. Development Behavioral Control System is crucial to the exemplary performance of HBR’s strategic plan. HBR will monitor its operating procedure, standards, rules and regulations. HBR will control the implementation of policies guarding ethical and legal frameworks and human resources. This control program is viable in ascertaining the relation between the activities of HBR and the outcomes (Wilson & Gilligan, 2005). 2. Development of a quality control system is also an effective monitoring and