«Strategic Plan Part 1: New Product or Service» - Free Essay Paper
Table of Contents
- New Product for the New Company Division
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- Addresses Customer Needs and Attaining the Competitive Advantage
- Vision and Business Model for the New Division
- Relationship between the Vision, Mission and Values of the New Division with the Organization’s Mission and Vision
- Vision, Mission and Values Guiding the Division’s Strategic Direction
- Guiding Principles and Values in the Context of Culture, Social Responsibility and Ethics
- Cultural Guiding Principles and Values
- Social Responsibility Guiding Principles and Values
- Ethics Guiding Principles and Values
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Introduction of new business divisions and products/services is the norm for the companies operating on the current market as it demands the constant introduction of different innovations. This paper explains in detail the importance of innovations in businesses’ missions, visions and values using examples. This discussion is important as it shows the readers how different strategies that can be undertaken to facilitate reaching of a set objective in the market.
New Product for the New Company Division
The new product for the new company division is KenSports sports shoes. This choice is significant in this case as it is meant to meet customers’ needs and selling it will help orphans in the State of California by donating them 10 USD from every item sold. The innovative mission statement for the new product KenSports sports shoes is to offer athletes and sportspeople the best footwear that meets the requirements of the sports world. Apparently, the product presence in the market means better footwear that is cost effective for the users (Girginov, 2008). KenSports shoes are different from similar goods as they are cheap, better in terms of appearance and buying them consumers engage in charity and help orphans who have no relatives to bring them up.
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From the above information, the product is likely to be much in demand in the market as it was designed with the aim to fulfil the clients’ needs. Significantly, considering meeting the requirements of the customers as the primary objective of KenSports sports shoes, selling them will contribute towards improving the lives of orphans. The innovative mission statement also helps the product stand out among other sports footwear and be regarded as the most desirable in terms of quality and style. Thus, the outcome that is likely to be generated by the product is positive as the differentiation made above illustrates the reasons to purchase it instead of its substitutes (Scott, 2014).
Addresses Customer Needs and Attaining the Competitive Advantage
The needs of customers are addressed through following their shopping strategies in the modern world. That is why the product will be sold online with the objective of satisfying the clients. It is an important aspect as the product will be available to all types of people in terms of gender and age. Significantly, due to using such an approach a positive outcome will be attained as the clients’ shopping desires are acknowledged. Based on the fact that some footwear products cannot be bought online, KenSports sports shoes are likely to compete effectively and even counter possible challenges on the market.
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One more way that the product will address the customers’ needs is considering their spending habits in the form of affordability of the product. By creating cost-effective footwear and selling it in the market, the company aims at satisfying the clients by offering them a quality product at an affordable price. This is apparently a relevant method that a new division will use on the market as it comes with a positive impact for customers. Comprehending the needs of the clients is another essential way to meet them. Thus, making the product on the basis of what the consumers want from footwear in the modern world in terms of style and design is significant because it attracts more clients in the market. Significantly, the three mentioned aspects explain how the new division will attain and effectively generate a competitive advantage that will entail increase in the profits.
Vision and Business Model for the New Division
Being innovative is number one priority of the new division, and hence the rationale for the objective to constantly introduce new products in the market. The new department is not afraid to be a pioneer in the world of athletics and sports, fix its mistakes improving its products and rise to the challenges on its way. The belief in teamwork and collaboration is what has driven its team to where it is. Thus, doing what is best is what the new division will continue to undertake with the objective of being the number one sports company in the world (Girginov, 2008).
The business model that is utilized by the division so as to reach the clients effectively is the direct sales approach. Use of this business model is made possible through interacting with clients online, where they can order KenSports sports shoes at any moment, and sending the product directly to them. Delivering the footwear directly makes the model effective because company representatives can meet the customers face to face and, as a result, communicate with them in detail on what they would like to be changed or upgraded in the product (Scott, 2014).
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Relationship between the Vision, Mission and Values of the New Division with the Organization’s Mission and Vision
From the above paragraphs, it is apparent that the vision, mission and values of the new division were created with the aim of creating a qualitative product to benefit the clients and generate profits for the company. The contents of the mission, vision and values of the new division as well as the mission and vision of the company show that the needs of the clients on the market is what must be identified and met by both of them first of all. Additionally, the missions and values of both new department and firm state that collaboration and team work are the major attributes of successful functioning of the business. The efforts of the new division and the company on the basis of their mission, vision and values are therefore aimed at generating results that are beneficial for the customers as noted in the above paragraphs. Consequently, the alignment of the department’s and the firm’s missions, visions and values is a significant aspect as teamwork and collaboration are very important in attaining a positive outcome (Winston, Stevens, Loudon, Migliore, Yow, & Bowden, 2013).
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Vision, Mission and Values Guiding the Division’s Strategic Direction
The vision of the new division identifies a path that has to be followed so as to attain the set objective of being the number one innovator in sports and athletics shoe industry. The vision reminds the department of the relevance of cooperating with the clients with the aim of creating what the latter need and modifying products where improvement is required so as to satisfy the customers’ needs.
The mission guides the division’s strategic direction by stating the department’s purpose to make products that correlate with the clients’ needs in the sports and athletics world (Girginov, 2008). Making shoe products that are in line with the market requirements helps the division attain its strategic goals effectively, in the right time and with positive outcomes.
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The core values of the division are to provide its employees growth and career opportunities and meet the needs of the clients based on their proposals. The relevance of these principles in guiding the department’s strategic direction is that they motivate both the employees and the customers to facilitate the implementation process of the department’s strategies. From the discussion on the mission, vision and the core values and how they guide the division’s strategic direction one can conclude that that they are relevant for the new divisions that desires to achieve significant results in the market (Paramio-Salcines, Babiak, & Walters, 2013). Fundamentally, the new product is manufactured by the right department that is able to ensure that positive results are attained.
Guiding Principles and Values in the Context of Culture, Social Responsibility and Ethics
Cultural Guiding Principles and Values
- To serve customers and not to control them. It means to meet the customers’ needs with the objective of assisting the community.
- To help people create stronger connections. Team work helps build a stronger relation between employees inside the division while cooperating with clients creates the ties between business and community.
Social Responsibility Guiding Principles and Values
- To support and respect the protection of clients’ needs on the market. The division manufactures qualitative products and never cheats its customers either in terms of price or quality.
- To financially support people in need and vulnerable populations. The division feels responsible and accountable for the needs of the orphans in California, which leads it to sharing its profits with community to provide the orphans with everything they require.
Ethics Guiding Principles and Values
- To be honest in all situations. The division always keeps its promises given to its employees and rise as it is answerable for its products and overall operations and their outcomes.
- To respect all individuals in the market. The division respects its employees and all community members regardless of their status, age, ethnicity and gender.
To sum up, the paper has discussed in detail the new product of the new division as well as the mission, vision and values of the latter. Significantly, the new product and new department are appropriate as they are designed not just with the aim to generate profits but also to meet customers’ needs and improve the life of community by helping orphans.