min 1050 strategic objectives summary based on the new division. previous papers attached

Create a minimum 1,050-word strategic objectives summary. Include your balanced scorecard and its impact on all stakeholders, and the communication plan.Identify key trends, assumptions, and risks in the context of your final business model.Develop the strategic objectives for your new division of the existing business in a balanced scorecard format in the context of key trends, assumptions, and risks. The strategic objectives are measures of attaining your vision and mission. As you develop them, consider the vision, mission, and values for your business and the outcomes of your SWOTT analysis. Consider the following four quadrants of the balanced scorecard when developing your strategic objectives:Shareholder Value or Financial Perspective, which includes strategic objectives in areas such as:Market shareRevenues and costsProfitabilityCompetitive positionCustomer Value Perspective, which includes strategic objectives in areas such as:Customer retention or turnoverCustomer satisfactionCustomer valueProcess or Internal Operations Perspective, which includes strategic objectives in areas such as:Measure of process performanceProductivity or productivity improvementOperations metricsImpact of change on the organizationLearning and Growth (Employee) Perspective, which includes strategic objectives in areas such as:Employee satisfactionEmployee turnover or retentionLevel of organizational capabilityNature of organizational culture or climateTechnological innovationEvaluate potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis assignment and table you completed in Week 3.Create at least three strategic objectives for each of the four balanced scorecard areas. Base your solutions on a ranking of alternative solutions including the following:Identify potential risks and mitigation plans.Analyze a stakeholder and include mitigation and contingency strategies.Incorporate ethical implications.Develop a specific metric and target for each strategic objective using a balanced scorecard format. Example: a strategic objective in the shareholder or financial perspective is to increase market share. A metric to actually measure this strategic objective of market share increase is, “The percentage of increase in market share.” The target is the specific number to be achieved in a particular time period. The target for the metric of “Increase market share” could be “Increase market share by 2% for each of the next 3 years” of an increase of 2% per year for 3 years.Outline a brief communication plan discussing how you will communicate the company’s strategic objectives including the following:Define the purpose.Define the audience.Identify the channel(s) of communication and why you selected that channel.Format your assignment consistent with APA guidelines.
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1
Running head: NEW SERVICE FOR COLGATE-PALMOLIVE
Colgate-Palmolive Company
Colgate-Palmolive is among the fortune 500 companies that deal with the production and
distribution of household and personal products mainly oral and skin care. The company is
guided by values, mission, and vision which help them in accomplishing daily tasks and
offering the best to their customers. Its values include Caring, Global Teamwork, and
Continuous Improvement.
Their vision is “As we plan our strategies to sustain growth for the years to come, our core
values of Caring, Global Teamwork, and Continuous Improvement will continue to drive our
future initiatives.” The group’s mission also states “As a company that strives to be the best
truly global consumer products company, we are committed to doing business with integrity
and respect for all people and the world around us.”
Coming up with a clinic that has a lab as a new division for this company would be a great
innovation that would offer clinical and laboratory services for the customers that use
products made by this company. The importance of this new service would be to conduct
tests on the health of the customers and make recommendations on the most suitable products
that the customer should use especially those who have experienced any forms of allergies
when using particular products.
The new service would also be an advantage to the company because it would increase the
revenues of the company for the customers will have to pay before receiving this service.
Also, the new service will place this company on a higher level regarding competitive
advantage than other companies that produce and distribute similar products.
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Running head: NEW SERVICE FOR COLGATE-PALMOLIVE
Achieving competitive advantage
This division and new service will ensure there is an expert who will act as an authority in
managing the operations (Porter & Millar, 1985). The company will, therefore, have to
employ someone with enough experience and a specialist in this sector who will help in
drawing customers towards this service and also buy their trust. The specialist will also be
required to have good working relations with the rest of the employees in this division to
make sure that the customers receive the best services.
This new service will also be given to customers at a relatively lower price than those
companies that already offer the service. Minimizing these costs will bring more of positive
than negative impacts because the company is already a large scale business. The clinic and
laboratory will maximize sales of the products that are already being produced to the
advantage of the company since most of the recommendations that will be made will be
based on the products that are found within the company. However, there will have to be
cooperation between the division and all the other functional areas before the costs of
offering this new service can be determined.
Customers have different wants and needs of many different things including oral and skin
care products. Determining these specific products for specific customers for them is a big
step towards drawing them to the company and is something that is not offered by many
competitors. There is, therefore, a valid reason for such a service to be included in the
company’s list of products and services they offer especially when the competitors are not
already involved. If this new service is already provided by some of the competitors, then the
company can learn from the mistakes made by that competitor and offer better services.
The division will not have to look for new customers because the company already has
customers hence it will not be beginning from that point. The only task that will be left for
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Running head: NEW SERVICE FOR COLGATE-PALMOLIVE
the company to accomplish will be to fulfill their promises to their customers and request for
cooperation from all people who work within the company.
Mission, vision, and values of the new service
The values that would guide this new service in its daily operations would be “Testing and
recommending.” The mission, on the other hand, would be “Committed to helping people
understand their skin and oral health.” Finally, the vision would be “To be the leading
solution givers towards overcoming skin and oral malfunctions in the coming years as guided
by our values- Testing and Recommending.” The mentioned mission, vision and values will
help employees or service providers ensure customer satisfaction by giving the best services.
This will be initiated when the company employees qualified personnel to offer such services
through understanding these values, mission, and vision.
Business model
A business model represents the methods and a plan that the company will use to make a
profit or generate income (Chesbrough & Rosenbloom, 2002). In this case, it is not a
company but a new service that will be offered by a company that already exists. The new
service that will be provided through this division includes conducting tests and giving
recommendations on the right products to use orally and on the skin. The business will
primarily deal with skin and oral care for the customers of the Colgate-Palmolive Company.
This division is motivated by the allergies, reactions or discomforts caused by the use of
products that may not be compatible with the user.
The division will not require a lot of capital to set up because it will use the company’s space.
The only capital that will be required will be used to buy the equipment for conducting the
tests on the customers and for hiring the specialists that will govern the operations. The
specialist may as well be already working in the company because such products need people
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Running head: NEW SERVICE FOR COLGATE-PALMOLIVE
who know the reactions they may cause during the production. The service will not have to
struggle to get customers because the company already has loyal ones that purchase their
products.
The sources of financing for this division would be Colgate-Palmolive Company, and the
target customers would be those that buy the oral and skin care products from this company.
This new service will also have to work with the advertising department of this organization
to introduce and enlighten the customers about the new service including the charges. The
costs incurred from advertising will be relatively low because the service may take the place
of the regular advertising of the products usually done by the company.
Alignment of mission, vision, and values
The mission, vision, and values of this new division are in line with those of the company
since both are customer-oriented by ensuring that the customers get the best. They both have
a common interest which is oral and skin care products hence the authenticity of the new
service is assuring. The values of the Colgate-Palmolive Company are caring, global
teamwork and continuous improvement while the values of the new service are testing and
recommendations.
The values of the latter support the values of the former by triggering continuous
improvement. By doing tests and making recommendations for the customers, the company
will get to know the products that most customers do not like and will improve them by either
avoiding certain elements or adding some during production.
The mission and vision of the division or new service also support those of the company
which is to be the best globally and to sustain growth. Therefore, the innovation of this new
service will act as one of the many strategies that the organization is trying to put in place to
ensure that they achieve their vision and fulfill their mission. As the company wants to be the
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Running head: NEW SERVICE FOR COLGATE-PALMOLIVE
best in future in the production and distribution of oral and skin care products so does the
new service. Hence, they will both be guided by their core values, mission, and vision in the
determination to become the best globally.
Summary of the mission, vision, and values
The mission, vision, and values of the division will guide it in a strategic direction because
the employees that will work in this new division will be required to observe them. The
employees and the management will, therefore, know what they are working towards and will
know the amount of effort that they should put in place for them to achieve the goals of the
division.
Every organization is often guided by their mission, vision and values hence this division will
also be governed by the same and just like the companies achieved or are in the process of
obtaining their goals so will the division. In addition to the mission, vision, and values, the
new service will also learn from the company and other businesses that offer the same
services.
Guiding principles and values
Culture
The guiding principle in the aspect of culture will be to provide this new service to people
from all cultural backgrounds without bias. Products from the Colgate-Palmolive company
are universal hence the exclusion of certain cultures when offering the service will be
uncalled for. Cultures also change from time to time. Thus it will be upon the division to
ensure that it keeps up with the new cultures that emerge and also to encompass each of them
equally. The concept of culture will not be a challenge for the division because oral and skin
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Running head: NEW SERVICE FOR COLGATE-PALMOLIVE
care products are used by everybody irrespective of the culture hence the testing and
recommendation will also be done to every customer who needs one.
Social responsibility
The main aim for setting up the division is more for the benefit of the customers than the
Colgate-Palmolive Company (Maignan & Ralston, 2002). The oral and skin care products
being produced and distributed by this company may be causing side effects or discomfort to
the customers who visit other clinics or healthcare providers and do not give feedback to the
company.
The company, therefore, continues producing the same products which cause side effects to
more people out of ignorance. Hence, this division is for the good of the society because it
will be able to make the appropriate recommendations of products for different people which
will, in turn, help them in avoiding or preventing those side effects.
Ethics
The division will be majorly guided by bioethical principles which include autonomy,
beneficence, no maleficence, and justice since it will be a healthcare provider. According to
Lawrence (2007), these principles can be explained as seeking for permission before
conducting an act which in this case is the testing done by this vision and this is referred to as
autonomy. Beneficence, on the other hand, can be defined as a situation where moral agents
weigh the benefits and risks of an action.
No maleficence protects patients from harm that may be caused by healthcare providers
which is the new division in this case that deals with clinical testing of the customers. Justice
will only apply in cases where there will be scarce resources, and the division will have to act
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Running head: NEW SERVICE FOR COLGATE-PALMOLIVE
on the basis of first come first serve. Most healthcare providers are guided by these principles
and so will the division as well because it leans more on healthcare.
The combination of all these principles from culture, social responsibility to ethics will help
the division offer excellent services and achieve its values and goals which are also the
Colgate-Palmolive company’s goals.
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Running head: NEW SERVICE FOR COLGATE-PALMOLIVE
References
Chesbrough, H., & Rosenbloom, R. S. (2002). The role of the business model in capturing
value from innovation: evidence from Xerox Corporation’s technology spin-
off companies. Industrial and corporate change, 11(3), 529-555.
Maignan, I., & Ralston, D. A. (2002). Corporate social responsibility in Europe and the US:
Insights from businesses’ self-presentations. Journal of International Business
Studies, 33(3), 497-514.
Lawrence, D. J. (2007). The four principles of biomedical ethics: a foundation for current
bioethical debate. Journal of Chiropractic Humanities, 14, 34-40.
Porter, M. E., & Millar, V. E. (1985). How information gives you competitive advantage.
1
Running head: INTERNAL AND EXTERNAL ANALYSIS
Internal forces and trends
Technology
As an internal force, technology in the society today is a trend and clinics, or healthcare
providers are no exceptions. The Colgate-Palmolive clinic will require technology for the
booking of appointments by clients and records. The technology will also assist in getting
feedback from clients and also for minor consultations. This is a trend in many clinics and
being that everything in this present day is tech-enabled, technology must be considered in
putting up of this new division.
Resources
As an internal force, resources are to be set aside by the Colgate-Palmolive Company,
because it is a division majorly aimed at increasing sales of the products produced by this
company. The resources that would be needed would be meant for setting up the labs, hiring
of specialists, advertising and buying equipment. The resources will not be a big problem
because this company is big and well-established.
Strategic capabilities
The new division is strategic in its capabilities because one of the goals is to increase sales of
oral and skin care products that Colgate-Palmolive Company produces and distributes David,
2011). The strategy is to reduce effects that are caused by using certain products by
customers and improve healthcare. Conducting tests on the customers prevents losing them
since they will be recommended the most appropriate oral and skin care products for them to
use. Paying for this service also gives Colgate-Palmolive a competitive advantage because
they will be making more profits as compared to their competitors. At the same time, the
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Running head: INTERNAL AND EXTERNAL ANALYSIS
Colgate-Palmolive Company provides a suitable environment because of the kind of products
it deals in (Duncan, 1972).
Innovations
This new division in itself is an innovation, but more innovations will take place within the
division mostly regarding technology and more services that can be offered with the aim of
increasing the profits of Colgate-Palmolive Company. The division will give room for new
ideas and encourage creativity that will lead to a massive growth of both the division and the
company as a whole.
Intellectual property
The brain behind this innovation will be granted intellectual property and will be involved in
the major decision-making processes linked to the division. By doing this, the company shall
have stimulated creativity which is encouraged by intellectual property protection. However,
the intellectual property protection will be limited because the idea might be individual but it
is being implemented in a company who has other owners. The owners or shareholders of the
company will also have a say in matters to do with the division.
Leadership
The person or people behind the innovation will lead the division because it is their idea and
they know the goals and visions they want to achieve in the long run. There will also be
leaders in the various departments that will emerge within the division, but the head will have
to be the innovator although with the guidance of the leaders or the management of the
Colgate-Palmolive Company.
External forces
Industry changes
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Running head: INTERNAL AND EXTERNAL ANALYSIS
The new division will concentrate more on observing what other companies that are
providing the same service to see their differences in operations that either gains them clients
or makes them lose them. Feedback from customers might also be an excellent way to know
the industry changes and embrace them. The division will be open to industry changes and
trends to provide the best services for the customers and to keep up with the competitive
environment.
Legal and regularity
This factor is key for any starting business because legalities and regulations often have a big
impact on any business. The new division should have its business permit and license instead
of taking advantage that the company is already recognized as legal. If the government is
against the setting up of the division, going forward to set it up may lead to its crumbling
hence the best way to avoid conflicts with the government is to heed to the regulations and
legalities.
Economic
The division will be good for the economy as it will increase revenues to the ColgatePalmolive Company and pay taxes to the government as well. There will be a lot of positive
results on the financial side. The economic consideration of this new service is the offering of
services at a slightly subsidized rate which is commendable especially on the side of the
customers. The division will, therefore, be favoring almost all directions of the economy.
Competitive analysis
This external force is worth putting into consideration because the company has to consider at
what level of competition the new division will place them at. The competitive advantage has
to be put into consideration to see if the setting up of the new service will impact the
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Running head: INTERNAL AND EXTERNAL ANALYSIS
company positively. All organizations are profit-oriented hence any innovations or divisions
should be aimed at increasing the revenues. The new division at Colgate-Palmolive put this
into consideration.
Environmental force
The people in society today are conscious of their looks and healthcare. This provides a
suitable environment for the division to thrive regarding the services they offer because it will
be assuring them or informing them about their skin and oral health. This external force
encouraged the innovation of the new facility in the company.
SWOTT analysis
According to Hill & Westbrook (1997), a SWOTT analysis is a tool used by business owners
to help in planning and strategizing by analyzing its elements such as the strengths,
weaknesses, opportunities, threats, and trends that the businesses bring along. It is a good tool
to use for starting a business, general business strategizing and as a market plan.
Strengths
These are the factors that will help in achieving the objectives and goals. The ColgatePalmolive Company’s new division will have some strengths.
•
The division will have ready clients who are the customers who buy products from
Colgate-Palmolive stores.
•
The company has a big name hence the division will have an easy time in marketing
this new service and attracting customers.
•
After the tests, the recommendations that will be made will be of products found
within the company hence increasing the revenues.
5
Running head: INTERNAL AND EXTERNAL ANALYSIS
Weaknesses
These refer to the factors that may lead to the downfall or the crumbling of the business. This
new division might experience certain weaknesses.
•
The division will have limited customers because the only customers that will be
visiting the clinic will be those that buy the Colgate-Palmolive products. It will take
some time before convincing new customers.
•
The services provided will be healthcare related but will be limited to oral and skin
care.
•
Finding qualified and experienced personnel for this service will also be difficult for
the start of the business.
Opportunities
The factors and conditions that can help a business achieve its goals (Helms & Nixon, 2010).
They are mostly external, and this new division has some.
•
The need for people to find products that do not expose them to side effects provides a
good opportunity for this new division.
•
Many illnesses related to oral and skin care are emerging. Hence the division can take
advantage of this scenario and provide customers with the solution.
Threats
These are conditions that pose a risk to a business …
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