Vision, Mission, Values, And Swott Analysis
- Pages: 5
- Word count: 1235
- Category: Customer
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The mission of Little Fun Size Candy Shop is to be the best local candy store in all of Silver Spring, MD, creating the best fun size candy bags and to provide a fun, safe, memorable experience for customers. LFSC has developed the strategic objectives of customer satisfaction, customer value, and customer retention. LFSC’s mission has developed strategic objectives of productivity and process performance improvement. The function and targets will show that LFSCS looks to improve productivity of the process of fun size candy bags making it a fun and creative way to spend time. This will separate LFSCS from any competitors when compared to local candy stores or concession stands giving LFSCS a competitive advantage in the market.
The financial section of the scorecard mentions that LFSC business will generate sales and profit at high rate of profit for stakeholders. First thing will be the increasing of sales and reducing of costs, which improves returns to investors improving profitability and increasing earnings per share that will ultimately attract more stakeholders. LFSCS plans to become profitable within one to three years of business by 10 – 15%.
The objective of revenue would be to break even in the first years of operation. Several businesses fail their first year of production so if LFSC can reach a target of being profitable by10-15% that would be a great achievement. The measures would be to offer services and products at a low adequate rate to still break even or generate small amounts of profit. This helps the business become more recognizable and competitive within the market. Consumers want to pay but for great service, “you get what you pay for” can be true at times, but LFSCS wants to exceed expectations and deliver above and beyond service that offers low prices with excellent service. Targets would be becoming profitable within the first three years by 10-15% and reducing risk every quarter. The plan would be to advertise and promote the business locally for the first three years to increase customer awareness locally. Also locating low-cost suppliers and distributors will allow expenses to reduce if not significantly affect profit to increase.
The objective is to exceed customer expectation so that the name, Little Fun Size Candy Shop” is well known all over town. The measures are to retain customers and develop customer referrals by word of mouth and generate some feedback. The more people hear about the business, the more intrigued they will be. The target is to retain at least 95% of existing customer per year, “80% of your sales come from 20% of your customer and clients” (Lake, 2010).
The objective of delivering an above and beyond experience is to encourage and increase customer loyalty. The measures that will be taken are to have incentives for customers who refer another customer to the store. The target is to have an increase or to generate new customers by 15% every year. The initiative after finding what attracts customers through customer feedback will be to hold community events for the town of Silver Spring. Makin sure LFSCS sells what consumers want will be decided through research.
The objectives, measures, targets, and initiatives were gathered based on the mission, vision, and values of LFSCS. LFSCS will have a strategic objective of development so that newer and more creative ideas will be developed to keep up with any changes in US culture trends. Similarly, the strength of having low prices on the many selections of candies as well as creating your own personal little bags has a strategic objective of customer value, “if and only if, the customer can perceive the values as worth something” (Wills, 2010).
The internal process is composed of stability between service and location, referring to loyal, strong, and reliable partnerships. The internal process helps monitor everything that happens internally within the business.
It is important to develop and strengthen employee partnership, which can help increase productivity within the business. The objective would be for management to build loyal, strong, and reliable partnerships by engaging with their employees. Measurements that would be taken are to increase employee training maximizing their abilities to satisfy the operations of the business. Trainings can be addressed with one-on-one sessions for certain individual assignments, for employees and managers to engage with one another building a stronger relationship. The target would be to then divide the responsibilities with the trained employee showing confidence between manager and employee. The initiative is to train employees and provide them the training they need to excel within the business.
Staying on track is an organizations top priority. The objective is to focus on the mission of the business. This will satisfy managers and shareholders both comfortable and happy. The measures are to receive feedback from employees every month about policies or procedures where they may see change needed to improve operations or reduce expenses. The target is to improve the business environment, increasing employee loyalty and productivity. The initiative is to reward employees, creating a recognition system for effective employee participation promoting honesty, trust, and great service.
The internal process was derived from the values of LFSCS. When a customer walks into a LFSCS, they should know that they are safe and will be taken care of promptly and professionally.
Learning and growth are comprised of recruiting, retaining, loyal, and customer driven employees and continuing employee education.
The objectives are to recruit driven employees and to retain them from the time they are first hired. The measures are to provide leader training programs to inspire anyone to move up within the business. Having an employee handbook that discusses all the policies of the company will help with this. The target is to promote at least one individual if not more to a managerial position per year from the time they were hired, “as employee satisfaction improved, business unit performance improved” (Scontrino-Powell, 2010). The initiative will be to develop audits for employees monthly to make sure that they are compliant in all areas. Action plans will be filed as needed.
The objective for continuing education is to establish a learning center to ensure that employees continue with their training. The measures are to monitor each employees training sessions through the use of the intranet. The target is to retain at least 90% of past employees with more than two years of experience with the company. The initiative is to reward LFSCS’s that have retained current employees of 90% or more will receive a bonus at the end of the fiscal year.
The mission, vision, values, and SWOTT analysis are immense parts of a business and the scorecard reflects these incredibly well. It is highly important for a business to establish themselves around these things to follow through. Consumers or investors like to understand what the business is about and where it will be in a few years. If the mission, vision, and values are straight forward and practiced, then consumers and investors will feel more relief. This is what separates Little Fun Size Candy Shop, there mission, vision, and values.
Scontrino-Powell . (2010). _Does employee satisfaction make a difference?_. Retrieved from http://www.scontrino-powell.com/2010/does-employee-satisfaction-make-a-difference/
Lake, L. (2010). _Explore the Value of Customer Retention_. About.com,
Marketing. Retrieved from http://marketing.about.com/cs/customerservice/a/crmstrategy.htm
Wills, M. (2010). _The importance of Value in Business_. Experts Exchange. Retrieved from http://www.experts-exchange.com/ITPro/Consulting/A_3217-The-importance-of-Value-in-Business.html