*COMBINE THE 3 ATTACHMENT FILES FOR FINAL PRODUCT* Write a 700- to 1,050-word section (1 point) for your business model and strategic plan in which you add your strategies and tactics to implement and realize your objectives, measures, and targets. Include marketing and information technology strategies and tactics. (1point) Develop at least three methods to monitor and control your proposed strategic plan, being sure to analyze how the measures will advance organizational goals financially and operationally. (1 point) Explain the ethical issues faced by the organization, summarize the legal and regulatory issues faced by the organization, and then summarize the organization’s corporate social responsibility. (1 point) Develop and present a PowerPoint executive summary (4 point) defining the new division of existing business. Share your Vision, Mission, final business model, value proposition and list your key assumptions, risks, and change management issues. Quantify the growth and profit opportunity and planned impact on various stakeholders.
Note: Any investor should be eager to meet with you after reading your executive summary. Using the University of Phoenix Material: Business Model and Strategic Planning Outline as a guide, combine Parts 1, 2, and 3 of your completed business model strategic plan with your Final Business Plan Model assignment and Executive Summary. This includes the Business Model, Vision, Mission, Values, SWOTT Analysis, Supply Chain Analysis, Balanced Scorecard, and Communication Plan from prior weeks. Format paper consistent with APA guidelines. (0.5 points) Use proper grammar (0.5 points)
Conceptualizing a New Product or Service Division of an Existing Business
Mr. Michael Smith
January 23, 2016
Business is a term that incorporates many points under a single head and there are processes related to management as well. There are many types of products and businesses that are carried out in the market but the goal of all the firms is same and that is to provide better customer satisfaction to the customers. Generally, fitness is the term that is associated with exercise and body, but currently this segment has emerged as a great field of business (Lipton, 2003). 24 Hour Fitness is a business that has been organized and a brand new product is being launched.
Division of customer needs and competitive advantage-
The market is a tough place and every firm competes with each other to fetch more customers and for this smart ways are required. There are many services that are provided to the people and this can help them in gaining the required satisfaction. In the case of 24 Hour fitness there is a requirement of a new division that helps in getting more reliability among a different targeted audience. Competitive advantage is a term that can help in getting these terms accomplished. Optimizing the workforce and adding modern ways can help the firm in getting the required profit and this will be a long term investment for the firm. People nowadays are tech savvy and internet is the medium that serves all. There are smart phones and computers that are accessed more by the people because it is time saving. The firm can work in this direction and create an interface that can reach the users globally. More optimized standards and twenty four hour service are a better option because it will help the business in dividing the needs of the customer. Making an interactive interface will divide each segment and listing of the service will become easier and customers would be able to choose the required service in a hassle free manner. Competitive advantage is the feature that will get activated at this point and the users will be able to manage the complexity and will increase the efficacy of the service. Apart from this, the advantage will open the gates of analysis that will provide the statistics about the uniqueness of the service that is launched in the market. However, it is a critical process, but if maintained effectively the products of 24 Hour fitness will be more preferable and the customers will switch towards the company.
Creating vision and model for the business-
There are many parts that are to be included in the business for getting better results and here the functions of management are required. Planning is the first step that helps the organization to develop the vision that provides the policies which are helpful in maintaining the business on track. In the context of 24 Hours Fitness there is a requirement of a plan that explains the working model of the new division that is helpful to fulfill the needs of the customers. Vision is required for planning and for this the first step is identifying. The firms have to identify the need of the customers and fitness is the term that is nearly required by all the folks. Therefore the intentions must be made clear to the people who are interested in taking the services from the firm. This process is crucial because it decides the future course of action and also helps in fetching the sponsors for the business. Therefore, 24 Hours Fitness must stick to this criteria and provide priority to the requirements. It must also be noticed that the requirements must not change in the middle because it will lead in modification and this process is time consuming. With the development of vision new ways come up for the company and the problem of funding gets solved as well. After making the vision the next process is model and this is global. There are different elements in the business and they can be adopted from the working of other firms generally the points from management are to be adopted because it raises the direction standards (Joachim, 2010). Apart from this the model must include all the steps of management that is a better option because at the time of emergency backup plans can be used for coping from the unwanted events.
Mission and the alignment of business-
From the above statements it is clear that there are certain elements that are required in an organization. Vision is the process that helps the firm to get new benefits and the mission is helpful in identifying the organizational goals. If the new structure is included in the business and the three levels are induced along with these then the chances of organizational alignment increases effectively. Organizing the best people in the process provides reliability to the business that a better organizational will be achieved by the firm. In the case of 24 Hours Fitness the framing of mission, vision and the statement values are helpful in providing a map that will ease the process. As stated earlier that the missions are helpful in providing the tasks that are to be carried out while the statement values focus on the points that are helpful in providing a better structure to the firm and will also help in improving the perspective of the organization (Abrahams, 2007). 24 Hour Fitness has to maintain these elements because they are the spirit and are helpful in improving the staffing policies. Apart from this, the values are also related to the testimonials that are provided by the clients who take the services of the firm. Testimonials are actually linked with the value of the firm and provide the evidences about the direction of the firm. If the direction is not clear, then the whole process and management function leads to faulty results that generally lead to loss of customers. These are the terms that state the requirement of the mission and vision of the company and due to them it can easily get through the competitive market and also provide the required services to the customers.
Cultural and social elements of business-
It is clear that the process of management is the actual requirement and there are some goals that are to be reached in order to fulfill the terms and conditions of the firm. This is required by all the firms performing in the global market. When the above mentioned things like mission, vision and values are maintained by 24 Hours Fitness then there are certain other measures that are to be checked (Hunger, 1989). These are based on cultural, social and ethical standards and this is important to the firms as well. The division that is created by the firm and the interface that is designed for the customers must meet these standards as well because it has some points that can affect the social and cultural points. Therefore, it must be checked by the management that these factors are aligned in a proper manner or not. The ethical part is kept away because it has fewer requirements, but the reality behind the work is that the workers of the firm know about all the elements of the workplace and for keeping them under proper supervision a perfect environment is required. At certain points it can also create fatal issues that may harm the actual working process of the firm and draw negative results (David, 2003). However, apart from these social issues are also important because there are some beliefs that are to be performed in order to achieve trust of clients. This can both be positive and negative in the term of business, but if the management is proper then it can be dealt in a hassle free manner. These are the elements that are also required by 24 Hours Health Fitness and its new division to maintain a better flow of customer requests and process them according to their needs and achieve the goals in an effective manner.
24 Hours Fitness is a firm that deal with services that are provided in the field of health and the firms is to create a new division that is helpful in meeting the customer needs effectively (Putri, 2007). There are certain other things that are to be managed by the firm. These points are vision and mission of the new unit. This can help in achieving better results and the direction can be identified easily. With all these elements, it can be stated that the business operates accordingly and is capable to meet the required standards.
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