Business Studies Essay Paper on Booming Byte Vision, Mission, and Objectives

Booming Byte Vision, Mission, and Objectives

Booming Byte Ltd

123 standard Ave,
Greensville,

13th May 2014

To

Stakeholders

Booming Byte Ltd

123 standard Ave.
Greensville

Dear stakeholders

Booming Byte Vision, Mission, and Objectives

Last year was not an easy year for Booming Byte even though we attained the best result ever since establishment. The company is trying to make strategic decisions that will help in enhancing its performance in the market and improve its credit rating in the next year if operation and in the future. Currently, the company is in an excellent competitive position as compared to other companies that produce and sell digital cameras. However, the credit rating of the company is at average position, and it is showing yellow. The company also seems to be at a good or sound financial position, but much is needed to increase its profitability. Nevertheless, the company has identified few problematic areas that require to be addressed. One of the major areas is on the credit rating. Currently, the credit rating of the company is at B+ and this need to be increased to A+ at the end of our operation term. The company also does not have enough employees to facilitate its operations. Another area that the company has not been putting much consideration in cooperate social responsibility. Since its establishment, the company has never engaged itself in any cooperate social responsibility such as environmental sustainability, charitable contribution or improvement of its working conditions (Chin, Chan, & Lam, 2008).

The main target of the company for the next five years that we will be in charge is to improve its credit rating from B+ to A+. As indicated the current credit rating of booming Byte is indicating yellow and the company aim at achieving a green indicator by the end of our term. The mission of the booming Byte is to become the best company in sales and promotion, to have the best quality rating, to be the best producer of quality digital cameras and have the best warranty services. By the end of the operation term, Booming Byte will be regarded as the best innovative digital company. The company should also achieve a market standing of A+ by the end of the first five decision rounds. The company aims to increase the profit by 10%.The company has set performance evaluation measures to ensure that Booming, Byte is heading in the right direction. This will regularly involve evaluating whether the company has met its shorter goals. The company will mainly look at increase in sales, increase in profit and market position.

Booming Byte has set out strategies that will help in achieving the defined goals and objectives. The strategic plan will involve managers at all levels in the organization. This strategic plan has also been communicated to all employees for smooth implementation. Some of the strategies of the company include becoming the low cost provider of digital camera, increasing competitive advantage by differentiating our products, production of quality product that will ensure customer’s value for money, and focusing on the untapped market by our competitors. To ensure better implementation of the strategies, the company will allocate enough resources to facilitate production and marketing operations, encourage continuous improvement, motivate employees by giving them incentives and rewards based on their performance, improve the working environment and hire of skilled workers (Kaplan, & Norton, 2013).

Strategic Intent

Booming Byte strategic intent is: “To become the leading supplier of quality digital cameras.”

Financial Objectives

  • To increase annual revenue by 10%
  • To increase profit by 10%
  • To increase the credit rating to A
  • To increase annual earnings per share by 5%

Strategic Objectives

  • Achieve a market share of 25% by the end of the year
  • Achieve lower cost of operations that the competitors
  • Ensure customer satisfaction through improved product quality and good customer service
  • Increase the product line
  • Increase brand awareness by ensuring cooperate social responsibility.

With your support and commitment we hope that booming byte will achieve its set objectives within the next three years.

Sincerely,

Martin Mega

Booming Byte CEO

References

Chin, K. S., Chan, B. L., & Lam, P. K. (2008). Identifying and prioritizing critical success

factors for competition strategy. Industrial Management & Data Systems, 108(4), 437-454.

Kaplan, R., & Norton, D. P. (2013). The execution premium: Linking strategy to operations for

competitive advantage. Harvard Business Press.

Appendix

Group Operating Procedures

Our group will meet two to three times a week. Most of the communication will be done via email. However, telephone conferencing will be used for our meetings. Telephone communication will involve Kelsey will contacting Sharla. Kelsey will then contact Travis and merge the call with Sharla. Then Sharla will contact Kim and merge the call with all the group members.

Each member of the group has been assigned some roles and responsibility. Sally will be the captain of the group and will cover the competitive assessment analysis; Mary will be responsible for posting the group submissions to Turnitin and conduct the SWOT analysis; John will cover marketing strategy and will also be responsible for post the final weekly numbers in Glo-Bus. Kelsey and Sharla will present the group assignment to the class and Kim will be responsible for answering any question that might arise during the presentation.

The due date for submission of the draft copy will be on Friday evening. The draft will be reviewed on Saturday during the day. The meeting will then be held on Sunday afternoon to go over the assignment, and the final draft will be prepared and submitted. During the group meeting Ideas will be thrown out to each other and explain reasoning behind it. A majority vote will make the decision. If someone disagrees with a given idea, he or she must state, “I like your idea, however; I think that…. Because…” and provide his reasoning. From there, an agreement must be made by someone stating “Are we all in agreement that….”and a consensus will be made.

It is likely that there will be conflict during the group discussion. To address the conflict or non participating members, warnings will be given within the study group conference area and the professor will be notified. Members will also suggest any other important idea that will ensure smooth operation of the group.