Implementation, Strategic Controls, and Contingency Plans Dissertation
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Implementation, Strategic Controls, and Contingency Plans
Apple, Inc.is an electronics company that has over the years provided consumers with high quality products in the electronics industry. This has enabled the company to continue to thrive in the highly competitive industry with implementation of well-planned strategic plans. The company has set very high standards that enable it to maintain profitability in the already high commoditized market. In a wider perspective, the actual manufacturing of the products outsourced from trusted suppliers makes the company to be able to satisfy its consumers with high quality products.
In order to continually make an impact in its market and satisfy the market while making a wider presence in other markets that Apple is yet to set up operations, the company need to continually review its strategies and identify loopholes that needs to be fixed. In this context, the management of the company requires to prepare strategic plans to enable it to succeed in its plans. In this analysis, the strategic plan of the company that will enable it to increase its market size and deal with the many challenges of competition and price wars in the industry is of focus. This includes analysis of the implementation plans the company sets and the controls that will enable the strategic plans implementation a success. Contingency plans will entail definition of the steps the management of the company will take to deal with the likely risks in the implementation process and in the market as a whole.
Apple aims to implement its strategic plans that will help it to continually increase the market size for its products while still creating more innovative products. In order to achieve this, the management has strategies on continuous implementation of key action items within set deadlines. Te main aim for this is to attain more relevance in the electronics industry. The implementation process will entail communication with stakeholders in the company to be able to continually get ideas on the progress of the strategic plan implementation process. Communication is vital as it gives information on the specific target areas and the requirements from every stakeholder namely, the employees of the company, electronics engineers mandated with the task of innovations and development of the products, the suppliers to make sure that all the materials are available and of high quality, and the management of the organization who gives direction and guideline. This will enable the company to achieve its goals and carry out its mission in the industry (Koontz, 2010).
Various objectives are laid out in the strategic plan for the achievement of the company’s plan. The company aims to increase its market size through creation of high quality products that are of high technological value and up-to-date with the trends in the electronics industry. Secondly, the company has the objective of setting up a research and development center where the technocrats of the company will be able to continually carry out their research on the electronics that will be released in the market. The company will also carry out strategic marketing plan with an aim of increasing its market by proper pricing models to be able to cope with the high competition in the market. In addition, there is need to increase its corporate social responsibility both in its present and prospective markets in order to increase the loyalty of its products (Weihrich & Koontz, 2013).
The company will employ various functional tactics to enable it achieve its aims. Firstly, the company will invest heavily in research and development department of its company. In addition to this, identification of the social responsibility areas is vital in the implementation of its strategic plan. This will involve continuous and sequential educational programs for highly qualified individuals in new market who will be mentored to lead the local company operations and education of the public on the company’s products use in the improvement of their businesses and other uses. In this sense, the company will increase the applications in the company’s mobile phones, tablets, and other gadgets (Koontz, 2010).
The action items for the success of the strategies’ implementation will enable the management to assess and monitor the progress towards the main end. Increase in research and development in the company is essential and thus, the company aims to employ qualified staff that are recruited through a vigorous process. The company will attain the corporate social responsibility objectives through involvement in social activities in the societies that they have stores. This will be affirmed through sponsorships to education for children with interest and capability in the electronics sector. Pricing of the products will be competitive in order to cope with the high competition in the market. The company will also operate several agencies for the company’s gadgets that will enable the company to increase consumer support. In addition, the company aims to review the warranty rules for its products such that most of its products will attract several consumers. This is a game changer for the competition (Weihrich & Koontz, 2013).
Milestones and Deadline
Implementation of the strategic plan will be carried out in three consecutive years with frequent changes to enable incorporation of other external changes in the market. The company will carry out new marketing plans for new markets with support from systematic social responsibility bearings. In this sense, every new market will have well managed continuous activities in the society that the company sets up operations. The company will set up the research and development center in the first year of operations and increase its funding in consecutive years up to five years. In this sense, the company will be able to create more innovative products and introduce them in both the new and existing market (Weihrich & Koontz, 2013).
Key Success Factors & Financials
Knowing the accessibility of financial resources is vital with respect to strategic implementation. Key factors for success comprises of the Apple engineers, creating products meant for them, consumer friendly goods and services, efficient customer service, and reality that Apple leads the competition with its consistent innovative ideas. Within the Key Factors for success, the software industry involves professionals of computer and information technology, abilities for producing innovative products, low cost of production, design and engineering, and vast connectivity of retailers. As the other companies in the software industry, Apple is advantageous in a variant way and must be at the above mentioned level. Appendix A displays
Risk Management Plan
Risk is induced in all business activities. ”Risk Management is the method in whose duration, the risks are identified by the organization and is prioritized and consequently opts for measures to lower the harmful event’s probability and increases opportunities,” (Pearce & Robinson, 2014). Thus, risk management is not a one-time method but this process aims in executing consistent advancement to the organization as the changes in the marketplace would be mitigating negative effect.
Risk Identification & Assessment
Apple Inc.’s planning strategies is conceptualized to ensure the company to earn market share for retailers offering new ideas, consumer-friendly relationships. There would be no limitations in innovation in renovating the storefront areas and deals with the products and its location availability to the customers and ordering all products via internet. Enhancing the use of a technologically-improved user-friendly system for ordering the products allows the customers with higher flexibility related to the company, but in the meantime, the brand loyalty is kept within the industry. The risks associated with electronic commerce are given below:
- Phishing attacks – information break-through the loss of intellectual property which loses data’s of the customers.
- Personal use of confidential information by employees – employees have approach towards self information like credit card numbers, addresses and some other key components that ensures the identification of occurrence of theft.
Risk Mitigation & Contingency Plan
The risk mitigation and contingency plan of Apple Inc. is confronting the probability of risks in order to foil the problems before they are occurring. The measures for prevention that should be taken for ensuring user security and satisfaction are:
- SSL Security: SSL, or Secure Socket Layer, is an encrypted process used for encrypting sensitive data’s of the customers for protecting it from the hacker’s interception. The website having SSL protection ensures the customers with the company’s responsibility towards their safety and security that is equally important as their business.
- Limited Access to Customer Information: Availability of information to employees would be on the basis of need for knowing. As an example, if a Purchasing or Finance employee approaches to the full credit card number for processing payment then that employee would be allowed for accessing this information level. On the contrary, a Receptionist does not require this information to be necessarily available for completing their job.
Implementing these measures allows the company in averting drastic actions which can harm its reputation. Moreover, for the submission of orders, series of disclosures would line up providing customers with the policies of the company corresponding to online transactions and processes for competitive charges or other problems related to customer service. If the customer is victimized after dealing with Apple Inc. on website, then the company will be fully supportive with the extension of law in recouping damages to the customers and prosecuting assailants. This ensures the company in salvaging any damage to its brand before increasing the outcomes in the customer’s loss.
Tasks and task ownership
The company will be in control of all the operations of the strategies. In this perspective, the company will look for new funds sources and invest them in the new markets and operations. Thus, the company will take liability and benefits that will come with the new strategies’ implementation. The research and development center will be mandated to the research and development department of the company. In addition all other departments of the company will help in the implementation of all the strategies of the company through provision of support and management support of the strategies (Weihrich & Koontz, 2013).
Apple, Inc. is committed to continuous development of its products and to increase its market size through strategic investment in both the research and marketing. In this context, the company has set aside enough reserves for any strategic plans implementation. However, the company will invest more heavily in research and development of its products as there is a significant competitive advantage connected to new products and high quality products (Weihrich & Koontz, 2013).
Organizational Change Management Strategies
The company is likely to experience various changes in its organization in various departments as a result of the likely impact that implementation of the company strategies will have on the overall performance. The company will record a decline in cash profits from its new markets and thus the management should be prepared to manage the changes both in the human resources and management of the available finances. This requires tight management of all the sectors of the organization with critical focus of increasing the success of the strategies of the company.
Key Success Factors
Success of the strategic plan of Apple, Inc.lies on the management’s capability to budget and plan well on its financials. Budget estimates for the strategic plan of the company will rely on an investment of $3000000 that the company has set aside for the implementation of the plans. Most of these funds will be allocated to research department while only $1000000 will be invested in marketing in new markets. The rationale of this low investment is because most of the new stores that the company will open in new markets will be through partnerships with interested dealers. The company will be interested in increasing sales in new regions through corporate social responsibility activities and promotional strategies (Koontz, 2010).
Risk Management Plan
Risk management is a vital ingredient to the success of achievement of any strategy that a company has. The process involves identification, assessment, and development of strategies to manage the risks. The implementation process of the company’s will encounter various risks such as regulation risks by authorities, competition from other companies, political risks in other regions among others. The company will implement risk management by continuous assessment of critical areas of management issues (Koontz, 2010).
Apple Inc.’s commitment to improve its products will get a great boost after implementation of the strategic plan. The company will benefit from new markets’ marketing and increased presence in the societies where its consumers and prospective consumers thrive. In this sense, the company’s allocation of enough funds for the implementation process and the strategic planning process will contribute a lot to the success of the company’s vision, achievement of its goals and objectives, and long-term sustainability of its business.
Koontz, H. (2010). Essentials Of Management 8E. Tata McGraw-Hill Education.
Weihrich, H., & Koontz, H. (2013). Management: A Global, Innovative, and Entrepreneurial Perspective. Tata McGraw-Hill Education.
Implementation, Strategic Controls, and Contingency Plans Dissertation
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