Reference no: EM131657082
Assignment
Propose detailed feedback and critical analysis team members can incorporate into their drafts.
Prepare a maximum 400-word synopsis summarizing what the team has learned from the review and discussion. Please make sure to include specific recommendations for each of the submitted papers.
Strategic Plan Part 1
The success of a company comes from the planning of the business which is necessary for the growth of the company. Business plans provide companies with the tools to track growth, establish a budget and prepare for unforeseen changes in the market place (Scott,2017). According to "What is Strategic Business Plan" (2017), "A strategic business plan is a written document that pairs the objectives of a company with needs of the market place. Although a strategic plan takes planning a step further by not only defining company goals but utilizing those goals to take advantage of available business opportunities". This strategic plan and proposal will help executives of Fitbit understand the direction in which their company is headed and review the past progress and make changes to improve and grow.
Proposal of new product, company division, customer needs and competitive advantages.
Fitbit is an activity tracker that come in more than a half-dozen different shapes, sizes, and price ranges, some shaped like a clip that can be easily put into your pants pocket or worn as a wristband and watch. This device tracks activity, exercise, food, weight and sleep. The Fitbit goal is to motivate individuals to become healthier human beings. The founders James Park and Eric Friedman realized in 2007 that sensors and wireless technology had advances to a point where they could bring amazing experiences to fitness and health ("fitbit",2007).
I would like to proposal a free application called "Flash". This application would enhance and come as a free application to such products as the fitness wristband and the Smart fitness watches. Safety and awareness is important to everyone and "Flash" is the application that will assure every person wearing these products is aware of their surroundings while exercising. There is no other fitness tracker such as the Misfit Shine, Vivo Smart or Nokia Steel that has an application like "Flash". Their biggest competitor Apple watch that has some of the same features for tracking doesn't have anything like "flash" either. Fitbit will not only track your health it will now assist with safety. What "Flash" does is alert individuals with a flashing light from their watch or wristband, when a car or person is in a certain range of them. The division that will launch and assist with this application will be called the Fitbit flash division.
Vision and Business Model
A business model is a design for the successful operation of a business, identifying revenue sources, customer base, products and details for financing, having nine components to this model. The business and vision model for "flash" is, Value Proposition: free application, safety awareness, health and safety combination. Channels: App store, fitbit.com, sports retail stores and Fitbit flash division. Customer Segment: Health conscious individuals, middle age and older adults and tech savvy individuals. Key Activities: Marketing, Customer Service and Software developers. Key Resources: Application developers and Patent. Revenue Streams: Advertisement and accessories. Customer Relationships: get: Free app with wristband and watch, grow: only health tracker with "flash" app, keep: forever. Cost Structure: Production and Marketing. Key Partners: Fitbit/ Products and App Store.
Align New Division, Vision and Mission with Company
According to "Create A Business Vision" (2017), "A vision statement should communicate your long-term business goals, and it should reflect your view of the world and your business's place in it". The Fitbit flash division not only recognizes the importance of health but also safety. What better way to have the two accessible on one device. The vision statement for this division is "Our vision is to ensure security for our customers while staying fit and healthy". Fitbits overall vision statement states "Better tracking and fashion partnerships". These two vision statements align when it come to the companies' vision of "better tracking". The "flash" application enhances the tracking and brings something new to the product.
The mission statement for Fitbit is "To empower and inspire you to live a healthier, more active life. We design products and experiences that fit seamlessly into your life so you can achieve your health and fitness goals, whatever they may be". The mission statement for the Fitbit division is "Not only do we empower and inspire our mission is to enhance our products in such a way that they set the tone for the environment and our customers". These two mission statements reflect the company goals, priorities and strategies.
Vision, Missions, Values and Division Strategic Direction
With the strategic direction, the organization knows what its objectives are, how will they be accomplished, what resources are required and creates a general scheme of how the organization must work (Scott,2017). The vision and mission statements both express a great deal of innovation and strategic direction for the division. The mission is to enhance products and the vision statement sets the tone for the customers. Since it is known what both these statements are focusing on this guides the strategic direction. Such objectives and resources like advertising, marketing, production and customer focus help the division focus on a strategy and what relationships to pursue.
Define Guiding principles, Values, Context of Culture, Social Responsibility and Ethic
Guiding principles should always be in place when running a business or division. These principles help guide and mold the division. Culture, Social Responsibility and ethics are very important and should be handled in a professional manner to create a successful business. Social Responsibility in this division is shown through our code of ethics. Code of ethics would be done through training and education and other effective organizational measures. The code of ethics outlines the mission and values of the division. This will allow this division to approach problems in an ethical and professional manner. It is important that employees, customers and partners receive positive experiences within the division. The culture of this division will be built with people who share its core value and ability to embrace it. Culture is the character and personality of your organization ("HR Insights Blog", 2013). Employees and leadership will engage, support, collaborate and interact regarding ideas and information. Communication is key and working in a division that makes everyone feel important encourages employees to perform well. When employees perform well and are happy it leads to more productivity. This division believes that nourishing our company is worth the investment.
Summary
Companies should always be open for new products, applications and new divisions. The launch of new products usually generates company and product attention, increase revenue and company reputation. Fitbit is known for its health tracker innovations but safety has yet to be added to their productions or applications. I believe that once this application is added to the wrist band and Smart watch it will put Fitbit ahead of its competitors. This free application will allow customers to exercise anywhere at any time. Most individuals wear safety gear for precaution while jogging at night so other individuals can be aware of them, "flash" will now alert the jogger to be aware of those individuals. With the proper strategic plan, vision and business model they will have a vision of where "flash" will fit in with the products and services of Fitbit.