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    Strategic Plan: Objectives and Success Factors

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    The fourth key element of the 10-step planning process is to explicitly state the business's objectives in terms of the results it needs/wants to achieve in the medium/long term. Aside from presumably indicating a necessity to achieve regular profits (expressed as return on shareholders' funds), objectives should relate to the expectations and requirements of all the major stakeholders, including employees, and should reflect the underlying reasons for running the business. These objectives could cover growth, profitability, technology, offerings and markets.

    What are some of the preliminary objectives that you can think of for Follett Higher Education Group (FHEG) that is the subject of your plan? How did you derive these objectives? What are the key success factors for achieving these objectives.

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    Some of the objective for you to consider might be:

    1. Make the Follett online bookstore more of a destination for students as opposed to a pass-through site.
    2. Work with new and existing vendors to create products that will attract students to the website and who make additional purchases.
    3. Stronger promotion of online-purchase/in-store-pick up as a means to saving money when shopping with FHEG.
    4. Focus on better customer service and value which will bring in additional customers in need of educational materials.
    5. Create partnerships ...

    Solution Summary

    Using the strategic planning process for Follett Higher Education Group (FHEG), identifies the objectives and success factors.