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Achieving Business Goals: Monitor and Control

Discuss your strategies and tactics to implement and realize your strategic objectives, measures, and targets. Include marketing and information technology strategies and tactics. 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. Finally, recommend actions needed to address ethical, legal, and regulatory issues faced by the organization, and how they can improve corporate citizenship.

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MONITOR AND CONTROL

It is a truism in business that what does not get measured does not improve. In that sense, then, the most important aspect of business plan is in fact the ability to 'monitor and control' operations to ensure that day-to-day operations and tactical decision-making are in line with overall strategy. In some cases, the measures may be qualitative, with regard to customer service, the fit of any one store to the surrounding local culture, or perceptions of leadership quality in employees. More quantitative measures and improvement strategies may apply to profitability studies both at the store level and at the product margin level; we may also be able to apply quantitative measures to our goal achievement, in broad terms. In addition to measures and reporting (so that employees know what the progress is), the 'monitor and control' aspect may also be accomplished through training and via the supervisor-employee supervision process. Performance reviews and objectives may be tied to any one of the measures or strategies we embark upon to ensure that we are executing our strategy at every level - at the organization, store, community and individual levels.

STRATEGY:

-Our strategy will be to establish flagship stores in major cities

We will execute this strategy one store at a time. Our first store will open in Illinois and we will not open a second store until the first store is profitable. We have set a 2 year time line for first store profitability; 18 months for second store profitability; and 12 months for third store profitability.

-We will not attempt to compete with ...

Solution Summary

This solution discusses ways in which a business can monitor and control its strategies and tactics for achieving success.

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