The situation with Booming Bites is illustrating how the firm must adjust with the challenges it is facing inside the industry. To do this requires looking at the vision, mission, objectives and group operating procedures. These factors will determine how the company can evolve and the basic strategies which are utilized on the team level. (“Summary of Decisions Entries,” 2014)
Booming Bites is in a competitive position. However, their credit rating needs to improve and there is disorganization among managers. This is slowing key decisions that are impacting the future direction of the organization. The company is in sound financial condition. It has revenues of $205.59 million, pays an annual dividend of $1.00 per share, there is no debt and $2.00 in EPS. (“Summary of Decisions Entries,” 2014)
However, the problem is that the firm has trouble with decisions about design, operations, marketing and product development. The combination of these factors means that the firm is starting to fall behind competitors. This is why it has a B+ rating. To improve communication each team will meet at least two to three times a week. They will also correspond with each other using emails, text messages, phone calls and Skype. This establishes a virtual location where everyone can meet. These changes will instill a sense of vision and coordination. (“Summary of Decisions Entries,” 2014)
The main objective is to improve the credit rating of Booming Bites. This is indicative of firm regaining control in the areas of design, operations, marketing and product development. These shifts will increase their competitive advantage over the long term. In this case, Booming Bites will be known for innovation and quality. This means being the first to introduce cutting edge products and understanding the needs of consumers. At the same time, there will be greater amounts of support provided. This will allow consumers to see how the products can offer them with a number of benefits. The most notable include: quality, state of the art technology and assistance after the completion of the sale. During this time, the organization will be working towards achieving annual growth rates of 10%.
The various performance outcomes that will be utilized in reaching these benchmarks for growth projections include: customer satisfaction, quality control and employee / supervisor surveys. These areas will identify the impact of various polices on the firm’s successes and failures. Addressing them, is providing Booming Bytes with the ability to retain staff and offer customers something more. To reach these goals a number of ideas will be shared with team members in an open format. Each person has the option of contributing something which could impact the firm. This helps the company to identify key challenges early and quickly troubleshoot them. (“Summary of Decisions Entries,” 2014)
The strategic intent of Booming Bites is to address the needs of consumers. At the same time, there is a focus on creating a work environment that is supportive of employees and it gives something back to communities (in form of social responsibility programs). This means that its financial objectives are to deliver superior returns to investors and help to make positive contributions to society. As a result, the strategic objectives require taking a balanced approach in meeting key benchmarks and having the flexibility to adjust to new transformations. (“Summary of Decisions Entries,” 2014)
The various elements of the corporate strategy include: the customers, employees / managers, communities and shareholders. This defines the organization and the way it focuses on reaching various goals. However, there will be predetermined policies which define everyone’s roles, responsibilities and disciplinary procedures. In this case, they will be provided with two warnings and then referred to upper management for disciplinary action. These concepts are enabling the firm to encourage creativity and deal with potential problems quickly. This improves the company’s operating procedures by taking a balanced approach. (“Summary of Decisions Entries,” 2014)