Marketing Research Objectives Assignment 1: Week 2 Rosalind R. Smith Strategic Management: BUS 599 Dr. Rhonda Polak, Professor May 5, 2013 How can a business be profitable and succeed? How have companies like Apple, Coca Cola and Microsoft earned the prestige titles of being labeled the best in their industry? What do all of these companies have in common? All of these companies have a functional business strategy. A business strategy according to Thompson, Strickland and Gamble (2009) is management’s action plan for running the business and conducting operations (p. 6).
A business strategy details how a company plans to grow a business and how to attract and please customers. The business strategy entails how a business plans to compete in the market, conduct operations and improve the company’s financial and market performance. The most impactful part of a business strategy dictates how a company plans to strengthen its long-term competitive position and gain an advantage over rivals. Business strategy basically helps you define what you want your business to look like, how you want to get there and what specific steps you need to make it a reality.
A company’s ultimate success or failure is based on its long-term direction, strategic moves, and business approaches. Developing a strategy is important because it details the exact how to with regards to achieving any targeted results for a business. It also helps respond to changing buyer preferences, react to new market and competitive conditions, and long-term preferences. Without an established business strategy, there is no road map for pleasing customers or even meeting business objectives.
Wings Learning Academy is a private school catering to grades Pre-K Four through fourth grade with Christian values as its foundation and basis for its core principles. The mission of Wings Learning Academy is to provide every student with the values, knowledge and skills to become independent, self-reliant, lifelong learners with strength of character to make positive contributions in the world. The mission of Wings Learning Academy is to instill in each student that there are unlimited opportunities available to them as they learn to implement the tools they learn daily in the classroom.
This instruction is provided through innovative teaching methods by dedicated Christian teachers. Since Wings Learning Academy is a private institution with tuition and fees paid for by parents, it is imperative that parents can see the results of enrolling their child into Wings Learning Academy. The vision of Wings Learning Academy is centered upon the belief that the greatest gift that we can give our students is roots to grow and wings to fly. This vision statement supports the mission by addressing each area of the mission.
Our purpose is to develop Christian leaders who dare to be themselves and believe in their own Christ given identity. We will be recognized as a leader in Christian education, as we inspire each student to discover, explore, and pursue God-given talents and purpose. Wings Learning Academy purposes to build lasting relationships, enable service to others, and encourage a lifelong love of learning. According to Thompson, Strickland and Gamble (2009), a company must set strategic objectives by converting the strategic vision into specific performance targets. Well stated objectives are quantifiable and have a deadline for measurement.
Having objectives in place allows you to measure your company’s progress. You can compare the number of units you planned to sell, for example, versus what actually occurred and try to understand the reasons behind any positive or negative variances. For a business to succeed all members of the management team and staff must make a coordinated effort. Setting objectives and communicating them to the members of the organization ensure that everyone is focused on the highest-priority tasks and is operating under the same assumptions about the company’s future.
A business owner doesn’t want the marketing manager setting overly optimistic objectives while the production department is expecting weak demand for the company’s products (Hill, 2013). What are five key objectives embraced by Wings Learning Academy? Objective one addresses the financial aspect of Wings Learning Academy. Wings Learning Academy is a for profit private school. Thus a large percentage of the operating budget is comprised of tuition received from the students enrolled.
These funds are supplemented by governmental grants and private donations. A short-term objective is to increase grant funding from 10% to 20% of the operating budget over the next 3 years. A long-term objective is to have grant funding plateau and remain consistent at 25% of the operating budget. Private donations now constitute 5% of the budget. The goal is to increase this percentage to 10% over the next 5 years. Both of these goals are measurable and will be evaluated on a yearly basis using the Profit and Loss as well as the Balance Sheets.
This objective supports the vision and mission to make Wings Learning Academy the leader in Christian education. It takes funding and an overflow of resources to be able to expose the students of Wings Learning Centers to diverse environments and educational opportunities through field trips, top of the line educational tools, technology, software and equipment. Objective two addresses human resources needs of staffing. The mission states that instruction is provided through innovative teaching methods by dedicated Christian teachers.
In order to ensure this portion of the mission is accomplished, only certified teachers will be hired at Wings Learning Academy. A requirement of each teacher per their signed contract is to participate in a daily Christian devotion with the staff each day before class starts. Monthly the teachers and all staff (support, janitorial) will participate in book studies focused on a particular Christian subject. In addition, quarterly, teachers will participate in a 2 day conference on a specific Christian principle.
This is imperative because the foundation of Wings Learning Academy is Christianity as its core. To ensure academic excellence in curriculum presentation and teaching methodology, just as in public schools, teachers of Wings Learning Academy will be subject to continual education classes such as CME to keep their certificates current. The only quantifiable measurement of this objective will be the standardized test scores which can be used to compare with other public and private schools. Objective three addresses the culture that Wings Learning Academy wants to establish and maintain.
According to Gareri, “your company culture defines the way in which your organization interacts with one another and how the team interacts with the outside world, specifically your partners and suppliers”. It’s the formula that guides the team, as well as inspires and motivates employees. It is also responsible for attracting and attaining great talent, as well as creating a fun, happy and exciting work environment. People will want to do business with you because of what you believe in and stand for, rather than solely on your products alone.
Understanding this principal will quickly allow you to see the importance of company culture (http://www. romamoulding. com/roma-culture-blog/why-company-culture-is-so-important/). Wings Learning Academy purposes to build lasting relationships and enable service to others and having a culture in which is known as fun, happy and exciting to work will help build lasting relationships. Another part of our mission is that it is imperative that parents can see the results of enrolling their child into Wings Learning Academy.
By having a culture that is friendly, inviting and exciting parents will feel comfortable leaving their children in the care of the staff of Wings Learning Academy. How can culture be measured? Is it quantifiable? It can be measured by the number of students who enroll strictly from other parent referrals. It can be measured by the number of staff grievances received. It can be measured by the staff morale. Objective four addresses operational needs and compliance. As a private educational institution it is essential that state laws and regulations are not only followed but exceeded in whatever standards are set.
Wings Learning Academy mission is to implement innovative teaching methods. This implementation should produce excellent test scores well above the required state test scores. Successful achievement of this objective can be measured by standardized test scores. In addition, compliance will ensure that we are able to meet the first objective of applying for and receiving grant funding. Objective five addresses another operational area which defines the value of Wings Learning Academy. What makes Wings Learning Academy different from any other private Christian school?
Why should parents choose Wings Learning Academy over another school? The answer is defined in our mission and vision, the mission of Wings Learning Academy is to instill in each student that there are unlimited opportunities available to them as they learn to implement the tools they learn daily in the classroom; centered upon the belief that the greatest gift that we can give our students is roots to grow and wings to fly. The mission and vision sum up why Wings Learning Academy is different. How can this objective be measured? The yearly enrollment and