Competency In this project, you will demonstrate your mastery of the following competency: Assess current performance of an organization through analysis of financial statements.Scenario In Project On
Jacklyn H. Bywater
Professor: Dr. Petersen
Building Business Leaders MBA 500
August 14, 2021
MEMORANDUM
TO: Anne Hernandez, CEO
FROM: Jacklyn H. Bywater
DATE: August 14, 2021
SUBJECT: Strategic KPIs for TBL
Hello Mrs. Hernandez,
Per your request, I have developed a memo that outlines the strategic key performance improvements for the triple bottom line in sales and marketing. With extensive amount of research, I was able to produce three most important strategic questions for each element of TBL that you will find below:
The first strategic question is for people: How will the brand procure more customer popularity?
The next strategic question is for the planet: Does the company use resources that could affect the environment positively or negatively?
And lastly, this strategic question is for the profit: How can the brand invest in the community?
Here are the key performance indicators for each of the strategic questions:
How will the brand procure more customer popularity? In order to measure customer popularity, the appropriate KPI would be social media engagement metrics.
Does the brand utilize resources that could affect the environment positively or negatively? The KPI for this would be waste management or energy bills.
How can the brand invest in the community? KPI for this strategic question is the percentage of customer’s purchase donated to a community-based organization.
How can these KPIs be measured? Based on the SWOT analysis provided, our strengths show that we have high referral rates from our existing customers, high retention rates of our existing customers, and of course high customer satisfaction among these same customers. While all that is fantastic progress, we are falling through the cracks in terms of communication of new products not being streamlined and little to no engagement of customers through social media. We have potential to reverse this by focusing on our online presence and keeping track of the engagement through comments and direct messaging on social media.
One of the values that we are committed to is sourcing and disposing in an environmentally friendly manner. In order to keep our brand alive, we need to keep our planet alive. We can achieve this by using the monthly waste management and energy bills to gauge the data of how much resources we use for our products and services. This can surely help us to reduce our use of electricity. And it can also help us be more conscientious by limiting waste when necessary, as well as reusing and recycling items.
In order to reach a global audience and become the leading brand in the industry, we can maximize our profits by affiliating our brand with a charitable organization. A small percentage of a customer’s purchase can go to a charity we are willing to invest in. This can be very beneficial as it can attract more loyal customers, draw in a more diverse community, and most importantly reduce taxable income (Yantsan, 2021).
Since the triple bottom line measures the economic, social, and environmental performance of a company, the functional considerations related to TBL involve employees, management, equipment, and the economy. There is a strong relationship between the sales and marketing department that can positively impact the measurement of TBL. While marketing involves reaching out for promising leads and promoting the brand, the sales team develops a bond with the customer that could potentially be an everlasting bond with the brand (Miller). This type of interconnection is extremely favorable in generating growth in the business.
Citations Used
Miller, M. (2020, February 16). Understanding the Evolving Relationship between Sales and Marketing. Volaris. https://explore.volarisgroup.com/volaris-group-blog/understanding-the-evolving-relationship-between-sales-and-marketing
Yantsan, E. (2021, June 7). 5 Ways Supporting Charities Can Benefit Your Business. Mageworx Magento Blog. https://www.mageworx.com/blog/donations-benefit-for-ecommerce/
