Use the company you chose in Week 1 and continue to assume the role of a new manager. In this assignment, you finalize your implementation plan by completing Part 2. Complete the implementation plan

STRATEGIC OBJECTIVES

Introduction

The main role of a manager is to coordinate how tasks will be conducted in an organization, including delegating duties based on employees' skills and experience. Managers are also involved in decision-making processes which will enhance an organization's progress. As a new manager in a major corporation like Microsoft, strategic objectives are key to achieving the intended goals. Strategic objectives create an opportunity for the manager to determine which steps they should take to meet an organization's objectives (Steiss, 2019). They should also be achieved within a specific time frame. The following are key strategic objectives that will boost the company's performance.

Strategic objectives

Financial strategic objectives

Financial objectives involve setting an annual profit target the company aims to achieve. The current market will be segmented to determine the profits earned from each region. It is important to reduce the cost of production to increase the profit margin. However, reducing the cost of production shall not affect the quality of services received by customers. The current expenditure shall be re-evaluated to determine some of the gaps that should be closed.

Training strategic objective

The company shall focus on improving productivity by retraining employees and mentoring new employees on effective production processes. The main area which requires more training is market projection since it is future oriented. Employees shall be trained to determine the needs of the current market and effective ways of meeting such needs. To enhance efficiency and cost-saving production, employees shall also be trained on effective running activities requiring less capital and time.

Business operation’s strategic objective

Due to the current competitive market, there is a need to change some of the business's current operations. A large team will be allocated to e-commerce since it is the main trend of the current marketing processes. The company shall also diversify its operations by partnering with other companies in areas with a high population, such as India. This objective mainly aims to increase the current market to compete with other main companies.

Customer strategic objective

Customers are key shareholders of a company, especially when it comes to loyal customers. This objective aims to enhance customer experience each time they use the company's products and services. A more effective customer service team shall be set to serve clients from all regions worldwide. Another important strategy for meeting this goal is to ensure that products are updated in a continuous trend to make corrections for possible errors and to keep them competitive. The customers' reviews will always be noted for the organization to determine how it can incorporate them into its production process.

Measurable outcomes of strategic objectives

Increased profits

One of the objectives is financial objective. If the company lowers its current expenditure, it will attain a higher profit margin at the end of the year. Setting high financial targets also will lead to the company's financial growth. The coming annual profit margin shall be compared with the margin of the past two years. This will illustrate whether to objective was met. Increased strategic operations shall indicate financial profits since the company shall possess enough capital to invest in e-commerce and other development-oriented strategies.

Large customer base

The second objective aims to train employees to handle various responsibilities effectively. This shall be measured by customer satisfaction rate since employees will be equipped to ensure that customers access the best services. It will also be used to measure the customer base strategy determined by the kind of feedback clients will leave behind after being served.

Motivated employees

Leaders not only focus on ensuring that goals are met but also on enhancing intrinsic motivation among employees. 360-degree feedback shall be used to determine the level of satisfaction for all employees. It will also be used to measure the impact of training strategic objectives since employees will be equipped with skills which shall enable them to enhance their careers. Employee retention rate shall also be indicated to determine the level of motivation for every employee.

Impact of the five management functions on the objectives

1. Planning: This function involves determining what actions and resources shall be used to achieve the set objectives (Hales, 2019). It includes allocating financial resources towards achieving each objective and the amount of time which will be spent.

2. Organizing: This function involves allocating employees to handle various functions based on the level of their skills. If there are gaps, more skilled employees can be brought into the institution to achieve the set objectives.

3. Staffing involves organizing employees into various departments based on their skills (Liebowitz & Beckman, 2020). Training processes should also be used to address some of the gaps which will come up among the employees.

4. Controlling: This step involves monitoring the achievement of each objective closely. It can be subdivided into segments whereby each segment is evaluated after a certain duration. This will create room for changes where necessary, keeping the organization focused on its goal.

Conclusion

Setting strategic objectives will enable the company to achieve its mission and vision. However, the manager cannot achieve it alone since he will need other employees in the institution. There is a need for the manager to create a path which others should follow by setting objectives and engaging the whole team to meet the set objectives. Continuous evaluation of the progress of each goal will create room for improvement and changes where necessary.

References:

Hales, C. P. (2019). What do managers do? A critical review of the evidence. Managerial Work, 263-290. https://www.taylorfrancis.com/chapters/edit/10.4324/9780429398599-17/managers-critical-review-evidence-colin-hales

Liebowitz, J., & Beckman, T. (2020). Knowledge organizations: What every manager should know. CRC press.

Steiss, A. W. (2019). Strategic management for public and nonprofit organizations. Routledge. https://www.taylorfrancis.com/books/mono/10.4324/9781482275865/strategic-management-public-nonprofit-organizations-alan-steiss