FOR PROF washington watson

Running Head: SIGNATURE ASSIGNMENT 0

Candy Shack Business

University of Phoenix

05/29/2017

The vital steps to develop and start a Candy Shack business may sometimes be outlined in the implementation plan that involves but not limited to organizational structure adjustments, financial projections, budget, resource allocation schedule, and objectives. The primary aim of this implementation plan is to offer guidelines that will enable the managers of Candy Shack to attain the business goals in resource effective and timely manner. In another word, this implementation plan specifies the way management plans and required resources for the implementation of key business operations within the stated deadline.

Objectives

Upon launching the Candy Shack business, it will strive to expand the market share and become the local market leader. The success of the business will depend upon the management’s ability to achieve the business targets. More particularly, this business’ goal is the generation of revenues and sustenance of competitive advantage and expand through a comprehensive marketing program and customer service development. The business specific objectives involve the following;

i. To monitor and evaluate the satisfaction of customers with business services and products and utilize various techniques for acquiring information necessary for making the improvement.

ii. To establish training programs for every staff to ensure customers attain high-quality services.

iii. To enhance the online presence of Candy Shacks through social websites and other appropriate electronic media

iv. To enhance the development of specialty Candy products that are able to attract customers to the business

v. T develop strategies to enhance off-peak in-store visitation rate for customers

vi. Organizing and maintenance of active loyalty programs for customers to enhance the loyalty base.

vii. To utilize the external and internal analysis report for the coordination of efforts for strategy development

viii. To ensure orders are delivered with the shortest period after placement by the customer's

ix. To ensure the development of a properly funded and well-coordinated marketing strategies.

Functional Tactics

The employees of Candy Shack will have vital roles to play to ensure the above-outlined objectives are achieved. The functional tactics involve all tasks, responsibilities, and duties that are necessary for the achievement of the above-mentioned business strategies. To begin with, the marketing strategy of Candy Shack concentrates on specialty products of candy by outbidding the possible market competition. It will also undertake the marketing and offer candy products that are millennial-oriented and maintain and implement an admission price, which may marginally exceed the benchmark price in the market. In addition, the business may launch the specialty product with the wide products’ array and come up with a period of sale, which coincides, with the off-peak hours of the market. Candy Shack may utilize the social network for the promotion of the off-peak deals of specialty products. Utilizing the wide array of products in the launching of specialty products will provide economies of scale to the business. Furthermore, the off-peak deals will enable the Candy Shack to exploit its cash flow and foster it seek profitability by using the product volume and rather not by raising the prices of products. Lastly, the business can undertake its operation in various premises through with a joint or common area of service. Operating through joint set will enable regular training of employees, allow for customer service provision and delivery times.

Action Items

After stipulating the functional tactics and objectives, the Candy Shacks can, therefore, construe and undertake the implementation of the following action items. The first item is the development of online campaigns for promotion to increase the visitation rate for candy specialty products by 15%. The increase in the visitation rate of customers will contribute to the growth if loyal candy customer base by 10% during the next two years. Furthermore, the business will enhance the customers’ service quality and the delivery time for placed orders by improving the customer reward and retention rate. The business can assign employees to attend to the specific loyal customer for product advising and present specialty status for the candy products. The loyal business customers may receive approval from the assigned staff for point redemption as well as other facets of loyalty programs. Additionally, the business can undertake the installation of a monitoring system that will help in the collection of information regarding the customer feedback, customer satisfaction and speed of delivery of an order to enable the Candy Shack to increase the rate of order delivery by 10% and enhance customer satisfaction by 5%. Moreover, the information will be vital for the identification of areas that need improvement by engaging employee training.

Milestones and Deadlines

The milestones of the business are retrieved from the action items, functional tactics, and objectives and presented in the table below. The expected completion dates from the baseline of the completion period of the project. The Milestones and Deadline of Candy Shack

Task, Task ownership and allocation of resources

The allocation of tasks and responsibilities for the business is presented in the table below

Recommendations

The implementation of the above plan would need the business to undertake the implementation of further functional levels as well as vital changes in the business organizational structure. This means that the business needs to maximize its prospects for the additional functional level, which is deemed necessary for the management, operation, and maintain area of customer service. The management team also need to undertake the analysis of the data, provide written reports with recommendations, train, and develop staff concerning the techniques for enhancing the experience of customers depending on the observed data. It is also critical to understand that involving that involving the functional level team is vital to enhance the success of project implementation.

The Key Success Factors and Budget

Various key success factors are critical for the success of the business, for example, training and development of Candy staffs, high-end customer relations, finance and equipment and availability and efficiency of facilities. The staff, customers and business capabilities and resources are critical to the performance and competitive business capacity. The feasibility of the business plan is grounded on the mentioned primary success factors since they bear a confounding effect on the customer loyalty, customer satisfaction, and sales. The budget related to the achievement of these performance criteria is presented below.

A 3-year financial performance summary of Candy Shacks is presented below

Utilizing both the predicted financial statement and budget, the below break-even chart was attained.

The break-even price for Candy Shark is approximate $28, which exceed the standard market value. On the other hand, the break-even sale is approximate $2,800, which is higher considering the resources and capability of the organization concerning the nature of market competition.

Risk management

The Candy Shack is faced with various challenges, and one of them is the achievement of break-even price during the plan implementation. The introduction of a specialty service or product from the various products offered by the Candy Shack may lead to losses by the business. The business management needs to consider various management plan such as qualitative analysis, which depends on the estimated impacts and probability of the risks. The possible response planning for the risks may involve the reduction of wage expenses and concentrate on the unit sales to attain the break-even point. Furthermore, the business may engage the contingency plan such as reducing the number of staffs to enable the organization to avert risks of the price war.

References

Goold, M., & Quinn, J. J. (1993). Strategic control: Milestones for long-term performance. London: Pitman.

Lynch, R. L. (2015). Strategic management.

Peter Baskerville. (2008). Break Even Analysis.

Strategic Management and Business Analysis. (2015). doi:10.4324/9781315745565