Strategic Plan Sample Assignment
Chick-fil-A is opening a new division to implement new products for their menu and remove those that are not selling. The division will also research the existing products and determine what is selling, as well as the costs the company is occurring by keeping these products on the menu. Prior to the completion of the new division for the company a balance scorecard must be completed to focus on the short and long term goals of the new venture. The balanced score card is a system that connects the strategic elements of the plan such as the mission, vision, core values, strategic focus areas, and more operational elements such as objectives, measures, targets and initiatives (Balanced Scorecard Institute, 2017).
Chick-fil-A will chose several locations around the country to introduce new products to offer their customers. The risk involved in the new division is the cost of introducing the product per product not selling. When cost of supplies, advertising, marketing and producing the product add up the company takes a risk on the acceptance by the customers. The stores that will be providing the new products will make changes to menus and will market the products while keeping track of sales and customer satisfaction. An example would be if onion rings were introduced then they would have to be products to make them in the supply chain, added to menus, and production of the product to each of the stores where the new division is located. This is a potential risk of acceptance by the customers so the value of the new product to the new menu needs consideration.
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