Include a clear, specific and brief synopsis of each plan section, and brief financial highlights less than 2 pages.
Attached is the information to use to create an executive summary
- Company Organization
Organization within a company is vital to its success. An organizational chart is one way in which we were able to depict individual roles and to communicate each person’s responsibilities. At the beginning of the course during the execution of the team charter we had put together a team management plan / organizational chart. Originally we had a different format that declared every team member as being president and CEO of the company to share major responsibilities. Through our endeavor we had however declared Amna as President & CEO. Amna has definitely stepped up to the plate as a part of this company. She has been a strong leader and has been at the forefront of many difficult decisions within the company. Each of us has an equal ability to have a part in major decisions that affect the company. No one member should make a crucial decision on their own. Team members can come up with arguments in their favor but the overall decision would need to be voted on. Please see below for the organization chart.
As far as individual tasks, each member discussed their personal strengths and weaknesses and chose a responsibility that was most suited to them. This is also how we streamlined certain decisions within the company and the simulations. For example, if a team member has the role of production, financing, marketing, or quality assurance then that team member would be involved in any decisions that fall into that given category. Every member had the ability to add input to their specific area of expertise as well as suggestions for others. At the start of each week Amna would bring up pertinent information for the week and we would discuss what went well or did not go well. From there we would discuss options and use what we learned to change the outcome.
Our team started off the competition quite rough as scheduling conflicts, software confusion, and lack of direction in the first couple rounds gave us a slow start at progression. That being said, we decided to focus on 1 product for the high tech market as that would be the easiest to manage between teammates. This would allow for steady growth and understanding of market behavior as opposed to being the most successful amongst the other companies. Attached below is a SWOT Analysis of our company Digby:
According to Allied Market Research, the sensor industry has been growing so much throughout the years due to them “having the highest usage in consumer electronic products, followed by automotive, and IT & telecom.”(Allied Market Research, 2020). The article also states that “The global sensor market was valued at $138,965.0 million in 2017, and is projected to reach $287,002.0 million by 2025.”
Lets apply Porter’s 5 forces to our company. Each company started with only one product but every year (or round) we are given the opportunity to either create a new product or improve existing products. A few of our competitors would add a new product which would represent the threat of new entrants on the force model. Rivalry amongst existing competitors would be the primary force used in the competition since all the companies shared the same market with regards to high tech and low tech sensors.
Threat of substitutes was a non-issue in this competition as all companies were in the sensor market with no threat of an outside product. The bargaining power of suppliers was represented in the form of labor cost for each product. However, this was not a true representation of the power since we were still limited to the same supplier. The bargaining power of customers was represented in the form of customer awareness, accessibility and satisfaction. Our company was able to maintain the highest awareness and accessibility at 100% and 70% respectively, but fell short in the satisfaction category mostly due to only having 1 product and being the most expensive product in the market.
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Stars (out of 5) 2 5 5 2 4 3 4 2 Sales $46,413 $54,475 $64,779 $59,954 $61,601 $57,708 $89,189 $65,078 Profit $551 $6,086 $9,798 $9,093 $9,037 $8,675 $14,889 $9,268 Return on Sales 1.19% 11.17% 15.13% 15.17% 14.67% 15.03% 16.69% 14.24% Stock Price $11.11 $18.06 $30.06 $34.23 $37.45 $38.79 $46.16 $46.48
Overview of 8 Years of Business
· Market Share
In the first year, as expected, our sales and profit was pretty low. We tried to stay between the two market segments, high and low tech. Our market share in the first year was 18.2% for the low tech segment, which was highest out of all the companies. For high tech our market share was 17.8%, which was second highest among all the groups. But as the years progressed we ended up losing our low tech customers and in the 3rd year our market share in the low tech segment was completely gone, and in that same year our high tech share was the largest, at 38.6%, among all the groups as well as in the entire run of 8 years.
· Sales & Return on Sales
As visible from the return of sales trend, we did a pretty good job of effectively growing our business. We hit a few bumps along the way. For example, in the 5th-6th year we saw a downward trend in our sales, and decided to bring the price a little lower. It was a risk but having the lowest price than our competitors, in the high tech segment, played out to our advantage. We saw a drastic increase in our sales and profit in the 7th year. There was a whopping increase of $31,481 and $6,214 in sales and profit, respectively. Our return on sales was highest that year at 16.69%. In the 8th year, due to lack of communication between the team members, the price was again raised and the reliability was decreased. Because of this we lost our advantage in the high tech segment that was achieved in the previous year.
In year 5, we decided to give out dividends, that amounted to a total of $3,443. Because of that our profit decreased from the previous year’s, by a mere $54. But we decided not to give out any more dividends for the next few years.
· Plant Investments
We decided to use our profits to make improvements to our plant by increasing the automation and capacity. We did this in all of the years. Starting from investing $1,600 in the first year, that was gradually increased to $13,200 in the 8th year.
· Emergency Loan
Although we never had to take out an emergency loan for any of the years, due to the decrease in the profit, even slightly, it cost us stars in some of the years.
· Stock Price
Our stock price has steadily increased over the years. Which means that the company is doing well and the demand for the stock is increasing. The obvious reason for an increased demand is growth in return on sales. If the company makes profit more people would want to be a part of it.
Team Charter Assessment
A team charter is very purposeful to a team in that it provides definition to the team in explaining goals, deliverables, and a shared vision. Without a team charter there may be a sense of confusion as to the focus of the team. Some important factors that we kept in mind when creating our team charter; making sure roles and responsibilities are defined, holding others accountable, and making sure that our purpose was clearly defined.
The initial strategy that we chose to adopt for our product was differentiation with product life cycle focus. We were determined to make sure our product was unique to our customers at every stage of the product life cycle. With this cycle having four stages we needed to make sure we met each one with a plan. In the introduction stage we launched our product to our target demographic by using innovative marketing strategies and advertisements. In the growth stage we needed to increase sales so we introduced more varieties of our product and offered certain promotions to our customers. In the maturity stage we were generating sales but not the numbers we wanted to see so we decided to elaborate on some newer features we had added to the product. We slowly moved away from the product life cycle focus to more of a cost leadership strategy. We had gained a loyal customer base which helped when we needed to slightly increase the price to produce higher sales. Majority of our customers stuck with us through this process.
We increased sales for some time by raising the price to the higher end of the high tech range but then slowly sales started to decrease again. We had also lost a small portion of our customer base which led us to then lower the price at this point. After lowering the price we attracted more buyers and sales increased. Sales went up by $31,478, and our profits increased by $6,214.
The initial goal was to make a product desirable to high and low end segments. High end customers seek high performance while low end customers will forego certain areas of performance as long as the price is right. Our main area of concern was performance. If our product’s performance is stable and mid range it will be desired by both segments. We ended up withdrawing from our low end customer base during round 4 after realizing we were not seeing the profit we would have liked to. This in turn made us focus even more on our high end segment. We boosted our sales and promo budgets and were able to attain 100% customer awareness. We ended up increasing sales on our high end segment.
Project Management Plan
Overall I feel we had a pretty solid project management plan. Planning and time management skills were of utmost importance for our teams success.We did pretty well as a group completing the weekly milestones. I believe the first milestone we all took a section to complete and then each following week we assigned a specific milestone to a different member. This worked well for our team and as always every team member had a chance to review the milestone and adjust or add what was needed. See below for a glimpse of our gantt chart.
The beginning started out a bit rough and then everything smoothed itself out. For instance, the first 1-2 weeks communication was not there. Some of the group members agreed to communicate by group text while some were not comfortable with this action. So we were going in between the texting and also relaying messages through canvas which were not always checked until the end of the week. Most of us had also decided that using the collaboration tool in canvas with google docs would be the most proficient way to work together on assignments. The first several weeks not everyone was able to utilize google docs so that made things slightly difficult. Initially we had wanted to have a weekly conference call to discuss actions for the week but this proved difficult as every member had very different schedules. Ultimately what seemed to be most beneficial for the team was at the beginning of the week Amna would send out communication and briefly go over the highlights for the week. Everyone knew what they were responsible for and when it was due.
We had come up with a pretty simple and specific set of rules while creating our team charter. The rules were as follows:
1. Each member will make a full effort to attend meetings, partial attendance is better than not attending at all. Team members will notify the rest of the team in a timely manner if unable to comply.
2. Each member should have their assigned portion of work done by the due date. If someone is struggling then they need to reach out to the other team members before the due date of the assignment.
3. Members will first try to resolve conflicts at team level before pursuing other action.
The team rules were adhered to pretty well. Once again at times it was hard as different people had different ways that they preferred to communicate. This year has been pretty trying for everyone so we all tried to be respectful of others hardships and plan accordingly.
Businesses have to make ethical decisions every day. “Ethics are a set of moral principles that guide personal or group behavior” (Universal Class, 2020). Ethical responsibility guides decisions between right and wrong. When certain behavior is not clear if it is ethical or not this causes an ethical dilemma. This is why it is important to have guidelines. We had clear and simple definitions when it came to our ethical principles.
1. No team member will be judged by another.
2. Each member’s work will be original and not be plagiarized or copied from another source without proper citing.
3. All team members will exercise honesty and integrity at all times.
4. Everyone will be treated with mutual respect at all times.
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