Project plans outline the intended course of events; however, things dont always happen as intended. Organizations need to consider risks and deve
Project plans outline the intended course of events; however, things don’t always happen as intended. Organizations need to consider risks and develop a contingency plan. This plan is typically presented to management.
Based on your research on NIKE Inc, determine potential risk factors for not meeting each of the project objectives.
**** USE the ATTCHED documents to complete the assignment ****
- Develop a contingency plan for each of the potential risks.
- Add the potential risks and contingency plan
- Create a 12- to 14-slide presentation (using the attached documents) with detailed speaker notes and visuals on every slide in which you:
- Identify the organization’s information presented in Wk 1.
- Synthesize the SWOT analysis and market trend research.
- Explain how the project objectives will advance the organizational goals.
- Assess how success will be measured.
- Evaluate the value this project will bring to the organization.
- Identify project metrics, timelines, and responsible parties.
- Develop a contingency plan for each of the potential risk factors for not meeting each of the project objectives.
- Cite any sources according to APA guidelines.
Apply: Degree of Alignment
Analysis
It is no secret that Nike is one of the most well-known and recognizable brands today, not just in the athletic and apparel segments. Nike has transformed its company past a standard retailer into something much bigger, and it shows. The company calls itself a “Growth company" (Katrina munichiello and prableen bajpai 2021) which is a strong message about its attitude and intention. As of 2019 Nike has been successful holding close to 60 percent market shares in running shoes and nearly 90 percent in basketball shoes and apparel (Frank T. Bothaermel 2019). This finding prove that Nike has maintained its Vision, mission, and values.
NIKE INC is a company that deals with the design, development, manufacturing, marketing and sales of footwear apparel and equipment. Its products include training apparel, outwear, jerseys, sporting equipment and various other items. The mission of the company is to bring inspiration and innovation to every athlete in the world. The company is very dedicated to achieving its mission to ensure that it provides the best to the athletes. The company when it says, ‘athletes’ it refers not only to the people who are proficient in sports but also to everyone “who has a body”. To achieve its mission, the company has been able to develop strategies that will enable it to achieve its mission.
Nike has been very dedicated in maintaining inspiration to its employees to ensure that they improve their performance in producing quality, authentic and innovation driven products to its customers to become the best in the world of sports. Nike has employed diversification tactics to include different products, and this enables the company to target different athletes across the world. The diversification enables the products to sell all over the word and this makes the company`s presence to be felt in every country across the globe.
The vision of the company is to remain the most authentic connected and distinctive brand globally. To achieve its vision, the company has ensured that it produces quality and authentic products making it the most preferred by athletes.
Over time Nike has become more popular and its products are preferred and depended on by most athletes across the globe. This is enough evidence that NIKE company is the best producer of what athletes need and this is because of the precision and focus to its mission and vision.
The company developed a structure to help manage the business. The organizational structure of this company is what is referred to as Geographic Divisional structure. This is where divisions of a company are made about the districts and regions. This structure enables the company to have a functional system on different location and this helps since the divisions will be able to respond to the local demands while still being guided by the company`s policy. This structure has greatly contributed to the growth of the company and making the presence of the company to be felt globally.
The company also has an organizational culture. This includes the traditions, habits, way of conduct of the employees. The employees of the company have a set of instructions, rules, and expectations on how to do their work while maintaining good relations with the customers, management, and their other employees. This culture encourages their human workforce to behave in a way that promotes the objectives of the business. The company holds training programs to uphold its culture and to ensure that the mission and vision of the company are achieved.
Despite upholding a good culture, developing a good organizational structure, and abiding to it, the company has also made some decisions which have affected its growth in one way or another. For example, the company has continued to provide sponsorship to some sportsmen even after they have been accused of serious crimes and this ruins the reputation of the company since it may be perceived by some people that the company supports the crime committed by the sportsmen. A good example is when the late NBA star Kobe Bryant was accused of rape, Nike continued to sponsor him. Though Kobe Bryant was later cleared of all his charges, the reputation of the company was compromised for continuing to provide sponsorship to a rape suspect. Also, Nike stopped producing Kobe Bryant`s signature shoe after his death despite it being a high demand product in the market.
[You have an effective start. Based on research beyond the company’s own perspective and your personal observations, what areas are not in alignment between the company’s actions and operations and its stated mission, vision, and values? Can you find any research to validate the company’s claims? Is everything as “perfect” as it seems or as the company claims? Consider some of the market challenges facing the company like labor issues? What impact is the competitive threat to Nike?
For the Week 5 final project, remember our intention is not to write a report about your selected company as it operates, but instead to recommend strategies based on a series of analyses about how the company operates. Let me know what questions you have.]
Organization
Selected Organization: Nike Inc
Describe the organization in the following chart. Each description should be 75-100 words.
Description |
|
Mission |
Nike’s mission is, “To bring inspiration and innovation to every athlete in the world.” This statement focusses on the influence that Nike has in the sports sector specially resounds the ability of this company to stimulate and turn athletes into their best versions. In fact, it also hints that this is what athletes who want to be clutch should look out for. This also includes leveraging markets to stimulate demand. Nike stimulates creativity from its human workforce, and this enables the company to produce good quality and innovation driven products. |
Vision |
‘’To do everything possible to expand human potential.” Although precisely crafted, this statement shows that the company does not limit itself Nike See's a world where everybody is an athlete — united in the joy of movement. We do that by creating groundbreaking sport innovations, by making our products more sustainable. From the vision statement Nike company does not limit itself when it comes to providing to its customers the best there is in the world of sports. To remain connected to its customers and the community at large, Nike has developed strategies to improve people’s lives for example environmental conservation strategies to take care of the environment |
Values |
Innovation, authenticity, focused on sustainability and solving the prominent environmental issues we face, drives Nike to do everything possible to expand human potential. We do that by creating groundbreaking sport innovations, by making our products more sustainably, by building a creative and diverse global team and by making a positive impact in communities where we live and work. These values define what Nike gives more importance to in its pursuit to become the best in providing quality products to the athletes. By maintaining its values Nike will become the most preferred manufacturer of sports apparel all over the world. |
Structure |
Nike company structure reflects the abilities and limits of the business in its operations. Nike Inc. has developed its organizational structure to enable adjustments in dealing with market differences. As one of the leading players in the athletic footwear, apparel and equipment industry, the company and its corporate structure serve as an example of how regional variations must be included in business strategies. Nike Inc applies market structure known as Geographic Divisional structure. This is a market structure where a company is divided into divisions based on the regions, territories, or districts. Each division makes its own decision based on local preferences, market, and requirements. This allows for quicker response to industry changes or customer needs. |
Culture |
Centered on creativity and innovation to provide products that suit current consumer preferences. At Nike, it’s in their nature to innovate and their mission is to bring inspiration and innovation to every athlete in the world. We're committed to fostering a culture of inclusivity and an environment of empowerment and respect. Organizational culture is the combination of traditions, habits, values, and behavioral expectations among employees. Nike`s business culture supports creativity capability and resilience in business. The employees have a set of Instructions, expectations, and rules on how to conduct themselves and how they should relate with customers and other employees. |
[You covered the key elements that help to define the company supported with research. This will be a useful start as you continue to build out your strategic project plan in upcoming weeks.]
References
Bedarkar, M., Pandita, D., Agarwal, R., & Saini, R. (2016). Examining the Impact of Organizational Culture on Customer Centricity in Organizations: An Analysis. Prabandhan: Indian Journal of Management, 9(2), 19-28.
Katrina munichiello and prableen bajpai. The latest Nike running capsule goes way back. June 2021.
Frank T. Bothaermel 2019. Nike Inc.
Markides, C. C., & Williamson, P. J. (1996). Corporate diversification and organizational structure: A resource-based view. Academy of Management Journal, 39(2), 340-367.
Specifically, after logging into your student webpage, check-out this page from the online library that has APA resources for you to use |
NOTE: You may need to cut-and-paste the url into your browser for it to work: |
https://ecampus.phoenix.edu/classroom/ic/cwe/TutorialsAndGuides.aspx |
Under APA information, click on “Sample Paper” and “Reference and Citation Generator” Those 2 will provide you with the direct guidance for properly displaying your citations. |
Let me know what questions you have. |
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BUS/475v11
SWOT Analysis
BUS/475 v11
Page 2 of 2
SWOT Analysis
Selected organization: NIKE INC
Complete a SWOT analysis for your chosen company. Each analysis should be 75-100 words.
Strengths |
Weaknesses |
· A strong customer base all over the world and thus boasts of a high market share (Cara, 2021). · It has a strong iconic relationship with famous sportsmen such as Michael Jordan who market its products (Foong & Yazdanifard, 2014). · Nike has a superior marketing capability, and it has extensively utilized social media to target more customers.
|
· High dependency on the U.S. market for sales and revenue. · Poor labor conditions such as child labor and low wages for its workers in foreign countries this has made them a subject of scrutiny (Xu & Leibold, 2020). · Nike's retail sector weakens its market grip since it is sensitive to pricing. Since they serve as Nike's core customers, the company does not fight their pricing strategies. · Lack of diversification since Nike greatly depends on sporting apparel and in low-sports seasons such as during the pandemic, it suffered huge losses. |
Opportunities |
Threats |
· Innovation - new products such as wearable technology can prove beneficial for Nike since they will contribute toward product diversification. · Emerging markets – Nike has an opportunity to tap into new markets such as China and India. · Reducing its association with big retailers – This will ensure better positioning of its products and thus enhance customer experience. · Shifting to digital business and closing physical stores- This strategy will enhance its consumer-direct strategy and accelerate its sales. |
· Increased competition from new emerging brands. This forces Nike to spend more money on advertising and marketing. · Numerous counterfeit products can significantly tarnish its brand image. · Fluctuations in foreign exchange rates. It reports its financial earnings in the U.S. dollar which is volatile against other financial currencies. · Economic uncertainty and trade tensions especially since it depends on different markets across the world. This may negatively affect its sales and revenue. · Patent disputes can tarnish the company’s brand reputation. |
[ You have an effective starting point. To effectively refine this starting point, recall from our Week Two class discussion (in particular, note the message I posted, “Understanding how we can use the SWOTT as a strategic planning tool in real life” on 4/1/2022), the SWOTT category findings are not intended to be a list of isolated skill sets. Here are some key points:
· Present a contrast between your organization and its competitors as they relate to the implications to strategy.
· Your identified strengths, weaknesses, opportunities, and threats should focus on how your organization is purposefully and genuinely different from a set of identified competitors supported with cited research.
· As only one example, listing “a strong customer base…” in the strength category seems to suggest your organization will be the only one with that capability. How realistic is that? Is it not likely competing companies will be able to achieve that same advantage? Remember, this is only one example. What research can you find?
· Consider all the findings you have listed. What criteria are you using to measure and classify each of the attributes you mention? What are the standards you are following? You need to conduct research to validate your findings for each category in relation to competitors.
Let me know what questions you have.]
Analysis
Write a 525- to 700-word summary of your findings. Use information from the SWOT analysis as well as what you have learned about your business’s structure, culture, and interrelationships to write the summary. Your summary should:
· Explain how you would match the business’s strengths to its opportunities.
· Analyze how you would convert the business’s weaknesses into strengths.
· Explain the actions the business needs to take to advance its goals and/or expand its competitive advantage.
· Analyze interrelationships among distinct functional areas of the organization and how it may affect your SWOT analysis.
Cite all sources according to APA guidelines. Access the Reference & Citation Generator in the Center for Writing Excellence for citation assistance.
Submit your assignment.
By matching the business's strengths to its opportunities, the business can realize a competitive advantage. Nike can leverage its strengths to exploit its opportunities to effectively sell its products. Nike can use its strong brand value and awareness to penetrate emerging markets that are currently flourishing in terms of their demand for sportswear apparel. It can also use its strong customer base to limit its association with retailers who currently weaken its market grip. By using this strength, the company can better position its products and further enhance customer experience. This strength will also help it to attain customer loyalty. It can also use its superior marketing capability and extensive utilization of social media platforms to reach target customers to shift to digital business. The pandemic opened Nike's eyes to the need to enhance its customer direct strategy and accelerate sales and thus it can use its media presence to realize it.
To convert the business weaknesses into strengths, there is a need to critically analyze the weaknesses and any opportunities that Nike has to address them. For instance, the weakness of high dependency on the U.S. markets for sales and revenue can be remedied by exploiting emerging markets such as China which offer good business prospects. Through this, the company can generate more sales and revenue by depending on other markets other than the U.S. It can convert its reducing market grip due to its retail sector by stopping its association with big retailers that are sensitive to pricing. It can address its lack of diversification through mergers with other companies that specialize in other products. To address the weakness of poor labor relations in foreign countries, Nike should conduct due diligence and social audits to ensure that the company is not complicit in forced labor (Xu & Lebold, 2020). This will ensure that it seeks remedial actions, a strategy that will further ensure a competitive edge.
Nike currently has an edge over its competitors due to several factors such as product and process innovation and marketing strategies. It can advance its goals and expand this competitive advantage by improving the uniqueness of its designs. By improving its designs, the company will consequently enhance its brand image which is a strong contributor to its competitive advantage. It also needs to emphasize brand equity which is a major strength of its brand (Rezaei & Sharifian, 2021). To realize this, Nike should work toward enhancing customer trust, experience, and engagement. Thanks to its strong social media presence, it can sufficiently engage its customers and identify ways of improving their trust and experience. Through this, it will manage to stay ahead of its competitors and advance its goal of making innovative products for its customers (Ramswamy, 2008). Another action that Nike needs to take to advance its goals and competitive advantage is innovation so that it can meet the fast-changing preferences of its customers. As a result, it should invest more in research and development so that it can diversify and increase its market share.
Some of the distinct functional areas of the organization include brand category, retail, tax and trade customs, and logistics and distribution. The brand category is concerned with aspects of marketing, retailers sell Nike’s products at various outlets, tax and trade customs focus on finances and how the company can grow while distribution ensures that Nike’s products are sold all over the world. These functional areas impact the SWOT analysis because they determine the internal and external environments within which Nike operates. They are also interrelated since internal strategies such as marketing determine external factors such as the rate of distribution and economic growth.
[You identified some key findings using relevant research. That is the right idea for a SWOT analysis. In summary and for continued progress, consider how you can use a broader base of research to test and validate the ideas and recommendations you are presenting that goes beyond the company’s own perspective and your individual observations. Focus on the company’s market position in relation to its competitors. What research can you find regarding how functional relationships within the company could change your SWOT analysis? You made mention of this; details are needed about the connection between specific functional relationships and your SWOT findings.]
References
Cara, S. (2021, Nov 4). Nike is on track to make $50 billion this year. How much is that, really? Retail Dive. https://www.retaildive.com/news/nike-is-on-track-to-make-50-billion-this-year-how-much-is-that-really/608511/
Foong, L. S., & Yazdanifard, R. (2014). Celebrity endorsement as a marketing tool. Global Journal of Management and Business Research, 14(4), 1-4.
Ramaswamy, V. (2008). Co‐creating value through customers' experiences: the Nike case. Strategy & leadership.
Xu, V. X., & Leibold, J.A (2020, March 17). Your favorite Nikes might be made from forced labor. Here’s why. The Washington Post. https://www.washingtonpost.com/opinions/2020/03/17/your-favorite-nikes-might-be-made-forced-labor-heres-why/
Copyright 2020 by University of Phoenix. All rights reserved.
Copyright 2020 by University of Phoenix. All rights reserved.
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BUS/475 v11
Balanced Scorecard Template
BUS/475 v11
Page 2 of 2
University of Phoenix
BUS/475: Integrated Business Topics
Professor: Mark Guberman
April 11, 2022
Balanced Scorecard Template
Use the organization you chose in Week 1 as a resource for this assignment.
Background
Strategic objectives are a measure of attaining your vision and mission. They reflect the vision, mission, and values of the business, as well as the outcomes of the internal and external environmental analysis.
Scorecard Areas
Develop at least three strategic objectives for each of the four balanced scorecard areas.
Measures |
Targets: Timeline/ Metrics |
|
Increase market share |
Total Revenue |
Increase 5% in first year |
To increase the total yearly revenue |
Increase the market shares |
by 5% in the next one year |
Introduce products to one of the two identified new markets |
Conduct research analysis to find best fit |
Third Quarter |
Reach new audiences in the two identified market. |
Market brand awareness and effective products |
Reduce the marketing budget by 1% using preexisting campaigns |
Customer Objectives |
Measures |
Targets: Timeline/ Metrics |
Increase customer value |
Increase profit contribution per customer |
Increase 5% in first year |
To increase customer value to increase the profit |
contribution per customer |
by 5% in the first year |
To Introduce online retail shops |
To reduce the cost of operations and transport |
Consolidation and review after 6 months |
Go through customer feedbacks |
Monthly basis to address issues the customers are facing |
Rollup of quarterly findings to address concerns |
Internal Business Process Objectives |
Measures |
Targets: Timeline/ Metrics |
Decrease lead times for new contract implementation |
Project implementation time frames |
Decrease time by 3% in first year |
To decrease the project implementation time frame |
Review and revise SOP and workflows to adjust the process and fill the gaps |
reducing the lead time of new contract by 3% in the first year |
Outsource some of the services to subcontractors |
Reduce the workloads and costs involved with implementing a project |
6-month contracts for revision and implementation |
Increase the number of projects handled |
Reduction in workloads and revised process implementation creates room for more meaningful work |
Increase by 1% during the current financial period |
Learning and Growth Objectives |
Measures |
Targets: Timeline/ Metrics |
Decrease employee turnover |
Facilitate regular training and opportunities for development |
Reduce by 4% in first year |
Reward and recognize results achieved by employees at all levels |
Create a rewards program with monetary incentives |
3 Months |
Career development opportunities through promotional advancements |
Work with human resources to establish career ladder development and career track checkpoints for promotional opportunities |
6 months |
Promote internally instead of outsource labor |
Increase employee retention by 10%. |
Within the next 3 years to evaluate success. |
Below, explain in 350-525 words:
[There are three key parts to developing an effective balanced scorecard…
1. Establish the specific areas of the business that makes sense to measure in quantitative terms and establish meaningful target milestones. You have a productive start with a formatted table. You included some specific quantitative objectives in the form of metrics for each of the selected categories along with target milestones so the organization has a path to get from its current state to the future desired state.
1. Determine a basis for the metrics. In other words, we cannot just simply create measurements and milestones. We need a meaningful basis from which to create them. Each area of the business we measure needs a context, e.g., to competitors, an industry benchmark, etc. That can only come from research and is usually in the form of a comparison with competitor performance or industry standards. One good source is the company’s annual report which usually can found on the company’s website.
1. We need a plan for measuring. Specifically, how will you measure the categories of the business you have outlined? What processes and applications will you need? You have a good start to this. How do your methods compare to what other similar organizations use to validate your plans?]
Why are the above objectives appropriate for the project?
Financial objective: A strategic financial management approach prioritizes business objectives over short-term gains to drive decision making. In addition to assisting a company with setting and meeting its targets, strategic financial management creates a platform by which it can plan and govern plans to address challenges as they arise (Bright, Cortes, Hartmann, Parboteeah, P., Pierce, Reece, & Shah, 2018). Moreover, it lays out the company's steps to achieve its targets.
Nike's strategic financial manager seeks to identify the most effective strategies to maximize the organization's market value. Additionally, it makes sure the organization's plans are accomplished efficiently so it can achieve short-term and long-term goals and maximize shareholder value. It aims to achieve the business goals of the organization by managing financial resources.
Customer objective: Customer service's primary goal is to answer customers' questions, resolve support issues, earn their trust, and maintain relationships. Companies recognize the importance of customer service, but not all do so. A company must boost its reputation and maintain customer loyalty to improve customer retention and increase sales.
Learning grown objective: Among the primary purposes of the Learning and Growth Perspective is to understand how the company's intangible assets generate value (Niven, 2018). These intangible assets consist of human capital, information
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