Business Model and Strategic Plan Part 1
Any businesses’ success must start with a great strategic plan. This strategic plan must adhere to all the objectives and goals set forth for the business. The plan starts with strategic management which is the decisions made by management in implementing the actions of the strategic plan to accomplish the objectives of the company to become successful (Pearce, 2013). These plans are generated from the mission statements and vision that the company set forth to achieve for the future success of the company. The vision, mission, and values of a company will differentiate itself from its competitors in the market. Also, companies have to become innovative to stay ahead of their competitors and formulate different ideas than their competitors to keep their strategic plan for the future a reality. This paper will conceptualize a new product or service for an existing company and explain why it is so important to stay innovative in today’s market. Then, it will describe how the new product line or service will be able to stay competitive and achieve the customer’s needs. Next, it will provide a business model that will explain what the goal is for the new product or service for the future. Also, this paper will describe how the vision, mission, and values will adhere to the company’s vision and mission. Next, it will explain how the vision, mission, and values will guide the strategic direction. Finally, it will describe the guiding principles and values for the new product or service in the context of ethics, social; responsibility, and culture.
Proposal of Product and its Mission
There have been many debates about tobacco companies and the harm of their products on society. Phillip Morris has been one of them companies. They have had many civil lawsuits against them and have had to pay out a substantial amount of their earnings to plaintiffs. But, there is a solution to their bad reputation with society....