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Strategic Plan Analysis

1586 words - 7 pages

Strategic Plan Analysis PAGE \* MERGEFORMAT 7
Strategic Plan AnalysisA paper submitted in the course ofQuality Management and Productivity MGT/449AbstractQuicken Loans Has developed a systems of beliefs called ISMs; these ISMs are practiced by all employees in the process to provide the highest quality of service to all customers. Quicken Loans uses autocratic and paternalistic management styles to increase efficiency and effectiveness within the organization. Quicken Loans takes pride in providing high quality services to all customers by focusing on Total Quality Management. Without TQM Quicken Loans would not have the exceptional reputation like they do at this point.Strategic Plan ...view middle of the document...

One main ISMs is "Every client. Every time. No exceptions. No excuses (Quicken Loans, 2008)." What this means is that the client needs to be taken care of, calls and emails must be returned the same day and every client receives a fair chance at using Quicken Loans for their financing options. Quicken Loans is obsessed with finding a better way of doing mortgage loans and making their customers happy. Quicken Loans incorporates their belief system into the vision of the organization because the ISMs are what make them so much different from their competitors. Quicken Loans looks to become their client's lender for life by providing the highest quality of service possible. Becoming the #1 online lender in the nation is a very difficult task to undergo. Quicken Loans looks to provide the highest quality of service by each employee practicing the ISMs daily. Making the process as simple as possible eliminates confusion on the client's part and makes the entire process easier for everyone.Management StylesQuicken Loans uses both an Autocratic and Paternalistic management style to perform their daily activities at the most effective manner possible. The Autocratic or Authoritarian style occurs when management makes all the decisions and keeps all the information about the decision making to upper management (Grzeskowiak, 2005). The Paternalistic style is a dictatorial style that tends to lean towards the best interest of the employees rather than the business. This style is used to ensure that the employees will want to work and want to provide a good experience to their clients. Happy employees provide happy clients and happy client's leads to more referral business and higher revenues.Stonybrook Financial Services uses a Democratic management style where all employees vote and make the decisions together (Grzeskowiak, 2005). Lawson believes that involving the employees in the decision-making and planning process, provide continual training and support and offer praise freely is imperative to the success of the organization (Lawson, 2001). Stonybrook does not practice Total Quality Management and this management style is acceptable and could be utilized at Quicken Loans to an extent to make some minor decisions. The size of the company affects the style of management that can be used. Larger corporations cannot talk to every employee before they make a decision to ensure that everyone agrees with it. This is why large corporations hire upper management with college degrees to make the decisions for them. Quicken Loans is too large of a company to practice any other management style and at this point a complete change in management style would negatively affect the company. These two companies utilize their specific styles to be as effective and efficient as possible within the mortgage industry.TQM Styles and Characteristics"Total Quality Management (TQM) is a participative management style that stresses total staff commitment to "customer"...

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