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 P ...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 "custom...


Strategic Plan for eBay - MGMT475 - Assignment

9939 words - 40 pages due to global economy. Trade war can be dangerous to American companies. Strengths Determining a companys strengths in the SWOT analysis requires looking inward and deciding what internal factors serve as the companys competitive assets. Figuring out a companys strengths helps establish a foundation to form a strategy. A strategic plan should be the basis of a companys strategy (Gamble et. al., 2019). In order to capitalize on their strengths

Strategic Plan: Implementation, Strategic Control, and Contingency Plan - University of Phoenix/STR581 - Assignment

2198 words - 9 pages , tactics (functional), actions, milestones deadlines, tasks along with ownership, allocation of resources, and make recommendations. Furthermore, Big Lots must also establish five other elements to complete: 1) success factors, 2) budget, 3) financials forecast, 4) break-even analysis, 5) and risk management that must include a contingency plan for identifying risks. Although, the company’s strategic plan appears daunting, Big Lots use three

Riordan Mfg. Strategic Plan Development

1023 words - 5 pages , formulate a plan, execute the plan, and check for results, is the process to eliminate problems (Deming). Through TQM and the implementation of its key concepts the problems of going global are minimized.As Riordan Manufacturing looks to the future, of the company in the global marketplace the organizational leadership must continue to maintain profitability by ensuring the TQM system in place meets the company's mission, vision and strategic objectives

Strategic Business Plan: E-toothbrush in UK market - UCC - Report

1132 words - 5 pages Environmental analysis – PESTEL Political Political uncertainty has forced Philips to redesign their suppliers and supply chains in Europe. According to Independent’s report, due to Brexit, Philips will close its factory in Glemsford, England and move its operations to the Netherlands. This change will have a significant impact on Philips' development in the UK, such as the increases in transportation costs and tax. In the report, the CEO of

Five year plan by using Strategic plan with weakness and strength - BADM450 - essay

503 words - 3 pages BADM 450 Midterm essay MW 4pm-5:15pm Five-year strategic plan A personal strategic plan is a living document and it can also be defined as your doorway to future. A personal strategic plan provides a basis for decision making and standards by which you live. By creating a personal strategic plan, it helps you to maintain a balance in each area of your life, which makes you to act more effective as a leader, spouse, friend, parent and as a

Paper On Evaluation Of Stratigic Management

4178 words - 17 pages , and resource available in an organization to assess the future requirements. Strategic Analysis, reviews the business plan, potential blockage or other issues in the current architecture, processes and their implementation in new initiatives, and processes ( Strategic analysis gives the idea about the key factors that are affecting the present and future development of the organization and the opportunities offered by

Internal/External Factors

616 words - 3 pages organize a strategy to capitalize on opportunities, counteract threats, and alleviate internal weaknesses. Like a chain of command, with corporate handling major decisions, management is responsible for lower level managers to ensure that the SWOT analysis plan is put into place to work effectively for the company. Wal-mart can control what is going on through the continued monitoring of performance and by obtaining SWOT analysis every quarter to

Total Quality Management

1436 words - 6 pages Untitled Total Quality management Corporate process improvement is a major factor towards improved efficiency and customer service. An `As-Is' flow chart of the accrual process is supplied, the relationship to the organization's strategic plan is discussed, the internal and external customers are identified, while potential impact on these customers is noted. The most appropriate quality management tool is used to collect

Competitive Intelligence research paper - management - research

4299 words - 18 pages objective according to the author is for the corporation not only to keep hold of its current market share but also to dominates in the future. Bartes reviewed sources dealing with competitive intelligence and subjected the information to observation, analysis, synthesis, comparison, induction, and deduction. He found that competitive intelligence is crucial in strategic management and corporate strategy. In the work, the author wanted to make sure that

Does strategic HRM effect business progression? - Human Resources Management - Essay

2157 words - 9 pages Free ” HRM. Mitchells and Butlers emphasise the importance of this in their strategic plan. Despite this, their training and development programme is fundamentally online-based. Rarely could a training and development programme be “hard” HRM, but in the case of Mitchells and Butlers, it could be interpreted as inflexible and impersonal to its employees. This is because the training programme is not tailored to an individual’s needs, but rather

Assignment 1 question and answer for part 1 - SEMO - Question and answer

2294 words - 10 pages step-in detail. b) What four elements in tier one and five elements in tier two are devised for e-marketing strategy? Explain them in detail. Seven Step E-marketing plan is made up of below seven steps as a) Situational Analysis b) E-marketing Strategic Planning c) Objectives d) E-marketing Strategy e) Implementation Plan f) Budget g) Evaluation Plan. Step 1 – Situation Analysis The situation analysis is otherwise called the SWOT (strengths

Brannigan Foods: Strategic Market Planning - BU Marketing - assigment

1077 words - 5 pages ? Which is the least viable? (In considering Mackey’s proposal to acquire a company, do the quantitative analysis on Red Dragon Foods only.) Anna Chong’s plan: Brannigan Foods also need new products even most people do not accept it. Without New products, Brannigan Foods can’t compete with its competitors and Brannigan will always pay a lot of money to copy or buy others’ products to enter the primary market. Creating something new or get it from

Discuss any attributes that would enable you to make a distinctive contribution to the school. - Santa Clara University - Essay

1021 words - 5 pages Free and predictive modeling that I could employ in a wide range of industries. Ultimately, I plan to continue my entrepreneurship adventure in the intersection of Fintech and Medtech by relying on both business and analytical skills I will practice during the BA program at Leavey. After an extensive research, I found that The Santa Clara University MSBA curriculum offers what I need to advance my career in the fields of strategic decision-making and

General Electric Company is a diversified industrial corporation engaged in developing, manufacturing and marketing a wide variety of products

508 words - 3 pages Free of GE changed the company's strategy. It was decided that GE Equity should make investments in companies, technologies, and distribution channels that could further the strategic interests of the various GE businesses. GE Equity's venture investment goal is to build a world-class, global, private-equity business. The second goal is to extend GE's management and operating systems to other companies.Yahoo financial analysis predicts GE will

business strategy development at X Coffee organisation - HR level 5 management - assigment

2358 words - 10 pages are in high demand in shops and covering 30% of morning sales for whole company. HR department started to develop strategic plan to resolve current problems in X Coffee. Their first step was to identify external and internal factors to understand the issues. At this point PESTLE and SWOT analysis were used. PESTLE analysis is there to identify and provide summary of external environmental influences on an organisation or policy. Pestle stands for