12 Nov Develop a strategic plan for the company (Ben & Jerry’s) you have used throughout this course and share it with stakeholders. 10 to 12 slide presentation for key stakeholders to solicit th
Develop a strategic plan for the company (Ben & Jerry's) you have used throughout this course and share it with stakeholders.
10 to 12 slide presentation for key stakeholders to solicit their approval of your strategic plan. Address the following in your presentation:
An introduction with mission and vision statements
Core values, ethics, and social responsibility principles
Analysis of the company’s:
Internal environment (e.g. strengths and weaknesses related to resources, trademarks, patents, copyrights, or current processes)
External environment (e.g. opportunities and threats related to market trends, economic trends, demographics, or regulations)
An evaluation of the internal and external environment’s impact on achieving the company strategy
Create a strategic objective for the company.
Create short- and long-term goals for achieving the company’s strategic plan.
Determine methods for collecting data and measuring the success of the strategic plan.
Cite at least 3 peer-reviewed documents.
Attached are info. to help with this assignment
Business Plan Assessment: Part 1 – Strategic Improvements
Latanya Pope STR/581 Professor Anthony Barnes 10/27/2023
Purpose of the Strategic Plan
The strategic blueprint devised for Ben & Jerry's has been carefully developed to concentrate on the regional market, with an overall goal of improving brand recognition. The paramount goal is to ascertain that when individuals consider ice creams, the Ben and Jerry's label instantaneously springs to the forefront of their mind. This signifies a notable focus on cultivating a long-lasting and favorable impact within the consciousness of consumers.
The primary goal delineated is to attain a sales figure of $65,000 as an initial benchmark, with a distinct intention to perpetually improve sales in the ensuing years. This exemplifies a steadfast dedication to the continuous advancement and attainment of financial success.
Market Development and Alignment with Ideas
The market development strategy is in accordance with growing trends, thereby enabling the company to proficiently cater to the requirements of its clientele. In its early stages, the strategic blueprint prioritizes the cultivation of robust public relations and the implementation of conventional promotional tactics (Beard, 2021). The inclusion of a diverse range of flavors indicates an in-depth knowledge of the varied preferences within the target market.
Ben & Jerry's places a strong emphasis on ensuring the highest standards in their ice cream manufacturing procedures. This requires careful consideration of important factors such as the formation of ice crystals, the distribution of air cells, the size of fat globules, and the incorporation of the liquid phase. By making sure these elements are regularly updated, the business can continually provide a product of exceptional quality.
Development of People
The plan duly recognizes the favorable psychological ramifications associated with the consumption of ice cream, emphasizing the presence of L-Tryptophane, a compound known for its ability to induce relaxation within the intricate network of the nervous system. Furthermore, it is worth noting that ice cream boasts a considerable abundance of essential nutrients such as calcium and phosphorus, which play pivotal roles in maintaining optimal bodily functions. Moreover, this delectable frozen treat serves as a valuable source of energy, providing the body with a much-needed fuel to sustain its various physiological processes. The comprehension of the product's advantages facilitates strategic marketing efforts and fortifies the brand's favorable perception.
Product/Service Delivery and Quality Improvement
Ben & Jerry's uses a special method to distribute their goods. They buy a readymade foundation from a reliable supplier, add their unique tastes to it, and then freeze it with sophisticated machinery. In order to enhance distinction, there exists potential for ongoing enhancement in the standard of substances and procedures.
Key Performance Indicators (KPIs)
The plan specifies key performance indicators (KPIs) to track top-selling flavors, assess flavor profitability and cost-effectiveness, keep an eye on consumer spending trends, and efficiently manage labor costs. These measurements offer concrete standards for evaluating the company's performance.
Initiatives to Support Objectives
The proposed strategy places significant emphasis on enhancing public relations, implementing comprehensive advertising campaigns, and fostering community engagement through sponsorships and philanthropic contributions. Implementing a diverse range of superior merchandise and employing conventional promotional methodologies constitute pivotal endeavors aimed at enhancing brand prominence and fostering customer involvement.
Adapting to the Changing Business Environment
Ben & Jerry's exemplifies an entrepreneurial disposition by exhibiting a keen awareness of the ever-changing dynamics within the market landscape. They diligently pursue knowledge acquisition and skill enhancement in order to foster innovation and contribute substantial value to the organization (Najar & Rather, 2020). The inherent adaptability of this company guarantees their ability to proficiently navigate the dynamic and ever-changing terrain of the corporate realm. They possess the readiness and capability to promptly address and seize emerging opportunities and challenges.
Najar, A. & Rather, A. (2020). Mediating role of guest’s attitude toward the impact of UGC benefits on purchase intention of restaurants; Extending social action and control theories. Journal of Foodservice Business Research. 23. 10.1080/15378020.2020.1842958.
Beard, A. (2021, January 13). Why Ben & JERRY'S speaks out. Harvard Business Review. https://hbr.org/2021/01/why-ben-jerrys-speaks-out.
Latanya Pope STR/581 Professor Anthony Barnes 10/15/2023
Strategic Plan Research
The selected organization is Ben & Jerry's, an American corporation that operates as a subsidiary of the multinational conglomerate, British Dutch Unilever. The establishment of the firm occurred in 1978, with its founders being Jerry Greenfield and Ben Cohen. The company specializes in the production of frozen yogurt, ice cream, ice cream novelty goods, and sorbet. The operational strategy of the organization demonstrates effectiveness by incorporating clearly defined roles and responsibilities for each category (Michalak, 2019). The Ben & Jerry's company has been around for a very long time, and in that time it has demonstrated its capabilities to the rest of the globe on several occasions, as well as continually come up with original ideas to enhance its standing in the industry (Michalak, 2019). Additionally, the business plan of Ben & Jerry's is really effectively presented and examined due to the fact that it is highly clear in terms of the objectives and goals that it outlines.
The strategic plan provides a comprehensive outline of the organization's intended direction and the strategies it will employ to achieve its goals. Within the dairy product market, the organization is strategically positioning itself to emerge as the foremost brand (Mei, 2018). This objective is explicitly articulated through their intention to actively collaborate with professionals, including research and development executives, consultants, as well as food and diet specialists, whom they want to recruit and integrate into their operations (Mei, 2018). By engaging in this practice, individuals will be able to actualize their objectives, using the expertise, information, and competencies possessed by these experts.
Ben & Jerry's encounters a dynamic external milieu distinguished by rigorous FDA regulations pertaining to product labelling, which serve to uphold health and quality benchmarks (Marchese, 2020). The imposition of import tariffs on exports originating from the United States presents a formidable predicament, as it engenders a rise in retail expenditures and exerts a discernible influence on the ability to compete effectively. Additionally, the economic environments of the firm's key markets have a significant impact on its performance (Marchese, 2020). The ice cream industry is greatly influenced by natural factors, like agricultural items like bananas, milk, and chocolate.
Ben & Jerry's possesses several internal characteristics, which contribute to its success in the market. These strengths encompass a significant portion of the market share, a strong and well-established brand image, stable and reliable partnerships with suppliers, and an extensive global distribution network. Nevertheless, the company faces the predicament of diminished profit margins, obstacles in achieving complete regulatory adherence, and substantial investments in projects pertaining to social responsibility. The potential increase in demand for ice cream and sweets that are of superior quality and meet safety standards offers favorable prospects, however the presence of intense competition and regulatory limitations continue to provide ongoing challenges (Marchese, 2020). Notwithstanding these obstacles, the organization possesses invaluable, scarce, and difficult-to-duplicate assets, hence enhancing its capacity to sustain a competitive advantage.
The plan also encompasses a comprehensive strategy that incorporates a people's plan and focuses on promoting workforce diversity. The Ben & Jerry's brand has emerged as a significant representation for various ethnicities, cultures, and religions, leading to positive impacts on society (Marchese, 2020). The company aims to foster growth and cultivate an inclusive environment that recognizes diversity as a valuable asset. Additionally, an Equity Team has been established to provide oversight for the project, and significant progress has already been made.
Finally, the organization incorporates principles of corporate social responsibility and environmental sustainability. According to their declared long-term objectives, Ben & Jerry's demonstrates a commitment to fulfilling their social responsibility by utilizing their company as a means to promote justice and peace. One of the strategies businesses can employ to promote economic and social fairness is by increasing their procurement of Fair Trade ingredients (Sorensen, 2020). Furthermore, it is at the forefront of advancing the promotion of Global Sustainable Dairy Products. This is achieved by its endorsement of ecologically friendly dairy farming practices in collaboration with milk supplier’s worldwide, thereby assuring rigorous oversight and regulation of cloned animals. The primary objective of the company's ecological sustainability efforts is to address the issue of residual plastic present in its ice cream cartons.
The company aims to eradicate the utilization of petroleum-derived plastic in the entirety of our packaging materials. By the year 2025, there is a collective aspiration to ensure that all objects and materials are subjected to the principles of reusability, biodegradability, or recyclability. Over the course of numerous years, the enterprise has diligently tried to mitigate its overall ecological footprint, while astutely acknowledging the existence of further endeavors that lie ahead.
Marchese, D. (2020). Ben & Jerry's Radical Ice Cream Dreams.
Mei, S. (2018). The impact of acquisitions of small social enterprises by giant multinational corporations on the consumers' brand perception of the acquired firm: the case of Ben & Jerry's (Doctoral dissertation).
Michalak, R. (2019). Ben & Jerry’s: Continuing to turn values into value through Linked Prosperity. In Perspectives on Purpose (pp. 172-180). Routledge.
Sorensen, L. (2020). Analyzing the Adoption of Corporate Social Responsibility Strategies.
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