Strategic Management assignment Problem-Solving Template (SMPT)
Question
Task: How can businesses leverage Strategic Management assignment and Design Thinking Process assignmentes to identify and solve critical issues in their operations, finance, human resources, IT, and marketing?
Answer
Instructions
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Table 1.1 – Analysis of Vision Statement of the Business
Also refer to Chapter 3 lecture material, chapter readings, and videos posted on Moodle.
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Description/Analysis
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Briefly identify the Vision of the Company. If Company Values also provided please indicate. Identify the sources where you found this information. If no specific vision/values identified, what do you see as the vision/values of this company? |
According to the information supplied by the company's website, the mission of ETT Aviation is to "improve the lives of aviation professionals" by providing cutting-edge software solutions to raise the standard of living, safety, and productivity in the aviation sector. The organisation appears to prioritise responsibility, ambition, ethics, positivism, and ready to serve based on the fundamental principles outlined in the offered information, even if particular company values are not expressly stated. |
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If you cannot locate a Vision, identify the impact this could have on the company.
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Lack of a distinct and well-defined vision may have an adverse effect on the business by raising the possibility of a lack of staff motivation, coherence, and direction. A clear vision acts as a compass, directing efforts and igniting a feeling of mission. Without it, the business could find it difficult to develop a cohesive plan that looks to the future, which would impede its long-term success and expansion (Stam & Van de Ven, 2021). |
Table 1.2 – Analysis of Mission of the Company
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Description/Analysis
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Briefly Identify & Describe the Mission and indicate source. If no mission is available, please indicate your view of the mission of this company. |
The company's objective may be interpreted as offering complete, cutting-edge software solutions to improve the safety, effectiveness, and standard of living for aviation workers. This purpose is consistent with the company's heritage and line of goods. |
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Is the Mission missing or not provided by the company? What is the impact?
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Lack of a clearly stated mission statement may have an effect on the business by making it more difficult to communicate both internally and externally the company's purpose and ambitions (Garzaniti, Tekic, Kukolj, & Golkar, 2021). A well defined mission aids in directing strategic choices and unifying the organisation around a single goal. |
Table 2 Strategic Analysis – Stakeholder Positions
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Stakeholders and their positions: |
Interest (what does this s/h desire or need)
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Influence (how can this s/h impact the success of the business?)
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Impact (how does company impact the stakeholder?)
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Stakeholder 1:
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the efficiency and well-being of aviation personnel . |
Customer feedback and loyalty.
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Aviation professionals' quality of life is improved by the company's software. |
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Stakeholder 2:
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ETT Aviation employees and teams. |
Product development and operational choices.
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Employee morale and work satisfaction are directly impacted by the company's strategic direction. |
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Stakeholder 3:
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Aviation regulatory authorities.
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adherence to rules and requirements. |
The software solutions provided by ETT aircraft help to ensure aircraft safety and compliance with regulations. |
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Stakeholder 4:
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Airlines and aviation companies.
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adoption of software solutions from ETT Aviation. |
The operational effectiveness and expenses of airline firms are impacted by the company's software solutions. |
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Stakeholder 5:
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Aviation industry customers. |
user comments and satisfaction. |
Customer loyalty and ETT Aviation's standing in the market are impacted by the success of its goods (Gupta, Crilly, & Greckhamer, 2020). |
Table 3 – Management Strategies Analysis
This table will need to be prepared following the meeting with business owner in Week 3. Describe below what you see as key strategies that the business uses to manage each of the critical areas, such as Finance, Marketing, etc. EVEN IF NOT EXPLICITY STATED BY THE COMPANY
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Management Strategies |
Strategy #1 |
Strategy #2 |
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Finance
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Put cost-cutting initiatives in place |
diversify your revenue sources to lower your risk |
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Marketing |
Create specialised marketing campaigns. |
Use social media to increase brand recognition |
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Operations
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Streamline business procedures |
Implement quality assurance and surveillance |
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IT
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Spend money on modern technologies |
Boost cybersecurity precautions |
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Human Resources |
continual instruction and development |
Promote work-life balance and employee well-being |
Table 3.1 - Critical Issues in the Context of Management Strategies
Make sure to identify the critical issues first under each category.
FINANCE
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CRITICAL ISSUES
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How is it manifested? |
Why is it happening? Cause(s)?
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1) Why Important? 2) Implications if not dealt with? |
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Finance F1
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Losses of money and decreased profitability. |
Market alterations and the decline in the economy. |
Sustainability and financial strength. Inability to invest in growth, financial instability, and possibility |
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F2 |
inadequate operating capital and cash flow. |
Low cash flow management and excessive operational costs. |
Make sure there is enough money for operations and investments. Having trouble paying bills, growing slowly, and maybe becoming bankrupt. |
HUMAN RESOURCES
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CRITICAL ISSUES
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How is it manifested?
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Why is it happening? Cause(s)? |
Why Important? Implications if not dealt with? |
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HR1
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High personnel turnover and difficulties in filling positions.
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inadequate pay and little prospects for advancement. |
knowledge and retention of employees. talent loss, low morale, and higher expenses associated with hiring and training staff. |
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HR2
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Burnout among workers and a decline in output.
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inadequate work-life balance and an excessive workload. |
employee productivity and well-being. reduced output, absenteeism, and a possible detrimental effect on the culture of the firm. |
IT/MIS
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CRITICAL ISSUES
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How is it manifested?
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Why is it happening? Cause(s)? |
Why Important? Implications if not dealt with? |
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IT1 |
Data compromise and breaches in data security. |
human mistake, inadequate cybersecurity safeguards, or cyberattacks. |
both privacy and data protection. sensitive information loss, reputational harm, and potential legal repercussions are all examples of data breaches. |
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IT2
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outdated systems and technology.
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Budgetary restrictions, a lack of technology trend knowledge, or opposition to change. |
security and technological competitiveness. reduced effectiveness, inefficient operations, and loss of competitive edge. |
OPERATIONS
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CRITICAL ISSUES
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How is it manifested?
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Why is it happening? Cause(s)? |
Why Important? Implications if not dealt with? |
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OP1
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Ineffective and delayed production.
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disturbances to the supply chain, malfunctions of the machinery, or labour shortages. |
Cost-effectiveness and production efficiency. reduced manufacturing effectiveness, higher prices, and a possible loss of clients and market share. |
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OP2
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Defects and quality control concerns.
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inadequate quality control, flawed inspection procedures, or inferior products. |
uphold safety and quality requirements for products. Recalls of products, harm to reputations, unsatisfied customers, and legal repercussions. |
MARKETING
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CRITICAL ISSUES
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How is it manifested?
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Why is it happening? Cause(s)? |
Why Important? Implications if not dealt with? |
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M1
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declining revenue and consumer engagement.
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Changing consumer tastes, heightened competition, or unsuccessful marketing initiatives. |
Revenue and client retention. falling sales, a loss of competitive edge, and decreased market share |
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M2
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Poor brand recognition and internet presence.
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outdated digital marketing tactics or a lack of resources online. |
brand recognition, reputation, and online presence. reduced client reach, poor online presence, and possible market share loss (Fuertes, Alfaro, Vargas, Gutierrez, Ternero, & Sabattin, 2020). |
NOT REQUIRED Table 3.6 – Vertical Causal Analysis
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Description of Underlying Cause (Common causes for multiple problems) |
Critical Issue(s) Addressed (as identified in Table 3.1-3.5) |
Priority and Importance |
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Low |
Med |
High |
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2. |
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3.
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5.
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6.
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7.
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8.
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9.
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10. |
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Additional Issues or Insights can be identified that are critical to the success of the organization OR will critically impact on the success of your recommended management strategy. As indicated by business owner, this may include marketing strategy, growth and expansion strategy, etc.
4.1 DESIGN THINKING PROCESS ASSIGNMENT
The steps below are illustrated in a linear fashion. However, design thinking is a non-linear interative process.
See source document uploaded to Moodle site for reference document and more detailed information.
Step One: Empathize: research your users' needs.
Step Two: Define: state your users' needs and problems.
Step Three: Ideate: challenge assumptions and create ideas.
Step Four: Prototype: start to create solutions.
Step Five: Test: try your solutions out.
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STEP ONE: EMPATHIZE The main aim of the Empathize stage is to develop the best possible understanding of business users or customers of this company, their needs and the problems that underlie the development of the product or service you want to create. What are the needs and problems you see from users?
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How did you learn about the needs and problems? |
What do you recommend the company do to learn more? |
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conducted user interviews and surveys to get feedback from current and future clients.
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Recommend that the business keep tabs on consumer requirements and preferences by conducting frequent surveys, interviews, and focus groups. |
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analysed client feedback obtained from a variety of forms of contact, including emails, reviews, and social media.
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In order to get deeper insights from unstructured data and keep track of online discussions about their goods or services, suggest that the organisation invest in sentiment analysis technologies. |
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identified consumer pain points and use patterns by observing how users interacted with the company's website and mobile app.
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Encourage the business to adopt user analytics tools to track user interactions and journeys continually and to perform A/B testing to determine how design changes will affect user experience. |
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STEP TWO: DEFINE the problem In the Define stage, you will organize the information you have gathered during the Empathize stage. You’ll analyze your observations to define the core problems you and your team have identified up to this point. Defining the problem and problem statement must be done in a human-centered manner. For example, you should not define the problem as your own wish or need of the company: “We need to increase our food-product market share among young teenage girls by 5%.” You should pitch the problem statement from your perception of the users’ needs: “Teenage girls need to eat nutritious food in order to thrive, be healthy and grow.” |
How do you know this is the real problem? Are the sources of your information credible and valid? Explain. |
How does this help you to develop the persona of focus for this business? |
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Problem Statement 1: Common User Needs and Motivations
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identified via in-depth user research, including surveys and interviews with a broad range of users to ensure validity and reliability.
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By identifying the shared need across users and acting as a starting point for comprehending their motivations and objectives, this issue statement aids in the development of the persona. |
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Problem Statement 2:
Customer-Care Aligned Issues |
Extracted from a thorough examination of customer reviews, which included many genuine remarks and recommendations, suggesting a reliable source. |
By highlighting the concerns that users actually care about and the difficulties they confront, it supports the construction of personas from their points of view. |
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Problem Statement 3:
User Interaction Struggles |
based on user behaviour observations on the company's digital platforms, where regular and obvious patterns of irritation and interaction difficulties were seen. |
This issue statement guides the development of a user profile that reflects the difficulties encountered by many users. It also influences the persona's pain spots and struggles (Albay & Eisma, 2021). |
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Based on the Problem Statement/Business Need the Business Client has requested for your team to work on, what do you see as the customer persona? Provide sample persona. Sample Customer Persona: Name: Sarah Johnson Demographics:
Background:
Goals and Needs:
Challenges:
Behavior:
Motivations:
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STEP THREE: IDEATE, CHALLENGE ASSUMPTIONS AND CREATE INNOVATIVE IDEAS During the third stage of the Design Thinking Process assignment, designers are ready to generate ideas. You’ve grown to understand your users and their needs in the Empathize stage, and you’ve analyzed your observations in the Define stage to create a user centric problem statement. With this solid background, you and your team members can start to look at the problem from different perspectives and ideate innovative solutions to your problem statement. |
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Solution 1: Family Finance Companion App
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Solution 2: Virtual Financial Planner for Families
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Solution 3: Family Financial Education Platform
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STEP FOUR: PROTYPE SOLUTIONS FOR HUMAN-CENTERED PROBLEMS This is an experimental phase, and the aim is to identify the best possible solution for each of the problems identified during the first three stages. The solutions are implemented within the prototypes and, one by one, they are investigated and then accepted, improved or rejected based on the users’ experiences. By the end of the Prototype stage, you and your team will have a better idea of the business limitations and the problems it faces. You will also have a clearer view of how real users would behave, think and feel when they interact with the end product or services of the business. |
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What are the limitations of the proposed solutions above? Solution 1 (Family Finance Companion App):
Solution 2 (Virtual Financial Planner for Families):
Solution 3 (Family Financial Education Platform):
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Which of the solutions will bring the most benefit , the WIN, to the business, growth, sustaining competitive advantage? The "Family Finance Companion App" (Solution 1) is most likely to help the company out of all the suggested options. It provides a user-friendly application that tackles the main issue with managing family budgets. Through the usage of premium features or collaborations with financial institutions, this app may increase user engagement, retention, and income. |
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Describe the prototype solution you propose to test. The "Family Finance Companion App" is the prototype that needs testing. This prototype will include a user-friendly interface with automatic budget building, savings target setting, and cost monitoring. • Simulated real-time information and notifications. • Test-related financial data samples. • Foundational financial planning instructional materials. The app prototype will be made available for users to engage with, enter fictitious financial data, make budgets, establish savings objectives, and explore its capabilities. Feedback will be gathered to improve the app's usability, usefulness, and ability to meet users' financial requirements. The objective is to make sure that the app offers actual consumers a useful and realistic solution. |
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STEP FIVE: TEST Test: the fifth and final phase of the Design Thinking Process assignment, where you test solutions to derive a deep understanding of the product and its users. |
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How would you test the prototype to ensure it leads to success? Monitoring and evaluation? The following actions for monitoring and evaluating the prototype should be followed to guarantee its success:
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What KPIs (Key Performance Indicators) are recommended to measure performance of this solution? Numerous KPIs that reflect the solution's efficacy may be used to measure its performance. KPIs that are advised include:
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Table 3.7 – Development of What Need to Be Addressed Statements
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What Needs to Be Addressed Inadequate user engagement with the Family Finance Companion App. |
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Implications if not Addressed |
Opportunities if Addressed |
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The app's value might be reduced and user retention could drop. Users could look for different options..
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It is possible to boost user engagement, raise user happiness, and maybe even generate word-of-mouth referrals by improving the app's user design and functionality. |
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What Needs to Be Addressed Low adoption of premium features within the app. |
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Implications if not Addressed |
Opportunities if Addressed |
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Limited app income generating might make sustainability more difficult.
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Users may be persuaded to upgrade if premium features are tailored to match their individual demands and clearly outline the advantages. A competitive advantage and extra income streams might result from increased use of premium features. |
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What Needs to Be Addressed User concerns about data security and privacy within the app. |
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Implications if not Addressed |
Opportunities if Addressed |
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Trust among users can decline, which might result in fewer users.
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User confidence may be restored by implementing strong data security safeguards and open privacy rules. Effectively addressing these issues can boost app usage and promote user loyalty. |
Table 4.1 – Evaluation of Alternative Solutions & Recommendations
Each statement in the following tables should indicate the specific problem/issue to be addressed, the alternatives provide options in approach to solving the problem(s) and then the final solution/recommendation will be based on options to solve the problem. Select only three of the previously identified (up to 5 from 3.1-3.7)
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Statement #1 Inadequate User Engagement with the Family Finance Companion App |
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Alternative #1
Gamification
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Pros Gamification may increase user engagement and enjoyment with budgeting and financial planning. |
Cons It could take more money and effort to implement, and it might be difficult to integrate well. |
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Alternative #2
Personalized Financial Insights
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Pros The app may be more beneficial if it provides users with personalised financial information based on their spending habits. |
Cons Requires sophisticated data processing and might lead to privacy issues.
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Alternative #3
Community Forums
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Pros Engagement may be increased by including a community forum where users can discuss budgeting strategies and success stories. |
Cons To create a welcoming and supportive workplace, moderation can be required.
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Recommendation & Rationale I advise putting Option #2, Personalised Financial Insights, into action. This strategy responds to the demand for greater user interaction by offering a beneficial and tailored experience. The app may establish itself as a dependable financial counsellor by providing information specific to each user's financial behaviour. The long-term advantages in terms of engagement, user pleasure, and retention exceed the drawbacks even if it could need advanced data analysis and addressing privacy issues. |
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Table 4.2 – Evaluation of Alternative Solutions & Recommendation
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Statement #2 Increasing Adoption of Premium Features
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Alternative #1
Feature Bundling
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Pros Users may be encouraged to upgrade by offering premium features in a package at a discount.
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Cons The usefulness of the app may be impacted if users don't fully utilise the included features.
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Alternative #2
Free Trial Period |
Pros Users may be enticed to test out premium features prior to making a purchase by providing a brief free trial period.
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Cons The sale of premium features can decline momentarily.
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Alternative #3
Loyalty Rewards Program |
Pros User retention may be improved by implementing a rewards programme for devoted customers who routinely utilise premium services. |
Cons It might be difficult to manage and keep track of loyalty incentives.
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Recommendation & Rationale I advise putting Option #2, the Free Trial Period, into action. By enabling consumers to enjoy the advantages prior to purchasing, this strategy satisfies the requirement to enhance the adoption of premium services. While the possibility for more users to recognise the value of these features may have a short-term negative impact on premium feature income, it may ultimately result in more adoption. It encourages customers to use premium features wisely and is in line with the user-centric approach. |
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Statement #3 Addressing User Concerns about Data Security |
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Alternative #1
Enhanced Data Encryption |
Pros Data encryption may be strengthened to increase security and satisfy user concerns. |
Cons It could need technological changes and raise expenses for operations. |
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Alternative #2
Transparent Privacy Policies
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Pros Explicitly outlining privacy regulations can increase user confidence and allay their worries. |
Cons Users may still be hesitant about how data is handled.
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Alternative #3
User Data Control |
Pros More user control over their data may empower users and allay their fears. |
Cons Granular data control features might need to undergo a lot of work. |
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Recommendation & Rationale I advise putting Option #1, Enhanced Data Encryption, into action. An essential first step in resolving consumer concerns about data security is to strengthen data encryption. It complies with best practises and shows how committed the organisation is to safeguarding user information. The long-term advantage of improved security and user trust exceeds the drawbacks, even if it would necessitate technological modifications and higher expenditures. |
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Table 5 – Recommendation Detail
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Recommendations & Supporting Detail
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TimingIM = 0 to 15 days, ST = 0 to 3 months, MT = 3 to 9 months, LT = 9 to 15 months |
Priority Low, Medium, High and Justification |
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Recommendation #1
The Family Finance Companion App: Increasing User Engagement |
Short-Term (ST = 0 to 3 months) |
Priority: High Justification: Improving user engagement quickly will have a direct influence on user pleasure and retention. It is essential for the success of the app. |
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Rec #1 - Critical Success Factors & Risks to be Managed Success Factors:
Risks to be Managed:
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Recommendation #2
Rise in the Use of Premium Features
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Short-Term (ST = 0 to 3 months) |
Priority: Medium Justification: Promoting the use of premium features is crucial, but because the effects might not be felt right away, it is only a medium priority. |
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Rec #2 - Critical Success Factors & Risks to be Managed Success Factors:
Risks to be Managed:
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Recommendation #3
Addressing Users' Data Security Concerns
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Immediate (IM = 0 to 15 days) |
Priority: High
Justification: To retain user trust and retention, it is crucial to quickly answer consumer concerns regarding data security. |
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Rec #3 - Critical Success Factors & Risks to be Managed Success Factors:
Risks to be Managed:
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TABLE 6 – SWOT ANALYSIS Data Gathering Table
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Use the Business Provided for Team Project
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Strengths/ Positives
INTERNAL
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Problems/ Challenges/ Weaknesses
INTERNAL
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Opportunities
EXTERNAL
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Threats
EXTERNAL
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Table 7 The Five Forces of Competition in the Industry
PORTER’S FIVE FORCES (for the business identified for team project)
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IMPACT/FORCE
Low, medium, high |
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Rivalry among Competitors |
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Potential Entry of New Competitors
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Competitive Pressures from Substitute Products
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Competitive Pressures from Supplier Bargaining Power and Supplier-Seller Collaboration
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Competitive Pressures from Seller-Buyer Collaboration and Bargaining
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Table 8 The Business Environment, PEST or PESTLE
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Opportunities |
Threats |
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Political
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Government Contracts: ETT Aviation can benefit from its expertise in managing government contracts to land contracts in the aviation and defence industries. Regulatory Compliance: The business may use its knowledge of aviation rules to provide solutions that are compliant, meeting a crucial requirement in the sector. |
Regulatory Changes: The company's software compliance and development may be hampered by changes to aviation rules, such as increased security standards. |
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Economic
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ETT Aviation can broaden its services to meet new demands in the aviation industry, such as those for electric aircraft or urban air transportation. Collaborations with Airlines: Establishing strategic alliances with airlines might result in improved services and a larger clientele. |
Economic Crisis or Recession: Budget cuts and lower aviation activity might have an impact on the demand for aviation software solutions. |
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Societal/ Cultural
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Workforce Diversity: The company's status as a veteran- and service-disabled veteran-owned small business (SDVOSB) may support inclusion and diversity while building a healthy workplace culture. Training and skill development: ETT Aviation's solutions can help with employee training and growth, which is in line with the aviation industry's expanding demand for upskilling. |
User Concerns: Users' growing apprehensions over data security and privacy may affect their trust in the usage of ETT Aviation's software. |
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Technological
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ETT Aviation's Drone Operations software may profit from continuing technical developments in the drone sector. Drone technology breakthroughs. Data Analytics: The company's software solutions may be improved by utilising data analytics and artificial intelligence, which will also give customers useful information. |
Rapid technical change: Constant upgrades and financial investments in R&D may be necessary due to the quick rate of technology advancement. |
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Legal (including regulations, privacy)
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Expertise in compliance: ETT Aviation may be a leader in compliance and regulatory issues thanks to its knowledge of aviation rules. Data Privacy Compliance: By ensuring that its software complies with data privacy laws, the business may win over more customers. |
Data privacy laws are always changing, which can have an effect on operations and costs by requiring expensive modifications to assure compliance. |
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Environmental
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Aviation industry's increased emphasis on sustainability creates chances for software solutions that promote environmentally friendly practises. Integration of Real-Time Weather Data: ETT Aviation can look at ways to integrate current weather information to improve flight safety and planning. |
Environmental changes like extreme weather can interrupt aviation operations and provide difficulties for ETT Aviation's software solutions, according to the impact of climate change (Isabelle, Horak, McKinnon, & Palumbo, 2020). |
Table 9 Business Ethics
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Definition
Business ethics is a practice that determines what is right, wrong, and appropriate in the workplace. |
What does business ethics mean for this business? Have they clearly defined what is right or wrong based on their communication and interaction with internal and external stakeholders? |
According to their website, ETT Aviation looks to place a high priority on company ethics through a dedication to principles like responsibility, moral behaviour, and a positive outlook. Their focus on doing "the right thing" and "ethics" in their core values, despite the fact that they do not establish an ethics code expressly, implies a dedication to moral ideals in their business practises. |
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Application
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How do you see this business demonstrating their business ethics? |
By putting a strong emphasis on responsibility, honesty, and good attitudes in its fundamental principles, ETT Aviation exemplifies corporate ethics. The firm's dedication to offering dependable aviation management software is consistent with moral corporate conduct. A "Family" area on their team website also reflects a people-centric and inclusive attitude, which frequently fits with ethical principles. |
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Impact on project work
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How will you approach this project considering the business ethics of this organization?
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It is critical to align with ETT Aviation's ethical commitment while approaching a project for them. This would entail upholding an honest and moral attitude to all project operations, protecting confidentiality, and making sure that all outputs adhere to moral and legal requirements. Working with a corporation that promotes ethics requires a proactive communication style and moral decision-making (De Bakker, Rasche, & Ponte, 2019). |
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