8715_300_uko1_ppt_11

Page 1: Introduction to Management and Administration

• T-Level Technical Qualification in Management and Administration (Level 3) 300 Management and Administration Core.

• Overview of the business context and resources/tools to measure and implement objectives and strategies.

Page 2: Learning Objectives

• By the end of the session, learners will be able to:

  • Review and discuss different resources and tools for measuring progress in achieving objectives.

  • Examine examples of strategies to implement and embed objectives.

Page 3: Measuring Success

• Business activities carry inherent risks that owners/managers must assess.

• Anticipate potential issues during business activities and plan resource management appropriately.

• The business plan serves as the primary document for guiding these assessments and plans.

Page 4: Characteristics of a Business Plan

• Evaluation of the business's viability and management approach.

• Key characteristics include:

  • Clarity, conciseness, and realism.

  • Accuracy and support from data.

  • Useful for decision-making by management and investors.

• Essential for securing finance, especially for new businesses with no trading history.

Page 5: Contents of a Business Plan

• A comprehensive business plan should encompass:

  • Executive summary

  • Business objectives

  • Products/services and sales strategy

  • Financial and human resources needed

  • Personal skills and experience analysis

  • Market analysis

  • Marketing plan with specific objectives

  • Production plan (if applicable)

  • Business location details.

Page 6: Measuring Success through Business Plans

• The business plan functions as a living document guiding the organization towards its goals.

• It is continuously reviewed and adjusted as objectives evolve.

• It informs various departmental plans, including financial, marketing, human resources, production, and research and development.

• SMART objectives evolve into Key Performance Indicators (KPIs) to measure success.

Page 7: Understanding Key Performance Indicators (KPIs)

• Definition: KPIs are quantifiable measures that evaluate the achievement of organizational objectives over a specified timeframe.

• Purpose of KPIs:

  • Set targets and milestones

  • Inform decision-making

  • Ensure alignment of all elements within the organization towards objectives.

Page 8: Common Types of KPIs

• KPIs should be SMART (Specific, Measurable, Achievable, Relevant, Time-bound).

• Common KPIs include:

  • Productivity

  • Cost efficiency

  • Customer satisfaction

  • Customer retention rate

  • Revenue growth

  • Customer lifetime value

  • Return on investment (ROI).

Page 9: Management Types of KPIs

• There are four main types of management KPIs:

  • Strategic

  • Functional

  • Operational

  • Leading vs. Lagging KPIs.

• Leading KPIs track current performance and prompt proactive adjustments, while lagging KPIs provide retrospective insights.

Page 10: Importance of KPIs

• KPIs ensure organizational alignment towards strategic goals by:

  • Keeping teams directed and focused.

  • Providing realistic progress checks and identifying risk factors.

  • Informing financial status and helping determine what strategies are effective or need modification.

• Promotes accountability within the organization.

Page 11: Implementing and Embedding Strategies (1)

• Implementation involves converting strategic plans into actionable activities aimed at achieving objectives.

• Key activities include:

  • Communicating organizational vision and values.

  • Establishing accountability.

  • Creating focused action plans.

  • Tracking and sharing progress from leadership levels.

Page 12: Importance of Cooperation for Implementation

• Successful implementation relies on collaboration among various factors, including:

  • Human resources

  • Organizational structure

  • Management processes

  • Operational systems

  • Organizational culture.

Page 13: Other Factors for Successful Implementation

• Factors crucial for effective strategy implementation:

  • Education and training for employees.

  • Continuous support systems.

  • Focusing on customer needs.

  • Quality assurance of products/services.

  • Technology and automation relevancy.

Page 14: Steps in the Implementation Process

• Detailed steps for effective implementation:

  • Define objectives at both corporate and functional levels.

  • Delegate roles and responsibilities within the team.

  • Establish action plans and set milestones.

  • Execute the plans and monitor performance against KPIs.

  • Continuously review the implementation process for effectiveness.

Page 15: Marketing Objectives Example (1)

• Example of setting marketing objectives to support corporate goals:

  • Aim to increase profits by 12% over three years.

  • Target to capture 20% market share in the same time frame.

  • Development of content marketing plans aimed at four distinct client personas.

Page 16: Marketing Planning for Objective Feasibility

• Marketing objectives should include thorough feasibility assessments:

  • Analyze market conditions and competition.

  • Assess market saturation and target audiences.

Page 17: Market Strategy Implementation Considerations

• If market share objective is feasible, develop targeted content marketing for four primary customer segments.

• Apply the 7Ps of marketing mix to structure strategy effectively:

  • Planning

  • People

  • Product

  • Pricing

  • Place

  • Promotion

  • Physical evidence.

Page 18: The 7Ps of Marketing Planning

• Breakdown of the 7Ps:

  • Each element addresses specific actionable components for targeting customers:

    • Planning Process

    • People Engagement

    • Product Development

    • Pricing Strategies

    • Distribution Channels

    • Promotional Strategies

    • Physical Evidence of Quality.

Page 19: Developing Ideal Client Avatars (ICAs)

• Construct Ideal Client Avatars (ICAs) to tailor market strategies:

  • Young mothers with preschool children.

  • Creative freelancers.

  • Semi-retired educators.

  • Individuals seeking entrepreneurial routes.

• This aids in understanding customer needs more effectively.

Page 20: Action Plan Requirements Based on ICAs and the 7Ps

• Define action items based on client avatars' needs:

  • Tailor marketing and sales processes as per ICA segments.

  • Assign responsibilities for content creation and customer service.

  • Establish relevant pricing, promotional tactics, and quality assurances.

Page 21: Sales Level and Market Share Analysis

• Assessing required sales level to meet functional objectives:

  • Target to achieve a 12% profit increase through market share growth.

• Quantitative analysis should inform feasibility of set goals.

Page 22: Market Share Growth Feasibility

• Estimate the necessary sales to capture market share:

  • The business must calculate potential sales volume needed to yield the desired market share growth.

Page 23: Evaluating Feasibility of Revised Objectives

• Determine revised functional objectives to increase market share and profits:

  • Set realistic sales targets aligning with business capabilities.

Page 24: Summary of Key Points Discussed

• Review:

  • Purpose and measurement of business plans.

  • Importance of SMART KPIs and implementation strategies.

  • Feasibility testing for strategic objectives.

Page 25: Conclusion and Questions

• T-LEVELS and T-Level are registered trademarks, underscoring the significance of this qualification.

• Open forum for questions and clarifications regarding the topics covered.