Business & Strategic Decisions
An important aspect of starting a successful business is making strategic decisions. Using the information provided in the scenario, you will identify external opportunities and threats. You will write value statements that align with the vision and mission of the company and consider how different transaction approaches fit with the vision and mission. Establishing a culture of continuous improvement will also need to be explained. Using the attached “Ansoff Growth Matrix” template, you will classify future areas of growth that will complement your knowledge of critical thinking for business growth.
SCENARIO
Two colleagues (Diego and Maya) start a new, U.S.-based, custom-design shoe manufacturing and storefront retail business called “CustoMayD Designs” using a combination of a 3D manufacturing process (also known as additive manufacturing) and premade kits. Diego has extensive marketing experience and Maya is the technologist.
Diego knows that consumers want customized products, and even with the growth in online product availability, consumers still desire an engaging in-person retail experience. Diego is convinced that providing customers the opportunity to walk out of the store with custom shoes that feature built-in orthotic insoles in addition to allowing customers to view the 3D printing of some shoe components will increase awareness for the new company and increase sales. The company will use recycled and organic materials and adopt zero-waste processes. Business & Strategic Decisions
Using an automated 3D manufacturing process allows for making a significant proportion of shoe components closer to the customer, which results in a shorter supply chain that distributes manufacturing, reduces lead time, limits shipping, and is more sustainable. In addition, the company has the option of using a high-tech transaction approach that uses automated sales and payment kiosks, or the company can choose a high-touch approach that does not use automated kiosks and has more employees present in the store. Business & Strategic Decisions
CustoMayD Designs Vision Statement
Creating a better everyday life for disadvantaged communities by providing employment and shopping opportunities through locally manufactured, customized, affordable products.
CustoMayD Designs Mission Statement
We invest in local production sites that use sustainable practices to provide an affordable, customized shoe experience that transforms how consumers feel about their footwear.
STEEPLED Analysis: A Scan of External Forces That May Impact the Footwear Industry
Social
- brand footwear as part of a personal brand
- work leisure wardrobes
- nonbinary and gender-neutral products
Technical
- robot retail
- cost of 3D printing is diminishing
- athletes considering technical advancements for a performance edge
Economic
- consumers needing custom insoles at an affordable price
- consumers wanting affordable indulgences
- ease of online comparison shopping
Environmental
- zero waste to landfill manufacturing
- retail design allowing for social distancing
- use of recycled elements
- use of organic elements
Political
- consumer demand for products made in the United States
- revitalization of lower-income neighborhoods
- place-based payroll tax incentives
Ethical
- consumers wanting to buy from companies that do not violate international labor standards on child labor
- consumers rewarding businesses that are socially responsible and use their profits for good
- consumer support for businesses owned by disadvantaged populations Business & Strategic Decisions
Demographic
- individuals with lower back pain
- rise in the number of people with diabetes
- increasing obesity rates
REQUIREMENTS
You must use the rubric to direct the creation of your submission because it provides detailed criteria that will be used to evaluate your work. Each requirement below may be evaluated by more than one rubric aspect. The rubric aspect titles may contain hyperlinks to relevant portions of the course.
Tasks may not be submitted as cloud links, such as links to Google Docs, Google Slides, OneDrive, etc., unless specified in the task requirements. All other submissions must be file types that are uploaded and submitted as attachments (e.g., .docx, .pdf, .ppt).
- Use the provided scenario, including the STEEPLED analysis, to do the following:
- Identify twoexternal opportunities for the company that eachrepresent conscious capitalism.,
- Explain how eachopportunity in part A1 represents conscious capitalism.,
- Identify twoexternal threats for the company.,
- Explain how eachthreat in part A2 could be mitigated.,
- Using the scenario including the vision and mission statements describe threecore values for the company and discuss how eachcore value aligns with the vision and mission statements of the company.,
- Based on the scenario choose a high-tech transaction approach or high-touch approach, and explain how your choice aligns with the company’s mission and vision statements.,
- High-tech transaction approach: Uses automated sales and payment kiosks.,
- High-touch approach: No automatic kiosks and more employees present in the store,
- Choose oneof the following continuous improvement tools and explain how you would use it to establish a culture of continuous improvement at CustoMayD Designs, including sponsorship, team membership, goals, and communication:
- Kaizen
- Six Sigma
- Lean
- Plan-Do-Check-Act (PDCA)
Note: For the purposes of continuous improvement, sponsorship is defined as an individual in the organization who can initiate and drive the case for change/improvement, typically oversees and has primary influence over the work environment where the change is happening, will ensure resources are available for implementation, and remove roadblocks that may arise throughout the course of the project.
- Explain how twocharacteristics of the CustoMayD Designs product could decrease customer price sensitivity, making demand inelastic.
Note: Consider using the information provided in the scenario, including the STEEPLED analysis.
- Propose a market development strategy, product or service development strategy, or diversification strategy for CustoMayD Designs, and explain how the strategy aligns to the selected quadrant of the attached “Ansoff Growth Matrix.”
Note: Consider using the information provided in the scenario, including the STEEPLED analysis, along with your own observations of consumer trends to think of possible strategy examples for each empty quadrant of the attached “Ansoff Growth Matrix” for CustoMayD.
- Acknowledge sources, using in-text citations and references, for content that is quoted, paraphrased, or summarized.
- Demonstrate professional communication in the content and presentation of your submission.
