Bus475: Final Business Model and Strategic Plan

Title of Paper

Stacey Gash

BUS/475

10/05/2015

Faculty Name

Title of Paper

The last and final step in the strategic plan for the New York Times will tie in all that has been previously talked about as well as the strategies and tactics they plan to use as well as the ways in which things will be monitored.  When you look at the vision and mission statement, the SWOTT analysis, and the balanced scorecard that have all been discussed it is evident that there is a good foundation for which the New York Times can stand on.  By incorporating all of these things it is apparent the different strategies, tactics, and monitoring measures that need to be taken to ensure success.  By being proactive and planning ahead for obstacles they can better prepare for what may lay ahead.  By practicing these behaviors they will ensure every possible chance to obtain success.  

Tactics and Strategies

After evaluating the New York Times and seeing where the focus should be placed based off of the SWOTT analysis and balanced scorecard it is clear as to which tactics and strategies need to be implemented.  The company really needs to place focus on a few areas including profitability, employee satisfaction, and customer satisfaction.  The mission statement explains that it is the New York Time's mission to report honest and interesting information while making sure to please and entice the readers/customers.  By placing focus on these three areas they will ensure that the success and growth of the company is possible.  

        When discussing profitability it was brought up on the SWOTT analysis that they would like to increase the amount of profit and decrease the amount of lost sales.  In order to accomplish this they must make sure to keep things exciting yet honest.  In doing this they are following their mission statement and ensuring that their ratings continue to grow and as that happens they will also see the profitability of the company grow as well.  They also must make sure to utilize more people's talent while maintaining if not decreasing the size of the workforce which will also help to keep the profitability up as well.  Overall following these strategies they will do the best they can to see the profitability grow.

         The next place in which a strategy needs to be implemented is employee satisfaction.  In order to help out profitability it will be key that they ensure that the time and money spent on training employees does not go to waste by high turnover.  Putting focus on not only upper management but also entry level positions will allow for more satisfied employees and less turnover.  Having happy employees will also keep the morale up for the company as a whole leaving the employees happy with the environment they work in.  Making sure to reward for such things as perfect attendance, top performer, and quickest learner will keep the employees engaged in their jobs and duties.  Following these strategies will help to increase employee satisfaction and decrease turnover rates.  

        The next and final strategy that needs special focus is customer satisfaction.  Without the customers the New York Times would not exist so giving extra attention to them will ensure the overall success for the company.  Offering perks to the customers such as free trial subscriptions and things such as this will help to keep them entertained by the paper and it will also help to attract new customers as well.   If there is not special focus placed on the customer then the newspapers overall ratings will suffer and so will the profitability.  In any business where the customers determine your success it is key to always put the customer first and at most times no matter the cost.  This is what the New York Times does and it shows in the ratings and overall customer number.

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