CJ 675 Discussion 4-1 Trends
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4-1 Discussion: Trends
Explain why identifying internal and external trends is vital for quick intervention and how you would develop a tactical plan to reduce a trend.
Identifying internal
and external trends
is crucial for swift intervention and effective decision-
making. Let us delve into why these matters and how to develop a tactical plan to mitigate unfavorable trends:
1.
Importance of Identifying Trends
:
o
Internal Trends
:
Several factors, such as operational efficiency, employee morale, financial
performance, and process effectiveness, are associated with these, which originate from within an organization.
To identify areas for improvement, optimize resources, and improve overall organizational health, it is beneficial to have a thorough understanding of the internal trends of the organization.
External Trends
:
Market dynamics, technological advancements, regulatory changes, and customer preferences are external factors that can impact these factors.
Recognizing external trends to facilitate initiative-taking adaptation, risk mitigation, and strategic alignment with the constantly changing landscape
is crucial.
o
Quick Intervention
:
Organizations can swiftly respond to emerging challenges or capitalize on opportunities by simultaneously monitoring both internal and external trends.
It is essential to intervene promptly to prevent problems from becoming more severe, preserve competitiveness, and cultivate resilience.
2.
Developing a Tactical Plan to Reduce a Trend
:
o
SWOT Analysis
.
To evaluate the internal strengths and weaknesses, as well as the external opportunities and threats, it is necessary to conduct a SWOT analysis, which stands for strengths, weaknesses, opportunities, and threats.1. Determine the areas
in which the organization is experiencing adverse effects because of trends.
o
SMART Goals
:
To reduce trends, it is essential to establish SMART goals, which are specific, measurable, attainable, relevant, and time bound.
One example of a SMART goal could be to improve customer satisfaction scores by 10% within six months if there is a decreasing trend. o
Initiatives and Actions
:
To address the identified trend, it is necessary to define specific initiatives.
Improvements to processes, employee training, product enhancements, and marketing campaigns are all examples of what could fall under this category.
Ensure that responsibilities are assigned, and resources are distributed appropriately.
o
Budget and Timeline
:
Estimate the number of financial resources that are required for each initiative.
Develop a timeline that is as accurate as possible for the implementation. o
Key Performance Indicators (KPIs)
:
Establish Key Performance Indicators (KPIs) to measure progress.
An example of this would be monitoring customer satisfaction, employee engagement, or revenue growth levels.
o
Roles and Responsibilities
:
It is imperative to establish who is responsible for conducting each initiative.
Ensure that all teams and departments are aligned with one another.
A tactical plan provides a roadmap for focused action, enabling organizations to adapt swiftly and stay ahead of trends.
References
Olsen, E. (2023, May 1). Internal & External Analysis
. OnStrategy. https://onstrategyhq.com/resources/internal-and-external-analysis/
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