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STEP: 1. To get started, this week you will select an existing company you feel
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STEP: 1. To get started, this week you will select an existing company you feel would benefit from expanding either its product line or services and submit your chosen company and idea in essay format. STEP: 2. Describe in detail your new idea for your chosen company. Provide the SWOT component related to your idea and explain. (Ex: ensure to include your idea in the opportunities of your SWOT.) Include production and logistics of your new idea. (Ex: do you need to expand your building, add more employees, build a new production line, add a distribution center in another country.) Be specific. Outline how it impacts the company’s growth, competition, or market demands (it could affect some or all). Be specific and use research, data, statistics, and make an estimation how much it could add to the company’s profit margin and how you foresee this growing the company. Explain “How and when” you will implement your idea. Again, be specific. For example, proposed launch is in Spring of 20XX. Don’t state immediately. Immediately can mean different things to different companies. Be thoughtful and come up with a specific date of your launch and provide a reason for that launch date. STEP:3. First, create an organization chart (Org. chart) of your chosen company or modify the current company’s org. chart. Summarize the groups/departments you envision that are needed for your “new idea”. You can propose new staffing positions if applicable. Identify and explain if your company has the resources available or would possible outsourcing be an option? Be sure to list the main resources you will need. Outline and describe the approximate cost associated with the implementation of your idea and how this will potentially affect the company’s bottom line (profits/revenue). STEP 4: Describe how your leadership style will be instrumental in launching your new idea. (This is important to show how your leadership is instrumental in the success of this idea to your boss and senior leadership. They need the confidence in you to execute this idea and ensure throughout the implementation process there are control measures and processes for feedback). Explain the control points of your new idea: Explain how the company will evaluate the product or service? Describe how the company will receive feedback about the product or service? Define how the company will address either a poor product or service?