Most businesses have many aspects that entail surviving in the market and the penetration to market (Pashchuk, 2016). For such goals to be achieved, the company needs to have full of the resources and be well equipped and exploit fully the resources that are present. The business has to undergo the strategic management process, and the objectives have to be met to ensure that the goals are well attained. Understanding the business vision, mission, and the purpose of the business its nature is another important aspect. Therefore, from the book “FISH,” strategic management needs to formulate some strategies to curb the situation encountered by Jamba Juices.
Improvement of financial performance.
For Jamba Juices, there has a challenge where there was a decrease in store sales volumes. This situation may hinder and affect the business’s financial performance (Ajagbe et al., 2016). To solve such issues, essentials factors need to have put across so that the regaining of sale may be useful. Some of the strategies that would be important include improving the crucial quality of products to make the customer have complete trust in the product. For Jamba Juice, there is an aspect that the employees play a large position in ensuring the financial performance is increased in a better way. They considered that several elements need to be taken into account that entails the marketing strategy, market penetration, and other strategies.
Another strategy that would have to make is maintaining the customer at the point. Upon this factor, there should be a clear understanding of what the customer needs. As a Jamba Juice organization, there should be a strategy that ensures that it has to keep customer benefit front and center. When maintaining such values, there is the probability that retaining and acquiring more customers would be an easy thing to make hence ensuring the profitability is higher considering their would-be high sales.
For Jamba Juice to attain the sales volume, it needs to set the targets above the standards to obtain a rise in sales volume of 5%, and they need more than 200 per day. For this case, the business needs more synergy to attain such targets. This can be shown in graphs below;
Fig 1.1 improve sales volume and retention of customer (https://i.pinimg.com/originals/82/ab/66/82ab6620310011919d4b047517aade38.png)
Fig 1.2 sales volume quarterly by region (https://exceljet.net/chart/quarterly-sales-by-stacked-region)
After the formulation of the mission statement, it must follow the need to form various objectives, guiding the Jamba Juice operation in attaining the business’s set target and aims (Ajagbe et al., 2016). The purpose tries to tell us how much would be accomplished and by when it would be useful. These entail the measurable goals that the business has in terms of vision and philosophy of the culture in the organization management and leadership. This has to do with the ideas brought out in different ways that ensure more concern about the sales volume and yield more financial benefits, including profits.
Strategies have to do with the big question being “how?” the next step after the objective has been made, the strategy part becomes the next part (Pashchuk, 2016). The strategy shows how Jamba juice stores would affect their profitability function concerning sales volume. Some of the techniques that may be used include working closely with the market team, increasing the sales velocity, and understanding the customer’s point of attraction.
Tools for Implementation
This entails strategic planning and implementation. For such implementation activities, there need to have aspects such as tools or mechanisms that would be used for proper evaluation before implementing the strategy. Examples of the tools used in implementing the system include the Arrow diagram; another aspect is the balanced scorecard and the matrix diagram. These are the tools that would help evaluate where the strategy should be applied and the correct action of strategy to be taken. This tool would find the basis in which the formulation of strategy would arouse. An exact way would be considered using many aspects that would entail a clear guideline in making the best strategy to implement.
Management and leadership
The concept of management and leadership is not far from each other. For the effective managing of the business more so the Jamba Juice has to have the well strategic management (Ajagbe et al., 2016). This is more important in making the coordination of various departments and the levels of operation together. On the other hand, strategic leadership has a more profound way of making the operational activities useful to the business. Such strategies encountered in leadership strategies include the distribution of responsibilities and other channels of penetration of another process.
Motivation, operation and financial performance
Taking the example of Jamba Juice stores is one of the businesses that need to be more fulfilled with the justification of the motivation components (Pashchuk, 2016). Motivation is purposely made for staff or employees. This is an important activity such that strategies such as incentives, rewards, and gifts would help the employees be active in-service delivery. This helps so much in obtaining the increase in sale volume (operational activities), which brings more of the financial performance that is positively achieved to matter concerning a business’s profitability and net income. Upon implementing such strategies that are more beneficial to the industry, there is more benefit uncounted in making it successful in running the operations.
By giving the credit activities and incentives, these are scenarios heavily impacted in retaining the employee to ensure there are better services that would directly measure customers (Ajagbe et al., 2016). The excellent reputation that is created between the customer and the employee is significant to the business. For this reason, motivation becomes so much important aspect as a strategic tool in running the business. If the strategy is obtaining at 100% meaning the financial performance would probably go higher. The two factors show that they are mutually benefiting.
Fig. 1.3 financial data (Analysis of Financial Statements – Free Financial Analysis Guide, n.d.)
Conclusively, it is noted that applying the strategic management concept in real business has a tangible impact on the efficiency of the operation that has well ensured that business is thriving. For such cases, the firm has a lot to implement the strategies if they found a pitfall on the operation—such possibility of leadership and management in general plays a vital role in establishing the strategy.
Ajagbe, M. A., Olujobi, J. O., Worlu, R. E., & Uduimoh, A. A. (2016). Consumer Personality and Increase in Sales Volume. International Journal of Academic Research in Economics and Management Sciences, 4(4). https://doi.org/10.6007/ijarems/v4-i4/2029
Analysis of Financial Statements – Free Financial Analysis Guide. (n.d.). Corporate Finance Institute. Retrieved February 26, 2021, from https://corporatefinanceinstitute.com/resources/knowledge/finance/analysis-of-financial-statements/)
Pashchuk, L. (2016). Marketing-based human resource management strategy development. Technology Audit and Production Reserves, 5(4(31)), 33–38. https://doi.org/10.15587/2312-8372.2016.81474