Table of contents:
Mission/ Vision/ Objectives
Product Design Strategy
Entry Level & Multi-Featured Assembly Strategy
Compensation Training & Labor Strategy
Corporate Citizenship Strategy
Candid Cameras, Inc.’s mission is to commit itself to produce the highest quality cameras in the industry. It will attain its mission through its vision by becoming a preeminent global manufacture, delivering innovative and beneficial products. The company will strive to increase revenues by 10% annually over the next five years using a best-cost provider strategy. The company will meet and/or beat investors expectations each year with EPS at $2.20 or above, ROE will increase 2% annually and its Image Rating will remain at least 80 points. Product Design/Marketing
Candid Cameras, Inc. will design its cameras to satisfy customer needs. Its entry-level and multi-level cameras will include quality components from suppliers at the lowest production costs. It will strive to attract customers in all four regions through multi-store chains, online retailers, and local camera shops.
The company will market its products at the lowest possible cost. It will strive to increase revenue by capturing the North American market since both entry- level & multi-featured cameras are highly popular in that region. It will offer promotions and strive to lessen its warranty claims by producing high quality cameras. Entry Level & Multi-Featured Assembly
Candid Cameras, Inc. will ensure an increase in assembly during the next five years to meet the projected demand due to marketing efforts, especially in North America. The company will increase assembly by 5% in quarters 1, 2, and 4, then 8% in quarter 3 to account for increase in demand due to holiday shopping. The company will reduce retailers overstock by investigating demand fluctuation, and will adjust its strategy based on exchange rate fluctuations. Compensation & Training/Labor
The company will compensate employees by increasing base pay wages 2% each year leaving bonuses, perfect attendance, and fringe benefits with minimal changes annually. $100 for each Production Assembly Team (PAT) member will be allocated for training purposes. This will provide each employee with refreshed skills, increased motivation, and improved competency in their tasks. Labor needs will consist of temporary, overtime, and outsourcing needs to meet customer demand. Corporate Citizenship
Candid Cameras, Inc. will strive to maintain a high image rating by utilizing its social responsibility and citizenship skills to contribute to world issues and employee welfare. The company will contribute a percentage or base dollar amount each year to worthy causes and contribute to the betterment of its employees as well by improving working conditions.
In the next 5 years, the company will strive to maintain at least an A- credit rating to attract investors and receive its needed line of credit annually for growth. In addition to that, Candid Cameras, Inc. will be able to request a lower interest rate on all loans. The company will utilize funds with the intentions of the shareholders in mind and ensure reduce costs to prevent emergency loan requests.
Candid Camera’s, Inc. strategic plan for years 2012 – 2016 provides a guide for describing and accomplishing priorities over the next 5 years. It reflects the goals, objectives, and certain areas of emphasis. The plan places a strong emphasis on a best-cost provider strategy within the industry, reinvigorating the company’s image, and producing high performance quality products (Thompson,...
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