Strategic Plan Analysis

Topics: Management, Quality of service, Decision making Pages: 5 (1328 words) Published: May 18, 2010
Strategic Plan Analysis � PAGE * MERGEFORMAT �7�

Strategic Plan Analysis

A paper submitted in the course of

Quality Management and Productivity MGT/449

Abstract

Quicken Loans Has developed a systems of beliefs called ISMs; these ISMs are practiced by all employees in the process to provide the highest quality of service to all customers. Quicken Loans uses autocratic and paternalistic management styles to increase efficiency and effectiveness within the organization. Quicken Loans takes pride in providing high quality services to all customers by focusing on Total Quality Management. Without TQM Quicken Loans would not have the exceptional reputation like they do at this point.

Strategic Plan Analysis

Quicken Loans Is a large mortgage company with over 23+ years experience as a mortgage lender. Quicken Loans, according to National Mortgage News, is America's largest online lender and is one of few companies in the mortgage industry to practice Total Quality Management. The mission and vision of Quicken Loans are like no other company in the mortgage industry. The Specific Management styles used at Quicken Loans consist of autocratic and paternalistic. The Total Quality Management styles and characteristics are in place to make Quicken Loans more effective and efficient than their competitors. Quicken Loans promises to deliver the best quality mortgage experience by making the process as simple and quick as possible.

Mission, Vision and Objectives

Quicken Loans operates from a belief system that allows their employees to focus on ways to be better at what they do by breaking their mission statement into 22 ISMs. The ISMs are a basic foundation of how an employee is expects to act on a daily basis in and out of work. Quicken Loans promotes the ISMs around their offices and recognizes individuals who participate in living the ISMs with the ability to receive a bonus based on the number of ISMs nominations received. One main ISMs is "Every client. Every time. No exceptions. No excuses (Quicken Loans, 2008)." What this means is that the client needs to be taken care of, calls and emails must be returned the same day and every client receives a fair chance at using Quicken Loans for their financing options. Quicken Loans is obsessed with finding a better way of doing mortgage loans and making their customers happy. Quicken Loans incorporates their belief system into the vision of the organization because the ISMs are what make them so much different from their competitors. Quicken Loans looks to become their client's lender for life by providing the highest quality of service possible. Becoming the #1 online lender in the nation is a very difficult task to undergo. Quicken Loans looks to provide the highest quality of service by each employee practicing the ISMs daily. Making the process as simple as possible eliminates confusion on the client's part and makes the entire process easier for everyone.

Management Styles

Quicken Loans uses both an Autocratic and Paternalistic management style to perform their daily activities at the most effective manner possible. The Autocratic or Authoritarian style occurs when management makes all the decisions and keeps all the information about the decision making to upper management (Grzeskowiak, 2005). The Paternalistic style is a dictatorial style that tends to lean towards the best interest of the employees rather than the business. This style is used to ensure that the employees will want to work and want to provide a good experience to their clients. Happy employees provide happy clients and happy client's leads to more referral business and higher revenues.

Stonybrook Financial Services uses a Democratic management style where all employees vote and make the decisions together (Grzeskowiak, 2005). Lawson believes that involving the employees in the decision-making and planning process, provide continual training and support and offer praise freely is...
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