OL501 MOD Seven discussion 1

OL501 MOD Seven discussion

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OL501 MOD Seven discussion 2

The basic strategy required by the company to move in a new direction based on its

values and its commitment to producing quality goods is to invest in research and innovation of

unique wooden panels that would compete effectively in the market while aligning with the

current market trends. The company should be ready to partner with Chinese producers (Pride et

al., 2019) who would provide raw materials at lower prices than the usual ones, thus ensuring

that they lower the cost of production, thus increasing the profit margins (Sternad, 2016).

Innovation KPIs can effectively measure the company’s strategy. The KPIs align with the

innovation strategy in that they will measure the ability of the company to successfully innovate

new product ideas, launch and provide positive customer feedback. The KPI can be used

alongside the growth potential and profit margin to tell the success of the new product more

accurately, thus helping the company understand the value of the new panels in the market (KPI

Basics, nd). The customer satisfaction index is another KPI that can be used. This KPI will tell

the company how the customers are satisfied with STIA's product quality and the overall brand

experience. By assessing the customers, the company can tell if the innovative products are good

quality and competitive in the panel industry (KPI Basics, nd). The leading indicator is also

necessary as it will be used to predict the outcome of the strategy to be implemented.

Employee satisfaction and motivation are relevant metrics that effectively measure the

strategy's success. If the employees are satisfied and have a conducive working environment,

they will likely be cooperative and motivated to support and work toward the company's new

strategy. The project management, human resources, and finance departments will play the

primary responsibility in implementing this strategy. The project department will be responsible

for innovating the new wood products and ensuring that they meet the quality, market, and

sustainability needs. They will also ensure the implementation of sustainable production. The
OL501 MOD Seven discussion 3

finance department will assess the new products' generation of income, profit/loss calculation,

and minimize the production cost. The human resource department will train the employees to

ensure they align with the company values and are committed and motivated to support the

company's goals, growth, and innovation.

OL501 MOD Seven discussion 4

References
Pride, W. M., Hughes, R. J., & Kapoor, J. R. (2017). Foundations of business (5th ed.). Boston,

MA: Cengage Learning

KPI Basics (no date) KPI Basics. Available at:

https://web.archive.org/web/20170502201236/http://www.balancedscorecard.org/

Resources/Performance-Measures-KPIs (Accessed: 17 August 2023).

Sternad, Dietmar. (2016). Long-term orientation in the Benedictine monastery of Admont. Ivey

ID: 9B16M045. London, Canada: Ivey Publishing