CustoMayD Designs Strategic Framework
INTRODUCTION
An important aspect of starting a successful business is making strategic decisions. Using the information provided in the scenario, you will identify external opportunities and threats. You will write value statements that align with the vision and mission of the company and consider how different transaction approaches fit with the vision and mission. Establishing a culture of continuous improvement will also need to be explained. Using the attached “Ansoff Growth Matrix” template, you will classify future areas of growth that will complement your knowledge of critical thinking for business growth.SCENARIO
Two colleagues (Diego and Maya) start a new, U.S.-based, custom-design shoe manufacturing and storefront retail business called “CustoMayD Designs” using a combination of a 3D manufacturing process (also known as additive manufacturing) and premade kits. Diego has extensive marketing experience and Maya is the technologist.
Diego knows that consumers want customized products, and even with the growth in online product availability, consumers still desire an engaging in-person retail experience. Diego is convinced that providing customers the opportunity to walk out of the store with custom shoes that feature built-in orthotic insoles in addition to allowing customers to view the 3D printing of some shoe components will increase awareness for the new company and increase sales. The company will use recycled and organic materials and adopt zero-waste processes.
Using an automated 3D manufacturing process allows for making a significant proportion of shoe components closer to the customer, which results in a shorter supply chain that distributes manufacturing, reduces lead time, limits shipping, and is more sustainable. In addition, the company has the option of using a high-tech transaction approach that uses automated sales and payment kiosks, or the company can choose a high-touch approach that does not use automated kiosks and has more employees present in the store.
CustoMayD Designs Vision Statement
Creating a better everyday life for disadvantaged communities by providing employment and shopping opportunities through locally manufactured, customized, affordable products.
CustoMayD Designs Mission Statement
We invest in local production sites that use sustainable practices to provide an affordable, customized shoe experience that transforms how consumers feel about their footwear.
STEEPLED Analysis: A Scan of External Forces That May Impact the Footwear Industry
Social
brand footwear as part of a personal brand
work leisure wardrobes
nonbinary and gender-neutral products
Technical
robot retail
cost of 3D printing is diminishing
athletes considering technical advancements for a performance edge
Economic
consumers needing custom insoles at an affordable price
consumers wanting affordable indulgences
ease of online comparison shopping
Environmental
zero waste to landfill manufacturing
retail design allowing for social distancing
use of recycled elements
use of organic elements
Political
consumer demand for products made in the United States
revitalization of lower-income neighborhoods
place-based payroll tax incentives
Ethical
consumers wanting to buy from companies that do not violate international labor standards on child labor
consumers rewarding businesses that are socially responsible and use their profits for good
consumer support for businesses owned by disadvantaged populations
Demographic
individuals with lower back pain
rise in the number of people with diabetes
increasing obesity rates
REQUIREMENTS
Your submission must be your original work. No more than a combined total of 30% of the submission and no more than a 10% match to any one individual source can be directly quoted or closely paraphrased from sources, even if cited correctly. The similarity report that is provided when you submit your task can be used as a guide.
You must use the rubric to direct the creation of your submission because it provides detailed criteria that will be used to evaluate your work. Each requirement below may be evaluated by more than one rubric aspect. The rubric aspect titles may contain hyperlinks to relevant portions of the course.
Tasks may not be submitted as cloud links, such as links to Google Docs, Google Slides, OneDrive, etc., unless specified in the task requirements. All other submissions must be file types that are uploaded and submitted as attachments (e.g., .docx, .pdf, .ppt).
A. Use the provided scenario, including the STEEPLED analysis, to do the following:1. Identify two external opportunities for the company that each represent conscious capitalism.a. Explain how each opportunity in part A1 represents conscious capitalism.
2. Identify two external threats for the company.a. Explain how each threat in part A1 could be mitigated.
B. Using the scenario, including the vision and mission statements, describe three core values for the company, and discuss how each core value aligns with the vision and mission statements of the company.
C. Based on the scenario, choose a high-tech transaction approach or high-touch approach, and explain how your choice aligns with the company’s mission and vision statements.• High-tech transaction approach: Uses automated sales and payment kiosks.• High-touch approach: No automatic kiosks and more employees present in the store
D. Choose one of the following continuous improvement tools and explain how you would use it to establish a culture of continuous improvement at CustoMayD Designs, including sponsorship, team membership, goals, and communication:• Kaizen• Six Sigma• Lean• Plan-Do-Check-Act (PDCA)
E. Explain how two characteristics of the CustoMayD Designs product could decrease customer price sensitivity, making demand inelastic.
Note: Consider using the information provided in the scenario, including the STEEPLED analysis.
F. Propose a market development strategy, product or service development strategy, or diversification strategy for CustoMayD Designs, and explain how the strategy aligns to the selected quadrant of the attached “Ansoff Growth Matrix.”
Note: Consider using the information provided in the scenario, including the STEEPLED analysis, along with your own observations of consumer trends to think of possible strategy examples for each empty quadrant of the attached “Ansoff Growth Matrix” for CustoMayD.
G. Acknowledge sources, using in-text citations and references, for content that is quoted, paraphrased, or summarized.
H. Demonstrate professional communication in the content and presentation of your submission.