Prepare a draft document for review that includes the following for Tiffany & CO

• Auditing Plan/Balanced Scorecard that will define how objectives are going to be tracked over the next three years.
• Contingency plan that outlines what steps can be taken to address unforeseen changes to internal or external environments over the coming three years.

Answer:

Tiffany & Co Strategic Plan.

Executive Summary.

Strategic planning involves the analysis of changes in the environment, formulating objectives of the organization, and defining performance benchmarks for evaluation. Additionally, it involves allocating resources to the most relevant activities. Most importantly, the strategic planning framework includes planning, organizing a team of management, and auditing the environment.

Introduction.

Tiffany & Company was founded by Charles Lewis Tiffany and John F. Young in 1837. The company deals in stationery and costume jewelry. This paper will provide and document a 3-year strategic plan for Tiffany & Co in relation to the formulation, implementation, and evaluation.

Strategy Formulation.

The development of the strategy will be based on environmental scanning. This technique will analyze both internal and external environments. More precisely, important environmental trends that would influence the operations of Tiffany & Co. The PESTLE analysis would be the best tool to perform environmental scans for external factors. The tool will capture the political, economic, socio-cultural, technological, legal, and environmental factors.

Effective strategies to be adopted by Tiffany & Co in positioning include low cost and product differentiation to address the needs of diverse consumers in the market. Additionally, the company should open several stores across the country to foster the distribution of its products to consumers.

Strategy Implementation.

Most importantly, Tiffany & Co need to implement main action items that have the capacity to sustain its performance capacity for the next three years. More precisely, the action items would enhance the implementation of key strategic plans. The key tasks to be included in the implementation of strategic plans include the performance of a feasibility study, recruiting new staff, installation of task control and assessment panels, as well as operating work plans and purchase of new equipment.

Strategy Evaluation.

The balanced scoreboard will contain quality, customer retention, customer satisfaction, return on investment, and revenue growth as well as market penetration rate for the next three years. The evaluation will be conducted semi-annually to determine the progress of the project. The risk Management Plan will address the potential risks that are likely to affect the operations of the company. Additionally, the contingency plan would involve the identification of alternative raw materials, new sources of raw materials, and lowering the costs to attract more customers.

An audit plan is the reasonable and attainable standards against which the performance, efficiency and effectiveness of the activities are accessed. Auditing Plan through which the objectives are going to be tracked over next 3 years:

• Level of Contribution to empower the management system and its performance.
• By evaluating the compatibility of management system with the policy, strategic plans its directions and organizational objective as a whole.
• It must include complete accounting knowledge of client business for the next 3 years.

Contingency plans/steps for unseen changes in Internal and External environment in next 3 years:

1. Firstly, the planners will diagnose the major issue for which the change is needed in the plan.
2. After diagnosis, the stakeholder's interest and the goal of the organization is taken into consideration.
3. Then, the stakeholders will be stimulated through empowerment, motivation and education to adapt the change in plan.
4. After convincing them, new management plan is prepared and executed to achieve the desired goal.
5. Standardization of the changed program is evaluated in which they compare the present way of doing things with the past plans.
6. At last, the performance or the effects of the changed program is evaluated.

Reference - Business Process Management Journal.