HRM3706
[Date]
Assignment 5
(COMPLETE
ANSWERS) Semester 2
2024
, HRM3706 Assignment 5 (COMPLETE ANSWERS)
Semester 2 2024
PERFORMANCE MANAGEMENT AT ZONK’IZIZWE TRADING
STORE Provide advice on how best to align the strategic
objectives/goals of Zonk’izizwe Trading Store with the operational
plan of the department and individual performance goals in order
to ensure that the strategic goals are implemented successfully.
Provide relevant examples. [20]
To effectively align the strategic objectives of Zonk’izizwe Trading Store with its operational
plan and individual performance goals, the organization must follow a structured approach to
performance management. This ensures that all levels of the organization are working cohesively
toward achieving the overall business strategy. Here’s how Zonk’izizwe Trading Store can
accomplish this:
1. Understanding Strategic Objectives
The first step is to have clear, well-defined strategic objectives for Zonk’izizwe Trading Store.
These may include:
Market Expansion: Growing the store's presence in new regions.
Customer Satisfaction: Enhancing customer experience.
Revenue Growth: Increasing sales through improved product offerings.
Operational Efficiency: Reducing costs and improving supply chain management.
2. Translate Strategic Objectives into Departmental Goals
Each department must have specific operational goals that contribute to the overall strategy. This
is often referred to as cascading objectives, ensuring that the strategic plan is reflected in each
business unit's operational plans. For instance:
Marketing Department: If the store aims to expand its market, the marketing
department may have goals such as increasing brand awareness through targeted
advertising, launching promotional campaigns, and improving customer engagement on
digital platforms.
Sales Department: Align with the objective of revenue growth by setting sales targets,
improving the customer conversion rate, and enhancing upselling techniques.
Procurement and Supply Chain: Improve operational efficiency by reducing lead times
and negotiating better deals with suppliers to support the strategic goal of cost reduction.
Example:
[Date]
Assignment 5
(COMPLETE
ANSWERS) Semester 2
2024
, HRM3706 Assignment 5 (COMPLETE ANSWERS)
Semester 2 2024
PERFORMANCE MANAGEMENT AT ZONK’IZIZWE TRADING
STORE Provide advice on how best to align the strategic
objectives/goals of Zonk’izizwe Trading Store with the operational
plan of the department and individual performance goals in order
to ensure that the strategic goals are implemented successfully.
Provide relevant examples. [20]
To effectively align the strategic objectives of Zonk’izizwe Trading Store with its operational
plan and individual performance goals, the organization must follow a structured approach to
performance management. This ensures that all levels of the organization are working cohesively
toward achieving the overall business strategy. Here’s how Zonk’izizwe Trading Store can
accomplish this:
1. Understanding Strategic Objectives
The first step is to have clear, well-defined strategic objectives for Zonk’izizwe Trading Store.
These may include:
Market Expansion: Growing the store's presence in new regions.
Customer Satisfaction: Enhancing customer experience.
Revenue Growth: Increasing sales through improved product offerings.
Operational Efficiency: Reducing costs and improving supply chain management.
2. Translate Strategic Objectives into Departmental Goals
Each department must have specific operational goals that contribute to the overall strategy. This
is often referred to as cascading objectives, ensuring that the strategic plan is reflected in each
business unit's operational plans. For instance:
Marketing Department: If the store aims to expand its market, the marketing
department may have goals such as increasing brand awareness through targeted
advertising, launching promotional campaigns, and improving customer engagement on
digital platforms.
Sales Department: Align with the objective of revenue growth by setting sales targets,
improving the customer conversion rate, and enhancing upselling techniques.
Procurement and Supply Chain: Improve operational efficiency by reducing lead times
and negotiating better deals with suppliers to support the strategic goal of cost reduction.
Example:
