Introduction
Wright Score is a relatively successful business that attracts clients and experiences growing revenues and net income. Since the company wants to preserve this position in the market, it should engage in continuous development. For that purpose, the business requires specific long-term goals that can act as an orienting point. That is why this assignment formulates three objectives and comments on how the company’s strategies and policies help achieve them ethically and sustainably.
Company Goals
According to the available information, Wright Score can have the following goals. First, the company is expected to expand internationally by selecting one European country and opening its subsidiary within two years. Such a long term is needed to research the new environment’s requirements, including taxation and legislation.
Second, the business should increase the volume of delighted customers by 20% in one year. This objective indicates that Wright Score should provide its clients with better service.
Third, the organization needs to keep introducing innovations and technology to make its services more affordable to customers and preserve growing revenues. All these goals are essential because they make a company distinct from its rivals, and this competitive edge successfully attracts more clients (Thompson et al., 2020). It is reasonable to comment on what current strategies can help achieve these results.
Company Policies
Wright Score relies on cost leadership, continuous communication and feedback, and international expansion. Specific evidence demonstrates that these policies are ethical and sustainable and facilitate corporate social responsibility. The goal of entering a European market and an associated strategy are ethical because the business does not violate any laws and plans to engage in sufficient preparation activities to meet the new customers’ demands (Velez-Ocampo & Gonzalez-Perez, 2019). Thus, Wright Score will be qualified to provide Europeans with high-quality services.
As for the expected increase in customer satisfaction, the strategy of feedback and continuous communication is associated with it. This process contributes to the greater sustainability of the business because satisfied clients are more loyal, which results in higher revenue from retained customers (Chen et al., 2020). Open communication and frequent feedback are appropriate tools to identify how the company is assessed in the market.
The cost leadership strategy achieves the goal of minimizing prices and increasing earnings. The latter, in turn, promotes corporate social responsibility because lower fees demonstrate that the company takes care of society, which can boost sales (Ali et al., 2020). This information shows that the specific strategies can help reach the three goals.
Conclusion
In conclusion, the given assignment has demonstrated that the Wright Score can deal with three long-term goals. They specify the expected directions of the firm’s development in the future and focus on international expansion, customer satisfaction, and making its services cheaper to customers. These objectives align with the strategies and policies currently at hand in the organization.
Furthermore, their synergy is productive for the company and contributes to positive outcomes. The specified activities make the business more ethical, sustainable, and socially responsible. These values create numerous benefits for Wright Score, and the most notable advantages include customer retention and increased revenues.
References
Ali, H. Y., Danish, R. Q., & Asrar‐ul‐Haq, M. (2020). How corporate social responsibility boosts firm financial performance: The mediating role of corporate image and customer satisfaction. Corporate Social Responsibility and Environmental Management, 27(1), 166-177. Web.
Chen, X., Despeisse, M., & Johansson, B. (2020). Environmental sustainability of digitalization in manufacturing: A review. Sustainability, 12(24). Web.
Thompson, A., Strickland, A., & Gamble, J. (2020). Crafting and executing strategy: The quest for competitive advantage: Concepts and cases. McGraw-Hill/Irwin.
Velez-Ocampo, J., & Gonzalez-Perez, M. A. (2019). Analyzing foreign expansion and corporate reputation: Review and future research agenda. Cross Cultural & Strategic Management, 26(4), 586-608. Web.