Goal Setting Framework: The First Of Six Performance Steps

Goal Setting Framework the First Of Six Steps of Performance

The first of six steps of performance management consists of goal setting. Assume that you work for the Los Angeles Tribune, a large but struggling newspaper publisher with distribution throughout the Los Angeles region. Various problems have arisen that need to be addressed: The cost of paper is rising; the cost of distribution is rising; circulation revenue is down; advertising revenue is down, largely due to free online listings offered by Craigslist and other online advertising services; customers are largely in the 40+ age range; and the current number of employees cannot continue to be supported if revenue continues to shrink. You have been selected by the CEO to construct a goal-setting framework that focuses on three of the six issues above.

In your APA formatted two- to three-page paper, include a goal statement for each of the three issues you’ve chosen and describe the corresponding strategies, tactics, activities, measures of success, and goal measurements you recommend. Support each with your rationale, citing the textbook as necessary, and be sure to provide specific examples within the activities section. In addition to your two- three pages of written content, a title page and reference page are required. For this assignment, it is possible to make reasonable assumptions regarding the organization’s economic situation and business climate. Be sure to specifically mention any such assumptions that you are making within your paper.

Paper For Above instruction

Introduction

The Los Angeles Tribune faces significant financial and operational challenges that threaten its sustainability and growth. To address these issues effectively, a structured goal-setting framework is essential. This paper develops targeted goals focusing on three critical problems: rising costs of paper, declining circulation revenue, and the shrinking customer base dominated by the 40+ demographic. For each issue, comprehensive strategies, specific activities, measures of success, and appropriate metrics are articulated, supported by relevant academic principles and industry examples.

1. Reducing the Cost of Paper

Goal Statement: To decrease paper costs by 15% within 12 months through strategic supplier partnerships and operational efficiencies.

Strategies and Tactics: The primary strategy involves renegotiating supplier contracts to secure better rates and exploring alternative, eco-friendly paper sources. Tactics include conducting a comprehensive supplier review, benchmarking current prices against market quotes, and establishing relationships with sustainable paper vendors. Implementing internal process improvements, such as reducing paper waste through staff training and adopting digital workflows for layout and printing decisions, will augment cost savings.

Activities: Organize supplier negotiations, implement staff training on waste reduction, and pilot a paper recycling program to identify waste reduction opportunities. For example, switching to 100% recycled paper could reduce costs and improve environmental sustainability.

Measures of Success: Cost savings achieved through contracts, waste reduction reports, and monitoring of paper usage trends month-over-month.

Goal Measurement: A 15% reduction in total paper expenditure within one year, tracked via procurement records and waste audits.

2. Increasing Circulation Revenue

Goal Statement: To boost circulation revenue by 10% over the next 12 months by expanding subscription offerings and leveraging digital distribution channels.

Strategies and Tactics: Develop tiered subscription models, including premium digital content and bundled print/digital packages. Tactics include launching targeted marketing campaigns to existing customers, offering introductory discounts, and creating exclusive digital content to incentivize subscriptions.

Activities: Implement a digital marketing strategy utilizing social media advertising, email campaigns, and localized promotions. Conduct customer surveys to identify content preferences, and tailor offerings to increase loyalty and subscription conversions. For example, introducing a digital-only subscription option at a lower price point may attract younger readers and diversify revenue sources.

Measures of Success: Number of new subscriptions, renewal rates, and revenue generated from new and upgraded subscription packages.

Goal Measurement: Achieving a 10% increase in circulation revenue by year-end, monitored through subscription databases and financial reports.

3. Diversifying Customer Demographics

Goal Statement: To expand the customer base by 20% in the 30-50 age group within 18 months through targeted content and engagement strategies.

Strategies and Tactics: Develop content aligned with the interests of millennial and Gen X audiences, such as technology, lifestyle, and local events. Tactics include leveraging social media platforms, hosting community events, and enhancing digital content accessibility.

Activities: Launch digital engagement initiatives like podcasts, webinars, and social media challenges that resonate with younger demographics. Establish partnerships with local businesses for event sponsorships, and curate content that emphasizes local community stories and tech trends. For example, creating a mobile app with personalized news feeds tailored to user preferences can increase engagement and subscription conversion among younger readers.

Measures of Success: Digital engagement metrics (social media shares, comments), new subscriptions from targeted age groups, and attendance at sponsored events.

Goal Measurement: A 20% growth in the targeted demographic within 18 months, tracked via subscription demographics and digital analytics tools.

Conclusion

Addressing the pressing issues facing the Los Angeles Tribune requires clear, measurable goals coupled with strategic and tactical actions. By focusing on reducing costs, increasing revenue, and diversifying the customer base, the newspaper can stabilize its financial position and foster sustainable growth. Implementing these goals with ongoing measurement and adjustment will ensure continuous improvement and alignment with organizational objectives.

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