100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
OL-325-Final Project Milestone 1, 2, 3, & 4 Combined Revision Study Guides, Correctly Answered Questions, Test bank Questions and Answers with Explanations (latest Update), 100% Correct, Download to Score A$20.49
Add to cart
OL-325-Final Project Milestone 1, 2, 3, & 4 Combined Revision Study Guides, Correctly Answered Questions, Test bank Questions and Answers with Explanations (latest Update), 100% Correct, Download to Score A
0 view 0 purchase
Course
OL-325 Project Milestone 1, 2, 3, & 4
Institution
OL-325 Project Milestone 1, 2, 3, & 4
OL-325-Final Project Milestone 1, 2, 3, & 4 Combined Revision Study Guides, Correctly Answered Questions, Test bank Questions and Answers with Explanations (latest Update), 100% Correct, Download to Score A
test bank questions and answers with explanations latest update
100 correct
Written for
OL-325 Project Milestone 1, 2, 3, & 4
All documents for this subject (1)
Seller
Follow
jameswest
Reviews received
Content preview
OL-325-Final Project Milestone 1, 2, 3, & 4 Combined
Revision Study Guides, Correctly Answered Questions, Test
bank Questions and Answers with Explanations (latest
Update), 100% Correct, Download to Score A
Running Head: FINAL PROJECT MILESTONE 1, 2, 3, & 4
Final Project Milestone 1, 2, 3, & 4
Erin Pritchard
Southern New Hampshire University
, OL-325-Final Project Milestone 1, 2, 3, & 4 Combined
Revision Study Guides, Correctly Answered Questions, Test
bank Questions and Answers with Explanations (latest
Update), 100% Correct, Download to Score A
Executive Summary
E-Sonic has decided to enter a new phase in marketing their music to the public and
realized that they are strong in contacts, customers, and music assortments, yet they need an
outside influence for marketing and software solutions. The objective of this project is to
prepare e-Sonic with a strategic plan for compensating their employees and leading them to
attract and retain top talent in their market. E-Sonic is entering the market against many large
and small firms that offer the same online sales of instant music but wants to stand out from the
rest whilst focusing on customer care, production, employee fulfillment, and remaining true to
the firm’s values and mission (Martocchio, 2015).
During this project, the main objectives and findings were a deep analysis and strategies
used to create a successful compensation plan. To create an effective plan analyzing external
influences such as the economic landscape, competition, technology, consumer tastes, and the
regulatory environment that can affect e-Sonic’s success. The industry profile through NAICS,
provides e-Sonic a means to measure and classify economic activity (SICCODE, 2019). By
having a code that identifies the type of business e-Sonic will be listed under. Examining the
competition in the United States as well as internationally, will also benefit the firm by helping
them become aware of what e-Sonic will be up against. Conducting the proper labor-market
assessment and paying close attention to their internal, functional, and human resource
capabilities will further ensure e-Sonic’s success in the record industry as well as their
company’s future stability (Martocchio, 2015).
The next major step in creating a detailed and efficient plan is to design a successful pay
methodology. Creating jobs from benchmark jobs, job descriptions, and job structures, using a
point evaluation method whilst taking coampensable factors and factor degree statements into
, OL-325-Final Project Milestone 1, 2, 3, & 4 Combined
Revision Study Guides, Correctly Answered Questions, Test
bank Questions and Answers with Explanations (latest
Update), 100% Correct, Download to Score A
consideration. Determining Proper Weights for compensable factors and calculating points will
determine the appropriate pay-policy mix. Pay policy level decisions will be made based on job
structures and the skills required to do those job. Using merit-based pay systems will be what e-
Sonic will use especially if they want to reward employees based on their performance. Once all
the jobs are separated and their points are distributed the reconciliation of those pay grades,
salaries, and job duties can be seen (Martocchio, 2015).
Furthermore, by using external competitiveness by comparing e-Sonic to other firms in
their field, in conjunction with a compensation survey that will compare data e-Sonic will have a
stabile foundation formed to represent fair compensation. Implementation of the new system will
be next, and interpretation of the results will be conducted. The proper software developed for
calculating the job evaluation points and the pay values can be used to run a regression and will
do all the calculating for the analyses for each job structure. Each section of this analysis builds
and depends on each other to create a solid foundation for e-Sonic to measure their success in the
competitive market, provide fair, proper, and legal wages, benefits and competitive
compensation. All factors must be taken in consideration, used, annually updated, and
maintained to ensure the proper talent is being recruited, offered compensation that reflect e-
Sonic’s values, and retain the valuable employees needed to remain successful (Martocchio,
2015).
Strategic Analysis
Sonic Records has been a successful and reputable company in the music industry for 30
years. Sonic Records has totaled over 15 billion dollars in revenue just 5 years ago, proving
their long-term success. However, in the last few years the decline in sales of music CD’s has
caused Sonic Records to re-evaluate their business strategy. Learning that people were burning
their
, OL-325-Final Project Milestone 1, 2, 3, & 4 Combined
Revision Study Guides, Correctly Answered Questions, Test
bank Questions and Answers with Explanations (latest
Update), 100% Correct, Download to Score A
CD’s and downloading them illegally, they realized their company’s sales were plummeting and
change was needed to take their firm into the future successfully. Sonic Records conducted
research and learned that a computer company’s online music store has sold millions of songs in
6 days’ time. Therefore, the idea of eSonic was born and the company plans to merge into the
ecommerce world of online business sales of music (Barcelona & Martocchio, 2015).
Since Sonic Records has already established a reputable company, it will help them ease
into the ecommerce-based business despite their already successful music competitors. ESonic’s
mission is to be one of the top digital music companies worldwide (Barcelona & Martocchio,
2015). Esonic, having very little experience in creating an online website or software
development, will have to hire employees that specialize in that field if they plan to succeed.
They will need a team of employees that are versed in business, focusing particularly on
technical skills and marketing to build a strong ecommerce contender in the digital record
industry (Barcelona & Martocchio, 2015). Furthermore, eSonic will need to investigate the
industry and how they compare to other companies both nationally and internationally. Creating
a strategic compensation system will aide in the firm’s mission to succeed (Barcelona &
Martocchio, 2015).
External Environment
Whilst examining the external environment of any business, it is important to examine
the outside influences that can affect its overall revenue and success (i.e.) the economic
landscape, competition, technology, consumer tastes, and the regulatory environment
(Gartenstein, 2018). Esonic will need to carefully consider all five of these facets that compose
their economic environment if they expect to be successful in their venture into the digital music
industry. Since, Sonic Records understands the music industry and what it takes to succeed, the
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller jameswest. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $20.49. You're not tied to anything after your purchase.
