Over the last several years, identity theft has become a major issue that a number of individuals are dealing with. This is because criminals are using various techniques to be able to gain access to a host of personal information including: bank accounts, credit card / social security numbers and the date of birth. Once this occurs, is when they can assume the identity of this person and begin obtaining credit in their name without the victim being aware of what is happening.
Evidence of this can be seen with a study that was conducted by Javelin Strategy and Research. They found that in 2010 there were a total of 8.1 million people that had their identity stolen. Moreover, the costs for these kinds of crimes were $37 million. (Singletary, 2011) This is significant, because it is illustrating how identity theft is continuing to be a major problem that is affecting a wide variety of people. To deal with these challenges, Identity Theft Corporation will help clients to protect themselves.
While at the same time, the firm focused on doing follow up work in assisting those who are the victims with restoring their credit rating. To determine the overall strategy that the company will be using to achieve these objectives we will focus on a number of factors including: what the firm will look like in the future, creating a strategic plan for the business, establishing a mission / value statement, examining the ownership structure and discussing various contingency plans for the company. Once this occurs, is when we can offer specific insights that will help to focus the firm on achieving these larger objectives. This is the point that we can offer detailed acumens that will allow everyone to understand the potential advantages of the firm and how to account for various drawbacks.
What will the Company look like in the Future and what is my 3-Year Plan for the Firm?
Identity Theft Corporation will be focused on two areas these include: prevention and restoration. Prevention is designed to ensure that any client who is the target of identity theft will be able to stop any kind of efforts to obtain and use information about them. This will be accomplished by having an active monitoring system in place with the various credit bureaus and banks. The moment that a criminal decides to use this information for any kind of illegal purposes is when the company is immediately notified. It is at this point that the staff members will let the client know what is happening and there will be steps taken to prevent these individuals from using the customer's information. Moreover, the firm will provide clients with detailed reports about their credit rating and any kind of suspicious activities surrounding their credit or medical history.
At the same time, Identity Theft Corporation will work with customers and credit bureaus to repair any kind of damage that takes place from these activities. This will be accomplished by having the customer provide the firm with information about their relevant charges and financial activities. This will be compared with what is seen in the credit report. Once this takes place, is when employees will work the credit bureaus / financial institutions to have any kind of charges that are fraudulent in nature removed. These elements are important, because in the future they will offer customers an all in one solution that will prevent and deal with any kind of potential identity theft. Furthermore, the ability to work with the credit bureaus and banks will help the company reach out to individuals who are the victims of identity theft that have nowhere to go. This is the point that we can increase the number of clients with the firm by addressing these basic needs.
The three-year plan for the company will be to effectively promote these services through: an online and traditional media campaign. The way that this will be accomplished online, is to use social networking and various targeted ads (i.e. pay per click marketing) to reach out to individuals that need help. While traditional media (i.e. newspapers and television) will be used to promote the company along with the kinds of services that we have to offer. This will take place throughout the entire three years. At the same time, there will be various surveys offered to customers about the quality of the services they are receiving and if they are satisfied with these products. Using the numbers that were presented earlier from Javelin Strategy and Research, this means that the firm should be able average about 810 thousand new customers per year. Over a three-year time frame, these figures would increase to approximately 2.43 million clients. (Singletary, 2009)
The Mission, Vision, and Value Statement for the Company
The mission statement of the firm will be to offer our services to anyone who has been affected by or is concerned about identify theft. This will address a need that customers will have about their credit history and how to protect it. Furthermore, it will allow the company to provide solutions that are not available anywhere else by: addressing the issues of prevention and credit repair.
The vision statement will help customers to see that this is a common problem which affects millions of people every year. The way that this will be achieved is to show how identity theft is occurring and the tactics that are being utilized by criminals to achieve these objectives. At the same time, the firm will keep clients up-to-date on the latest tactics they are using and specific steps that must be taken to prevent this. Once this occurs, is when the firm will be able to standout and offer unique solutions that will address the precise needs of customers.
The way that the firm will create value is to offer these services for less than competitors. In general, most monitoring services will range from: $11.99 to $15.00 per month. (Dicker, 2008) What will make Identity Theft Corporation different is these services will be provided to customers for $8.99 per month. This includes not only the monitoring services, but also the programs that will work with credit bureaus and financial institutions to deal with any kind of possible issues related to these problems. As a result, the company is providing more to consumers in comparison with what they are receiving from competitors. Over the course of time, this will help to create more value for clients and address these basic needs.
The ownership structure that will be utilized is to establish the business as a corporation. The reason why this was selected is because the firm can be able to: raise additional amounts of working capital in the public markets, there is a certain amount of protection from liabilities / taxes and it is considered to be a separate legal entity. These elements are important, because they will help the company to quickly expand and adapt to the various needs of customers. While at the same time, the organization can have access to more resources that will ensure continuous rates of growth. ("Ownership Structure Types," 2011)
Detailed Exit Strategy
In the event that Identity Theft Corporation is having trouble attracting customers we have created a contingency plan that could be utilized. What would happen is the firm can be able to attract a certain amount of investors, who could give the company access to additional amounts of working capital. This can be used to hire executives with experience inside the industry. They will help the firm to market its various products to consumers, who have the knowledge to effectively run the organization on a day-to-day basis. This can be accomplished through some kind of…