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86790/bsbmgt616-stephanus-andy-wijaya-ntm00776-nn3ic0sg-srkiaqoh.doc
Student Assessment Tasks
BSBMGT616 Develop and implement strategic plans
Assessment Task 1: Written Questions
Provide answers to all of the questions below:
1. Give three examples of risks that should be taken into account in developing and implementing strategic plans.
Businesses prefer to prepare strategic plans in order to describe the actions the business needs to undertake in course of the function. Every business has certain risks which should be taken into account while developing and implementing strategic plans. The risk of economic uncertainties leads to sudden economic fluctuations that might alter and disrupt the business functions. Thereby a strategic plan must be made in order to face the weakened economic conditions.
Secondly the throat cutting competition in the market might pose as a risk factor that needs to be taken into account for implementation of the counter plants taken by the competitors in the market.
Another economic unforeseen situation might arise if the costs of production are greater than the forecasted cost. For meeting these particular scenarios, the companies must strategize business plans to reduce the effect on the business function.
2. Give two examples of risk management strategies that can be used when developing and implementing strategic plans.
Risk is an uncertain factor in the business operation. Therefore, risk management is a vital function for a business phenomenon.
Risk management is an essential component of business strategy. The best strategies that can be used to treat the risk are avoidance and reduction. It is important to strategies plans and keeps options which are best for avoiding the risks that may come up in the business functions. Again, plants should implement policies to reduce the weight of the risk which requires certain manipulations and plan processes so that it saves the company from undergoing a severe loss.
3. Give an example of a risk management strategy that can be used to manage intellectual property risks inherent in strategic planning.
Intellectual property is a part of those intangible assets that can be protected by a range of legal compliances such as patents, copyrights, trade secrets, designs and trademarks. These are intangible assets in the sense that it reflects the quality of human capital possessed by the business. In an increasing potential based economy protecting intellectual property is important. Business must stipulate a discipline way to reduce the intellectual property risk by an effective risk management strategy.
A coordinated legal and financial approach must be undertaken to protect the copyright and the patent of the goods and services produced by an organisation. Trademarks are useful for distinguishing a product or a service from the other products in the market. These measures can be a part of the inherent strategic plan to counter the intellectual property risk.
4. Outline the benefit of conducting a SWOT analysis as part of a strategic planning process and how a SWOT analysis is conducted.
A SWOT analysis is conducted for analysing the strategic position of the business and the associated environment of the organisation. It determines the strengths, weakness, opportunities and threats that a business organisation counters in the course of its functioning. It is a tool for the formulation and selection of a particular strategic plans guided by the opportunities and threats that the business faces in the market. The benefits of the swot analysis reflect for the fact of understanding the business in a better way. Addressing weakness and working on the probable weakness can help to improve eyes the business condition. Recognising the core competencies of the form and their after settling the strategic plan is an effective way out.
5. Outline four examples of questions that could be used when conducting a SWOT analysis.
The questions that are generally considered while conducting a SWOT analysis is concerned with the four domains of the swot analysis namely strength, weakness, opportunities and threats of the business organisation.
Considering the fact about the strength of the business organisation it is evident to question about what are the unique features of the product, what resources are readily available to the business what features do the consumer's praise about the products or services.
The next very context for weakness involves the probable questions that may arise are; what are the features that the consumers dislike about the product, what resources are left in the business function, what are the areas where the business needs to be improved.
Configuring the purpose of knowing the opportunities the probable questions that are asked are how the market is changing, what are the new opportunities a company can ensure in the new change, what factors elaborate favourable condition in the market.
Talking about the threats it is important to list the questions like who are the competitors whether the competition has increased since before or not.
6. Outline the benefit of conducting a PESTLE analysis as part of a strategic planning process and how a PESTLE analysis is conducted.
In today's business scenario it is important to study the macroeconomic environment that affects the business function of the company. Before very form starting from a small start up to a big business must focus on all the macro economic factors that develop the smooth running of the business. Going to the globalisation and open market economy around the world has ensured a global network for business purposes. Pestle analysis is conducted to study the political, economic, social, technological, legal and the environmental compliances that are associated with the smooth running of the business function. It is an economic tool to study these external factors that might impact the functioning of the business organisation.
7. Outline four examples of questions that could be used when conducting a PESTLE analysis.
The questions that are to be elaborated while conducting the PESTEL analysis are; what government policies affects the particular sector of the business, what are the key challenges that the organisation might face in the present existing legal compliances. For understanding the economic scenario, it is important to you know what is going round the global economy, what are the economic indicators trending for the smooth functioning of the business. Considering the aspect of technological analysis, it is important to question what are the emerging technologies that might help the business scenario, what changes in technology can be applied to increase the production processes and smoothen the business function. The environmental analysis study what environmental damages are occurring due to the present business, what methods can be adopted to reduce them. For studying the legal compliances, it is mandatory to ensure what are the legal compliances that the company must go through in course of the business processes.
8. List two internal sources of information that a business could use to find out about its market, competitors, customer base, vision, values and capabilities.
Internal source of information is that information that can be generated within the businesses which covers the areas of operations, maintenance and finance.
Internal source of information that can be used in the market research to find out about the consumer base are accounting information and sales reports statistics pertaining to the effective demand in the market. The visions, values and the capabilities of the business are instilled by the organisation itself. Effective research on the production process and evaluating the implemented meaning of the visions can be utilised. Other examples that provide internal information is internal documentation like forms, invoice, procedural manuals, and credit notes and so on.
9. List two external sources of information that a business could use to find out about its market, competitors, customer base, vision, values and capabilities.
External information is that information that is occurring beyond the boundaries of the business function. It covers anything and everything that is outside the premises of the business organisation and it affects the business in some way or the other. This covers any documentation that is pertaining to the area of the particular business sector. Effective examples might include census figures; financial service agencies trade journals legislations and so on.
10. Explain the purpose of developing organisational values and two techniques that could be used to identify values as part of the strategic planning process.
A business depends upon the strategic plan that is undertaken for determining the specific actions that are to be taken in the business function. Values forms important part of the strategic plan. An organisation to develop sound set of rules and norms it is important to define certain values of the organisation. Emphasizing on the mutual respect and appreciation within the organisation should be the principles that an organisation must stick to, in order to improve the work culture within an organisation. The organisation might make valuable efforts to consider social and environmental issues and instil them in its business function.
Assessment Task 2: Organisational vision and mission project
Carefully read the following:
Native Bush Spices Australia is based in Coffs Harbour, NSW.
The business was established in 2010 to cater for a demand for Australian native food products. The company has organic certification.
The company manufactures and retails a range of organic, Australian native foods including:
· Native herbs and spices
· Native herbal teas
· Native fruit jams and conserves
Currently the business is selling its products through a number of small supermarkets and health stores throughout Australia. The company also has a web site through which products can be ordered.
The company’s overall business objectives for the next three years are to increase sales and create brand awareness, develop a broader product range, as well as expand into overseas markets. The company is also considering options for alliance marketing.
The company is also looking at moving into international markets, namely South-East Asia – specifically Hong Kong, Japan and Singapore.
The company’s target customers are those that enjoy gourmet foods. The age range of Australian consumers buying their products is between 35 and 65. Most of their consumers are health conscious, care about protecting the environment and have an average income of $80,000.
The company currently employs the following staff in its head office: CEO, Operations Manager, Marketing and Sales Manager, Administration Manager and Customer Service Officer.
Around 10 staff are employed in the factory making and distributing the products.
Although the company does not have a formal strategic plan, the following information is included on its web site about its mission, vision and values:
Mission
Native Bush Spices Australia is committed to providing the highest quality product to all its clients.
Vision
We are constantly working to establish ourselves as the most respected and sought-after supplier of native bush spices.
Values
Respect: taking time to understand and value each of our customers and respecting their choices.
Responsibility: acting with integrity towards our staff, our customers, the community and the environment.
Caring: a duty of care for our staff, customers and the environment.
Excellence: to always look to provide the best quality product and customer service.
Integrity: to act with honesty, openness and do what we say we will do.
Innovation: to be industry leaders.
Complete the following activities:
11. Prepare for meeting with team.
Carefully read the scenario information, including the information about the organisational mission, vision and values and business objectives.
Conduct research about developing mission, vision and value statements, as well as formulating strategic objectives. Identify some examples of these statements/objectives from at least two other companies. Compare the vision, mission and value statements to those of Native Bush Spices Australia. Make notes about whether you think the existing mission, vision and value statements are clear enough to guide operations. You will need to share your thoughts at the meeting with the management team, as well as listen to the management team’s ideas.
You should also make notes about the key business strategies and research best practice techniques for formulating strategic objectives.
Native Bush Spices Australia has the mission to increase its business in the next 5 years. It shall put efforts to increase the advertisements and mobilize awareness among the consumers of Hong Kong, Singapore and Japan. The company shall focus on employing larger number of labourers to increase its production and mobilize the distribution of the products around the global market with an efficient supply chain measures. It shall put efforts in the marketing sector and adopt all sound customer services to capture more shares in the market.
Strategic plan of the company should resort to the values distinctively are:
· Commitment to produce the highest quality of products.
· Establish reliability among the consumers by providing them with the authentic natural herbs and spices.
· The company is bound to provide all the responsibilities towards its staffs, consumers, indigenous community of Australia and the environment.
· It is committed to act with integrity by caring and respecting the culture and the traditions of the native Australia.
Strategic objectives and goals:
        Strategic Goals
        Strategies
        Objectives
        Responsibilities
        Timeline
        Expand sales
        Increase of sales by 15%
        
        Start getting to the particular individual who is a responsible in the sales and marketing sector so as to make efforts to increase the sales in the particular financial year.
        In next five years.
        Brand awareness
        Efficient marketing and advertisement in an around the globe in order to attract consumers..
        Focusing on the unique features of the products and efficient conversation amongst the consumers.
        Surveying among the consumers to research about the particularities of the products.
Initiate programs that attract consumers like social media contests
        In next 12 months
        Wider product range
        Expanding the line of production by producing more commodities that are produced from the natural extracts.
        This needs a thorough investigation of the market situation about what consumers demand. And about the tastes and preferences in the market.
        Lucrative offers and effective marketing can solve the purpose.
        In a year
        Expansion in the global market
        To mobilize the exposure of the business it is important to capture the global market.
        Prospects of global market will give an opportunity of expansion in the recent upcoming years.
        Expansion in the global market will also help in the attainment of the greater respect among the domestic consumers and the potential business from the domestic competitors.
        Over the next 5 years.
        Alliance marketing
        Alliance Marketing can be used to efficiently employ business purposes and initiate a mutually beneficial cooperation among the businesses.
        It requires pulling off resources mainly intellectual property and experts in the fields of distribution brand recognition and reputation.
        Intellectual property is one of the most important components in competitive market.
        For next 10 years.
Comparison with the other Companies
We shall compare the mission vision and the values of the Native Bush Spices Australia with that of the two other companies in the food industry.
· Firstly we consider Unilever. It is a company manufacturing packaged food. It produces dairy products and prepared nuggets.
Mission: The Unilever Company is to provide a long-term growth of the business and a sound relationship with the customer by providing them efficient customer services.
Vision: Helping people to feed on good food.
Values: They have resorted to values of providing cheaper products to the consumer.
Providing cheaper products will able to help to feed the people from the lower income section.
· Secondly we shall consider another company namely: Kraft Foods Incorporation. It produces edible oils extracted from seeds and spices.
Mission: Like that of the Native Bush Spices Australia it also has the mission of providing the best quality products in the food industry.
Vision: Aims to be recognized as the leading manufacturer and processor of spice business and...