Bsbmgt 616-Task 3 - Complete answers PDF

Preview

Summary

Complete answers...

Description

Contents Formulate strategic objectives for the organisation.........................................................................2 Strategies for meeting objectives.....................................................................................................2 Summary notes................................................................................................................................4 Cover statement/letter......................................................................................................................5 Key objectives..............................................................................................................................5 Plan development.........................................................................................................................5

Formulate strategic objectives for the organisation As per the minutes prepared on the basis of board meetings of MacVille enterprises following objectives were discussed and formulated for the future purposes. Patricia Mees CEO of the group company presented various objectives which would be standard guidelines for the operations of business enterprise as per the next five years plans. These are detailed as follows  MacVille primary objective is to offer and administration coffee espresso machines in

each geographical location of Australian country. As per Java Estates delicate this would be top need that would include its acknowledgment. This will be critical cooperation that ought to be overseen at the most elevated amount.  To expand overall revenues by 5% in the upcoming period time. The time frame given here for the expansion approach will be 5 years. This ought to get implemented in factuality with expanded deals taking into account while making better value transactions with providers of raw materials and other resources. Apart from that human resources in the business organisation is motivated to achieve the desired task.  To build the brand value of the group in the untapped geographical regions in a time span of 5 years  To reduce the overall wastes and reducing the abnormal wastes account to the extent of 10 %. Various guidelines and standards are to be formulated to achieve the desired goals and objective.

Strategies for meeting objectives After setting out various short term and long term objectives of the business enterprise various strengths available to the business needed to be united. Accordingly, organization has to view its external market opportunities and utilize it to attain maximum output. Company cannot provide its cent percent output until and unless there is total commitment from the employees of the organization will be delivered. Strategic plans & targets are objectives considered very critical to present and future wellbeing of organization. Moreover, goals are organized by an exhaustive investigation of company's practices and an effective communication among the employees in an association. Keeping in mind the end goal to fulfil the overall needs and objectives of a business organization and to expand their share of aggressive markets effective policies and procedures is to be formulated. Promoting arranges begin with the general vital strategy for success of an organization. Strategies are prepared while reviewing the present organizational strengths and weaknesses and further analyzing the rivals position in the market. Strategic decision is taken in core aspect of investments portfolios, market risk, human resource management and trigger to implement an effective change. Strategies are prepared according to the internal business position and external environment conditions. Company can go for existing market penetration into the competitive

market scenario or develop an untapped market according to the current product that is offered by customers. Here company is looking for an expansion approach by entering into new regions and focusing on increase in revenue by almost 5 % in the span of 5 years. Company is focusing on effective and efficient utilization of business resource while minimizing the wastes by almost 10 %. The below mentioned table will describe the strategy that will be required to achieve the objectives prepared by business organization to be achieved in the span of 5 years. Along with that key responsible person is also set which will take care for the achievement of desired objectives. Business objectives

Prioritized list of strategies

Expand in untapped regions of Australia

Increase in marketing and promotional approaches

Increase the overall revenue by 5 %

Motivation of human resource to effectively increase in sales

Performance indicators

Timeframe for achievement of objectives 5 years

Responsible authority for each strategy Marketing and research head

5 years

Marketing and research head

Increase in client base of the customers and upcoming orders.

5 years

Hiring of effective expertise and offering products at comparable lower price as of rival brand price

Increase in requirement and demand of the products

5 years

Quality and control

Witness of subsequent decrease in the overall

Increase in the revenue over the period of time in particular region of Australia

Introduce newly designed products offered to its customer base

Build brand value of business

Process engineering skills Build competitive advantage by effective promotion Building product line

Reduce the overall waste by 10 %

Prioritizing and division of work

base.

management head

wastes

Checking areas where major defaults exists Curbing those areas to maximum extent

Summary notes The following are the summary notes with our meeting with company’s CEO: Agenda: MacVille’s strategic plan Participants: CEO, General Manager and team Notes:   

   

The formulated objectives were reviewed for having a clear understanding on the same and to seek for its implementation The certainty of strategic plan was also reviewed in accordance to SMART objectives for benchmarking its results In the next phase of discussions, role of employees in the implementation and achievement of targets were critically reviewed, along with shedding light on current employee motivation and commitment was determined for further improvement Strategies like rewarding employees periodically were taken into consideration for generating employee dedication to achieve assigned targets The strategic plan draft devised was reviewed in accordance to company’s strengths and weaknesses along with a comprehensive competitor analysis The assumptions taken into consideration while devising strategic plan was also evaluated The past performance of employees nominated for managing the targets were reviewed to ensure right person for the right job, along with current KPI’s assigned

Action Points:  

The CEO has approved the strategic plan with full confidence and forwarded further for Board comments on the same The CEO has also advised the HR to find appropriate resources with similar background where required

Cover statement/letter I am writing you with great pleasure that the strategic plan has been endorsed collectively by the CEO and the board. The devising of the plan has been completed successfully and now we head towards our second and the most important round of implementing the same at our organization. Before we begin its implementation phase, it is of utmost importance to brief our staff and the associated stakeholders about the strategic plan. I have broken down the plan into phases, the first segment is about the brief overview of key objectives that the organization is to pursue and the second segment is on the description of the research and process used to devise this plan;

Key objectives  MacVille primary objective is to offer and administration coffee espresso machines in each geographical location of Australian country.  To expand the overall corporate revenues by 5% in the upcoming period time and the time frame given here for the expansion approach is 5 years through implementation of factuality with expanded deals with providers of raw materials and other resources  To build the brand value of the group in the untapped geographical regions in a time span of 5 years  To reduce the overall wastes and reducing the abnormal wastes account to the extent of 10 %

Plan development The plan has been developed in liaison with all the important stakeholders of the company including the higher management, middle-managers, HR department and suppliers to ensure its fullest and successful implementation across the organization. An initial draft was presented by the General manager and team and on that been several board meetings on the subject matter, feedback from every associated stakeholder has been taken and incorporated to the best of possible leading to several revisions and shaping to a final plan. We have incorporated the comments from HR in assigning the KPIs for realistic and SMART in nature to make it easier for measuring the individual success. The CEO himself and the HR department have ensured deploying of right person for the right job to assure the success of this strategic plan creating history for the first time....