Bsbmgt616 Develop Strategic Plans: Canterbury Assessment Answers
"You have been employed by Canterbury Renovations, which is a start-up cabinet making business. You role is to help develop and implement the company strategic plans that support the direction and aspirations of the business.
You are to obtain a copy of the business plan from your employer (who will be role-played by your assessor), and read it carefully. Once understood, you are to arrange a time to meet with your employer (your assessor) to identify company goals and aspirations, and to clarify the business plan where required.
Next, you are to develop a detailed strategic plan for the company, ensuring that you:
- Confirm your business or organisations vision and mission;
- Include relevant organisational values
- Identify and consider strengths and weaknesses of existing and potential competitors and allies
- Analyse organisation's strengths, weaknesses, opportunities and threats through a detailed SWOT analysis
- Document relevant research and background for inclusion in the strategic plan
- Formulate strategic objectives and strategies needed for the future
- Detail each strategy with an assigned priority, a timeframe, responsible parties and measurable performance indicators
- Provide for due diligence
Tasks:
What is the difference between a Mission Statement and a Vision Statement? What are the features of an effective vision statement?
What is a PEST Analysis. Provide 5 examples of each of the 4 PEST factors.
In the state that you live in what is the name of the Act that employees and employers must adhere to regarding workplace safety?
What are WHS compliance codes? List 2 compliance codes that may apply to your workplace.
Outline a strategy that you could implement to interest people / employees the companies risk management process. Be sure to detail how you would maintain the currency of information provided
You are to detail how you would identify an intervention point for expert risk management advice. Be sure to provide examples of when you would seek expert advice, and who you would contact to receive such advice.
Answer:
Mission statement
A strong mission statement is absolutely important for any organisation (Ekpe, Eneh & Inyang, 2015). Canterbury Renovations is a start-up company which is involved in the making of cabinets. This business will offer comprehensive packages for constructing cabinets for your home and office use, which will include free sample designs along with free installation. It will also deliver free to select locations, and provide a five-year warranty on their furniture.
Market overview: PEST analysis
The PEST analysis takes into account the political, economic, social and technological environment of the firm’s target market (Ho, 2014) ––
Political: The areas where Canterbury Renovations would be functional are experiencing the construction of a large number of residences as the government has recently approved the building plans in that particular locality. New residences equal to increased need for storage furniture, and hence the prospect for the company seems profitable at the moment.
Economic: The other companies similar to Canterbury Renovations that are competing against each other offer their services at quite high rates. Although they do have a stronghold in the market at present, it would not be long before this company overtakes them with their high-quality and affordable products.
Social: The designs of the cabinets that are offered by Canterbury Renovations are customisable, and they also offer complimentary designs on request. Their catalogue is varied, and will meet the requirements of customers of all cultures, tastes and preferences.
Technological: The management and the senior staff recognise that the internet is the most widely used tool for marketing, and thus they are equipped with e-brochures, laptops and mobile phones so that there is a clear line of communication between everyone. Also, they have initiated the construction of a website through which their customers will be able to choose the designs as well as the materials and order the furniture online.
SWOT analysis
The SWOT analysis outlined below will give an idea of the strengths, weaknesses, opportunities and threats (Kavitha & Reddy, 2016)
Strengths: They have an innovative team of workers, and there is a high level of coordination between the people of the management team.
Weaknesses: They have insufficient equipment that is necessary for their business, and their limited financial resources and a lack of any previous track record are areas where they need to improvise.
Opportunities: The other existing companies sell their products at almost unreasonably high rates, while the cabinets offered by Canterbury Renovations are affordable and of good quality.
Threats: The target market is diverse in terms of geography, and the increase in the cost of raw materials might just force them to raise the prices of their furniture by a notch. Moreover, the television and other online sources have many DIY video tutorials which will threaten their market growth.
Strategies
Recent researches conducted show a marked increase in the renovation of homes and construction of new ones as well. Many of the existing companies that provide home and office décor are unreliable and suffer from a bad reputation or have overpriced furniture (Wu & Ho, 2015). The owners of Canterbury Renovations are looking forward to attain a stable reputation in the market, and have decided to pursue their strategies by publishing e-brochures, and by being in direct contact with the contractors who are building and renovating the homes.
Target market and positioning
The target market for Canterbury Renovations includes those areas where the people want to renovate and refurnish their homes instead of moving out to a new residence. The people there belong to the middle to high income circle, which improves the scope for the company.
Canterbury Renovations also need a strong statement which will outline their approach and also promote brand awareness. They can positon themselves as business professionals who are very concerned about the preferences of their customers while delivering the best possible products at the best available prices.
Product and pricing strategy
Canterbury Renovations offers a home-based service where one of their representatives would visit the client’s home and discuss with them the designs, costs and time requirements for their new furniture. This will give the customers a personalised feel and create a positive brand image (Dawn, 2014). They also have a range of potential products as they are planning to expand soon and include sanitary ware and modular kitchen systems into their product list.
The pricing outlined by the company is fair and highly affordable; it is variable and is entirely dependent on the designs and the materials that their customers choose. Each contract of theirs will also involve a $100 establishment fee.
Distribution and promotional strategy
Canterbury Renovations will supply the cabinets directly to the customers, and thus eliminate the need for a distributor or a middleman. This will eliminate the unnecessary costs and improve efficiency (Kim, Kim & Youn, 2013). They also want a reputation of being highly professional, whose workers are always punctual and also clean up after the installation of their products. They will also offer early bird discounts and the first few design suggestions will be complimentary.
References
Dawn, S. K. (2014). Personalised Marketing: Concepts and Framework. Productivity, 54(4), 370.
Ekpe, E. O., Eneh, S. I., & Inyang, B. J. (2015). Leveraging Organizational Performance through Effective Mission Statement. International Business Research, 8(9), 135.
Ho, J. K. K. (2014). Formulation of a systemic PEST analysis for strategic analysis. European academic research, 2(5), 6478-6492.
Kavitha, N. V., & Reddy, N. S. (2016). Buzz Marketing-SWOT Analysis. International Journal of Innovative Research and Development|| ISSN 2278–0211, 5(2).
Kim, D. H., Kim, P. J., & Youn, M. K. (2013). Teukyakmaip System of Large Retailer. JCIT, 8(13), 226-232.
Wu, S. H., & Ho, M. C. (2015). A Study of the Technique Combining Traditional Bamboo Furniture and Carpentry. International Journal of Social Science and Humanity, 5(11), 985.
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