BSBMGT616 Development And Implementation Of Strategic Plan

BSBMGT616 Development And Implementation Of Strategic Plan

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BSBMGT616 Development And Implementation Of Strategic Plan

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BSBMGT616 Development And Implementation Of Strategic Plan

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Course Code: BSBMGT616
University: Victoria University

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Country: Australia

Question:
Discuss about the BSBMGT616 Development and Implementation of Strategic Plan. The vision statement of the organization will be to challenge the other companies in the same business and expand their presence across Australia as well as other countries.
Answer:

Assessment Task 1 
Email to CEO of Australian Hardware
To, The CEO
Dated: 10th August, 2018
From: samrom@gmail.com
Australian Hardware
Subject: (A Statement into the Future Actions of the Management of Australian Hardware)
Respected Sir,
I have been appointed the Marketing manager of Australian Hardware recently and have been given the responsibility to assess the current strategic and future needs of the company and whether there is a need for change in its mission and vision statements of the organization. I have carried out a detailed analysis and provided a report on the same.
Mission Statement
Australian Hardware is present in the country since 1921. The company opened its first store in the name of Percy’s Goods in the following year. The store was opened in Sydney. Since then the company has focused itself in providing the best quality hardware, home wares, garden supplies and other kind of building materials to the different people and clients in Australia and world. The mission of the organization has been to supply the best materials to the people and fulfill the demands and the needs of the different stakeholders of the organization. Thus in one words the main mission of the organization is to make the stakeholders and the customers happy.
Vision Statement
The vision of the organization is to ensure the success of the organization by means of regional expansion. According to the management of the company the company aims to achieve the following vision by means of providing quality products to the clients and ensure the quality marketing and promotion of the company. The vision of the company is well aligned with that of the mission of the company. The strategies formulated by the management also go hand in hand with the vision of the company.
Current Organizational Undertaking of the Approaches
The analysis of the earlier reports presents Australian Hardware as one of the most trusted brands of Australia. The company believes in providing the best values to the people and thus ensures the supply of the best products to the customers. This helps them to meet the demands of the stakeholders and adhere to all the moral and ethical standards of the market. However the concern of the CEO remains with the latest strategic developmental plan to be a bit confusing in nature. The absence of innovation in the organization does not help the management as because the other companies with a much better developmental plan has been outclassing them and attaining a competitive edge in the market.
Revised Vision Statement
The vision statement of the organization will be to challenge the other companies in the same business and expand their presence across Australia as well as other countries.
Revised Mission Statement
The revised mission statement can revolve around the concentration of the management upon increasing the productivity rate of the organization. The vision must also concentrate on international expansion in a much positive way.
Organizational Values
The present organizational value of stewardship and adhering to all the professional and moral standards to ensure value helps the company to gain great profit. the company must follow the same guidelines as well as incorporate values that helps in the development of organization like the introduction of enhanced training to all the employees to act responsibly and treat customers in a proper manner.
The report thus contains the whole plan that according to me can help the company attain new heights and be sustainable in nature. I would like you to go through the report and call a meeting of the concerned management and the stakeholders to ensure the implementation of a new strategic plan for the organization. 
Assessment Task 2 
SWOT Analysis

 
STRENGTHS

 
OPPORTUNITIES

Ø Development of New Commercial hardware
Ø Development of Home Consumer Growth
Ø Stable growth rate of population
Ø Growth in Economy

Ø Outbound Logistics can be improved
Ø Marketing and sales position of the company
Ø Strategic Alliances

 
WEAKNESSES

 
THREATS

Ø Inbound Logistics problem
Ø Absence of International Expansion
Ø Lack of innovational strategies

Ø New companies with better innovations
Ø Bunning becoming a one stop shop
Ø Moving into the new market

 

Strengths:

The strengths of the organization lie in a number of different areas. First and foremost the organization is the oldest Company engaged in hardware business in Australia. The development of new and innovative commercial hardware has been one of the most important strengths of the company (australianhardware.com 2018). The development of products for use in commercial purposes helps the organization to hold a competitive advantage in the market. Apart from this the predicted growth in population of Australia and the predicted growth in economy add strength to the company.

Weaknesses:

The company has a problem with the inbound logistics which is mainly due to the absence of proper suppliers in the line. The absence of a solid expansion strategy makes it more problematic for the organization as because the absence of such strategies will lead to the concentration of the organization at a particular area and will diminish their own abilities and skills. Last but not ht least the absence of innovational strategies is also one of the most problematic areas for the organization as innovations by other organizations has been forcing the organization to lose its market (Bryson 2018).

Opportunities:

A number of different opportunities are present in the following organization that needs to be taken up to ensure greater success. The marketing and sales opportunities which are one of the very best amongst the companies of the same nature can be improved further to create a unique strategy and attract more customers. Apart from that strategic alliances with other companies can help the organization to enter new markets and helps them to avoid the initial struggle in the new markets. The outbound logistics is also one of the strong areas of the company which can be improved accordingly.

Threats:

The management of the company is worried as new company with better innovations is targeting smart policies like that of introducing one stop shops which is a hit amongst the customers. The absence of such shops of the following brand is surely a failure for the organization. The lack of strategic alliance in many of the markets is also a threat to the organization.
PEST Analysis

Political Analysis-Political situation in Australia is stable and it generally does not have an effect on the industry. The company has the required licenses and abides with all the different rules of the government.
Economical Analysis- The macro environment factors like that of inflation rate, savings rate, interest rate, foreign exchange rate along with the economic cycle is the main determinant for the management of the company on its investment plans in the market. The growth rate of the industry, cost of raw materials, demand for the tools produced and the finished costs of the products depends on the economic well being of the market.
Social Analysis- The culture of the society, demographic mapping, skills and income levels of the population of the following country are the main considerations for the social analysis of the following organization.
Technological Analysis-The use of latest technology by the company to produce the different types of products. It also uses technology to make the most of the advertisements and promotions for the organization.

Cooperative Ventures
There are a number of different types of the cooperative ventures that the company has entered into. The main venture of the company is with Master Traders of Sydney (Bryson 2018). As the management has started to expand their base in Sydney and capture the market, the company has entered into a joint venture with that of Master Traders Inc. which basically deals in production of Home Ware and Hardware products. Apart from this the company also involves itself in the production of digital entertainment products for the Australian Households. The strategic cost benefit venture with such a company will be beneficial for the company to get a stronghold of the Sydney Household market. Such a venture will involve in the profit of both the companies.
Internal and External Analysis
The internal and external analysis of the company proves the vision statement which makes the company one of the largest in Australia and will help the company to be the largest regional power in the last 5 years.
Assessment Task 3 
Draft Strategic Planning
The draft strategic plan of Australian Hardware is based on the decisions that have been taken in the meeting minutes chaired by the CEO of the company. The strategy of the company will see a major overhaul as the company aims to be a regional powerhouse and make new inroads in foreign locations which would help it to sustain in the long run. The plan will envisage all the different elements of the market including the internal as well as the external analysis. The detailed and thorough analysis will provide the solid foundation for the success of the company in the organization. The change in the strategies will see a rapid shift in the policies of the company, with the involvement of all the employees. The features of the draft plan are as follows;

Be a regional powerhouse by establishing stores and manufacturing units in all the states of Australia
Establishing warehouses
Reducing the waste of energy
Entering into key strategic alliances with new as well as old companies to gain foothold in the market
Use of latest technologies to deliver the best products to the customers
To use latest and innovative marketing and sales technologies
Increase in the marginal profit by 5%
Increase in the productivity of the company
Holding high values for the suppliers and the customers

Assessment Task 4 
Key Performance Indicator
Signing up and aligning with YYY
The company has recently entered into deal with YYY Company with an initial plan of installing around 200 products per annum (australianhardware.com 2018). However the Company failed to produce more than 180 products on the first annum which was a clear breach in the deals of the organization. The slower uptake in the Northern territory and North Queensland was cited as the reason. The management of the company must come up with new ideas to overcome such a problem. The company must work together with the management of YYY and engage in aggressive marketing and promotion which can start with door to door marketing to overcome the inflation in the area and sell the products to the customers. 
Strategy 2
Establishment of an Australian Hardware Melbourne Warehouse
The business of Australian Hardware has started in Sydney and the management has already enquired about the options to open up in Melbourne. The Company has bought an expensive warehouse and has started running it on a third party agency mode. The inability of the management to operate the warehouse on a full scale is because of the absence of the products in the Melbourne market. The management has thus started a marketing campaign to estimate all the details of opening the business in the mentioned city as early as possible.
Strategy 3
Social Media use, increase in productivity and joining YYY in co-banners
Social Media is the most potent channel of marketing the products of the company in the modern days and is seen as the best way to increase the productivity of the company. Apart from that cost saving measures like advertising in co-banners along with YYY can help the company to save money.
Strategy 4
Development and Implementation of Energy Saving Mechanisms
The savings of the energy is one of the primary concerns of the business. The management must employ green energy like solar power and ensure that the manufacturing units utilize less electricity can help save huge amount of energy.
References and Bibliography
Australian hardware. (2018). Australian hardware. [online] Available at: https://australianhardware.simulations.learn.com.au/ [Accessed 11 Aug. 2018].
Bamberger, P.A., Meshoulam, I. and Biron, M., 2014. Human resource strategy: Formulation, implementation, and impact. Routledge.
Barrick, M.R., Thurgood, G.R., Smith, T.A. and Courtright, S.H., 2015. Collective organizational engagement: Linking motivational antecedents, strategic implementation, and firm performance. Academy of Management journal, 58(1), pp.111-135.
Bettis, R.A., Gambardella, A., Helfat, C. and Mitchell, W., 2015. Qualitative empirical research in strategic management. Strategic Management Journal, 36(5), pp.637-639.
Bryson, J.M., 2018. Strategic planning for public and nonprofit organizations: A guide to strengthening and sustaining organizational achievement. John Wiley & Sons.
Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.
Hitt, M. and Duane Ireland, R., 2017. The intersection of entrepreneurship and strategic management research. The Blackwell handbook of entrepreneurship, pp.45-63.
Mišanková, M. and Ko?išová, K., 2014. Strategic implementation as a part of strategic management. Procedia-Social and Behavioral Sciences, 110, pp.861-870.
Moss, S.A., Butar, I.B., Hartel, C.E., Hirst, G. and Craner, M., 2017. The Importance of Stability in the Midst of Change: The Benefits of Consistent Values to Strategic Implementation. The Australasian Journal of Organisational Psychology, 10.
Wheelen, T.L., Hunger, J.D., Hoffman, A.N. and Bamford, C.E., 2017. Strategic management and business policy. pearson.

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