Q Assignment on BSBMGT616- Develop and implement strategic plans to write a strategic plan for the company Home, - BSBMGT616- Develop and implement strategic plans BSBMGT616- Develop and implement strategic plans Write strategic plan Formulate strategic objectives for the organization (based on the Board minutes). The strategic objectives for the company that are needed to ensure the successful operation of the business are as follows: • To sell and service MacVille espresso coffee machines in every state of Australia • To increase profit margins by 5% in the next five years • To establish the MacVille brand recognition in key markets in the next five years • To reduce our waste and energy use by 10% within the next five years The higher authorities of the company will ensure that they will follow these objectives in a proper manner that it helps to develop the business in a desired way. With the help of these objectives, the company will also be able to achieve their mission and visions so that they can operate at national level. For each objective, develop and describe strategies that you think could be used to meet the objective in the future. In order to achieve the first objective, it is important for the company to ensure that they follow the promotional strategy. With the help of this strategy, the espresso machines of the company will be promoted to different states of Australia (Kim et al., 2016). This will help to attract the customers so that the business of the company can grow in a desired manner. Besides this, the company should look to prioritize Java Estates so that they promote MacVille’s product in the Australian market. Besides this, the company will have to look for different warehouses in other cities of Australia so that their promotional strategy can be applied. Apart from this, the company will also be able to outsource their business to the agents in order to operate from other cities of Australia. The company can use pricing strategy in order to achieve the second objective. The company should ensure that they price their products in such a manner that it is neither too high nor too low. If the prices are too high then the customers will look for other alternatives and not purchase the company’s products (Klassen, Lisowsky & Mescall, 2017). Again if the prices are too low, then the company will not be able earn profit and the profit margins of the company will not increase. It is therefore, very important for the company to ensure that the prices of the products are apt and reasonable. This will help them to increase their profit margins. The third objective of the company can be achieved through advertising strategies. This will help to develop the brand image of the company’s product in such a manner that it will help to attract the customers (Aristide & Dimitrakakis, 2015). Besides this, the company will be able to get the recognition in the market that they are looking for. The strategic partners should be involved in order to promote the products and continue the process of branding in a proper manner. The company can make use of new technologies in order to carry out their strategy so that the objective can be achieved. In order to ensure that the company is able to achieve their fourth objective, it is important to train the employees so that they are able to dispose waste in a proper manner. The company has to develop education programs so that the employees are aware of their actions, it will in turn help to decrease the generation of waste, and the misuse of energy will be lowered (Cummings & Worley, 2014). With the help of this, the company will be able to achieve their mission and vision and carry their business in an efficient manner. For the strategies described, you need to: Develop a prioritized list of strategies The list of strategies that are used by MacVille in order to achieve their objectives have been identified below: • Promotional Strategy • Pricing Strategy • Advertising Strategy • Educational Strategy • Assign responsible parties to each strategy • Jenny Ng will be assigned with promotional strategy. • John Brennen will be assigned with pricing strategy. • James Laird will be assigned with advertising strategy. • George Saldais will be assigned with educational strategy. • Assign measurable performance indicators to individual strategies. • In order to measure the promotional strategy in the workplace, the company will be using Google Adverts. • Revenue analysis and cost analysis will be used to measure the pricing strategy of the company. • The company in order to measure their advertising strategies will use BCG matrix and positioning map. Besides this, they will be able to use customer feedbacks for measuring their strategy. • The company will employ their human resource department in order to measure their educational strategy. • Develop briefing materials (dot-point descriptors) for the identified responsible parties, outlining the requirements of their role in achieving the relevant strategy. • The board meeting that was conducted was done mainly due to formulate the objectives for the successful operation of their business process. The meeting was a special meeting in order to discuss and develop the strategic plan for the company. the board meeting started at around 7 pm and ended at 9:30 pm. The four objectives that were developed in the meeting mainly focused on the strategic planning of the business operation. The CEO of the company has also formulated the ways and means by which these strategies can be achieved. With the help of this, the company will be able to operate in a proper and precise manner. Besides this, the objectives of the company can be achieved. • Develop a cover statement/letter to be sent out with the strategic plan that includes: • A brief overview of key objectives • The objectives that were formulated mainly aimed to achieve the business goals and ensure that the company is operating in a desired manner. The first objective aimed to sell the machines of the company in almost all the states of Australia. • The second objective initiated the idea of increasing the profit margin by 5% in the next five years. With the help of this, the company will be able to generate greater revenue and the sales of the company will increase. • It is important to gain brand recognition in the Australian market in order to retain their business in a successful manner. This is the ideology of the third objective and the different dignitaries of the company will work on it. • The company also aimed to reduce their waste production and use of energy by 10% within the span of next five years. • A description of the research and process used to develop the plan • The higher authorities of the company developed the plan in such a manner that they are able to conduct their business successfully. The company’s members conducted a thorough market research in order to develop their business objectives. The objectives were used to achieve the mission and vision of the company. The higher authorities of the company developed this plan so that they could ensure that the business was being done in a desired manner and the outcomes of the business matched with the set objectives.