BSBMGT616 XXXXXXXXXXDevelop and Implement Strategic Plans Assessment Task 1: Written Questions Give three examples of risks that should be taken into account in developing and implementing strategic...

BSBMGT616 Develop and Implement Strategic Plans
Assessment Task 1: Written Questions 50 each
Give three examples of risks that should be taken into account in developing and implementing strategic plans.
Reputation risk as social media is involved largely in all sorts of planning as it creates global presence of the organization. Strategic risk needs to be assessed as it can lead to failure of strategic plan. Operational risk, which can collapse business processes in particular need to be considered carefully.
Give two examples of risk management strategies that can be used when developing and implementing strategic plans.
While developing strategic plans it is good to analyse risk by assessing internal problems and its benefits to competitors. While and implementing strategic plans evaluate likelihood of each outcomes before so that severity of risk threat can be determined and supported by a tactic.
Give an example of a risk management strategy that can be used to manage intellectual property risks inherent in strategic planning.
During strategic planning phase when a company is not able to go for full patent it is better to go for provisional patent to secure the Intellectual property. Also share only that amount of data which is required to pitch rather sharing all details in particular and get non- disclosure agreement signed beforehand.
Outline the benefit of conducting a SWOT analysis as part of a strategic planning process and how a SWOT analysis is conducted.
SWOT analysis helps to understand the business in a better way. It helps to capitalise on opportunities available, adopt strategies to overcome weakness and threats. It is a tool, which requires documentation of various aspects such as strengths, weakness, threats and opportunities as well as consolidates the outcome by identifying the prospects available.
Outline four examples of questions that could be used when conducting a SWOT analysis.
1) What best knowledge, resource or talent as a company we possess?
2) How we can work and improve upon our weaknesses and it can be converted into strengths?
3) How we can rely on strengths and convert them into possible opportunities to encash?
4) How threats can be combat to have advantage over competitors?
Outline the benefit of conducting a PESTLE analysis as part of a strategic planning process and how a PESTLE analysis is conducted.
PESTLE analysis leads to the development of external and strategic thinking related to anticipation of future business position by assessing risks and threats. It is conducted by analysing various categories like political, economic, social, technological, legal and environmental in view of organization to make decisions.
Outline four examples of questions that could be used when conducting a PESTLE analysis.
1) What kind of impact government policies are going to have on the organization?
2) What economic trends are prevailing in the market?
3) What is target market and can changing requirements of customer be managed?
4) What kind of technology we possess and we need to depend on third party for future requirements?
List two internal sources of information that a business could use to find out about its market, competitors, customer base, vision, values and capabilities.
Business operations and finance can be good source of information to find out about market, competitors, vision, values and capabilities because these sources share data about the business driven from the above. They also tell exact position about business relationship that is creditor or debtor with them.
List two external sources of information that a business could use to find out about its market, competitors, customer base, vision, values and capabilities.
The external sources of information can be industry reports released from the association of particular industry like textiles and press release about industry, company or interview of industry experts. These pieces of information are of great importance because it gives deep insight of real happenings and trends following in that particular industry.
Explain the purpose of developing organisational values and two techniques that could be used to identify values as part of the strategic planning process.
The purpose is to make employees work ethically and follow the principles of organization in order to achieve goals and put best efforts forward so that social and cultural beliefs can be catered effectively. Reviewing the experiences and conducting surveys will help in identifying the values within the organization.
    
Assessment Task 2: Organisational vision and mission project 200
Email Summarising outcomes of meeting:
    Hi ,
1) The mission and vision statements of Native Bush Spices
When compared to other spices companies to guide the future business direction, operations and to form strategic objectives as a part of strategy formulation were found to be inadequate.
2) The revised mission, vision and value statements
Mission: To embrace strategic alliance and seek out new partnerships
Vision: To be more innovative and find new ways to increase efficiency of processes and effectiveness of customer solutions
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
· To identify community needs
· To participate in local community
· To donate certain % profit to community
· To note on meeting with Stakeholder
· To develop new areas which were not recognized at the time of previous planning
· To be innovative and motivate self-directing teams
· To participate in community
· To develop strategic alliance and partnerships
3) SMART business objectives
· Develop satisfied customer
· Make strategy to achieve aims and goals
· Assess the potentiality in the market
· Respond to the questions of the customers
· Thrive to innovate at every level
4) Definition, risks and benefits of strategic alliance
Strategic alliance is mutual agreement between two companies that bolsters a business strategy, creates competitive advantage and restricts the competitors’ movements in market place. It helps in penetrating new market, sharing resources and expertise, increased production and lead to innovation. The risks involved are increased liability and loss of control.
5) Two potential alliance organisations for Native Bush Spices Australia
The potential alliance organisations for Native Bush Spices Australia will be Snack Manufacturer who will use ready to use spices. It can also set up alliance with hotels and restaurant such as Hilton chain of hotels owners to provide them freshly prepared spices for their use.
6) Approval to develop the strategic plan
Here, the request for approval is made from the management team. The approval is sought to proceed for the development of strategic plan for Native Bush Spices based on values and agreed mission, visions and strategic objectives.
Regards,
Your Name
Operation Manager
Native Bush Spices Australia
Assessment Task 3: Strategic plan project
1. Identify sources of information to use to research Native Bush Spice Australia’s market, competitors and target customers.
1) The average Industry growth between 2015 and 2020 was 3.33%. It has expanded on large scale over past few years. The industry is experiencing strong demand for packaged spices and herbs as these are a staple for cooking in homes, restaurants and cafes. It is expected to reach $490 million by 2021 end.
2) There are many players in the market since long like Hibiscus Flower Company, which deals in organic and native foodstuffs and herbs and spices, jams teas and conservatives. It also holds strong market and distribution centres in UK, Europe, Thailand and North America. Another competitor is Gourmet Garden Herbs & Spices, which through its novel technologies, innovative products and unique product offering in terms of colour, flavour and aroma rules the market. Herbie’s Spices is another popular competitor, which deals in same products. It has high brand value in Australia and has strong flavours in its products. It also possesses high innovation value.
3) North America is one of the leading importers of herbs and spices and have potential for further development. Many kinds of herbs and spices are imported in Europe. It is a mature market and growth rate is comparatively slower than other...