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1. What do we want to do?. X- O/ j; A' W! l& F
Role ……
/ K0 r" D) R: X tIssues: have to make decisions that are coherent and consistent, and to integrate all the functional areas, consider the impact to the customers from the change. The other is if it’s the right time to make the move, whether they have the capacity to do so. Furthermore, they need to evaluate the pros & cons of each alternative, and the impact of taking the action. Lastly, they need to figure out how to reallocate resources in order to achieve their objectives. (Limited of time).
( `( [) z1 n$ z0 n* L) w# ]Professional Objectives: must be consistent with the overall strategy of the org., expanding into new market, development new service/product
& @7 I4 b: N' }+ F5 i- F5 SPersonal: make $, get experience, have fulfillment9 I0 p# j4 s6 w- O( a) x+ D8 N
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2. What do we need to do? PEST analysis6 | U; w7 ~' c+ k) N( [
P: regulatory system (the new policy will affect the overall environment in term of product/service standard, demand, price, sales?); b' F: F$ A) D: M: m k
Econ: what trends affect demand? (Recession: low interest rate for loan but may have low demand for the service/product because customers don’t want to spend $. Expansion: expensive to obtain loan because of high interest rate and potential of high demand & exchange rate)
/ C7 W' r: m( }Social: change of demographic, preference, life style will bring higher/lower sales?
* q$ N* D$ Y& J3 u2 GTech.: need to track tech. development to maintain good communication with suppliers, customers and, so the firm can obtain useful information timely to improve for the business, and also can have higher production while save costs in term of labour, reduction of production process with better technologies)
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( p t, m4 o4 G( z" WKSFs to take advantages of identified opportunities: Meeting gov’t standard, offering lower prices to retain customers/ take advantage of. Econ. Expansion that people are more willing to spend $ with increase of income, provide service/products that meet the needs/preference of customers, predict changes and continually develop new service/products to satisfy them. They need to continually apply advanced technology to improve the efficiency and effectiveness of the business.
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Consumer analysis provide critical info for marketing strategy with respect to product feature, pricing, distribution, adverting, which can determine industry attractiveness # R) k" N$ s7 L. C" }7 O
• Segment: who are they, what do they want, where do they get, how do they buy? how often do they buy?
9 V$ J, U! H. Y9 [( k: G• Threats: can’t target all markets and meet all their needs…. (i.e. high quality vs. price)
( d( n9 M- {( [1 [• Opportunities: change of demand due to new substitute, in/de. of Income, change of demographic
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KSFs to attract these groups: must do marketing research to understand customer’s needs, retain current customers by not only meeting their needs but also providing unexpected services. To attract new customers, they need to do more promotion. They must have a flexible strategic plan so it can react to customers’ change of demand quickly to capture new market or to obtain market share from competitors Lastly, it must differentiate its product/service from competitors by offering low price, unexpected service, specialty, high quality, fast delivery)2 s! J) E2 ?; X: c2 e8 \8 [* _+ }
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Trade
( Y# f. x6 i: w Q5 P# D• The chain, the Key players: (i.e. customer)- a6 R" E _4 a) B V
• Threat: the potential customers may not know the existence of the firm because of highly competitive industry…& H* N0 x8 }( K$ V$ V* j) Q
• Opportunities : word of mouth can increase awareness and lead to high sales with a good reputation( R) E+ T% N5 c, U! k9 l
KSFs to get through the chain (maintain good relationship to obtain referral, offer large order discount, special to new customers, reduce the # of players to have low price): R' d: a; @# b! n" ^3 S- m
3 F2 z, A) C& s. mCompetition Who are they? Compare your company with theirs (size, reputation, location, distribution channels, etc.). Compare your product/ service with theirs (warranty, quality, price, image, etc.). What have you learned from watching their operations? Also our own PRO & CON
0 E# L& Z5 o: `' U( Z• Strengths (have establisher longer, stronger financial support, a bigger market share?) $ r% W6 S) t+ c' Q0 g% _
• Weaknesses (high price, no specialty, poor reputation, do not have as wide variety selection?)( k+ Z8 \6 X8 `, v: T
• Threats: may lose customers/market share to competitors if they develop better tactics to meet the needs of customers, hard to get royal customers from competitors, industry can easily enter/hard to copy# U& N8 d8 _$ m* G. |" n
• Opportunities (competitive advantages): the firm have special, unique product/service…..can win customers over…..
/ s3 k! j: D" Y3 q# r$ o$ rKSFs to remain competitive (must do more ad, provide better service, location, maintain relationship with customers lower price)
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& P0 a4 I8 p' l/ aIndustry Summary Major KSFs, risks, and opportunities
4 V5 Y7 |4 P5 x3 E(In order to succeed in the industry, the company must do market research to understand customer needs before making any strategic plan because the needs of customers determine product features, pricing, distribution, advertsing, which can determine industry attractiveness. Flexibility is important in dealing with change of customers’ needs and competitors’ actions. It must carefully select supplier, location, keep track of what competitors are doing and take appropriate actions in response.)
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3. What can we do? --- Internal Abilities
3 d2 K/ L' ?( F* r1 T! J* BFinance Pros Cons
( ?1 h2 {- D0 d% A• Analysis & assessment of company performance up to now (cash flow, assets, collateral, type of financing)
7 a ]% P* B% i/ J• Projected performance and capital needs (growth in sales & profit?) Has the capacity to expand financially?
: o+ h- ^9 D) k6 T) a: X- i• Sensitivity of capital needs to plans/projects, Ability to manage and repay debt
6 S8 O8 z; F4 I. T# DImplication: Is the com. in a health financial position? Risky to expand? Can we get more loans if we need to? How can it do better? Cut expenses? Improve inventory turnover? A/R? Has the firm allocate finance resources appropriately?/ L$ Q s l$ m, l. L
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Marketing Pros Cons plays a vital role in successful business ventures. How well you market you business, along with a few other considerations, will ultimately determine your degree of success or failure. The key element of a successful marketing plan is to know your customers-their likes, dislikes, expectations. 4ps strategy: How is the product, location, price, and promotion? How effective of the past advertisement/promotion? Do we have experience and exploitable skills? Implication: should focus more/broader, clear & precise messages to target market? (Television, Radio, Direct mail, Personal contacts, Trade associations, Newspaper Magazines, Yellow Pages, Billboard)# c! D% S; p, n- X
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HR: Pros Cons Leadership, culture, relationship. Do we have the people and skills we need? (they work well together? Have commitment? Motivation? High morale? Turnover? Knowledge? ) Implication: current employees can/cannot handle more tasks, need to improve communication bet. employees need to hire more or cut some current one if expand, good team to achieve success?)4 F8 l% E8 a7 S B
# [$ E7 h7 @; q. d" `Operation: Pros (smooth process, customer oriente) Cons Task analysis (what is most important to the customers?) Do we operate efficiently and effectively? Does the process going smoothly? Where is the bottleneck? Are there areas we can improve? Implication: able/unable to handle more tasks, need to rearrange tasks and define and assign specific roles and responsibility?) V5 @* w5 A1 E$ B& x1 f
" g+ t0 s5 O3 Y$ {8 _Internal summary: What is our competitive advantage, and how is it sustainable?
' _* W- q0 g& R+ nThe firm is in a healthy financial position, and with expectation of high sales and continual growth in the business will lead to an increase of the cash flow. Stronger financial position will be able to support expansion/new development. In addition of a strong team with various skills and the efficient operation style, the future of the business will be quite optimistic. They have more good making strategies such as fliers and trade show, but it needs to be more penetration (or spread out) in order to attract more new customers. The firm has good people and they are being well managed. But in order to make the operation smoother, it needs to hire additional special personnel to manage the firm. 3 F0 h5 t9 X& I: ^2 _
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Describe each alternative and Assess the pros and Common Strategic Choices & Choice of products and Markets
3 |/ [4 Q3 |" N8 L6 e& m7 E1 Z4 r• Market penetration: increase the demand for the product based on improvement for features/images (Pros: doing as what we are doing, increase awareness/sales, establish customer base, lower costs to implement plan) (Cons: market may be narrow, limited area of customers, may lose opportunity of others potential customers, increase of expenses in ad)
7 p/ ^! Z- j* J$ Z( y• Product development (Pros: totally new product, may gain the competitive advantage, in. sales Con: customers may not accept the idea/product, high cost, no experience)
* z7 m7 A/ A0 y( o9 j• Market development: Is the new location competitive? Do they have capability to expand? How can they manage the transportation? (Pros: obtain new customers, higher sales) (Cons: high ad. Costs to promote for the new location, inc. transportation costs, need to hire new employees, harder to manage)
/ t: ^! J. u1 y: g( t• Diversification new product in new location5 q" @2 E$ b3 u- Y5 ^
1 c; ]6 Q* E4 k; Y. d# b: ?; k# }; @Determine the financial feasibility
+ i% S5 n u4 |2 W• Projected Statement (use either high/low, one/two year statement) Sale-cogs-operation exp.-tax=net income/ D$ D" W r3 G9 `( S- `1 h
• Valuation (Payback: Investment/$ save); s0 W) y$ y0 M1 a( t
• Break even (All Fixed costs/UC) [Markup= MG/(100-%MG)]
- _; {; A2 u! X$ r% o. }Remember to check footnote, costs will spread out over years, monthly rent must X 12,
; L; I5 T' q) x8 sDeprecation must calculate, Interest must include Include Other changes
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0 S3 k$ y" j0 z. K4 cSelling: (Pros: free up resources, no pressure, no liability, have more time Cons: do not high income)- D# j- t) _ B% J/ {' Z1 }
Who will be the potential buyer, what happen if the new owner takes over, will royal customer leave?9 D3 {' h' @% a
Assets – liabilities (equity) Calculated using the most recent balance sheet, Important to banks/creditors interested in liquidating assets* K# t# F4 z( Q+ p
Does not account for the market value of assets, Does not account for any ‘off-the balance-sheet’ intangible assets, a* |: y9 K/ `3 V8 N( @
, i8 x; V+ Q, s6 a) O* UEconomic Appraisal – estimate useful assets and all liability (add intangible assets) |
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