MANAGEMT 7044 Strategic Management

Introduction

For an organization to maintain its viability in the market, it is important that the management of the firm inculcate into certain strategies that would help them attain competitive advantage over others in the market. Strategic Management is one such organizational concept that helps the firm to carry out its major operational activities in a strategic form.  Strategic management is one such discipline that works to develop strategic options for the firm, which would improve its efficiency on a wider scale. In this study, the strategic management activities related to an organization would be illustrated. The organization selected for this study is the Neo Garden Catering Pvt Ltd, which is primarily located in the nation of Singapore. In the year 1992 the company was established and in the current scenario the concerned catering organization’s majority of share that is approximately 51% of it has been purchased by some other organization. In respect to this Singapore based company, the concept of strategic development, execution and process would be demonstrated under the management of the concerned organization in a systematic fashion. The concerned report would be developed under different segments  each of which would precisely signify the  different dimensions related to strategic management                                                                                                                       

Task 1 Developing a strategic vision and business mission

In the initial stage of strategic management of any firm it is significantly important to determine the major vision and mission of the company as based on these two factors the management of the firm would formulate into strategies that would help the firm in attaining those determined vision and mission effectively.  Owing to the current status of Neo Garden Catering Pvt. Ltd as maximum of share does not belong to headquarter itself depicts the origin of a new company of similar nature (Cassidy, 2016).  In a particular stage the nascent firm need to redefines its major vision and mission for supporting the major aspects of its current strategic management. The following discussion would illustrate the new strategic vision and mission of the concerned nascent organization:

Strategic Vision

Initially when the Singapore base owned the firm its major vision was to deliver quality food with effective on time delivery service.  However, in the current state owing to the kind of competitive industry it belongs to the major strategic vision of the company is to deliver quality food along with raising the bar of standard customer service.

Strategic Mission

While the major strategic mission of the firm is to adhere to high quality standards and exceed the customer expectations when in it comes to food catering services. With this strategic mission, the nascent food catering organization would be able to maintain its constant sustainability in the market

Task 2 Setting Objectives

With the illustration of the strategic vision and mission of the said catering company of Singapore, it is significantly important to depict the major strategic objectives that the firm would try to attain by implementation of effective strategies to enjoy competitive advantage over others in the market (Neto, B., Rodríguez  et al. 2016). The major strategic objectives of Neo Garden Catering Pvt. Ltd:

To include Innovation for improving catering services

 The first major strategic objective for this firm is to bring in improvisation in the catering and delivery services of its firm by implementing into innovative technological aspects such as buffet catering management system, automated central kitchen faculties etc.  All of these innovative aspects would help the company to provide its customer unexpected services and help them yo opt for only Neo Garden Catering Pvt. Ltd when it comes to food-catering services (Poon and Wong, 2017).  

To run the Business with effective work Ethics

Understanding the importance of its human resources, the firm of Neo Garden Catering Pvt. Ltd has decided to execute its major operational a activities in a fashion in which it is able to maintain work ethics at levels.  Such as recognition to team efforts, implementation of workplace safety etc all of this would help the employees understand the efforts the management of the firm is undertaking for them and this would eventually make them perform better

To set benchmarks in the food catering industry

This is one of the major strategic objective of the firm that is to eatables itself in such a way in which it is able to set itself as an example for other new firm’s entering the food catering industry.  Therefore, with this objective the firm would always make an effort to evolve it with changing needs and demands of the market (Hill, 2017).

The management of the firm with the stated strategic objectives requires developing certain strategies that would help the firm to accomplish the organizational objectives effectively (Hitt and Duane Ireland, 2017).  

Task 3 Creating a strategy to achieve objectives

Strategic management being a very quick and better way of carrying and executing any business task has started becoming very popular with a hundred percent efficiency rate. It is about the identification of different strategies and setting up of goals to complete a work. Being the vice president of Neo Garden Pvt. Ltd (Barney, 2017), which is a renowned catering service famous in Singapore it becomes necessary to go ahead with a new strategic planning agenda to maximise the profit of the newly built company. For rebuilding the company we have to plan a better and modern strategy. Initially a strategy or a module has to be created for bringing this company back to quick services. The plans of setting up the company and the types of employees required along with the leaders, has to be set up (Wheelen  et al. 2017). The plans should be the initial target to set up the company. Paper works are a necessary part of the company which also includes organized works. If the strategies are made to be clear among the employees then it would be much better for the employees to work. Being the Vice president of the catering company it becomes necessary to know about the local food habits of the people and also the tastes of people so that it becomes necessary to keep a track of our supplies. The raw materials for the company which includes kitchen tools and basic food items shall be always present. Also the other catering services in the areas should be monitored to know about the types of foods being ordered (Pitt et al. 2016). The company shall also look after primary and secondary food preservation techniques so that there is minimum wastage of food. Proper Refrigeration shall be a very important strategy. Cleanliness should also have to be a very important part because any food company be it a restaurant or a food outlet should have to be clean and disinfected. The newly rebuilt company shall lay major stress on food packaging and delivery. On time hassle free delivery shall be a major lookout. The company shall employ part time people who can look after the delivery process of the food at home. The prices for buffet and other orders shall be regulated so as to attract more customers (Ethiraj, Gambardella and Helfat, 2018).

Task 4 Implementing and execution of the strategy

A company shall require a proper execution of plans or else the newly developed strategies remains unused and unreliable.  Execution of strategies or plans in this regard shall mean the ways how works should be done. Firstly the location of the company shall have to be diagnosed legally as well as physically by experts and for this a government help can be desirable. A company cannot survive in unfavourable geographical location. The building and the legal works shall be the initial task. Moving on to the next strategy for implementation the financial matters shall also be looked into. Again a legal advice is required (Abelson  et al. 2017). The daily budgets, costs and expenses along with profits needs a constant monitoring with financial experts. Keeping day to day accounts is very necessary. Stable employees shall be required by the company who have an in depth knowledge about food services and they should be hired from some renowned institutions for a better quality (Hill and Brierley, 2017). The raw materials for the food needs to be inspected and brought in bulk and the vehicles and other transport services should be readily made available for quicker work. As it is mentioned earlier the delivery system should be quick and efficient and the delivery boys need to be smart enough. A proper uniform can be supplied to the delivery boys which shall make the catering services look extremely attractive and pleasant. A major strategy for implementing all the programmes for this company is security. Without proper security and cross check methods the whole profit and name of the company can get marred. CCTV cameras will have to be set up in every corner of the company starting from the reception to the kitchen and even the backyard where materials are disposed so as to keep a track of the happenings (Fisher, 2016). An efficient security will help the company proper more. While implementing all these strategies the company shall have to keep a track of the rival companies who might make any harmful moves on this newly rebuilt company. Last but not the least the company and the employees have to be disciplined enough to work on a daily basis at the initial months of the company so as to stabilise all the strategies (Chan et al.2017).

Task 5 Evaluation of performance and reviewing the New developmental while initiating Corrective adjustments

Monitoring and evaluation is also required for after the implementation of new strategic plans. The company will try to monitor all the activities through various strategic processes. The company has promised to keep raw materials and for that tight security will be provided for the company as forgery can happen. Every month there will be a stock checking process so that in the time of need the company does not has to face any kind of circumstances. Checking older stock will also help to check if things are fresh or not. There has been mentioned about the auditing process above and with the help of this the company will keep a good environment and will check the activities of the company (Bryson, 2018). With the help of continue auditing process the company will able to understand its flaws and will able to find solution regarding the major problems. The performance of the staffs will also be monetized in every month and more skilled based training will be provided to them if any of them is not able to do their work properly. Staff monitoring is very important as through this the company will understand their faults and their problems and will be able to rectify it. The company will also monetize its budget regularly after every fifteen days. It is important to know the profit and loss of the company.

By monitoring the budget the company will also understand its assets and liabilities (Kamau, 2015). Since budget is an important factor that’s why the company will not do any kind of compromise with the technology. New technology and machines will be available in the company to keep a track record of the company. Since everything has been set in a new way the company also decided to upgrade their security system and their security guard. There will be new and advanced cctv camera will be used with night vision mode. The company will also use new and advanced antivirus software to keep the records safely. With the help of monitoring process the company will able to see whether there is any problem in the company and after detecting the problem they will be able to deal with it. It is important to keep records of everything and to monitor everything as the company has adapted new strategic management plan so there are chances that in the beginning there will be some problem. In order to avoid that mistake monitoring process is mandatory (Kabisch, 2015).

Conclusion

From the above context it has been concluded that after the implementation of new strategic plans the company has developed its skill. After the implementation it has been seen that monitoring process helps the company to keep a constant track record of its products which helps the company to understand its problem. The new strategic plans seems to be helpful for the company as it has changed the way of working of employees and services has been upgraded through which the company is now providing the best quality of services to its client. Now the company after this new plan will be able to face any kind of future challenges and will also be able to achieve triumph.

References

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