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Strategic Plan: Journal Of Development Economics

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Question:

Discuss about the Strategic Plan for Journal of Development Economics.

 

Answer:

Introduction

Strategic planning is the procedure through which organization could develop plans in order to operate the activities in an appropriate manner for attainment of the organizational goals and the objectives. Available resources of the organization should also be analysed as well as the allocated in the appropriate departments of the organization. Strategic planning is the crucial procedure mainly comes in the action before launching of the new product or new business within the workplace. In order to the attainment of the desired goals and the objectives, this planning is being made. It also involves the crucial activities of the mission, visions, and the targets of the organization. The strategies used to reach to those goals and for the attainment of those objectives; this type of planning is done. Under this report, strategic planning in relevance with the MacVille espresso coffee machines will be done. Organization is planning to set up these coffee machines in Australia. Their main aim is to develop these coffee machines at all states of Australia within the next five years. MacVille has planned to set up the coffee machines except the Northern Territory because organization is not able to find an appropriate repairing agent over there. For the attainment of the adequate place in the dynamic business environment, organization has developed certain objectives and to attain those objectives, KPIs and the strategies will be covered under this report. Apart from this, the strategic plan will be developed in order to discuss the plan’s outcomes with the CEO of the organization.

 

Objectives of the MacVille

Objective 1: The first objective of the organization to set up espresso coffee machines in every famous and most visited places. This will help the public to get the coffee easily and conveniently as per their requirements and this will be a vending type of machine. MacVille has developed this objective reviewing the demand of the coffee in the Australian states. MacVille has developed this objective with the view to enhance their market presence in the target market (Huang, 2011). Apart from this, organization has the objective to set up these vending coffee machines in whole Australia within next five years. This will raise the organizations revenues as well as it will also be helpful for the consumers to get the coffee at cheap fares. To attain this objective, organization has developed certain strategies such as:

  • The first strategy was developed in relevance with the objective of the organization to set up 200 coffee machines in a year across the Australia in the first phase. But due to certain issues in the Northern Territory and in the north Queensland, organization was not able to match up with their set targets as only 180 machines were installed in the last year (Hoskisson, et. al., 2013).
  • Apart from this, organization was willing to set up a warehouse in the Melbourne within 2 years of setting up a warehouse in the Sydney. But the actual outcomes did not matched with the expected outcomes and Melbourne’s warehouse is still under construction process.
  • The next strategy was outsourcing for the maintenance of the machines in the major parts of the Australia in order to attain the desired goals and the objectives. The target was set up for the South Australia, Western Australia, Northern Territory, Tasmania and ACT but as expected organization was not able to find the agents for outsourcing of the machines in the Northern territory of the Australia and in those areas, they got the outsourcing agents, they were also very expensive. Due to this issue, organization was not able to match up with its requirements as well as the organization’s motive of controlling the cost was also meeting with the expectations (Hill, Jones & Schilling, 2014).

Objective 2: The next objective was to enhance the profits rate of the organization in next five years. Organization has decided to enhance its profit margins with 5% hike from the last profits recorded in 2010. In order to attain these targets, organization has developed various KPIs and strategies for attaining those.

  • Organization decided to buy the whole container load in the initial phase with the objective to fulfil the demand of the consumers. The same results were obtained as expected and the volume which was purchased in order to fulfil the demand, the same objective was achieved.
  • Management of MacVille espresso coffee decided to adopt some effective and efficient strategies through which appropriate goals could be attained. In order to attain the goals, they developed the policy in which workers’ basic needs will be fulfilled at the optimum level for influencing them towards the work and to attain efficient results. For the same, they set the target of 12.5% wages to the turnover ratio (Greckhamer & Gur, 2015). But due to certain concerns, all the states of the organization was not able to perform as per the standards set up, a slightly increase was recorded in the turnover ratio i.e. 13.8%. With the effect of this, organization fell too short to attain the adequate growth in the profits as the actual rate of profit increased with 2% only which was too short from the expectations were set.

Objective 3: The further objectives were enhancing the market value of the MacVille brand in the target market in the particular period of time. With regards to this, organization has developed certain polices and the strategies to enhance their brand value till 50% in the Australian market. For attaining the particular ratio of the brand value, organization has adopted various strategies such as promotion of the company and its newly launched coffee machines will be promoted through digital as well print medium of advertisement and the promotion (Grant, 2016).

  • Organization has used various strategies in relevance with the objective of enhancing the brand promotion; organization has adopted the strategy of social media platforms’ marketing strategy. With the implementation of this strategy, organization will be able to promote its brand and the new products launched in the target market effectively and efficiently.
  • With the effect of adequate promotional techniques, organization expected that approximately 10, 000 clicks will easily be achieved on the website of the organization but the outcomes which were actually achieved was 12, 000 clicks. Due to this, organizational management’s and its employee’s confidence towards the accomplishment of the task of setting up coffee machines was boosts up (Gandhi & Jain, 2011).
  • Apart from this, MacVille decided to promote its brand and the product through printed cups with their brand name and by providing adequate margins to the cafes for installing their coffee machines at their workplace. This will enhance the demand of the MacVille espresso coffee amongst the consumers across the whole Australia. But due to non-attractive designs and the colours of the cups, organization was failed to attain the expected outcomes from this strategy (Bond & Saggi, 2014).
  • After evaluating the overall outcomes, it was observed that organization gets the extra benefits from the branding promotional techniques used. As the organization was expecting 50% increase in the demand of the brand while they got 86% enhancement in the same (Freeman, 2010).

Objective 4: Apart from the above objectives, organization decided to control its waste production from the functionalities of the organization as well as enhancement of the energy resources was also expected. These objectives were developed with the perceptive of enhancing the growth of the organization as well as to enhance the demand of the coffee machines set up by the organization in the target market (Forstmann, et. al., 2010).

  • Organization has developed a benchmark of the 10% reduction in the waste production and enhancement in the energy resources for the organization in relation with the rate of waste and energy was attained in 2010. To attain this target, organization has adopted the strategy of setting up innovations and the reward programs for attaining the desired objectives.
    For attaining this objective in the workplace, organization has developed the strategy of working upon the 25 suggestions received from the consumers per year. Addition to this plan, 6 new innovations should also be implemented within the workplace in order to attain the organizational goals and the objectives. The results were exceptional because 30 suggestions were implemented with the 8 innovations for enhancing the demand of the organizational products and to reduce the waste production (Finkle, 2012).
  • In terms of increasing the rate of the energy resources, organization planned to decrease the usage of the power to 10kW per person but due to late adaptation and the implementation of this strategy within the workplace, organization was failed to attain this objective and the outcome was attained 12kW per person (Carroll & Shabana, 2010).
 

Timeframe, priority and responsible party of the Strategies

Strategies

Timeframe

Responsible Party

KPIs

Brand promotion and marketing

Before launching the product in the target market

Marketing Team and the management

Internet- social media

 

Spreading information regarding the newly launched product

1-2 weeks from the date of launching of the product

Marketing team and the management

Display promotion of the coffee machines in the favourite places I the target market

Agreement with Java Estate

2-4 weeks

Production team and the management

Setting up 200 machines per year in the target market

Outsourcing of the machine maintenance contracts

4-6 weeks

Head of administration team

For every part of the Australia, separate outsourcing contract will be signed to maintain the machine’s performance.

Bulk purchase

6-8 weeks

Purchasing team

Purchasing of 100% volume container loads

Productivity and consistency in every department’s performance

8-10 weeks

Production department, management team

Wage ratio to the labour turnover should be decreased to 12.5%

Adaptation of innovation

10-12 weeks

Research & Development team

Taking suggestions from the consumers and adaptation of adequate innovative techniques in order to enhance the organizational performance.

Energy awareness and reduction in the waste 

12-14 weeks

Management team

Per person usage should be 10kW

Establishment of second warehouse

2 years after establishment of warehouse in Sydney

Management team

Within 2 years after the development of the Sydney’s warehouse

  

 

Role of Responsible parties

While identifying the roles of the organizational parties in the performance of the organization of introduction of the coffee machines in the Australian market, certain parties have crucial roles in attainment of the organizational goals and the objectives (Eteokleous, Leonidou & Katsikeas, 2016).

  • Management Team: It is the department which is responsible for performing various activities of the organization. In the performance of the MacVille, strategies of brand promotion, spreading information in relevance with the introduction of coffee machines, setting up machines in the various places of the target market, introducing energy awareness and the reduction in the waste production and the establishment of the second warehouse in the target market will be performed by the management of the MacVille. From the 9 strategies, 6 strategies were under the control of the MacVille management team and only 2 strategies’ outcome was attained as per the expectations or more than the expectations. Hence, organization needs to amend its strategies in order to enhance the organizational performance (Connolly, Connolly & Feinstein, 2016).
  • Marketing Team: Marketing team of the organization has major responsibilities of the successful implementation of the two crucial strategies. Brand promotion and spreading awareness amongst the audience of the target market depends upon the marketing team of the MacVille. Outcome of these strategies’ outcome was attained as per the expectations.
  • Production Team: They are responsible for developing adequate quantity of the coffee machines to deliver the products in the target market as per the demand of the consumers (Dimaano, Suthiwongsunthorn & Yang, 2015).
  • Administration: One of the major responsibilities i.e. outsourcing of the contracts for the maintenance of the coffee machines at the various parts of the target market.
  • Purchasing team: They are responsible for purchasing adequate quantity of the raw material required for the production of the coffee machines (Cummings & Worley 2014).
  • Research & development: They are responsible for adopting adequate innovative technologies in order to enhance the performance of the coffee machines which will lead to enhancement in the growth rate of the organization (Demil & Lecocq, 2010).
 

Cover Statement and Conclusion

The overall objective of the organization is to set up various coffee machines in all states of Australia and in order to attain the organizational goals, various strategies has been developed with the appropriate KPIs (Key Performance Indicators). To complete the process and to enhance the organizational goal of setting up coffee machines in the Australian market in next five years, various research and the processes were conducted. For the purpose of attainment of the organizational objectives such as reduction in the waste production, enhancement in the profitability, etc. various key performance indicators have been developed.

 

References

Bond, E. W., & Saggi, K. (2014). Compulsory licensing, price controls, and access to patented foreign products. Journal of Development Economics, 109, 217-228.

Carroll, A.B. & Shabana, K.M. (2010). “The business case for corporate social responsibility: A review of concepts, research and practice”. International journal of management reviews, vol. 12 (1), pp.85-105.

Connolly Jr, W.B., Connolly, M.J. & Feinstein, J. (2016). Law Journal Press”. A Practical Guide to Equal Employment Opportunity.

Cummings, T. G., & Worley, C. G. (2014). Organization development and change. Cengage learning.

Demil, B. & Lecocq, X. (2010). “Business model evolution: in search of dynamic consistency”. Long range planning. vol. 43 (2), pp.227-246.

Dimaano, A. B., Suthiwongsunthorn, N., & Yang, Y. B. (2015). U.S. Patent No. 9,023,690. Washington, DC: U.S. Patent and Trademark Office.

Eteokleous, P. P., Leonidou, L. C., & Katsikeas, C. S. (2016). Corporate social responsibility in international marketing: review, assessment, and future research. International Marketing Review, 33(4), 580-624.

Finkle, T. A. (2012). Corporate entrepreneurship and innovation in Silicon Valley: The case of Google, Inc. Entrepreneurship Theory and Practice, 36(4), 863-884.

Forstmann, B. U., Anwander, A., Schäfer, A., Neumann, J., Brown, S., Wagenmakers, E. J., & Turner, R. (2010). Cortico-striatal connections predict control over speed and accuracy in perceptual decision making. Proceedings of the National Academy of Sciences, 107(36), 15916-15920.

Freeman, R.E. (2010). “Cambridge University Press”. Strategic management: A stakeholder approach

Gandhi, V.P. & Jain, D. (2011). “Indian Institute of Management”. Institutional Innovations and Models in the Development of Agro-food Industries in India: Strengths, Weakness, and Lessons.

Grant, R. M. (2016). Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.

Greckhamer, T., & Gur, F. A. (2015). A Set Theoretic Study of Generic Strategies and Firm Performance Differences. In Academy of Management Proceedings (Vol. 2015, No. 1, p. 15849). Academy of Management.

Hill, C. W., Jones, G. R., & Schilling, M. A. (2014). Strategic management: theory: an integrated approach. Cengage Learning.

Hoskisson, R.E., Wright, M., Filatotchev, I. & Peng, M.W. (2013). “Emerging multinationals from mid?range economies: The influence of institutions and factor markets”. Journal of Management Studies, vol. 50 (7), pp.1295-1321.

Huang, K.F. (2011). “Technology competencies in competitive environment”. Journal of Business Research, vol. 64 (2), pp.172-179.

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