Strategic Planning

Question: Explain and discuss the strategic plan in detail. Answer: As described, the Canterbury Renovations is a cabinet making business and at its start up phase. For ensuring success, survival and sustenance for any organisation, developing strategic plan is essential as this would help them to ensure positive growth in the longer term (Forsyth, 2002). Strategic plans help an organisation to achieve their organisational goals and objectives in the most appropriate manner. 1.1 The mission of Canterbury Renovations The core mission of the firm is to renovate different phase of a home including, bathroom, kitchen, laundries and others. 1.2 The vision of Canterbury Renovation The core vision of the Canterbury is to facilitate its customers with every sort of help that they can provide with the ultimate renovation such as the design, installation of the complete set up, quotes and every other associated services that a cabinet building or customizing building demands. The organisational value of Canterbury Renovations Organisational values refer to the set of principles in either written or non-written format that does have the potential to assist a management to take appropriate decision in favour of the organisational objective achievement. It is essential for an organisation to develop their personal set of core values for directing their business activities towards a concentrate direction (GruÃÅ'ˆnig et.al, 2005). There are some values that workers utilize at their professional regime that includes- Treating each other fairly. Treating customers in an appropriate manner. How to be an effective individual within the work setting and in the organisation. Assisting each other in order to attain the vision along with enhancing the organisational effectiveness. Developing such environment that is favourable to job satisfaction. Helping in creating the sense of competitiveness among the workforce. These organisational values are of great importance, since- These do have the potential to be effective at the stressful times. Ensuring organisational survival in the global competitive market, these values and principles can be highly influencing and beneficial. These values can as well be helpful in developing people in the most effective manner. Developing people refers to developing most adequate traits within individual that would be constructive in achieving the organisational targets. Canterbury does have multiple competitors; however the following segment will concentrate upon a single competitor that exists. The Balwyn Kitchen is one of the prime competitors; it does have some strength and some weaknesses- SWOT of Balwyn Kitchen Strengths- Strong brand image and established business. Has also been featured in many reputed magazines. Weaknesses- It only does kitchen projects. Doesnt have a website. Doesnt have fully qualified workforce. Opportunities- Does have the potential for coding laundries and bathroom. With multiple construction projects going on in the area, this also creates a lot of opportunities. Threats- Various new car sales within the area. There has also been an increase in the number of DIYs within the area. SWOT of Canterbury Strength- Proprietors are well competent. Staffs are well dedicated. Complete agreement among proprietors and their objectives. Wide contact network. Weaknesses- Doesnt have much of management skills. Showrooms are much smaller in size. Business doesnt have any track record. Inefficient equipments. Opportunities- Major portion of population does not prefer reallocating their address thus creates various options for business development and expansion. There are multiple businesses in the same genre; however they do not have a strong brand image to compete with a strong contender (Johnston Bate, 2003). Threats- The industry isnt a well reputed industry in terms of the quality and durability aspects. Possible financial downturns. Existence of multiple competitors within the industry. PESTLE of Canterbury Political- The company must comply with the policies developed by the national and state government. Must adhere by the political rules and regulations. Economical- Must set the prices of the products and services in a suitable manner. Must also consider reviewing the financial condition of the nation prior to making any plan. Social- Must respect the social values and norms. Must respect the diversity in the local societies as this will add value to their brand image. Technological- Embracing latest technologies must be the prioritized preference of the Canterbury Renovation, since renovation needs technologies to serve in the best possible manner. The strategic plan for a business must involve the marketing mix that would help them to make the planning more precise and effective especially in the longer run. The marketing mix for this purpose would include the basic 4Ps. Product- Though, this is the most obvious, it is essential to be included and identified in the strategic plan. The Canterbury must project their product/service in comparison with their competitors. Price- This is the next most important element in the marketing mix. The reason behind such importance is because this is directly associated with the sales volume and turnover volume. Place- Place must as well be considered in the business plan. The Canterbury must reach to every client and customer for this also is important. Promotion- Promotion is also an essential task. It all lies in the process of promoting the products and services. This would help in ensuring maximum exposure. Strategic objectives and strategic needs are intrinsically associated with one another. Strategic objectives would describe the future aims and goals the management would concentrate over (Nanjundaiah Ramesh, 2010). The strategic needs refer to the process that would be utilized for achieving the future goals and objectives. Strategic objectives would be- To concentrate upon providing maximum satisfaction to customers. Enhancing the level of quality. Enhancing the brand image of Canterbury. Enhancing/increasing customer base. The list of strategies would include the following- Branding strategy Product strategy Pricing strategy Distribution strategy Promotional strategy Public relation strategy Advertisement strategy Direct and indirect marketing strategy Sales strategy Sales promotion strategy Packaging strategy This is a responsibility that must be completed in an appropriate manner. It is essential for an organisation to appoint efficient personnel and individual for this particular purpose, as this would be an effective task that does have the potential to assure quality of the final outcome. References Forsyth, P. (2002).Business planning. Oxford: Capstone Pub. GruÃÅ'ˆnig, R., KuÃÅ'ˆhn, R., KuÃÅ'ˆhn, R. (2005).Process-based strategic planning. Berlin: Springer. Haines, S. (1995).Successful strategic planning. Menlo Park, Calif.: Crisp Publications. Johnston, R. Bate, J. (2003).The power of strategy innovation. New York: AMACOM. Nanjundaiah, R. Ramesh, S. (2010).Strategic planning and business policy. Mumbai [India]: Himalaya Pub. House.