Case studyYou are provided with the minutes of the board meeting, where the CEO spoke about the strategic objectives that will form part of the strategic plan.MacVille Board Meeting Minutes: 1 July 201X6:00pm Board Room, BrisbaneBoard members:Present: Alan Jones (Chair), Jenny Ng, Olga Hartwick (Secretary), John Brennen, James Laird, George Saldais.Absent: Quorum present? Yes.Others present:CEO: Patricia Mees.Proceedings:Meeting called to order at 7.00 pm by Chair, Alan Jones, who explained that this was a special meeting of the Board to hear the presentation of the strategic plan by the CEO Patricia Mees.(Last month's) meeting minutes were amended and approved.Overview of the strategic plan: Patricia Mees●Patricia Mees gave a presentation concerning the objectives that would form part of the strategic plan for the next five years.●Objective 1 – To sell and service MacVille espresso coffee machines in every state of Australia. This wasa top priority that would involve the acceptance of Java Estates tender. This was an important alliance and one that should be managed at the highest level. With the Sydney warehouse now established, it was important to look for other warehouse opportunities in high-volume states. The other states could bemanaged with an agent’s network and by outsourcing the maintenance. ●Objective 2 – To increase profit margins by 5% in the next five years. This should occur naturally, with increased sales allowing for better price negotiations with suppliers, and getting all departments to makeoptimum use of their staff.