100%(12)12 out of 12 people found this document helpful
This preview shows page 22 - 24 out of 24 pages.
Changes that will need to be made in regards to our strategic plan will include:•A 50% increase in sales revenue for the next twelve months (this revision is to be based on our previous year 45.4% increase in total sales revenue) •Focus on our marketing strategies and more effort be made to find a suitable alliance for marketing. •Hire specific product research and development personnel.Date of submission: 11/5/2020
STUDENT ID: VTI18T1020STUDENT NAME: MONISH BISTAUNIT ID: BSBMGT616While our strategic plan outlined a need for product innovation, our KPI needs to be updatedwith the introduction of staff primarily looking to develop and implement new products. Our KPImight include 2 new product launches in the next twelve months. Best practice strategic planning processesThere are many different frameworks and methodologies for strategic planning and management.While there are no absolute rules regarding the right framework, most follow a similar patternand have common attributes. Many frameworks cycle through some variation on some very basicphases: •Analysis or assessment, where an understanding of the current internal and externalenvironments is developed, •Strategy formulation, where high level strategy is developed and a basic organizationlevel strategic plan is documented •Strategy execution, where the high level plan is translated into more operational planningand action items, and•Evaluation or sustainment / management phase, where ongoing refinement andevaluation of performance, culture, communications, data reporting, and other strategicmanagement issues occurs.Native Bush spices Australia I believe achieved this primarily in the first strategic plan.However, there is some room for improvement to be made. Analysis and Assessment was quite thorough as a whole in the previous strategic plan however Ibelieve there was not enough high level strategic planning in the way of planning specific actionsto be made. I believe there should be a much more in depth set of actions, broken down intospecific time lines. The part of the strategic plan that failed I believe is in the ongoing evaluation at differentintervals within the first 12 months. Product development for example should have been evaluated every few months to ensure itdidn’t escape under the radar. Date of submission: 11/5/2020