Strategic Plans for Business- Free-Samples- Myassignmenthelp.com

Question: Discuss about the Effective Strategic Plans. Answer: Mission statement Business success depends on many aspects before and during the business operations as well developing effective Strategic Plans that address future development plan and expansions. Selecting the right business is, therefore, the first and most important requirement any entrepreneur must overcome, as this ensures the businesses success and long-term operation and growth. Canterbury Renovations specializes in the design and manufacture of cabinets which are a basic requiring in both the commercial premises and homestead(Talbot, 2003). Cabinets are a basic requirement for any building as they are used for storage and safe keeping of items making them an item which remains in high demand on the market. Canterbury Renovations Market Overview: PEST analysis Cabinets are a basic requirement for every building thus making them an item which remains in high demand among office, commercial building, factories, and homeowners. With practically every person requiring having a cabinet to place their items under lock and key, the demand for cabinets will always remain high(Griffin, 2010, p. 127). Canterbury Renovations currently specialized in the design and production of domestic premises cabinets made from metal and wood but has the scope to expand in many industries which also demand cabinet production. Practically every home and business requires cabinets thus opening up a huge opportunity to expand. SWOT Analysis Strengths Weaknesses Continued High consumer demand Aggressive competitors Cabinet production specialization Rising cost of materials Low cost/ high quality cabinet Requires specialized labour skills Opportunities Threats Ever increasing demand for cabinets Competitors Product line expansion Retaining skilled labour Strategies Canterbury Renovations currently specializes in the manufacture of cabinets which is an industry which offers huge demand but also has the opportunity to expand and undertake other building renovation works(Usigbe, 2015). Cabinets allow for design and production to be made at a different location thus allowing the business to maintain its manufacturing unit outside the city and cut on rental costs as well as secure larger spaces. This helps the business remain competitive and deliver high-quality cabinets to its customers at low cost. Target Market and Positioning Currently, Canterbury Renovations specialized in manufacturing and renovating domestic and residential building cabinets mainly made of wood. The business also has an opportunity to expand its operation in the same area by targeting businesses and industries which also require cabinets and shelving for safe keep and storage of paper work and supplies. In addition to this, the business can also target schools which also offer a high demand for locker cabinets for its students to store their supplies safely(Treacy Wiersema, 2007). Product and Pricing Strategy Canterbury Renovations strategy is to offer high-quality products to its customers at low cost. Being a small business they must focus on delivering high quality and low prices so as to win consumer confidence. Profit margins have been compensated by locating business workshops on city suburbs which allow for rental cost reduction(Schindler Schindler, 2011). Agents visit the customers premises, take all measurement and manufacture the cabinets off site before transporting them back to the customer and installing them as required. Distribution and Promotional Strategy Being a small business and only recently having been started up Canterbury Renovations relies heavily on the social media to market and promote the brand. This allows the business target consumers from their own city and allows them to build a positive relationship with satisfied customers who further recommend the brand(Ferrell Hartline, 2012, p. 149). As the business develops a positive image the website shall be set up. Distribution f finished product and supplies are done using their own delivery van which also has the business name and logo with contact information thus allowing Canterbury Renovations to also advertise their presence while traveling and working. Conclusion Being a small business Canterbury Renovations must focus on keeping their costs low but at the same time, the business must also consider expanding their operation and addressing competitor issues. Labour needs are another major concern which needs addressing as the business must develop a close relationship with skilled labour to ensure long-term relationships and reduce employee turnover. This will help stabilize the businesses operate and allow for steady expansions and growth. Being a product required by all homesteads and businesses Canterbury Renovations has the potential to register aggressive expansion both in the domestic and international market in the future. Bibliography Ferrell, O., Hartline, M. (2012). Marketing Strategy. Mason: Cengage Learning. Griffin, D. (2010). Business with a Purpose: Starting, Building, Managing and Protecting Your New Business. Denver: Easy Brain Labs Inc. Schindler, R., Schindler, R. (2011). Pricing Strategies: A Marketing Approach. London: SAGE. Talbot, M. (2003). Make Your Mission Statement Work: Identify Your Organisation's Values and Live Them Every Day. Oxford: How To Books Ltd. Treacy, M., Wiersema, F. (2007). The Discipline of Market Leaders: Choose Your Customers, Narrow Your Focus, Dominate Your Market. Cambridge: Hachette UK. Usigbe, C. (2015). Business Strategies in Times of Crisis. Xlibris Corporation.