BSBMGT616: Develop and implement strategic plans - Strategic Planning Assessment Answers

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Assessment 1: Question and Answer Instructions to Candidate You are required to answer the following questions to confirm your knowledge in relation to unit BSBMGT616 Develop and implement strategic plans. You may refer to your training materials and other research while completing the answers. Write your answers in the spaces below using a blue or black pen. Alternatively type a document and provide a printed copy. If you re-type the document, repeat each question in the document and type your answer under the question.

Questions	Assessor
A) An organisation’s strategic plan is impacted by legislation, regulations and codes of practice. List 5 examples of legislation that need to be considered when developing a strategic plan. B) Select 3 from the legislation list and explain a key aspect or effect of each.

A) List 3 risks relevant to strategic planning other than intellectual property rights and responsibilities. B) Describe a risk management strategy to address strategic planning risks. C) Briefly explain the risk, business responsibility and a risk management strategy available when dealing with intellectual property rights and responsibilities.

Two common methodologies used in strategic planning are PEST and SWOT. Briefly explain the different focus of each analytical method : political, economic, social and technological (PEST) strengths, weaknesses, opportunities and threats (SWOT)

Information on the organisation's market, competitors, customer base, vision, values and capabilities may be gathered from internal and external sources. List 3 internal information sources and 3 external information sources.

Assessment 2:Workplace observation Instructions to Candidate This activity is related to the unit of competency BSBMGT616 Develop and implement strategic plans. In particular, you will be required to demonstrate your skills and knowledge in relation to this unit of competency.You may refer to your training materials and other research if required. The activity may be completed in the workplace or a simulated workplace. Your assessor will use a checklist to record the assessment decision. Overview Below are a number of practical tasks to be completed over a period of time in a real or simulated workplace where you will perform the duties of a person who applies knowledge and skills of a leader and manager. The times for completion of the tasks are to be negotiated between yourself and the assessor. You will be required to demonstrate practical skills to competently perform the following:

1. Confirm organisational vision and mission	1.1 Check with stakeholders that organisational vision and mission are still held to be current and are supported 1.2 Make any changes or refinements to vision or mission statement as required 1.3 Review or develop organisational values to support the vision and mission statement 1.4 Gain support for strategic planning process from all relevant stakeholders
3. Write strategic plan	3.4 Circulate strategic plan for comment, support and endorsement
4. Implement strategic plan	4.3 Use performance indicators to monitor progress in implementing plan 4.4 Make necessary refinements to plan 4.5 Evaluate achievement of objectives at agreed milestones 4.6 Review effectiveness of plan and consider methods for improving strategic planning processes

Performance Evidence

PE1 Consult and communicate effectively with relevant stakeholders to confirm or revise the organisation’s mission, vision and values

PE2 Consult and communicate effectively with relevant stakeholders to validate findings of research and analysis

PE3 Consult and communicate effectively with relevant stakeholders to get input to and endorsement of strategic plans

PE4 Consult and communicate effectively with relevant stakeholders to brief relevant parties about the plan

PE6 Analyse organisation’s internal and external environment to formulate strategic plans including legislation, regulations and codes of practice, including for intellectual property

PE11 Analyse organisation’s internal and external environment to formulate strategic plans including consideration of cooperative ventures

PE12 Analyse organisation’s internal and external environment to formulate strategic plans including cost-benefit and risk analysis

PE14 Monitor and evaluate the implementation of the plan and make refinements as appropriate

PE15 Review effectiveness of planning processes and identify opportunities for improvement

Foundation Skills

Get the work done – systematically gathers and analyses all relevant information and evaluates options to inform decisions about organisational strategies

Get the work done – evaluates outcomes to identify opportunities for improvement

Dimensions of Competency

Contingency Management - responding appropriately to irregularities and breakdown in routine in a job or workplace

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Solution:

2.4 Considering strength and weakness of former and potential competitors and allies Strategy is all about different from every individual else that one become an organisation choice for the market. Competitive advantage happens when an organisation improves and implement a strategy which enables it to perform its market rivals as well. According to Bartick & Reinhold (2010), it can be seen that the modern equipments are used for the betterment of the organization by which the customer satisfaction can easily be made globally. For this reason the strategic development and the management approaches are chosen for the increase rate of profitability and the productivity. On the other hand some unwilling demands and the insufficient supply hampers the growth rate of the organization for which the barriers can be seen and direct competition takes place. For this reason there must be follows the competitive advantage theory for the competitors.(Aldehayyat & Anchor, 2010). Walmart is a reputed American Company which is popular for its brand name and product worldwide basis with the help of its market chain. In terms of the market share it is not feasible to other discount retailers to emulate with Walmart. At the same time, it does not mean that there is no rivals in the market. Domestically and internationally there are so many competitors of Walmart because of the Company provides proper product which is much more high qualified in nature and in this low there are increased rate of profit in the global market. Costco and Target are the market rivals of Wal mart for which the organization is facing several problems to deal in the international market. Costco is a large wholesaler that provides a huge merchandise and it rates as a third largest retailer in US. as the turnover, revenue rate has increased in Costco hence Walmart is facing problems for doing its operation worldwide. The low price strategy pursued by the Target is the similar strategy that Walmart follows. Target is recently achieving more market share by introducing more grocery options in stores and exceeds its stores globally (Our Story.2016).

Company	Market cap	Revenue	EBITDA	Net income
Walmart	$252 B	$469.15 B	$36.5 B	$18 B
Costco	$46.20 B	$104 B	$3.86 B	$1.97 B
Target	$44.15 B	$73.35 B	$7.54 B	$3.00 B
Dollar General	$16.50 B	$16.04 B	$1.96 B	$953.50 M
Dollar Tree	$10.56 B	$7.40 B	$1.11 B	$620.32 M
Family Dollar	$7.88 B	$9.63 B	$916.7 M	$422.17 M

Table 1: Direct and indirect competitors of Walmart by Domestic region On the other hand, there are many international competitors as well but the researcher focuses some of the global competitors of Walmart. Carrefour in France remains one of the biggest competitors of Walmart which gradually expanding its retail stores globally. Another competitor is Tesco which is the top most retail company in United Kingdom.

Company	Country	Revenue	Global growth (last 5 years)	Domestic growth (last 5 years)
Walmart	United States	$470 B	9.9%	2.8%
Carrefour	France	$113.1 B	7.8%	3.5%
Metro	Germany	$90.6 B	7.4%	1.6%
Tesco	United Kingdom	$96.9 B	10.6%	5.10%

Table 2: Market growth of Walmart with international competitors (Source:Connell, 2010) Above table shows that Walmart is leading in term of revenues as compare to its competitors. By comparing the rest of the companies Carrefour remains the second leading company globally after Walmart. Moreover, in terms of composite growth rate United States is increasing globally by 10.6% and 5.10% domestically(Our Story.2016). After analysing the growth of the competitors of Walmart, it can be said that Walmart always strives to maintain its position in higher competitive edge. Till now Walmart remains the highest retail store in the international market and for this it implements effective strategies that how to grab the retail market easily. For its huge supply chain it takes the competitive advantages rather than the other leading companies have. It uses the resources efficiently and effectively than other organisations can. As Walmart is growing fast day by day and also opened several new branches hence several new stores around 4400 has made. For which the revenue rate also increased in nature. Walmart faces labor related lawsuits which other leading companies face less. On the other hand, high employee turnover badly impacted to its production. Little differentiation of products than others lead it face huge problem while introducing its products (Our Story.2016). 2.6 Analysing collaborative ventures assisted by risk and cost benefit assessment are compatible with the organisational vision, mission and values and provide for due persistence Joint venture is a business entity which created by two or more parties usually characterized by shared ownership, share returns and risks and shared regimes. According to Bryson (2010), most of the joint venture are incorporated though as in the oil and gas industry are incorporated joint ventures which artificial a corporate entity. Shrader, Taylor & Dalton (2011) commented that key components of a joint venture’s formation include the number of clients, the geographic, technology, product and value chain chance within the company, the subscription of the parties, the organisational structural form, the valuation of primary contributions and ownership split among the parties. Walmart stores paid dearly to end its relationship with Bharti retail with whom it had been partnered to open stores in India. At the same time, it loses millions of dollar for the American retailers as the annual report said of the Company (Our Story.2016).. Arkansas based retail giant opined that it paid about $100 million to gain it’s New Delhi based partner’s stake in Bharti Walmart Pvt Ltd, the joint venture which is created in the year of 2007. Walmart also had to write off $235 million according the Walmart’s current balance sheet. The Bharti Walmart venture had to gone through unruly patch over the previous two years amid bribery allegation of the American Company which was inspected by the authorities of India as Walmart conducted a worldwide internal probe to find if it had breached the U.S. anti-bribery law. The inspections which led to the suspensions of peak level officials, also forced Walmart to put its exceeding plans in India on hold, embracing the relationship between the two companies. Cowell (2010) opined that a cost benefit analysis is a method by which business decisions are assessed. The benefit of a given circumstances or business related action is united and then the cost related with the taking that action is being subtracted. Some cosultant built the model to establish a dollar value on intangible items such as the cost, benefits which are associated with the inhabiting in a certain town and the most consultants will also factor the cost of opportunity into this kind of equations. Walmart has gained its profit and the revenue rate by opening several new branches and also by increasing its sales. For this reason it is recognized as a most valuable and essential company in UK. There is a proper economic impact in the global market in case of Walmart for which the business goals and the strategies are meet by the organization. Large scale of business are made and in this way the environmental impacts are also takes place for the benefit of the company. The demand and the supply gets achieved by the organization in UK and in case of the US based retail stores the price high much higher hence the customers becoming more attracted towards the pricing and the products schemes of Wal mart.(Our Story.2016). 2.7 An analysis of internal and external factors which are compatible with the aspects of other informed individual Navigating in today’s busy business atmosphere is much like a attempting to steer a tiny boat back to onshore which caught in the centrum of a hurricane. However, there are so many forces at workplace that a person would necessity to respond to in respect to make it perfectly back to the harbour (Wang & Ritchie, 2010). Similarly, just like a ship, in today’s organisation and management are with significant amount of factors which require a quick response very often in the form of an organisational alteration. The factors that come this alteration in any kind of business are considered as the internal and external factors. According to Bechor et al. (2010), the internal matters which affects the organizations are effective working atmosphere, economic rate, people, demand and supply for which the organization can able to make growth. Walmart Melbourne company as mentioned one of the top most retail companies in Australia whose mission statement, organisational structures, style of leadership are the factors typically which associated with the internal environment. As such, it is the internal factors of the Walmart that will influence the activities, employees behaviour and attitudes and decisions. Walmart Australia is the Southern Hemisphere largest orchard owner, producer, manager and marketer of Walmart. It is the largest retailer in the universe in terms of produces and numbers of employees. As of 2015, the organisation is more than 2.2 million employees universally. The success is depend upon the significant application of the strategies to reach the organisation’s mission and vission. According to D'Aveni Dagnino & Smith (2010), leadership is considered as one of the internal factors. Walmart’s generic strategy based on the cost leadership. Wal mart provides more focus in their products and the quality also. For this reason the selling approaches has increased and the customers also satisfied in nature and purchase more. The working atmosphere, pricing policies, competitive advantage theories and also the cost saving approaches are helpful for the high level growth rate of the Walmart in case of the international trading (Our Story.2016). This effective application of cost leadership style helps this Company to keep operating costs low. Walmart organises daily activity within the employee's. It also conducts annual performance programs regarding the workers performance. Since Walmart conducts market penetration as its major intensive strategy for development, its employees are well trained about the implementation of the strategy. For this, the training management team teach them how to overcome the hazardous situation. Vermeulen & Curseuurseu (2010) opined that market penetration evolves more emphasis on its trading and the promotionals aspects for which the growth rates are maintained here. As concerning the vision of the Walmart, the management system always strives to give better output to its customers in order to satisfy their requirement. It is able to attract the new customers by offering new products. Thus, Walmart is able to being in the top position of the Australian retail markets (Our Story.2016). According to Bryson (2011) however, the external factors are those which come about outside of an organisation. The external factors cause changes inside organisation which are often remain out of control. Competitions, consumers, technology, economy, social and political conditions and resources are the common external factors that impact an organisation. The external aspects are also effective for the international trading by which the long term earning ratio and the revenue rates are maintained in the working atmosphere. Neglecting external factors could be detrimental mistakes for managers to make. Hahn & Powers (2010) commented that there are two types of consumers in retail market. One is involved to the consumer prices sensitivity and the other type of customer power is related to negotiating power. The political factors could negatively impact the Walmart sales and profits as government can change the rules at any times which could be impacted Walmart. For an example, in the year of 2013, the sale of Walmart was unexpectedly lower than the expected due to balk in income task refund. Hence there is an increase rate of the expenses the profits can be earned more after seeing the quality of the products in the global market. It is helpful for doing the trade in worldwide like: China, Canada, Mexico for which the product promotions as well as the new stores can also be opened at a proper manner for the increased rate of sale. (Our Story.2016). Thus, both internal and external factors influence the Walmart positively as well as negatively.

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