This assignment requires teams to reflect upon the implications of their initial chosen strategy for a group strategic plan. It includes considerations for costs and pricing, potential market disruptions, and future use of funds.
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MKTG301 Group Strategic Plan – S1 2019 Due Date: Wednesday 1 May @ 9pm. Industry:Company: Team member 1 Team member 2 Team member 3 The aim of this assignment is for your team to reflect upon the implications of the initial chosen strategy. Your team’s strategy may change or evolve as the simulation proceeds, but this is about your team’s initial thinking as you are about to go into your first set of decisions. Each team must complete the following questions in the available spaces. Answers must be succinct. This summarymustnot exceed two (2) pages totalusing the Verdana 11 point font. Briefly outline your team’s initial strategy and justify your choice. The initial strategy of our team is the vision and mission statement. This vision and mission statement is used in order to meritoriously communicate all the working of our effort or organisation. My vision is referred to my dreams. It is about what our organisation does believes are the ultimate conditions for our selected community. This means that how all the things would look if in the case where the problem significant to me were perfectly or completely being addressed. It might refers to a world where there is no war, or a specific community in which all the people are being treated as equals, racial background or irrespective of gender. It is one of our initial strategy because it will help in conveying our hopes for the community in the future. On the other hand, mission statement is very similar to that of vision statement. In that case, it too look at the bigger picture. Nevertheless, they are more concrete as well as they are surely more action-oriented than that of a vision statement. Based on your team’s initial strategy, what are the two MOST IMPORTANT considerations your firm needs to be aware of in relation to COSTS? Justify your answer. The two most significant consideration that my firm needs to be aware of in relation to costs are – 1)Legal and regulatory barriers –Conduction of business in the markets of foreign is mostly achievable if the business is springy enough for working within the local guidelines of laws and regulation. When reviewing regulatory and legal commitments, it is strictly has advised that we all seek a bit of experienced legal counsel regarding overseas practices of business for recognising hazards which might cause few barriers for our ongoing business. Do not withhold upon the cost of using expert legal counsel of overseas, it can protect us in the long run. 2)Foreign government consideration –The stability of the government locally and its authority are very much significant at the time of reviewing business options of overseas. Based on your team’s initial strategy, what are the two MOST IMPORTANT considerations your firm needs to be aware of in relation to PRICING? Justify your answer. The two most significant considerations our firm needs to be aware of in relation to pricing are –
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1)Costs –The first and foremost thing is that the organisation should informed about the financial needs. Before the setting of price, we have to look into the costs that is involved in the production and with running our business. These all include our fixed costs i.e. the expenses which might come in each and every month regardless of sales, and our direct costs i.e. the expenses we incur by the production and then delivering our products as well as services. 2)Profit –The key objective of each and every business is making profit. If there is no profit then the business will not run for long time. For making profit, we have to maximize the price of a product keeping in mind of the cost it bears. If the price is greater than its costing then it will make a profit. So, if the price is less than its cost, at that particular time it will be a loss to us. Based on your team’s initial strategy, how are you allowing for any potential change or disruption in the marketplace? We are allowing for any disruption or potential change in the marketplace by following these simple four step process :- 1)Drawing a model of supply and demand which represents the situation before the event of economy took place 2)Deciding whether the event of economy is being analysed affects supply or demand 3)Deciding whether or not the effect on supply or demand causes the overall curve to little bit shift to the left or to the right, as well as sketch the new curve of supply or demand 4)Recognise the new equilibrium and at later stage compare the equilibrium quantity and price that is original to the new equilibrium quantity and price. Based on your team’s initial strategy, if your company makes a profit after year 11, how are you likely to use the funds in the future? If my company makes a profit after a time period of 11 years, then we will likely use the funds in such a way that it can make a profit throughout each and every year. We will use the actions of profit-boosting. Product mark-ups– However, it may not be the most genuine way for increasing our profits of the business, product mark-ups may turn out to be quite advantageous. Paid advertisements– If we keep a website which receives a lot of traffic, being in a partnership with a similar type of company, not a competitor though, can be an advantageous method.