MGMT7170 - Report On Business Management
Added on 2020-03-01
12 Pages3294 Words58 Views
BUSINESSMANAGEMENT1
TABLE OF CONTENTSIntroduction......................................................................................................................................3Vision statement..........................................................................................................................3Mission statement........................................................................................................................4Business canvas model................................................................................................................4Value chain analysis....................................................................................................................7Implementation of strategic plan.................................................................................................9Reflection...................................................................................................................................102
INTRODUCTIONIn the modern scenario, efficient management of operations and activities is vital for longterm success of a business enterprise. Furthermore, companies are required to formulate andimplement the strategic plan which can support in identify and utilization of future businessopportunities[ CITATION Eld14 \l 1033 ]. It can be asserted that strategic plans also assistorganizations in getting a competitive advantage over other market players operating in theindustry. The present report is based on a small coffee shop which is currently operating at smallscale. Further, the store is working with one manager and two staff who provide customerservices. This study reflects the vision and mission statement of the coffee shop. Apart from this,a business model is also mentioned, and the model highlights the current and future state of theselected business enterprise. Vision statementIt can be stated that development of vision statement is essential as it acts as a roadmapfor companies and provides directions for long term success. The vision statement indicates whata business ultimately wants to achieve[ CITATION Chi13 \l 1033 ]. The statement plays a vitalrole in inspiring and motivating workers to give their best towards the success of the company.Furthermore, strategic plans of organization cannot be devised without formulating visionstatement[ CITATION Sch14 \l 1033 ]. However, it can be critically argued that communicatingvision statement to every employee is the most challenging task for a company[ CITATIONFri15 \l 1033 ]. According to the provided business case, certain changes are required to becarried out in the overall operations of the coffee shop to obtain better business opportunities andattract more customers in future. The vision statement of the coffee shop is mentioned below as:“To become the leader in coffee and tea industry by promoting a culture of innovation,quality and excellent customer service.” The mentioned above statement indicates that the small coffee shop is now lookingforward to expanding its business operations and become the leader in the food and beverageindustry. In future, the coffee shop is going to give intense competition to the big coffee brandsuch as Starbucks and Barista. For this purpose, the selected business enterprise is going toinvest resources in the technology and employees development. 3
Mission statementIn simpler terms, the mission statement can be defined as a formal statement whichincludes the summary of company’s values and aim[ CITATION Whe17 \l 1033 ]. It can bestated that mission statement is entirely different from vision and people often gets confusedbetween these two[ CITATION For15 \l 1033 ]. The reason for the existence of a businessenterprise is reflected by the mission statement. In adding to this, mission statement providessupport to the vision statement and help in an accomplishment of the same. Further, changes canbe carried out in the mission statement of a company by changing priorities and businessenvironment[ CITATION Hil13 \l 1033 ]. The mission statement of the chosen coffee shop isreflected below as: “To deliver the best quality of espresso and brewed coffee to all the customers and developbrand loyalty among them.”To achieve this statement, it will be required by the coffee shop to invest resources andefforts in right direction. The business will need to conduct market research to identify the gap inthe industry and then will be required to develop products and services according to the same. Inaddition to this, the coffee shop will also be expected to emphasize on training and skilldevelopment of all employees so that they can deliver fast, accurate and satisfactoryproducts/services to all customers. In the next 4 or 5 years, the business will be operating with its official store scattered indifferent locations of the world. The coffee shop will emerge as one of the best global coffeechain across the globe. To achieve these objectives, aggressive marketing practices will becarried out so that a strong brand image of the coffee shop can be developed. The primary focuswill be laid on two major factors which are innovations and satisfying changing customerdemand in the market. Business canvas modelBusiness canvas model can be termed as a chart which highlights critical areas such asvalue proposition of products/services, customers, overall infrastructure[ CITATION Gop13 \l1033 ]. Further, the existing and future business canvas model of coffee shop is reflected belowas:4
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Mission and Vision Statement Essaylg...
|6
|799
|375
Strategic Management of Starbucks - Case Studylg...
|12
|3016
|958
BSB61015 : Advanced Diploma of Leadership and Managementlg...
|10
|2318
|71
Strategic Plan for Barken's Coffee - BUSM3200lg...
|12
|2589
|45
Technology Plan and Management and Organisationlg...
|9
|2660
|35
Business Strategy for Caffe Culturelg...
|14
|747
|86