Risk Management Strategy for Strategic Plurality

Running Head: BUSINNESS STRATEGY 1
Develop and implement strategic plan
Student’s name
Course
University
Date

BUSINNESS STRATEGY 2
Table of Contents
Assessment Task one.....................................................................................................................5
Question one...................................................................................................................................5
Risks that should be taken into account in developing and implementing strategic plans..............5
a) Economic Uncertainty..........................................................................................................5
b) Government Regulation........................................................................................................5
Question two...................................................................................................................................6
Make a Plan..................................................................................................................................6
Decide How to Handle Each Risk................................................................................................6
Question three................................................................................................................................7
Risk management strategy that can be used to manage intellectual property risks inherent in
strategic planning.............................................................................................................................7
Question four..................................................................................................................................8
Strengths.......................................................................................................................................8
Weaknesses..................................................................................................................................8
Opportunities................................................................................................................................8
Conducting a SWOT analysis.......................................................................................................8
Decide on the objective of your SWOT analysis.........................................................................8
Research your business, industry and market..............................................................................9
List your business's strengths.......................................................................................................9
List your business's weaknesses...................................................................................................9
List potential opportunities for your business..............................................................................9
List potential threats to your business........................................................................................10
Question five.................................................................................................................................11
Question six..................................................................................................................................12
Cost effectiveness......................................................................................................................12
Deeper understanding................................................................................................................12
Understand PESTLE Factors.....................................................................................................13
Gather Relevant Data.................................................................................................................13
Identify Opportunities................................................................................................................13
Identify Threats..........................................................................................................................13
Take Action................................................................................................................................14
Question seven..............................................................................................................................14

BUSINNESS STRATEGY 3
Question eight...............................................................................................................................15
Question nine................................................................................................................................15
Question ten..................................................................................................................................16
Assessment task two....................................................................................................................17
Question one.................................................................................................................................17
The key business strategies for Native Bush Spices Australia......................................................17
Best practice techniques for formulating strategic objectives.................................................17
Develop a vision statement........................................................................................................17
Question three..............................................................................................................................18
Summary of the meeting outcome..............................................................................................18
Our values are:.............................................................................................................................18
Question four................................................................................................................................19
Email.............................................................................................................................................19
Our values are:.............................................................................................................................19
Assessment Task 3: Research and develop strategic plan project..........................................21
Native Bush Spice Australia’s customers:.................................................................................21
Native Bush Spice Australia’s competitors...................................................................................21
SWOT Analysis:...........................................................................................................................21
PEST Analysis:.............................................................................................................................21
Sources of above information:.......................................................................................................22
Potential Cooperative ventures of Native Bush Spices Australia:.................................................22
Risks..............................................................................................................................................22
Benefits..........................................................................................................................................23
Trends in the industry.................................................................................................................23
Strategic plan...............................................................................................................................24
Actions..........................................................................................................................................25
Question three..............................................................................................................................29
Email.............................................................................................................................................29
Updated Analysis.........................................................................................................................30
SWOT ANALYSIS......................................................................................................................30
Updated PESTEL........................................................................................................................30
Political Factors..........................................................................................................................30

BUSINNESS STRATEGY 4
Assessment Task 4: Strategic Plan performance monitoring..................................................33
QUESTION ONE.........................................................................................................................33
REPORT.......................................................................................................................................33
QUESTION TWO.......................................................................................................................35
Email.............................................................................................................................................35
References.....................................................................................................................................36

BUSINNESS STRATEGY 5
Assessment Task one
Question one
Risks that should be taken into account in developing and implementing strategic plans
a) Economic Uncertainty
The onset of an economic slump may require you to alter your implementation schedule.
Demand for your company’s products and services may turn out to be lower than what you
assumed it would be.
b) Government Regulation
New government regulations can make it more difficult for a small business to implement its
strategies.

BUSINNESS STRATEGY 6
Question two
Risk management strategies that can be used when developing and
implementing strategic plans.
Make a Plan
Every business should have a solid risk management plan. A risk management plan for a large,
complex business could easily run to hundreds of pages, while a small business might just have a
small spreadsheet focusing on the main items.
Decide How to Handle Each Risk
So at this point in the series, we’ve identified all the main risks in our business, prioritized them
based on likelihood and impact, and assessed the effectiveness of our current controls.

BUSINNESS STRATEGY 7
Question three
Risk management strategy that can be used to manage intellectual property risks inherent in
strategic planning.
Mitigation Strategies
Ensure all your employees sign a confidentiality agreement that states they will not disclose
any intellectual property or trade secrets if they leave the company

BUSINNESS STRATEGY 8
Question four
Benefit of conducting a SWOT analysis as part of a strategic planning process
and how a SWOT analysis is conducted.
Benefits
Each of these four sections has specific advantages to the overall analysis as outlined below
Strengths
The strengths section allows the company to consider its competitive advantages in the
marketplace.
Weaknesses
Generally, companies have two approaches to dealing with weaknesses. They can either seek to
improve them if those weaknesses restrict the company from implementing its strategies to
achieve objectives. Or, they realize that their weaknesses are simply a part of the overall business
approach and company leaders try to downplay those weaknesses in marketing their brand.
Opportunities
The opportunities section is critical to development of company strategies as it helps the
company identify ways to improve and grow.
Conducting a SWOT analysis
Decide on the objective of your SWOT analysis
To get the most out of your SWOT analysis, you should have a question or objective in mind
from the start.