Risk Management Strategy for Strategic Plurality

This is a summary of a text about developing and implementing a strategic plan. The text outlines the risks that should be taken into account, including economic uncertainty and government regulation. It also discusses the process of making a plan and deciding how to handle each risk. The text covers risk management strategies for managing intellectual property risks inherent in strategic planning. It also discusses conducting a SWOT analysis to identify the strengths, weaknesses, opportunities, and threats of a business, as well as the importance of researching the business, industry, and market. The text also mentions the cost-effectiveness and deeper understanding that can be gained from conducting a PESTLE analysis.

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

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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

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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.

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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.

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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

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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.

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Research your business, industry and market
Before you begin the SWOT analysis you need to do some research to understand your business,
industry and market. Get a range of perspectives by talking to your staff, business partners and
clients
List your business's strengths
The first step is to identify and list what you think are your business's strengths. Examples could
include strengths relating to employees, financial resources, your business location, cost
advantages and competitiveness.
List your business's weaknesses
List things in your business that you consider to be weaknesses .Weaknesses could include an
absence of new products or clients, staff absenteeism, a lack of intellectual property, declining
market share and distance to market.
List potential opportunities for your business
Think about the possible external opportunities for your business. Opportunities could include
new technology, training programs, partnerships, a diverse marketplace and a change of
government.

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List potential threats to your business
List external factors that could be a threat or cause a problem for your business. Examples of
threats could include rising unemployment, increasing competition, higher interest rates and the
uncertainty of global markets.

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Question five
Outline four examples of questions that could be used when conducting a SWOT
analysis.
Strengths:
What do we do best?
Weaknesses:
What could we improve?
Opportunities:
What could we do today that isn’t being done?
Threats:
Are there changes in our field or in technology that could threaten our success?

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Question six
Outline the benefit of conducting a PESTLE analysis as part of a strategic planning
process and how a PESTLE analysis is conducted.
Benefits of PESTLE Analysis
Cost effectiveness
The only cost of PESTLE analysis is time. While additional programs can help organize input
and feedback, PESTLE analysis can be completed through a simple document or pen and paper.
Deeper understanding
PESTLE analysis helps to look at many different and influential factors which could affect the
success of your product launches. It encourages the development of strategic thinking for
a deeper understanding of strategic planning.

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How it is conducted
Understand PESTLE Factors
For a business to perform a proper PEST analysis, first it’s important you understand each factor
and its scope:
Gather Relevant Data
Next, you need to gather as much as relevant data you can about the external environment of the
business.
Identify Opportunities
Once you have gathered all the information necessary, the next step is to evaluate it and identify
any opportunities these changes can bring to you
Identify Threats
Other than identifying the opportunities these changes can bring, it’s also important to determine
whether they are undermining your business. This would allow you to prevent problems, or at
least reduce their intensity

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Take Action
Now that you have identified the opportunities, it’s time to take advantage of them by including
them in your business plan.
Question seven
Outline four examples of questions that could be used when conducting a PESTLE analysis.
Political
What governmental policies and actions are likely to affect my organization or sector?
Economical
What shall be the impact of inflation to the organization?
Social
What key influences are affecting people’s attitudes and behavior in ways that might affect my
organization or sector?
Technological
Which technologies are becoming redundant, the decline of which might pose a threat to my
organization or sector?

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Question eight
List two internal sources of information that a business could use to find out about its
market, competitors, customer base, vision, values and capabilities.
a) Daily books such as sales day book, purchase day book and cashbook can provide useful
information to management.
b) The accounting records are primarily used to record what happens to the financial
resources of a business.
Question nine
List two external sources of information that a business could use to find out about its market,
competitors, customer base, vision, values and capabilities
Customers:
Customers are goldmine when it comes to getting information that can be used for strategic
purposes
Internet:
The internet is a good external source of information for strategic management decision.

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Question ten
Explain the purpose of developing organizational values and two techniques that could be used
to identify values as part of the strategic planning process.
Controls the individuals behaviour
It lays out its expectations of behaviors for organization members
Techniques for values identification
Know your People
Values are the critical part of the strategic planning process – the reason being, that they go right
to the heart of the most important ingredient of your strategy – your people.
Identify organizational culture
This facilitates the formulation of appropriate values which is aligned with the organizational
culture.

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Assessment task two
Question one
The key business strategies for Native Bush Spices Australia
 To develop a selection and plant improvement programmer for existing
and new plants spices
 To research and develop large scale low environmental impact
 To develop specialized extract on processing techniques for new plant
 Establishment of Intel regional on farmer production and agro monic practice
Best practice techniques for formulating strategic objectives.
Gather the facts
Look at each area of the business and determine what worked well, what could have been better
and what opportunities lie ahead.
Develop a vision statement
This statement should describe the future direction of the business and its aims in the medium to
long term. It’s about describing the organization’s purpose and values

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Question three
Summary of the meeting outcome
The vision and the mission were formulated as follows
Vision
 Within next five years, Native bush spices will become a national brand, and will be
accepted as an integral part of the hospitality industry, both large and small.
Mission
 Native bush will provide espresso coffee machines that meet the efficiency, reliability
and sustainability needs of its hospitality clients who, in turn, reward with prosperity.
Our values are:
1) For our stakeholders, we are committed to provide stewardship and adherence to
professional and moral standards of conduct in all we do.
2) For our people, we are committed to encouraging self-directed teams, cultivate
leadership and maintain high levels of safety.
3) For our customers, we are committed to wise environmental practices and offering
meaningful value to them.

BUSINNESS STRATEGY 19
Question four
Email
From: Operations manager
To: Management team
Subject: Details of the meeting
This email intends to confirm the organizational vision, mission and values as
discussed at the meeting and outlining some details on the cooperative venture as
discussed at the meeting.
Vision
 Within next five years, Native bush spices will become a national brand, and will be
accepted as an integral part of the hospitality industry, both large and small.
Mission
 Native bush will provide espresso coffee machines that meet the efficiency, reliability
and sustainability needs of its hospitality clients who, in turn, reward with prosperity.
Our values are:
For our stakeholders, we are committed to provide stewardship and adherence to
professional and moral standards of conduct in all we do.
For our people, we are committed to encouraging self-directed teams, cultivate
leadership and maintain high levels of safety.

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For our customers, we are committed to wise environmental practices and offering
meaningful value to them.
Cooperative Venture is very beneficial and we should plan to come up with several
partnership businesses in several places within the country.
I further kindly request for an approval to proceed in the development of the strategic
plan based on the agreed vision, mission and values, as well as strategic objectives
Regards

BUSINNESS STRATEGY 21
Assessment Task 3: Research and develop strategic plan project
Native Bush Spice Australia’s customers:
The indigenous group who are the aboriginal and the Torres Strait Islanders (Higgins-Desbiolles,
Vilkinas, Wijesinghe, Akbar & Gifford, 2016).
Native Bush Spice Australia’s competitors
The Mac Donald’s are the main competitors
SWOT Analysis:
Strengths:
Existing distribution and sales network
Weaknesses
Future market size.
Opportunities:
New market Growing demand.
Threats:
Rising cost of raw material Increasing cost.
PEST Analysis:
Political Factors:
International trade agreements
Political stability

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Economic Factors:
Stable economy
Reduced costs
Social Factors:
New market growing demand
Technological Factors
Technological scale effect
Legal
New business regulations
Environmental factors
Recycling infrastructure
Sources of above information:
1. Official records
2. Google search
3. Marketing records.
Potential Cooperative ventures of Native Bush Spices Australia:
The Mac Donald’s restaurant (Ratten, & Dana, 2015).
Risks
Increased advertisement costs.

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Benefits
Increased market for the goods
Trends in the industry
Increased competition from other food industries
Increased use of technology in marketing e.g online marketing by Walmart.

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Strategic plan
Vision:
Within next five years, Native bush spices will become a national brand, and will be accepted as
an integral part of the hospitality industry, both large and small.
Mission
Native bush will provide espresso coffee machines that meet the efficiency, reliability and
sustainability needs of its hospitality clients who, in turn, reward with prosperity
Goals:
To develop a selection and plant improvement programmer for existing and
new plants spices
To research and develop large scale low environmental impact
To develop specialized extract on processing techniques for new plant
Establishment of Intel regional on farmer production and agro monic practice

BUSINNESS STRATEGY 25
Actions
The following table identifies the actions we plan to take to achieve our strategic objectives.
Actions Timelines Responsibility Key performance
indicator
Develop enthusiastically
satisfied the customer all of the
time.
In the next
few months.
Performance
measuring
programs like
appraisals and
measures the
every individual
performance, if
everything is
good he
provides the
rewards.
•Specific
physiological activity
of native foods
• Antioxidant capacity
and phenolic
compounds
• Screening of native
foods for their health
benefits
• Changes in
bioactivity
Contribute positively to our
communication and our
For one
year.
Running a social
media contest in
which contestants
•Improving harvest
quality of native food

BUSINNESS STRATEGY 26
environment. submit a photo
or
video
crops
• Industry attendance
at relevant
conferences
• Native food
curriculum for chefs
Embrace diversity as an
essential component.
Over 5
years
company offers
strong warranty
coverage,
extensive
inventory, and
knowledgeable
sales agents
•Managing post-
harvest disease with
essential oil
• Monitoring myrtle
rust in lemon myrtle
• Control options for
myrtle rust in native
foods
SWOT Analysis:

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Strengths:
Existing distribution and sales network
Weaknesses
Future market size.
Opportunities:
New market Growing demand.
Threats:
Rising cost of raw material Increasing cost.
PESTLE Analysis

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Political Factors:
International trade agreements
Political stability
Economic Factors:
Stable economy
Reduced costs
Social Factors:
New market growing demand
Technological Factors
Technological scale effect
Legal
New business regulations
Environmental factors
Recycling infrastructure

BUSINNESS STRATEGY 29
Question three
Email
From: Operations manager
To: Management team
Subject: PESTLE AND SWOT ANALYSIS
Attached is the PESTEL and SWOT analysis for the business which has acted as a guide in the
development of the business plan. Kindly go through it and revert accordingly in case of any
clarifications.
Regards.
Question four

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Updated Analysis
SWOT ANALYSIS
Strengths
 The internal factors that are favorable towards competitive advantage over other firms in
the food industry
 The branding that looks appealing to the consumers.
Weaknesses.
 Inefficient business strategies.
Opportunities
 The business has engaged in innovations to meet the customer satisfaction.
 The increased number of customers across the world has enhanced the growth in revenue
to the company.
Threats
 New entrance of other firms in the industry.
 The customer lifestyle is changing over time whereby the loyalty of consumers has
become unpredictable over decades.
Updated PESTEL
Political Factors

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Governmental guidelines for diet and health (threat and opportunity)
Evolving public health policies
Economic factors.
Slow but stable growth of developed countries (opportunity)
Slowdown of the Chinese economy (threat)
Rapid growth of developing countries (opportunity)
Social factors
Increasing cultural diversity (threat and opportunity)
Healthy lifestyle trend (threat & opportunity)
Technological factors
Increasing business automation (opportunity)
Increasing sales through mobile devices (opportunity)
Environmental factors
Rising interest for corporate environmental programs (opportunity)

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Increasing emphasis on sustainable business strategies (opportunity)
Changes in climate conditions in some regions (threat)
Legal factors
Increasing health regulations in workplaces and schools (threat)
Increasing animal welfare regulations (threat & opportunity)
Rising legal minimum wages (threat)

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Assessment Task 4: Strategic Plan performance monitoring
QUESTION ONE
REPORT
Purpose of the report:
This report aims to access the progress of the developed strategic plan.
Notes on Achievement of KPI’s
A 20% increase in total sales revenue.
International market identified, and exporting commenced. Sales to international
markets to comprise 20% of total income.
Suitable alliance for marketing identified and 10% increase in sales attributed to
alliance marketing.
Identification new products through review of competitors’ web sites.
Recommendations for the improvements in next year
More ideas for new products
Identification of a suitable business partner
Evaluation of the strategic Plan

BUSINNESS STRATEGY 34
Strategic Plan Review
Whether the Organization has achieved the
key objectives in their first strategic plan?
Comment: Yes
Product now selling in Hong Kong
and Singapore. Total international
sales identified as $70,000.
Sales have increased from $550,000
to $800,000
Timeline for next review
Review after six months.
Recommend Best practice Strategic Planning Techniques:
Diversity leads to a better strategy. Bring together a small core team — between six and ten
people — of leaders and managers who represent every area of the company.
Make strategy a habit, not just a retreat.

BUSINNESS STRATEGY 35
QUESTION TWO
Email
From: Operations manager
To: Management team
Subject: Business plan
Attached is the review of the business plan clearly outlining its implementation and the Key
Performance Indicators? The business plan has made it clear on the areas that require further
improvement. Kindly go through it and give me the feedback for any clarifications.
Regards.

BUSINNESS STRATEGY 36
References
Higgins-Desbiolles, F., Vilkinas, T., Wijesinghe, G., Akbar, S., & Gifford, S. (2016). Indigenous
foods benefiting indigenous Australians.
Ratten, V., & Dana, L. P. (2015). Indigenous food entrepreneurship in Australia: mark
olive'Australia's Jamie Oliver'and Indigiearth. International Journal of Entrepreneurship
and Small Business, 26(3), 265-279.