BUS-201 - Strategic Plan - Assignment
Added on 2020-03-04
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Running head: STRATEGIC PLAN1Develop and submit a strategic planStudent’s Name:Institutional Affiliation:Introduction
Strategic Plan2The strategic location of my coffee shop enables me to serve regular customers conveniently. My customer base mainly consists of frequent customers working within the vicinity of the business and random passersby. Some of my business assets include a standard espresso coffee maker and a refrigerated display. The display unit creates a good space for sellingready-made foods including confectionery. The working hours of the business begin at 8:00 am and ends at 5:00 pm. The staff at the coffee shop is comprised of a single manager who oversees and monitors two waiters. Currently, the operations and services offered by the businessare not satisfactory. Through technology and innovativeness, there is much to be achieved by thebusiness. For instance, acquiring a new and modern coffee maker would get the job done and thecustomers would be able to enjoy new coffee brands. The feedback from the customers is quite encouraging and hence the need for the creation of a comprehensive strategy that will exceed the expectations of the customers. Many customers see the coffee business as a potential game changer in the industry.Vision statementTo attain a Total Brand Value that will exceed the expectations and requirements of the customers by putting more emphasis on quality, product innovation, and customer service.Through the adoption of innovativeness and technology, the business will continuously be in a position to enhance manufacturing and technical skills that will help in the creation of a superior product.The vision also seeks to deliver on customers’ expectations and produce completely unique products that will offer satisfaction to customers.Mission statement
Strategic Plan3In a period of five years, the business should be in a position to create a product that will cater and satisfy the needs of people working around the shop and the random passersby. The key to achieving this is providing customers with an affordable, quality, and unique product that will exceed the customers’ expectations.Current business model canvasKey partnersThe key partners of the business include business partners and suppliers. A business requires the support of key partners such as middlemen, wholesalers, retailers, and financial institutions. The partners play the key role in improving the effectiveness of the business model. Healthy partnerships are instrumental in determining the success or failure of a business entity. Abusiness can optimize the utilization of resources, generate other resource streams, and mitigate risks by involving partners in major business decisions. For instance, the coffee shop might need the advice of the banks regarding the best banking products for the business. It is important to note, however, that not all partnerships will be essential for the business, such as the middlemen. Key activitiesThe business uses available and quality resources to provide satisfactory coffee to customers. The working hours of the business begin at 8:00 am and ends at 5:00 pm. The advertising of the business is done through posters and social platforms such as Twitter and Facebook. The administration ensures that all the problems affecting workers are noted and solved appropriately. Value proposition
Strategic Plan4The coffee shop sells unique and quality coffee that makes the customers want to come back for more. This is the major selling point for the coffee shop. The business focusses on what it can do best; that is producing a product that meets and exceeds the expectations of the people working around the shop and the random passersby.Customer relationshipThe business values the need for creating new customers relationships and maintaining the old ones. Some of the means of achieving this is through advertising and offering quality coffee. This increases new sales which eventually contribute to the success of the business. However, it is important to remember that the existing customers, no matter how big or small they are, are crucial and keep the business thriving. Repeat business requires the business owner to ensure that the customers enjoy the positive effect of the business. Key resourceThe key resources of the coffee shop include the physical assets, intellectual resources, human resources, and financial resources. The physical assets of the business include a standard espresso coffee maker and a refrigerated display. The intellectual resources of the business include the loyal customers, partnerships, and proprietary knowledge. The staff of the business comprises the human resource. Finally, the financial resources of the business fund borrowed from capital markets and banks.Distribution channelAt the moment, the business is a retail shop and sells coffee to frequent customers within the vicinity of the business and random passersby.
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