MKTG301: Strategic Plan Report - S1 2019, [University Name]

This report presents a group strategic plan for the MKTG301 course, focusing on initial strategies, cost and pricing considerations, and responses to potential market disruptions. The team outlines their vision and mission statement as the foundation of their strategy, emphasizing its role in communicating organizational goals. The report identifies legal and regulatory barriers and foreign government considerations as crucial cost factors, alongside costs and profit margins as key pricing considerations. The team addresses market changes by applying a four-step process of supply and demand analysis. Finally, the report details how the team plans to utilize profits, focusing on product mark-ups and paid advertisements to sustain business growth. This strategic plan aims to provide a comprehensive approach to marketing challenges and opportunities within the simulated environment, ensuring long-term financial success.

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 summary must not exceed two (2) pages total using 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 –

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.