Strategic Plan for Teck Resources: Business Development Project

This project provides a strategic plan for Teck Resources, a natural resource mining company. Part A includes a description of the organization and a SWOT analysis, identifying strengths, weaknesses, opportunities, and threats. Part B outlines the company's mission, values, and objectives (short, intermediate, and long-term), along with corresponding strategies. Part C details the operational steps needed for implementation, including establishing objectives, formulating policies, allocating resources, and performance tracking. The plan emphasizes resource development, health and safety, and building strong community relationships, incorporating elements like forecasting and contingency planning to address market fluctuations and competition. References support the strategic plan's components and approaches.

Strategic Plan
Teck Resources
Strategic Plan
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Strategic Plan
Contents
Part A:....................................................................................................................................................3
Part B:....................................................................................................................................................3
Part C:....................................................................................................................................................4
References:............................................................................................................................................5
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Strategic Plan
Part A:
TECK Resources: The company deals in natural resource mining process and is focused on providing
different metals in various geographical areas such as United States, Canada, Peru and Chile.
SWOT analysis of the current situation1
Strengths Weakness Opportunity Threats
Good Returns on
Capital Expenditure
Limited success
outside core business
Organization’s core
competencies
Rising raw material
Strong Free Cash Flow Need more investment
in new technologies
new technology Increasing trend
toward isolationism
Strong dealer
community
Financial planning is
not done properly and
efficiently
Opening up of new
markets
Growing strengths of
local distributors
Developing new
products successfully
Minimum marketing Stable free cash flow demand of the highly
profitable products
Superb Performance in
New Markets
Limited expansion in
adjacent product
segments
New customers from
online channel
exposed to currency
fluctuations
High level of customer
satisfaction
Integration with other
firms is low
The new taxation
policy
New technologies
developed by the
competitor
Strong Brand Portfolio Not very good at
product demand
forecasting
Economic uptick Intense competition
The main aim of an organisation is to create value that meets the expectation of people and firms
associated with the company. While taking consideration of broader aspects such as political, social
and environmental in which the company operates. Company has to follow an integrated approach
in the global environment.
Part B:
A strategic plan has five stage processes which are:2
Clarify Your Vision
Gather and Analyse Information:
Formulate a Strategy
Implement Your Strategy
Evaluate and Control
1 (Teck, 2019)
2 Extension (2014)
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Strategic Plan
Part C:
1) The mission of the company is resource development by ensuring health & safety of people and to
build strong relationship with communities. The value guides every decision we make as a company
and as an individual employee, describes what is more important to us.
2) To achieve Short, intermediate and long term goals ‘Teck Resources’ should follow “Step-Down
Principle” 3which helps in planning to all of them. In short term they can reduce the cost of
equipment they are using and can maximise the production by increase in working hours. For
intermediate goals is the changes made to the organisation within a year of short term goals and
long term goal is known find out new resources where mining can be done (Extension, 2014).
3. Strategies for achieving those objectives
 Collect & Analyse Information 4
 Developing Milestones
 Creating a Deadline
 Learning from Experience
Part C: The operational steps for implementation of strategies involve the following5:
 Establishing annual objectives
 Formulating policies
 Allocating resources
 Actual performance of tasks and activities
 Leading and controlling
The implementation of policy can be done by following methods: 6
 Establish a performance tracking and monitoring system
 Establish a performance management system
 Establish an information and feedback system
 Communicate
Methods to measure your progress:7
 Facts and Figures
 Stay on plan
 Keep a record
 Checklists
 Rate your progress
3 Extension (2014)
4 Small Business (2019)
5 Cleverism (2017)
6 Cleverism (2017)
7 (Coaching positive performance, n.d.)
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Strategic Plan
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Strategic Plan
References:
Extension (2014), Setting Financial Goals, Accessed April 2, 2019, from
https://www.extension.uidaho.edu/personalfinance/money101/101_setting.html
Small Business (2019), The Five Stages of the Strategic Management Process, Accessed April 2, 2019,
from https://smallbusiness.chron.com/five-stages-strategic-management-process-
18785.html
Cleverism (2017), Essential Steps to a Successful Strategy Implementation Process, Accessed April 2,
2019, from https://www.cleverism.com/strategy-implementation-process/
Coaching positive performance (n.d.), Measure your progress. How to stay on track with your goals,
Accessed April 2, 2019, from https://www.coachingpositiveperformance.com/measure-your-
progress-stay-track-goals/
Teck (2019), Homepage, Accessed April 2, 2019, from https://www.teck.com/
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