Date of Submission:
To achieve a significant share in the global market and derive a niche for itself in the global market.
The mission of the company is to provide excellent customer service and high levels of customer satisfaction to the people along with an adaption of the latest technology.
The objectives of the company are based on the goals that it has developed for itself in the future. These objectives are as follows:
• To provide a healthy return on investment to its investors and shareholders.
• Increase the overall income of the company by about 8% annually.
• Provide an extensive customer satisfaction through improving the cost effectiveness of the product by 6%.
Objectives • To develop investment options for the potential investors in the company.
• To increase the international trade of the company by about 10%.
• To establish the economic return on investment for the stakeholders.
Strategies • Increase the liabilities and percentage return on interest’s ratio by 8%.
• Develop new dimensions to absorb more and more investment.
Policies Formulate financial framework for the economic considerations made in the company
Objectives • To increase the use of technology and innovation in production by about 15%.
• Increase the number of sources from where quality raw materials is obtained
• Increase the efficiency of the workers by 10%.
Strategies • Formulate plans for developing better production techniques to save cost by 12%.
• Derive operational excellence in the organization for increasing efficiency by 10%.
• Develop policies for ensuring safety and security in production
Policies Increase the production by about 10% without compromising on the quality
Objectives • Identifying the factors that are fulfilling the customer’s demands.
• Developing an extensive market analysis
• Increase the customer base by 15%.
Strategies • Use innovative techniques for promotion and increasing the reach of the product or service by 25%.
• Develop marketing approach that would attract potential customers.
Policies Carry an extensive market research hand formulate plans and strategies on the basis of that.
Objectives • Increase the productivity of inventory management by about 12%
• Developing proper reverse flow and storage of goods
• Deriving an ideal flow across the point of origin and the point of consumption for the product.
Strategies • Develop effective plan regarding the maintenance of inventories to increase its efficiency by 8%.
• Implementing consistency in the flow of goods to reduce the wastage or mismanagement by about 10%.
• Developing the related information between the points of consumption and development
Policies Incur less expenses in inventory management and handling the flow of goods across different processes.
Geographical area to be concentrated on:
The geographical area that has to be considered for the development of the business is very important in developing success and sustainable growth of the business in a company. It involves considering the following factors while concentrating on a geographical area:
• Urban/ Rural
• ACORN classification
This would help in developing a plan on the basis of the geographic elements that are important for utilizing the available resources across the different segments available in the market. It is very important to consider the geographical factor in determining the positioning of the industry and developing the business plan accordingly in the market.
The development of the geographical analysis of an area involves considering the various factors that are prevailing in a specific geographical area that ranges from the availability of raw material to the availability of labor, technology, electricity and other resources that would be required while developing the product in the company. Developing an ideal structure for the geographical area analysis requires identification of the above mentioned important parameters that play a significant role in determining the success of an organization in the industry. It is then followed by developing a target plan for the same. Target plan requires consideration of several factors in its inception and formulation. These have been discussed below.
Plan for achieving the target:
There has to be a development of a plan to ensure that the goals and objectives that are developed in the industry for the company has been achieved.
The main steps that are involved in developing a target plan is as follows:
• Develop appropriate and relevant objectives
• Deriving ideal strategies
• Developing policies for achieving the target
• Evaluating the effect of the policies for a short period
• Identifying the need to improve the strategy and policy
• Obtaining a solution for the strategy
• Checking the feasibility of the strategy
• Implementing the solution
Carrying the above steps is necessary for the attainment of the organization’s goals and objectives. It involves considering the elements of the organization that are important in developing the plan for the organization. These areas and the steps that are performed in it have been obtained in the section below.
Thus, these specific steps have to be taken for achieving the target across the market by the company. It involves developing strategies that would be incorporating the several elements that have been identified in the above areas. While executing these steps, a timeline has to be followed. It would help in ensuring that the required steps are taken on the right time and it derives the necessity to develop a target pan for various areas mentioned above and considering the sequential activities that are to be carried out throughout the plan. the above mentioned areas and the tasks that are to be carried out in it has been derived with a specific time line for each of the tasks and it has been shown in the section below.
A target plan is a plan that helps in developing the important measures that are to be taken and followed over a specified period of time for specific areas that are concerned with the business. The target plan would be developed for carrying tasks that would take about two months for its completion.
Areas concerned Measures and tasks Time required
• Develop appropriate and relevant objectives Week 1
• Deriving ideal strategies Week 2
• Developing policies for achieving the target Week 2
• Evaluating the effect of the policies for a short period Week 2 – Week 4
• Identifying the need to improve the strategy and policy Week 5
• Obtaining a solution for the strategy Week 6
• Checking the feasibility of the strategy Week 7- Week 8
• Implementing the solution Week 9