Preparation of a Corporate Plan

8/6/2019 Preparation of a Corporate Plan

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INTRODUCTION

Sri Lanka manufacturing company is a leading business organization which manufactures

and sells a wide range of consumer products. It became a market leader in the industry byachieving satisfactory level of profits.

The company is consist with several departments such as production, Finance and planning,

Human Resource, Supplies, Marketing and Audit. And the company has two factories, one in

Colombo and other one is Kandy.

During the period of 2006- 2008, the company under gone so many difficulties such as their

profits become decreasing, their market share is reduced 40% to 28%, their cost to income

ratio has increased, staff cost has increased by 20%, staff turnover has increased, theirproduct quality has decreased hence customer complains become high etc

So the company decided to revisit the current strategic plan and prepare a new strategic plan

for next 3 years. This case study discussed about the stake holders expectations of the

company, the objectives based on Balance Score Card and measurements, strategies to be

implemented and ultimately the strategic plan for the company in next 3 years.

This case study reveals the extent to which how the strategic plan contributes the company

to achieve ultimate goal successfully.


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PREPARATION OF A CORPORATE PLAN/ STRATEGIC PLAN

1. Identify the stake holder expectations.Stake holders are the parties who can influence towards the organization and influenced by

the organization

The stakeholder concept was first used in a 1963 internal memorandum at the Stanford Research

institute. It defined stakeholders as "those groups without whose support the organization would cease

to exist."

A stakeholder is a party that can affect or be affected by the actions of the business as a whole. They

can be defined as individuals or organizations that stand to gain or lose from the success or failure of

a system. Since, by definition, stakeholders are those who are impacted by (or have an impact on)

the project, their perspectives need to be taken into account in order for a company to be successful.

Stakeholders can have positive or negative views regarding a given project, and often dont agree with

one another, making it a challenge to reconcile their varied viewpoints.

Stakeholders are often in conflict with one another. For example, if we consider the design of a

system for use in a manufacturing plant. Factory workers might value a high degree of autonomy and

personal control over their work practice, while management might value efficiency and

standardization of the factorys workflow.

The needs of stake holders of an organization i.e. basically how do they want to see the

organization performing and growing. It is essential for any company to evaluate stakeholders in order to develop an effective strategic plan.

Key stakeholders in any company are.

Share holders (investors) Customers Employees Regulatory authorities and general public

SHARE HOLDERS (INVESTORS)

y Maximize profitsShare holders or rather investors always expect higher profits from the organization. So their

ultimate expectation is to maximize profits. Hence they can enjoy higher benefits.


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y IncreasedividendsAs mentioned above share holders always expect higher profits hence they can get a higher

dividends. High company profits may leads to gain higher dividends.

y Higherreturn on investment.Shareholders expect high return for the amount they invest. Returns needed to be larger than

the money they invest. So the company needs to generate more return or rather gain.

Otherwise share holders will leave the organization and they may stir to the competitors

which is a huge loss for the company. (ROI need to be positive).

y Increasethegoodwillofthe company.

Another major expectation of a share holder is the good name of the company. Investorsalways attract and endow their money to the companies which have a higher status.

So the companys responsibility towards share holders is to preserve their goodwill and not to

engage in activities which affix a blemish to the company. If the company performs well,

their goodwill will involuntarily increase and at the same time share holders expectations

will moreover fulfilled.

y TransparencyAnother crucial aspect of share holder is transparency of the company. Company may need to

maintain reliable policies and procedures and also they should be capable of point out the

evidences to the required parties in whatever circumstances. The concept of transparency

should be there in every decision they made, or every action they took. Otherwise share

holders will leave the organization where they invest.

y Expansion / Diversification ofthe business.They expect diversified business. Products and markets needed to be expand. Company

needed to be implement strategies particularly for corporate level and the business level. If

the company will diversified their business the risk of gaining losses can be minimized and if

the company will expand their business, higher profits can be achieved

So share holders always expect the expansion of business and the diversification


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y TechnologicalgrowthShare holders expect the companys growth in terms of the technological aspect. They expect

the company to be in line with the new technological advances, new IT developments,

innovations, etc. So the company needs to be update with the external world and they need to

get the advantage which the competitors do not obtain. Lately methods need to be introduced

in order to increase the productivity, profitability and quality.

If the company performs as such, the investors will magnetize the company as well as share

holders expectations may fulfill.

y To bethe benchmarkin theindustry.Not only the profits, productivity, but also they expect the company to be the bench mark in

the industry. They expect the company to perform at their paramount. Hence they can thrash

the competitors effectively. They need the company to become top of the industry since the

other companies in the industry may follow the company as a bench mark.

y SustainablegrowthShare holders expect the growth of the company. But it needs to be sustainable growth.

Company need to maintain their growth within a long period of time. Just a growth may not

lead the company to survive. The competitors always try to imitate others, so the company

needs to introduce strategies which are in line with the top companies in the industry. This

will lead to attain the sustainable growth in the industry.

y Share priceto beatthetruemarketvalueCUSTOMERS

y ValueformoneyCustomers expect certain value for what they ready to pay. Value need to be in terms of the

product quality, reliability, durability, serviceability, etc. So the company needs to realize the

customer expectations and what they expects as values in certain products. And then they

need to offer it to the market in order to fulfill customer expectations.


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y Affordable price (Competitive price)Customer expects the price to become affordable. It needs not to turn out to be low. But it

should be competitive. Customers expects lower price to the higher quality. They always

compare products with the other companies. So the prices needed to be competitive.

Otherwise they do not purchase products and shift to the other competitors. Company need to

accomplish the customer expectations towards the price.

y Excellencein quality in products.Customers expect the company to offer quality products. They expect the company to

differentiate the product in terms of quality. So the company need to increase the quality,

hence the company enable to fulfill the customer expectations.

y Excellencein service quality.Not only the product quality, but also customers expected high service quality, such as after

sales services, guaranteed period, delivery time and techniques, repairing service etc. So

company needs to provide higher service quality to attract the customers to the company.

y Safety.Customers expect higher safety facilities from the product that the company may offer.

Proper guidelines, structure of the product, design need to be there. Otherwise customers mayleave the company and shift to the competitors. So safety facilities should be provided to

fulfill the customer expectations.

y Brandimage.Customers expects good brand image from the company for the products. Customers

sometimes admire the brand rather than the products. So brand image is a crucial factor for

the company to achieve the success. Company need to implement branding strategies such as

multi brand, co-brand, brand extension etc. to fulfill the customer expectations.

y Modern technologyCustomers always expect company to make the products which is in line with the modern

technology. Today the business environment is volatile and companies need to equip for this


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situation. So they need to adjust their technology to modern techniques. Otherwise the

expectations of customers cannot fulfill.

y InnovationCompany needed to do innovations to fulfill the customer wants which is unlimited. Theyalways expect to consume newer products and innovative products since their needs are vary

with time to time. So company need to invent them in order to fulfill the customer

expectations

EMPLOYEES

y Job securityEmployees expect job security from company in terms of financial benefits such as

retirement benefit, medical scheme salaries, allowances etc. as well as non financial benefits

such as health and safety, etc. So the company needs to be able to provide them. Otherwise

employees will leave the organization.

y ChallengingworkThe work need to be challengeable. If not the employees feel bored and they dissatisfy

towards the work. So company needs to provide work which is challenging and management

needs to give more responsible work to the employees in order to achieve greater

productivity.

y Marketratesofpay and benefits.Rates of pay need to be match with the market rates. External equity and internal equity is an

essential factor. It needs to be aligning with the market and the industry. Otherwise the

employee will leave the organization. So their ultimate expectation is to gain the rates which

is in line with the industry as well as with the market.

y Worklife balance.Employees expect to maintain a proper balance between personal life, work life and the

social life. So the company need to give them work which is balanced with their personal life.

Hence the employee can perform their responsibilities towards the organization at their best.

Mental stability can maintain which is a crucial issue for perform well in the organization.


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y Carrier progressionEmployees expect carrier progression in their work life. So the company needs to provide

carrier opportunities to the employees to develop their carrier ladder. Promotions need to be

given according to the performances. (I.e. performance base progress need to be given rather

than seniority)

y Job satisfactionSatisfaction can be defined as the positive feelings that employee gain towards the job

and drive to work enthusiastically. Job satisfaction is a crucial issue for the employee as

well as the company since it leads to achieve the ultimate objective of the organization.

Hence the company responsibility is

REGULATORY AUTHORITIESAND GENERALPUBLIC

y Corporate Social ResponsibilityRegulatory authorities and general public specially the government expect the organizations

to conduct CSR programs. So the companies need to allocate certain amount of money from

their profits to implement such programs. Some companies use this issue to enhance the good

name of the company and to make more profits, which is not correct. They need do fatally

implement such programs with the purpose of increase the welfare of the society.

y ProvideemploymentGovernment expects the company to provide employment opportunities to the public. Hence

their standard of living increases and on the other hand welfare of the society also increased.

y Pay taxesandotherreliabilitiesduemanner

Other aspect they expect is to pay taxes and other payments without any delay. Otherwisethey impose penalty to the delay. So the company need to pay taxes with the due date,

otherwise government wont fulfill their expectations.

y Comply withthelabourstandardsandlaws


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Government imposes various labour laws that the company need to act in accordance with.

So the company needs to obey them and treat workers in an equitable manner. They need to

provide the benefits to the employees as law permitted and all the leave facilities,

reimbursement, EPF,ETF and retirement amenities need to be given.

If the company doesnt offer aforesaid employees can arise their voices and they can get the

support from legislation.

2. Carry out a SWOT and PEST analysis and determined the strategic direction of thecompany

SWOT ANALYSIS

SWOT analysis is a tool for companies to assess the industry and to develop strategies to

remain competitive. This is a simple way to focus aspects of the company to organize the

findings to evaluate the current status of the business, future prospects and the economic

climate. A SWOT analysis promotes critical and specific thinking to enhance strategic plans

and objectives.

SWOT analysis is a key component in strategic planning. The analysis subjectively evaluates

the impact of internal and external factors for a business objective. Internal processes and

resources are considered strengths and weaknesses (S and W, respectively).E

xternal factorsaffecting the business and industry are considered opportunities and threats (O and T,

respectively). An evaluation of these factors develops a strategic perspective that includes the

competitive current market conditions

STRENGTHS

According to this case this is a leading business organization which manufactures and sells a

wide range of consumer products. They are the market leader with a satisfactory level of

profits.

y MarketleadersIf we conduct a SWOT analysis becoming market leader is the biggest strength of their

company. To become market leaders in the industry is not an easy task for any company. All


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the parties of the company needed to perform up to their maximum level and it is a collective

activity rather than individual. As far as their market share is concerned in 2006, they have

40% of the market share in the industry. So this is also a significant amount that we need to

look at. As mentioned in the question 1, one of the share holders expectations is, becoming

the company, a benchmark of the industry. So this manufacturing company became market

leaders, which is a greater strength to them.

y satisfactory levelofprofitsEven though the profitability of the organization is gradually decreased during last couple of

three years, they have satisfactory level of profits. In 2005, they gained Rs.1500mn and in

2007 and 2008, they got Rs.1200mn and Rs.1000n which is not an insignificant amount. So

gaining a satisfactory level of profits also can be regarded as strength of them since profit is

one of the crucial factors to lead a company a success and survive. So having a significant

and satisfactory level of profits became a bigger strength of this manufacturing company.

y Manufacturesandsellswiderrangeofconsumer products Manufactures and sells wider range of consumer products is one of the strengths of this

company. Since this wider range of products minimize the amount of risk that the company

may under gone. They have the opportunity to reduce the risk of gaining loss from one

product, by producing variety of products. Product diversification is one of the strategies that

use specially for the SBUs and it supports a lot for any organization to achieve larger profits.

So this factor became one of the strengths that the company benefited.

y financialstabilityAs far as strengths are concerned, financial stability can be regarded as potency to this

company. Even though profits are reduced gradually, they have the significant amount of

profits during last three years. In financial terms they were strengthen and stabilize. Their

sales amount such as Rs. 10 bn in 2006 also support to stabilize the company

WEAKNESSES

y Customer complaintsabout quality ofthe products.During the period of 2006-2008 company has large number of weaknesses. One of them is

customer complaints regarding the quality of the products. I.e. company produced low quality


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products. Customers are very much concerned about the quality of the product and quality is

one of the main expectations of the customers as stake holders. So the quality needed to be up

to the standard. But the company fails to produce it to the extent level, which is a weakness of

this company.

y High costtoincomeratioCompanys cost had increased by 25% is also a weakness that this company faced. If we take

the figures of sales revenue, in 2006 its Rs. 10 bn and gradually it decreased to Rs. 8bn in

2008.So the income has decreased and the production cost of the company has increased.

Company need to find solutions for the high cost, which is one of the weaknesses of the

company that will lead the company a failure.

yHighstaffcost

Staff cost is gradually increased by 20%, which is a weakness of the company. Company may

spend higher amount of cost for salary and wages, EPF, ETF, bonuses, gift and donation,

medical allowances, travelling allowances, gratuity, cost of training and development etc. So

the staff cost may high and increasing cost of the company can be regarded as a weakness of

this manufacturing company.

y Poorrelationship between linemanagersandtheemployees The relationship between the line management and the employees has been deteriorated. This

can be considers as one of the biggest weakness in this manufacturing company since good

labour management relationship is a crucial factor for any company to become a success. If

there is a poor relationship between managers and the employees, employees will not give

their maximum performance and the opportunity for going to the industrial action by the

employees can be take place, And this negatively affect to the organization as well as stake

holders.

y Staffturnoverhasincreased.This is also a weakness of the company. Staff turnover means the rate of leaving employees

from the organization. Company should capable enough to retain employees in the

organization. Because if the employees who have competencies decided to leave the

organization it will impact the company adversely. So the company needs to reduce this

weakness and make employees satisfied towards the organizations performance.


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y Costofproduction isincreasedAnother weakness of this company is, there high production cost. Their production cost has

gone up by 30%. They need to introduce the ways and means of reducing the production cost.

If not the company may have to face a huge loss. If the production cost is increased, even

though their revenue and profits increase, the ultimate objective of the organization cannot be

achieved.

y ProfitsaredecliningEven though they have stabilized financial facet they have profits, which is in a declining

rate. This can be regarded as a weakness, which affects the company adversely. If profits

become low, the whole system will get exaggerated and it will lead company performance to

diminish.

OPPORTUNITIES

y Favorablemarket condition.Sri Lanka manufacturing company is a leading business organization which manufactures

and sells a wide range of consumer products and they are the leading company in the

industry. So they have favorable market condition which is 40% of market share is owned by

them. This becomes an opportunity of them to lead their business organization.

THREATS

y Competitors Infringing in marketshareCompetitors are their biggest threat and they infringe the market share, which leads to reduce

the market share of the company. Company need to deal with the competitors in an effective

way s such as they need to implement strategies which the competitors do not used.


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PEST ANALYSIS

PEST analysis is merely a framework that categorizes environmental influences as political,

economic, social and technological forces. Sometimes two additional factors, environmental and

legal, will be added to make a PESTEL analysis

The analysis examines the impact of each of these factors (and their interplay with each other) on the

business. The results can then be used to take advantage of opportunities and to make contingency

plans for threats when preparing business and strategic plans

PEST analysis is a useful strategic tool for understanding market growth or decline, business position,

potential and direction for operations. The headings of PEST are a framework for reviewing a

situation, and can in addition to SWOT and Porters Five Forces models, be applied by companies to

review a strategic directions, including marketing proposition. The use of PEST analysis can be seen

effective for business and strategic planning, marketing planning, business and product development

and research reports. PEST also ensures that companys performance is aligned positively with the

powerful forces of change that are affecting business environment

POLITICAL ENVIRONMENT

(Assumption: political environment in Sri Lankan context)

The political environment in Sri Lanka is in a grave situation and which is very crucial factor

that needs to be taken into consideration. It is instable where it affects the company

unfavorable manner. Level of corruption has gone up and practices and the stability of ruling

parties are doubtful. Fiscal policies, social welfare policies, trading policies and also trading

and relations with other countries together with the labour market regulations are not

supportive for the business environment.

Even though such corruptions taken place all the parties become successful to obtain a greater

achievement of concluding the 30 year war. So this lead to open the doors to a newer era and

arise many opportunities specially for trading sector. Spending and borrowing, taxation

affects the business in favorable manner.

As far as this case is considered, during the period of 2006- 2008, issues of trade unions had

risen. They submitted a set of demands for negotiation. Considering all the other factors we

can see that labour unrest had taken place and due to that trade unions may intervene to this


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critical situation, which can adversely affect to the success of the company. Management

need to consider all these factors and need to maintain a constructive relationship with te

employees

ECONOMIC ENVIRONMENT

According to this case it is mentioned that the cost of production has gone up. This can be

due to high inflation rates in the country. As mentioned above, there is a high political

instability and this will lead to interest rate become higher etc.

It may be due to trade and budget deficits. In Sri Lanka income disparity is not that much of

spread and that leads the economic environment stable. But unionization taken place and un-

employability rate become high. This led the company in unfavorable situations.

Even though global financial crisis taken place, Sri Lankas economy recorded 6% growth in

2008. Due to the home grown policies based on Mahinda Chinthana, Sri Lanka managed to

keep off many of the ill effects of the economic down turn. However, the real impact be felt

by end of 2009 due to the overall economic downturn. This will impact positively in trading

sector. However the economy needed to be properly managed and the corruptions need to be

minimized

SOCIAL ENVIRONMENT

As we all know, 30 year war is concluded in 2009, it affects to the trading sector in favorable

manner. But still ethnic problems are not solved properly, which is a social factor that affects

trading organizations negatively.

Labour turnover is high and it affects their families directly. Their cost f living will become

high and there can be arising many cultural issues also. Life style changes, social structures,

attitudes to work and leisure, consumerism such as product, quality, and education affects the

company as a social factor.

On the other hand case mentioned that the profits are in a decline rate, which has an effect on

profit sharing. It becomes low and this will affect to their lives.


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Technologicalenvironment

This case is not mentioned about the technological aspect. So we can assume that they do not

make use of any technological advancement which affects the firm negatively. They need to

utilize the excess money they have to make innovations. They should discover innovative

techniques to improve their productivity. In Sri Lanka government spending on research,

government and industry focus of technological effort is in a higher pose, so the company

needs to get the advantage of this occasion and need to utilize of technology for maximum

inputs and outputs to improve the quality of the products and the efficiency of the work

process.

Thestrategic direction of the firm is to increase the production and control the prize

whilemaintainingthe quality.

3. Identify objectives based on Balance Score Card.Financial perspective

Production Finance Human Resource Marketing

1 Reduce the cost of the

production.

Increase Return On

Investment

Reduce the staff

cost

Increase current

market share

2 Improve quality while

controlling the cost of the

product

Increase Return On

Capital Employed

Increase sales

Volume

3 Increase net profit of the

company

4 Increase sales revenue of

the company

Peopleandlearning perspective

1

Increase the peoples

competencies relate to

production methods

Increase knowledge of the

finance people regarding

new packages

Recruit right

people at right time

to the right job

Increase skills of

sales reps

regarding

marketing


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techniques

2

Allocating funds to

training and Development

Increase the

productivity of the

people through

performance

evaluation

3

Improve the

employer

employee

relationship

effectively

Internal processPerspective

1

Stream line the

production process

Use software packages to

increase the effectiveness

of the financing

Use the method of

outsourcing to

improve efficiency

Enhance

knowledge of the

sales people

regarding

production,

marketing, etc.

2

Acquire speedy

machines to the

production department

Enhance

knowledge of

employees

regarding the new

technology

Customer perspective

1

Improve quality of the

products

Set an affordable price for

the customers.

Provide good

customer service

Promote the

production by

advertising

effectively.

2

Increase the variety of

products which

produced.

Increase the

channel of

communication.

Attract customers

and develop a

trustful brand

loyalty.


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3

Provide durable

service to the

customers by

linking globally.

4. Formulate measurement of objectives.Measurements For TheProduction Department

y Reduce the cost of the production by 25%y Reduce the defect rates of the production by 15%y Increase the rate of production by 25%y Minimize customer complaints by 10%y Expand the product portfolio by 20%

Measurements For The Finance Department

y Increase Return On Investment by 10%y Increase Return On Capital Employed by 15%y Increase net profit Rs.1000mn to Rs.1100 mny Increase sales revenue of the company by 8 b to 9 by Complete IT session(every employee in Finance department) and pass the

examination which relates to the software packages

y Decrease the price of the product by 10%Measurements For The Human Resource Department

y Reduce the staff cost by 20%y Re-organize the recruitment procedure and increasing the transparency of the

procedure.

y Appraise / evaluate the performances of employees once in three months.y Conduct a meeting with trade union once in every 6 months.y Complete IT session(every employee in HR department) and pass the examination

which relates to the newer technological advancements

y Minimize customer complaints by 10%


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Strategies For Finance Department

y Conduct a customer survey to identify the preferences of the customers.y Critically analyze the production process and understand of the problem areas to be

solved, such as lay out, people, processes etc.

y Introduce new software packages such as software for managing cash, liquidity andfinancial risk, managing the workforce through rapid change, and business planning and

consolidation to the finance department to increase the effectiveness of the process.

y Host of financial issues and make sure that they have the right kind of impact on theperformance of the company and then ultimately the price of the companys shares.

y Reveals how financial principles can help a firm make the major decisions involve incorporate strategic policy.

Strategies For HR Department

y Provide a training program to develop soft skills, social, technical kills of employees.y Re- schedule the recruitment and selection policy and procedures to make the process

effective.

y Introduce performance appraisal system and if already implemented make necessarychanges.

y Negotiate with trade unions and made collective agreement with them ratherindustrial actions

y Introduce proper grievance handling system to reduce conflictsy Introduce health and safety policies and procedures to reduce accidents during the

working time.

y Introduce attractive compensation packages to the employees to lower the employeeturnover rate.

y Create good working conditions including meal facilities, sanitary facilities,infrastructure etc.

Strategies ForMarketing Department

y Conduct awareness programs regarding production to the staff on marketingdepartment.

y Introduce proper advertising system


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y Develop sales promotion system.y Giving sponsorship to the various activities including corporate social responsibility.y Link with the role models of the society and make agreements with them to promote

the business.

y Conduct surveys about brands and implement strategies to gain the brand loyalty fromcustomers.

Process of implementation of the 3 year strategic plan. This should include assignment of

responsibility and time frame

Assignmentof

responsibilityStrategy Timeframe

PR

OD

U

C

TION

D

EPAR

TME

N

T

Quality control manager

Introduce quality improvement

methods such as total quality

management, 5 S system.

Kaizen

01/04/2008-

01/07/2008

IT manager Integrate with the latest

technological development

01/06/2008-

01/10/2008

Purchasing supervisor Buy raw materials from the

suppliers

01/07/2008-

01/12/2008

Production manager

(Assist)

Implement the strategy of

vertical integration and manage

the supply chain and the value

chain

28/12/2008-

01/04/2009

Product Designer Diversified the business to a

wide variety of products

01/04/2009-

15/07/2009

Plant supervisor

Maintenance supervisor

Properly maintained acquired

machines and repair the

machines

01/04/2009-

10/08/2009

Assistant factory manager Monitoring the progress of the

workers in the factory

01/04/2008-

01/04/2011


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FIN

A

N

C

E

D

EPA

R

TME

N

T

Manager-customer

relations

Conduct a customer survey to

identify the preferences of the

customers

01/04/2008-

01/07/2008

Production manager Critically analyze the

production process and

understand what are the

problem areas to be solved

01/05/2008-

01/09/2008

IT Manager Introduce new software

packages to the finance

department

01/04/2009-

30/12/2009

HR

D

EPA

R

TM

EN

T

Training specialist Provide a training program to

develop soft skills, social,

technical Skills of employees.

25/12/2009-

01/03/2010

HR manager

Assistant HR manager 1

Re- schedule the recruitment

and selection policy

01/04/2008-

21/05/2008

HR supervisor

Assistant HR manager 2

Introduce performance

appraisal system and if already

implemented make necessary

changes.

01/07/20008-

14/09/2008

HR manager Negotiate with trade unions

and made collective agreement

01/04/2008-

01/10/2008

Assistant HR manager 3 Introduce proper grievance

handling system

01/05/2008-

11/08/2008

Assistant HR manager 4 Introduce health and safety

policies and procedures

5/03/2009-

01/05/2009

HR specialist Introduce attractive

compensation packages

01/04/2008-

01/05/2008

HR manager Create good working

conditions including meal

facilities, sanitary facilities,

infrastructure etc

01/01/2009-01/03/2009


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MA

R

K

ETING

DEPARTM

ENT

Marketing planner Conduct awareness programs

regarding production

01/09/2010-

01/12/2009

Advertising Manager Introduce proper advertising

system

12/11/2010-

15/12/2010

Advertising Manager

(Assistant)

Develop sales promotion

system.

01/01/2010-

15/03/2010

Advertising Specialist 2 Giving sponsorship to the

various activities

01/11/2010-

15/04/2011

Advertising Specialist Link with the role models of

the society and make

agreements

01/04/2009-

01/07/2009

Marketing Researcher Conduct surveys about brands 25/04/2009-

01/07/2009


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CONCLUSION

In order for a business to be successful, there needs to be a roadmap for success. A strategic

plan helps to provide direction and focus for all employees. It points to specific results that

are to be achieved and establishes a course of action for achieving them. A strategic plan alsohelps the various work units within an organization to align themselves with common goals.

The process of developing a strategic plan should be rewarding for all involved and usually helps

develop stronger communications between members of the planning team.

For many business owners and leaders, creating a vision, company values, and a strategic plan

can be a daunting task for reasons like time, energy, commitment and lack of experience. It

requires business leaders to accept that yesterdays success does not ensure success in the future.

It requires challenging the status quo, changing behaviors, implementing new procedures, hiring

different people, and putting new systems in place in order to deliver on the strategy.

Why is planning so important and why must it be done in concert with a strategy is a crucial

aspect to follow. From a macro perspective, business today gets done in a global marketplace.

Change is occurring at an unprecedented pace. Time and distance continue to become less and

less relevant thanks in great part to the explosive growth of technology and the Internet.

There was a time when strategic planning was done by the biggest companies, and those who lead

change. Now it is a requirement just to survive.

Even though Sri Lanka manufacturing company implemented a strate

Documents

Preparation of a Corporate Plan