Strategic Planning Essay

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Strategic Planning
MINDS ON

As a team we would like to run a Chinese Restaurant business.

Success * Making profit * Good customer service * Customer satisfaction * Adaptability * Humble honesty * Inner Networks * Know the purpose * Set process goals * Employee Dedication * Varieties of foods * Good reputation * Constant improve * Think big * Labour costs * Growth of the business * Experience * Quality food * Targeted market * Location

Lessons
SWOT Analysis (What is the big difference between the "SW" and the "OT"?)

Porter's Generic

5 Forces Model * The five forces are environmental forces that impact on a company’s ability to compete in a given market. * The purpose of five-forces analysis is to diagnose the principal competitive pressures in a market and assess how strong and important each one is.

1) Industry Competitors : rivalry among competing firms
Intense rivalry is played when * Making new product introductions * Increasing consumer warranties or service * Staging advertising battles * Using price competition

Occurs when a firm sees an opportunity * Price competition often leaves the entire industry worse off * Advertising battles may increase total industry demand, but may be costly to smaller competitors

Cutthroat Competition: * Equally balanced competitors * Slow growth industry * High fixed costs * High storage costs * Lack of differentiation or switching costs * Diverse competitors

2) New Entrants : threat of potential new competitors * Economies of Scale * Product differentiation * Capital requirements * Government policy * Switching costs

3) Suppliers : bargaining power of suppliers * Suppliers threat to raise

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