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 by achieving 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, their product 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 stake holders 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 profits

Share 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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Increase dividends

As 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

Higher return 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

Increase the goodwill of the company.

Another major expectation of a share holder is the good name of the company. Investors always 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

Transparency

Another 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 of the 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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Technological growth

Share 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 be the bench mark in the industry.

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

Sustainable growth

Share 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 price to be at the true market value

CUSTOMERS
y

Value for money

Customers 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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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

Excellence in 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

Excellence in 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 may leave the company and shift to the competitors. So safety facilities should be provided to fulfill the customer expectations.
y

Brand image.

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 technology

Customers 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

Innovation

Company needed to do innovations to fulfill the customer wants which is unlimited. They always 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 security

Employees 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

Challenging work

The 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

Market rates of pay 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

Work life 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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Carrier progression

Employees 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 satisfaction

Satisfaction 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 AUTHORITIES AND GENERAL PUBLIC

y

Corporate Social Responsibility

Regulatory 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

Provide employment

Government 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 taxes and other reliabilities due manner

Other aspect they expect is to pay taxes and other payments without any delay. Otherwise they impose penalty to the delay. So the company need to pay taxes with the due date, otherwise government wont fulfill their expectations.
y

Comply with the labour standards and laws

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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 the company

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). External factors affecting 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

Market leaders

If 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 level of profits

Even 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

Manufactures and sells wider range of consumer 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

financial stability

As 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 complaints about quality of the 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 cost to income ratio

Companys 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.
y

High staff cost

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

Poor relationship between line managers and the employees

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

Staff turnover has increased.

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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Cost of production is increased

Another 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

Profits are declining

Even 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

Favorable market 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 market share

Competitors 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 unemployability 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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Technological environment 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.

The strategic direction of the firm is to increase the production and control the prize while maintaining the quality.

3. Identify objectives based on Balance Score Card. Financial perspective Production 1 Reduce the cost of the production. 2 Improve quality while controlling the cost of the product 3 Increase net profit of the company 4 Increase sales revenue of the company People and learning perspective Increase the peoples 1 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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Finance Increase Return On Investment Increase Return On Capital Employed

Human Resource Reduce the staff cost

Marketing Increase current market share Increase sales Volume

techniques Allocating funds to training and Development 2 Increase the productivity of the people through performance evaluation Improve the 3 employer employee relationship effectively Internal process Perspective Stream line the production process 1 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. Acquire speedy 2 machines to the production department Enhance knowledge of employees regarding the new technology Customer perspective Improve quality of the 1 products Set an affordable price for the customers. Provide good customer service Promote the production by advertising effectively. Increase the variety of 2 products which produced. Increase the channel of communication. Attract customers and develop a trustful brand loyalty.
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Provide durable service to the 3 customers by linking globally.

4. Formulate measurement of objectives. Measurements For The Production Department

y y y y y

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

Measurements For The Finance Department

y y y y y

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

Decrease the price of the product by 10%

Measurements For The Human Resource Department

y y

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

y y y

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

Minimize customer complaints by 10%

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Use formal communication as well as informal communication.

Measurements For The Marketing Department

y y y y y y

Increase current market share by 28% to 38 % Increase sales Volume by 8b to 9b Increase amount of money which allocates to the advertising by 10% Implement new branding strategy within 1 year Appraise / evaluate the performances of employees once in three months Minimize customer complaints by 10%

5. Formulate strategies to be implemented to achieve said objectives

Strategies For Production Department

y

Introduce quality improvement methods such as total quality management, 5 S system. Kaizen to improve quality of the product.

Integrate with the latest technological development to increase the production such as
B-to-B multichannel merchants, Variable data printing technology, intelligent systems that anticipate customer needs based on profiles, past purchases and past behaviors, Shipping manifest software thats intelligent enough to divide an order into multiple shipments to save on shipping costs.

Buy raw materials from the suppliers at cheaper price and make agreements and contracts regarding raw materials with suppliers..

Implement the strategy of vertical integration and manage the supply chain and the value chain

y y

Diversified the business to a wide variety of products to minimize the risk. Properly maintained acquired machines and repair the machines which is about to obsolete.

Monitoring the progress of the workers of production staff.

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Strategies For Finance Department

y y

Conduct a customer survey to identify the preferences of the customers. Critically analyze the production process and understand of the problem areas to be solved, such as lay out, people, processes etc.

Introduce new software packages such as software for managing cash, liquidity and
financial risk, managing the workforce through rapid change, and business planning and consolidation to the finance department to increase the effectiveness of the process.

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

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

Strategies For HR Department

y y

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

Introduce performance appraisal system and if already implemented make necessary changes.

Negotiate with trade unions and made collective agreement with them rather industrial actions

y y

Introduce proper grievance handling system to reduce conflicts Introduce health and safety policies and procedures to reduce accidents during the working time.

Introduce attractive compensation packages to the employees to lower the employee turnover rate.

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

Strategies For Marketing Department

y

Conduct awareness programs regarding production to the staff on marketing department.

Introduce proper advertising system

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y y y

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

Conduct surveys about brands and implement strategies to gain the brand loyalty from customers.

Process of implementation of the 3year strategic plan. This should include assignment of responsibility and time frame Assignment of responsibility

Strategy

Time frame

Introduce quality improvement 01/04/2008Quality control manager methods such as total quality 01/07/2008 management, 5 S system. Kaizen

DEPARTMENT

IT manager

Integrate

with

the

latest 01/06/200801/10/2008

technological development Purchasing supervisor

Buy raw materials from the 01/07/2008suppliers 01/12/2008 the strategy of 28/12/2008-

Production manager (Assist)

Implement

vertical integration and manage 01/04/2009 the supply chain and the value chain

PRODUCTION

Product Designer

Diversified the business to a 01/04/2009wide variety of products 15/07/2009

Plant supervisor Maintenance supervisor

Properly maintained acquired 01/04/2009machines machines and repair the 10/08/2009

Assistant factory manager

Monitoring the progress of the 01/04/2008workers in the factory 01/04/2011

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Manager-customer relations

Conduct a customer survey to 01/04/2008identify the preferences of the 01/07/2008 customers

DEPARTMENT

FINANCE

Production manager

Critically production understand

analyze process what are

the 01/05/2008and 01/09/2008 the

problem areas to be solved IT Manager Introduce packages department Training specialist Provide a training program to 25/12/2009develop soft skills, social, 01/03/2010 new to the software 01/04/2009finance 30/12/2009

technical Skills of employees. HR manager Assistant HR manager 1 HR supervisor Assistant HR manager 2 Re- schedule the recruitment 01/04/2008and selection policy Introduce 21/05/2008

performance 01/07/20008-

appraisal system and if already 14/09/2008 implemented make necessary changes.

DEPARTMENT

HR manager

Negotiate with trade unions 01/04/2008and made collective agreement 01/10/2008

Assistant HR manager 3

Introduce

proper

grievance 01/05/200811/08/2008

handling system Assistant HR manager 4

Introduce health and safety 5/03/2009policies and procedures 01/05/2009

HR

HR specialist

Introduce

attractive 01/04/200801/05/2008 01/01/2009-

compensation packages

HR manager

Create conditions facilities,

good including sanitary

working 01/03/2009 meal

facilities,

infrastructure etc

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Marketing planner

Conduct awareness programs 01/09/2010regarding production 01/12/2009

MARKETING DEPARTMENT

Advertising Manager

Introduce proper advertising 12/11/2010system 15/12/2010

Advertising Manager (Assistant)

Develop system.

sales

promotion 01/01/201015/03/2010

Advertising Specialist 2

Giving

sponsorship

to

the 01/11/201015/04/2011

various activities
Advertising Specialist

Link with the role models of 01/04/2009the society and make 01/07/2009

agreements Marketing Researcher Conduct surveys about brands 25/04/200901/07/2009

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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 also helps 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

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