Understanding Mission, Vision, and Value in Procurement and Supply Chain, Assignments of Managerial Economics

Download Understanding Mission, Vision, and Value in Procurement and Supply Chain and more Assignments Managerial Economics in PDF only on Docsity! PENTECOSTAL LIFE UNIVERSITY Level of Study BACHELOR’S DEGREE IN PROCUREMENT AND SUPPLY CHAIN MANAGEMENT Course Name STRATEGIC MANAGEMENT Course Code HRD 411 Student Name ASHAN CHILEMBA Lecturer MR GIFT MTAWALI Mode of Attendance DAY RELEASE Assignment # ONE Submission Date 21st MAY, 2022 Due Date 21st MAY, 2022 Student Signature Grade (Official Use) Planning is the most important thing for all organizations. A successful plan means a successful mission to the goal of a business or organization. It doesn’t matter the organization big or small. The plan will bring you to face the challenges and opportunities. This will enable to deliver more effectively to meet the needs of target people and strengthen the organization. Planning is the first step toward sustainable funding hence Planning should be a creative process, simple that brings demonstrable benefits. The process of making systematic decisions about proposed future outcomes, the process includes evaluating an organization and the environment in which it operates, establishing long-term goals, and mapping a plan to achieve the goals that have been identified. Strategic planning assumes and incorporates the likelihood of a changing environment that will require adjustments in the identified goals and the process of achieving them (Watson, G. 2007) Subsequently, strategic planning is a process of making certain choices within an organization. It can be defined as a designed process that is meant to support organizational leaders both locally and internationally in terms of operations methods, goals, and objectives. Alternatively, strategic planning can be defined as a management tool used to enable an organization to work effectively and efficiently towards achieving its goals and objectives (Neely, A. 2002). Furthermore, the process of managing the operations of a business is referred to as strategic because it entails how best a business organization responds to the circumstances arising from a dynamic and in other cases hostile business environment thus strategic planning is composed of the following elements (Marien, M.1990). Environmental Analysis Internal Factors: • Strengths: The interior part of the gym is spacious covering approximately 900 m2 of space, plus another 900 m2 on the second story The outdoor part of the gym is also spacious covering about 4,000 m2 of space. The gym currently has 3 volleyball courts, and a basketball court outdoor, and there are rooms for building more. The gym has different types of sports gathered in one place. Customers can now visit one place and enjoy different kinds of sports; namely, table tennis, swimming, volleyball, and basketball. Lilongwe Gym also has electronic equipment along with free-of-charge trainers that are available for both male and female customers in building up their figures. There is also a sauna room that is separate from the room for steaming up bodies. The gym also put healthy foods that are recommended as diets for sale. This is helpful for those who have problems with maintaining their diets. We provide monthly salary for our employees including the trainers. • Weaknesses: The location of the gym is quite isolated from the city and the gym currently does not have enough trainers considering the size of the place. We are in the process of evaluating and adjusting the salary level of our employees. As new electronic equipment keeps getting introduced, we lack the capital to keep our gym updated. Because there are foreign customers, we lack the trainers who are capable of communicating with them. Though we may have new equipment and all, we still have to cut the cost by raising the price. We currently charge $2 for each person who uses the gym. External Factors: • Opportunities: 1. Since Lilongwe is an emerging city ranked after Phnom Penh, the residents are becoming more and more civilized, and of course, they would care about their body and health. 2. Because Lilongwe is now one of the most popular provinces to move in, we have the opportunity to seek a larger market. More people moving to Lilongwe means more customers. 3. Sports such as futsal, volleyball, and swimming are becoming very popular with teenagers as well as adults; as a result, we see a potential to gain more customers. 4. There are not many gyms that have high-tech and easy-to-use equipment like us; at least not for now. 5. Social networking sites are being accessed by a large number of people, so we can take advantage of this to advertise our place. • Threats: 1. Even if there are not as many competitors now, in the next 2 or 3 years, we believe that there will be domestic as well as foreign investors that come to invest in this industry. They will be very competitive. 3. Many people do exercise at home using the tips from the Internet. This will be our great challenge as more people buy the equipment and use it at home. 4. Many competitors charge each person who uses their gym from MK500 to MK1000 This also is another obstacle for us regarding the nature of our gym which will require customers to pay more due to its unique features. STRATEGIC ALTERNATIVES FOR SOME OF THE CHALLENGES Faraway location - In the next 3-year period, many people are going to move nearby the area. - Promote the gym through social networking sites as well as words of mouth delivered by regular customers. Not enough trainers - Recruit capable trainers - Evaluate which salary level is suitable for each of them. Lack of new equipment - Look at the methods of paying through depreciation. That way, the gym will have new equipment for our customers as well as having to pay a little by little monthly to the sellers, a win-win strategy. Low English skills - Teach those who lack the skills the basics and the things they need to learn relative to how they train and which equipment they use to train. High price - Instead of lowering the price, more services need to be offered. Improve customers’ health - Pay close attention to each customer.