Strategic Plan Assignment Help for University Students

Strategic Plan Assignment Help for University Students Implementation of Strategic Plan

Under implementation of strategic plan, various activities and aspects will be included such as objectives, functional tactics, milestones, deadlines, action items, tasks, resource allocation, organizational change management strategies etc (Bryson & Alston, 2004).

Objectives As per business plan assignment help experts, Following are objectives of strategic plan for Target Corporation:

  • To increase market share
  • To enhance customer base
  • To improve customer satisfaction
  • To enhance financial performance

Functional Tactics To achieve the above stated objectives for Target Corporation, operations, resource procurement, resource allocation and quality improvement will be used as functional tactics to improve the functions of the corporation (Bryson & Alston, 2004). These will help in ensuring better alignment between resources, skills and capabilities of the organization with other strategies.

Actions Items Under actions items, success measures, responsible personnel, critical dates etc will be used to ensure proper functioning of strategic plan developed for Target Corporation (Simerson, 2011). Under these items, success measures that are needed for the plan will be identified and determined for the plan. Furthermore, personnel responsible for the execution of plan will be also determined and allocated their respective tasks. Along with this, critical dates of strategic plan related to resource allocation, hiring, budget, strategy analysis and execution of plan will be also decided to avoid any delay in the plan.

Milestones Milestones are important part of any strategic plan, as they guide towards the accomplishment of stated marketing and financial objectives. For Target Corporation, milestones will be customer satisfaction, financial performance, and market share and customer base. All these four milestones will be determined by analyzing their extent achieved after the implementation of strategic plan.

Deadlines Deadlines are also essential to ensure timely completion of all strategic plan related activities. 5 months will be estimated to implement strategic plan and achieve its stated objectives within the deadlines. For Target Corporation, following deadlines will be adopted:

S.N Activities Time (Months)
1 Market Research and Analysis 1
2 Customer Survey 1
3 Customer Feedback Analysis and Implementation 1.5
4 Sales and Promotional Activities 1.5

Task and Task Ownership There are various tasks and personnel that will be responsible for their ownership. These can be discussed by our business case study help experts as follow: Hiring: To achieve goals of strategic plan, it is vital to have some skilled, competent and knowledgeable personnel in the team. So, hiring task will be owned by the manager of strategic plan. Communication: Communication is another essential task that is needed to convey the right message to right people in right time. HR manager will be the owner of this communication task. Budget: Budget decides which amount should be allocated to which activity of strategic plan. So, ownership of this task will be held on financial manager of the company (Simerson, 2011). Resource Allocation: Procurement and allocation of resources is another important task. This task will be owned by the HR manager of Target Corporation.

Resource Allocation Resource allocation is an important part of strategic plan. This will be done to ensure that required resources are allocated to needed task timely. Human resources, financial resources, technical resources and operational resources will be allocated on time to each activity of strategic plan (Simerson, 2011).

Organizational Change Management Strategies According to the business case study assignment help experts, Following strategies will be used under organizational change management: Innovation: Innovation will be done as a change management strategy. Under this, new range of products will be launched in the current category of health & beauty products (Target Brands Inc, 2012). It will help in attracting more customers, especially female customers, as they care most for their health and beauty than other customers at both individual (self) and group level (family). Expansion: Expansion will be another change management strategy that will be followed to achieve the objective of market share and customer base. Stores of the company will be opened and expanded in Asian markets that are growing at pace. This will enable Target Corporation to position itself strongly in growing economic world.

Key Success Factors Key success factors decide the attractiveness of any strategic plan. For this strategic plan, following will be key success factors: Technical Infrastructure: Technical Infrastructure will be key success factor for the strategic plan. In other words, if the Technical Infrastructure is good, it will be a successful plan (Simerson, 2011). Management Support: Management Support will be another success factor, as if it is provided with desired level, it will decide the success of the plan. Financial resources: Financial resource is another key success factor that if managed properly as per the budget, it will term the strategic plan successful. Human Resources: Skilled, knowledgeable, competent and experienced human resources are another key success factors. It is so, as in these resources will decide whether to accomplish the objectives effectively or not with their KSA (knowledge, skills and abilities).

Budget A budget of $60,000 is estimated that will be allocated for each activity of strategic plan to make payments for different costs factors. The following table summarizes the details of budget.

S. No. Element Budget
1 Expense on Market Research and Analysis $10,000
2 Expenses on Customer Survey $8,000
3 Customer Feedback Analysis and Implementation $7,000
4 Sales and Promotional Activities $20,000
5 Administrative expenses $6000
6 Contingency expenses $4000
7 Travel expenses $5000
Total Target Budget $60,000

Forecast Financials The financial forecasts including sales and income statements are summarized in the following table.

Income Statement (All figures in $ millions)
Particular 2013 2014 2015 2016
Sales Revenue 14945 16440 18084 19892
Less: Cost of goods sold 7967 8764 9640 10604
Contribution Margin 6978 7676 8444 9288
Less: Operating Expenses 5856 6431 7061 7753
Operating Margin 1122 1246 1383 1535
Less: Other Expenses 352 360 364 363
Net Income 771 886 1019 1172

The above table exhibits that net income of the company will be increased in next four year at positive growth rate. Break Even Analysis Break even (B/E) analysis is an effective tool that is used to determined volume of sales at which sales revenue of the firm equals to cost. Break-even point refers no profit no loss situation for the firm (Needles, Powers & Crosson, 2008). The following formula can be useful to determine break-even point. = Fixed costs ÷ (Selling price – variable cost) The following table and chart shows the break-even point.

BEP Analysis (All figure in $ million)
Fixed costs:
Total Fixed expenses $352,000
Average per unit revenue $100
Variable cost 40% of revenue $40.00
BEP in units 5,867

  Break Even Analysis Assignment HelpRisk Management Plan Risk management plan is essential to address the identified risks that may hinder the success of overall strategic plan. For this strategic plan, risk identification, analysis and mitigation steps will be followed systematically (National Research Council (U.S.). Committee for Oversight and Assessment of U.S. Department of Energy Project Management, 2005). Mainly identified risks are cost and time. So, to handle these risks, mitigation strategies like risk avoidance, risk transfer, insurance, risk control and risk assumption will be used on the basis of severity of risks. Along with this, Gantt chart will be also used to ensure that plan activities are in progress as per the estimation and deadlines. Contingency plan will be also followed. Under this, if the cost exceeds the budget, use of promotional tools will be reduced. Along with this, if there is time issue with the plan, proactive steps will be adopted like joining of new personnel in the task.

References Bryson, J.M. & Alston, F.K. (2004). Creating and Implementing Your Strategic Plan: A Workbook for Public and Nonprofit Organizations. (2nd ed.). San Francisco, CA: John Wiley & Sons. National Research Council (U.S.). Committee for Oversight and Assessment of U.S. Department of Energy Project Management. (2005). The Owner’s Role In Project Risk Management. USA: National Academies Press. Needles, B.E., Powers, M & Crosson, S.V. (2008). Financial and Managerial Accounting (8th ed.). USA: Cengage Learning. Simerson, B.K. (2011). Strategic Planning: A Practical Guide to Strategy Formulation and Execution. USA: ABC-CLIO. Target Brands Inc. (2012). Retrieved from Our assignment writing experts are from US,UK and Australia and that’s why we provide the country specific assignment help and case study plan assignment help to our clients. We also provide the original management assignment help, marketing assignment help, economics assignment help, finance assignment help and accounting assignment help at very nominal prices. Please e-mail us your assignment and get best and original assignment help from our assignment experts