Develop and implement strategic plans

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Magill College **We aren't endorsed by this school
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BSB PMG423
Subject
Management
Date
Nov 20, 2023
Pages
8
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Question 1 List eight (8) kinds of legislation, regulations and codes of practice that are relevant to an organisation's strategic plan. For each of these, provide one (1) example of how they could impact on the strategic plan. Occupational health and safety - may impact on future developments to work operations, product development, expansion to resources, plant and equipment Environmental issues - may affect plans for changes in operations, budgeting, plans for expansion or changes to buildings and facilities Equal opportunity - would affect human resources strategies Industrial relations - would affect staffing and human resources, budgets and costing, operational conditions Anti-discrimination- may affect organizational development and human resources strategies Local council regulations - may hinder or limit plans for expansion or changes Legislation affecting specific operations, for example, food safety, health, manufacturing Travel and import/export regulations - may impact on expansion plans, new markets etc. Taxation and financial regulations - impacts on financial planning State fair trading legislation - affects marketing, hours and conditions of operation, pricing Copyright laws - affects intellectual property rights and responsibilities Question 2 (a) What are some of the risks associated with strategic planning? (approx. 100 words) Strategic risk management It is the process of determining the quantity to reduce the risk. That has an impact that exists on the company's business strategy, strategic objectives and strategy implementation. These risks can include: Shifts in consumer demand and preferences Legal and regulatory change Competitive pressure Merger integration Technological changes Senior management turnover Stakeholder pressure Reference: https://www.workiva.com/blog/5-steps-effective-strategic-risk-management Common Strategic Risks External risks: competition, market changes Human resource risks: knowledge, staffing, employee theft Financial risks: cash flow, capital, price or cost pressures Structured resource risks: IT systems, propriety information, regulatory actions Physical resource risks: disasters, bottlenecks Relationship risks: reputation, vendor performance
Reference: http://www.vsu.edu/files/docs/internal-audit/risk-concepts.pdf (b) What strategies can be used to manage these risks? (approx. 200 words) Answers must include the following or similar: 5 steps that must be integrated within the strategic planning and execution process in order to be effective: 1. Define business strategy and objectives. There are many things that companies often use when planning a strategy, from simple SWOT analysis to the more nuanced and holistic Balanced Scorecard. The one thing that these frameworks have in common, however, is their failure to deal with risk. It's crucial, then, that companies take additional steps to integrate risk at the design stage. 2. Establish key performance indicators (KPIs) to live results. The best KPIs offer hints on the levers the corporate can pull to boost them. Thus, overall sales make a low KPI, while sales per customer let the corporate drill down for answers. 3. Identify risks which will drive variability in performance. These are the unknowns, like future customer demand, that may determine results. 4. Establish key risk indicators and tolerance levels for critical risks. Historical performance measurements KRIs are the leading forward-looking indicators aimed at anticipating potential hurdles. Endurance function, trigger for action. 5. Provide integrated reporting and monitoring. Finally, companies must monitor results and KRIs continuously to mitigate risks or grasp unexpected opportunities as they arise. Reference: https://www.workiva.com/blog/5-steps-effective-strategic-risk-management Methods of managing strategic risk: Avoid Transfer Accept at existing level Reduce to an acceptable level Reference: http://www.vsu.edu/files/docs/internal-audit/risk-concepts.pdf Question 3 List at least five (5) external factors that could affect the risks associated with strategic planning. market forces geography global events changes to the location the economy political changes
demographic changes seasonal factors social and cultural change technological developments changes in legislation climate and environmental issues Question 4 (a) What are the specific strategic planning risks associated with intellectual property rights and responsibilities? (approx. 150 words) Answers may cover the subsequent, or similar: Intellectual property rights have come to be recognized by many companies joined of the foremost important assets within their strategic portfolios. If pursued within the framework of a comprehensive strategy, belongings rights can confer a plus so powerful on tilt the competitive landscape in an exceedingly new direction, and even more minor efforts with regard to holding rights can have a robust impact on a business' development. The full value of property rights exceeds the protection that patents, copyrights, or other legal instruments can provide. Indeed, when viewed through the prism of a company's larger objectives, material possession rights can properly be seen in concert of the foremost important tools available to modern businesses to make and maintain a competitive advantage. Risk management strategies may include: Protecting material possession Patent Monetization IP Licensing IP Protection for venture and Investment Opportunities Reference: https://www.pfalawfirm.com/what-we-do/strategic-planning-for-intellectual-property/ (b) What strategies can be used to manage these risks? (approx. 100 words) Answers must include or similar: 1. Identify your IP 2. Understand your options 3. Keep it confidential 4. Protect your idea or brand 5. Be cautious in the commercialisation 6. Track your costs 7. Research your market · For trademarks, you can use the Australian trademark search , known as ATMOS.
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