Research internal and external environment

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Reference no: EM132996253

BSBMGT616 Develop and implement strategic plans

Assessment 2 - Project 1 - Analyse organisational strategy requirements

Scenario

CrossFit Endurance is a group of CrossFit gyms in the Brisbane CBD and inner south of Brisbane. Their branches are as follows:
• CrossFit Endurance Brisbane CBD
• CrossFit Endurance Fortitude Valley
• CrossFit Endurance Indooroopilly

In FY 2020, the company successfully added a new program called Mindfully Fit, to be offered at all CrossFit Endurance gyms.

Unlike the company's previous core offering of pure CrossFit, Mindfully Fit combines some elements of CrossFit, such as frequently varied functional training, with modalities such as yoga, mobility training, and mindfulness based exercise, to provide a less intense training program. Mindfully Fit is also aimed at an older target market than CrossFit. However, the program is open to clients of all ages.

With Mindfully Fit, the company has grown its client base, and its target market is now more varied than it was before.

The success of Mindfully Fit has prompted the owners of the company, Vanessa Choi and Arvin Krishnan, to consider incorporating more community based programs in the future. The company wants to make functional training and the pursuit of good health and fitness accessible to even more people.

Some tactics that the owners are considering, to move in this strategic direction, are:
• offer new programs for diverse types clientele who are not currently being targeted by CrossFit Endurance marketing, such as new parents, children, people with disabilities or chronic illnesses, etc.
• fulfil corporate social responsibility by actively participating in the local communities
• embrace strategic alliances and collaborative ventures to support these new endeavours
• continue to maintain high levels of safety, and currency of staff knowledge and skills You are the recently appointed Business Development Manager.
As the new Business Development Manager, you have been given the task of developing a strategic plan for 2021 - 2022, for CrossFit Endurance.

The company has never had a separate strategic plan - strategic goals and opportunities have always been incorporated in the business plan, which is updated periodically.

However, the owners of the company would now like to adopt a more systematic approach to strategic planning and growth.

Part A: Role play - Confirm vision, mission, and values

Review the scenario above, and the organisation's vision, mission and objectives from the CrossFit Endurance Business Plan Extract 2019 in Appendix A.

Make notes on the following, based on your understanding of the Business Plan, in preparation for a meeting with business owners:
• the current vision and mission statements of the organisation as given in the business plan
• changes in the strategic direction of the organisation
• a proposal for the following, based on the information in the scenario:
o a new mission statement
o a new vision statement
o up to 5 new organisational values to support the new vision and mission statements you have developed

Then, conduct a meeting with Vanessa Choi and Arvin Krishan, the owners of CrossFit Endurance.

During the meeting, you must:

a. confirm your understanding of the current vision and mission of the company and discuss and confirm with the business owners if the vision and mission are still held to be current

b. propose changes to mission statement and vision statement that you have identified, based on strategic direction of organisation, and gain agreement from business owners

c. propose the 5 organisational values for the business that you have formulated, obtain feedback from business owners on these, and collaboratively finalise 3 values that are most relevant the revised vision and mission statements

d. confirm your understanding of the strategic direction of the organisation, and obtain the support of the business owners to commence the planning process in this direction

This is a role play. Your assessor will organise two volunteers to play the roles of Vanessa Choi and Arvin Krishnan. Volunteers will be given cue cards to guide their participation in the role play. You must play the role of the Business Development Manager.

Part B: Research internal and external environment

Based on the organisational mission, vision and values as agreed in the meeting with the business owners, you must identify business opportunities for CrossFit Endurance to steer the company in its new strategic direction.

In order to identify these opportunities, you must have a clear understanding of the internal and external environment of CrossFit Endurance.

Research and prepare an environment analysis report for business owners. In your report, you must:
a. Identify four types of information that you will need to successfully analyse the internal environment of CrossFit Endurance, and identify at least two sources for each type. Organise your response in the following format:

b. Identify six types of information that you will need to successfully analyse the external environment of CrossFit Endurance, and identify at least two sources for each type. Organise your response in the following format:

c. Conduct and record the outcomes of a PEST (political, economic, social, and technological) analysis for CrossFit Endurance, in a global and national context. In your analysis, you must consider world-wide factors which may impact the long-term strategic direction of the business. Include a reference list of the information sources you have used in your PEST analysis, in APA reference list format, at the end of the report.

d. Identify three competitors (one each in Brisbane CBD, in or around Fortitude Valley, and in or around Indooroopilly) who are currently offering the types of products and services that CrossFit Endurance could offer in the future, based on its strategic direction. Think of what CrossFit Endurance wants to do, and identify competitors who are already doing that, and could potentially be the company's main competitors.

e. Conduct a new SWOT analysis of CrossFit Endurance, in the context of the strategic direction, the new vision, and the new mission that the company has decided to adopt. In your SWOT, you must identify at least two points in each section.

Use the extract of the CrossFit Endurance Business Plan Extract 2019 in Appendix A, and conduct your own further research to complete your SWOT.

Organise your response in the following format:

Part C: Role play - Consult business expert

Conduct a meeting with a fitness industry consultant from Fitlife Business Consulting. Fitlife specialises in consulting individuals and businesses in the Australian Fitness Industry, and provides a suite of services including:
• Business development consulting
• Marketing consulting
• Program and skills development workshops
• WHS and compliance consulting

During the meeting, you must:
• Summarise the PEST analysis you have conducted, and identify its potential impact on the business - e.g. "the political situation is likely to affect us in this way..."
• Check the consultant's agreement with your PEST analysis and potential impact analysis
• Provide the consultant with an overview of the strategic direction of CrossFit Endurance
• Seek the consultant's input on methods to identify business opportunities to fulfil strategic direction
• Make detailed notes of the consultant's feedback and input

Part D: Role play - Consult internal stakeholder about environment analysis and opportunities

Conduct a meeting with operations manager Vanessa Choi (who is also a co-owner of the business) to discuss your competitor analysis and SWOT analysis, and check that your analyses are consistent with her perspective.

During the meeting, you must:
• Identify the three competitors you have selected, and reasons for selection
• Check the operations manager's agreement with your selection
• Discuss the SWOT you have prepared
• Check the operations manager's agreement with your assessment of the organisation's SWOT in the context of strategic direction
• Discuss with Vanessa the input given by the Fitlife Consultant about strategic opportunities CrossFit Endurance could pursue
• Seek feedback and obtain approval to explore the suggestions made by the Fitlife consultant

Part E: Analyse suitability of cooperative ventures

Prepare a comparative report on the two cooperative venture proposals you have received, selecting one venture to pursue.

Your report must contain the following analyses:
a. for each proposal, an analysis of alignment with CrossFit Endurance's new vision, mission and values
b. cost benefit analysis of each proposal
c. 2 strengths and 2 weaknesses of each proposal
d. risk analysis of each proposal, identifying at least 2 risks for each proposal (using the Risk Analysis Template in Appendix C)
e. an analysis of the sufficiency of information that can be provided by each potential collaborator, from a due diligence perspective
f. based on the above analyses:
o a recommendation to pursue one joint venture that is the best fit for CrossFit Endurance's, with the lowest risk score
o a justification for the recommendation

Attachment:- Develop and implement strategic plans.rar

Reference no: EM132996253

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