PEST ANALYSIS PEST is a mnemonic which in its expanded form denotes P for Political, E for Economic, S for Social, T for Technological. Task 2 Stakeholders Stakeholder is a person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are owners of business, employees of the business, managers of a company, customer's creditors, director, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources Task 3 SWOT Analysis A SWOT analysis (alternatively SWOT matrix) is a structure planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or in a business venture. Task 4 Project milestone A milestone shows an important achievement in a project. Milestones are a way of knowing how the project is advancing if you are not familiar with the tasks being executed. They have zero duration because they symbolize an achievement, a point of time in a project. If someone is building a house for their family, everyone talks about milestones, because nobody is familiar with the specific tasks: "The floors will be finished on Monday", "The roof will be completed on Nov 1st", "The gas installation will be connected at the end of the month". We intuitively talk about milestones, not tasks, because we do not know how to build a house, and our friends ask us about the construction in terms of milestones: "When are you going to finish the roof?", "When are you going to move in?", etc. Task 5 Implementation plan Implementation plan is an execution of a plan, idea, model, design, specification, standard, algorithm, or policy. Task 6 Student can answer the questions by looking at the definitions of vision and value below Vision is sets the broad, long term direction, purpose and goals of the organization or "Who are we" and "How do we operate"? Values - are the guidelines for day to day activity on this path or what a person or an organisation believes is important and worthwhile; operating principles that guide action and behaviour Assessment 2 You need to use google to find mission statements of 15 companies such as Singapore Airlines, Facebook, Pfizer, Citibank, McDonald's, Toyota etc. Write the name of the company in column 2 to match its mission statement in Column 1. I provide 2 answers (no.9 and no.14) as examples. For example Colum 1 Colum 2 1 ? 2 ? 3 ? 4 ? 5 ? 6 ? 7 ? 8 ? 9 IKEA 10 11 ? 12 ? 13 ? 14 Harvard University 15 ? Assessment 3 You need to create a marketing plan for a company you work for or a company that you are familiar with. Task 1 An example of Marketing Plan at Delicious Asian Restaurant (DAR) at Kogarah 1)Mission Statement DAR is committed to using the finest ingredients in DAR's recipes. No food leaves our kitchen that DAR's staff would not eat. 2)Vision of DAR We are relentless in our focus on 100% customer satisfaction and loyalty, driving sales and increasing profits. Our restaurant will be recognised as one of the most admired Asian restaurant in South Sydney. We will be recognized as one of the most admired companies 3)Values of DAR Passionate and authentic Asian Restaurant 4)PEST Analysis of DAR Political Australia is a free country to set up business. Federal and State Governments have encouraged business owners to set up a business in Australia. Economical Economic growth of Kogarah and surrounding areas ( where the restaurant is operating) has increased by 5% per year Technological Technology has been used to boost market and business such as application on smart phones , ordering food to internet or phones, Social Residents in Kogarah enjoy dining out/eating out 5) SWOT Analysis of DAR Strengths 1.DAR is located is on the main road of Railway St opposite Kogarah Town Hall and Station which is in "heavy traffic of pedestrians. 2.DAR was opened in 1991 which is one of the famous Asian Restaurant in Kogarah 3.Staff at DAR are committed, motivated and loyal staff Weaknesses 1.Parking spaces for customer cars 2. The council does not allow DAR to use small back garden to expand the restaurant 3.Some qualified staff who have been working since 1991 are going to retire 4.No home delivery service Opportunities 1. Numbers of Asian food lovers are increasing rapidly in Kogarah 2.DAR can create different kind of new Asian food Threats 1. Fast food restaurant such as KFC, Subway, Pizza Huts are expanding in Kogarah 2. There are 2 new Asian restaurant which have just been opened in Kogarah. 3. Building owner will not renew the contract by December 2016. DAR needs to find new place 6) Possible strategic alliances Type of strategic alliances Risk associated Cost-benefit analysis( Benefit/Cost= Pro Estimated Sales x Probability of Success --------------------------------------- Estimated Cost x Probability of achieving Cost Target Joint venture with other Asian Restaurant 1. Different goals or objectives which cause different culture between the two restaurants. 2. Lose reputation/ credibility. 3.Gain nothing of significance in return 4.Costly process 4. Lose money $120,000 ( Estimated Sales ) 70% (Probability of success) $30,000 ( Estimated Cost) 90% (Probability of achieving Cost Target) $120,000 x 70% ------------------------ = 3,11 $30,000 x 90% It means: $1 spent =$3,11 earned Joint venture is profitable 7) The competitor analysis Delicious Asian Restaurant (DAR) Great Wall Chinese Restaurant (Competitor 1) Overview and profile Has been in business since 1991 Opened in January 2014 Competitive advantages 1.Well known Asian Restaurant in Kogarah 2. Has been in business since 1991 1.Modern building 2.Some of the menu's prices are lowered than DAR Target market Public, Families, office staff and Kogarah Hospital staff Kogarah TAFE students and staff, public, families