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Melbourne Institute of Business & Technology *

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BSBLDR803

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Management

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Jan 9, 2024

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Assessment Notes – BSBSTR602 Develop organizational strategies Please remember that copy pasting is strictly forbidden. Please use your own words when referring to this document for assessments. Contents Assessment Task 1: Knowledge Test .................................................................................................... 2 Question 1 ......................................................................................................................................... 2 Question 2 ......................................................................................................................................... 2 Question 3 ......................................................................................................................................... 3 Question 4 ......................................................................................................................................... 3 Question 5 ......................................................................................................................................... 4 Question 6 ......................................................................................................................................... 4 Question 7 ......................................................................................................................................... 5 Question 8 ......................................................................................................................................... 5 Question 9 ......................................................................................................................................... 6 Question 10 ....................................................................................................................................... 7 Question 11 ....................................................................................................................................... 7 Question 12 ....................................................................................................................................... 8 Assessment Task 2 ................................................................................................................................ 8 Activity 1 ........................................................................................................................................... 8 Activity 2 ........................................................................................................................................... 9 Activity 3 ........................................................................................................................................... 9 Activity 4 ......................................................................................................................................... 11 Activity 5 ......................................................................................................................................... 11

Assessment Task 1: Knowledge Test Question 1 Student guide: To pass the question, your answer must include the following:  The legislation and regulations relevant organisation’s strategic plan for selling products and services.  The purpose of codes of practice relevant to the organisation’s strategic plan. Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate more): 1.1  Competition laws  Consumer laws  Product liability regulation  Environmental legislation  Privacy laws 1.2 Codes of practice are referenced in Acts and Regulations. They may include:  general statements of principle and practical advice for how a business or industry should operate Question 2 Student guide: To pass the question, your answer must include the following:  The purpose of the organisation’s mission and vision statement.  Definition of strategic direction and its purpose Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further): 2.1  An organisation’s mission statement is primarily their statement of their organisational purpose  A vision statement should offer more of a direction and include a perspective of the organisation’s values. 2.2

 “Strategic direction” refers to the actions taken to achieve the goals of an organisational strategy  With the strategic direction the organisation knows; o What are its objectives, o How will they be accomplished, o What resources are required, o How the organisation must work. Question 3 Student guide: To pass the question, your answer must include the following:  Definition of capability assessment and its purpose.  Essential elements of different methods for conducting capability assessment Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further): 3.1  Capability assessments can provide a conceptual framework as well as a practical, evidence- based, analytical tool. 3.2  People  Business practices  Facilities and equipment  Information and communication technologies (ICT)  Knowledge  Accountability and governance Question 4 Student guide: To pass the question, your answer must include the following:  The process of conducting a SWOT analysis to identify the organisation’s strengths, weaknesses, opportunities and threats. Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further):  Decide on the objective of your SWOT analysis  Research your business, industry and market

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 List your business’s strengths  . List your business’s weaknesses  List potential opportunities for your business  List potential threats to your business  Establish priorities from the SWOT  Develop a strategy to address issues in the SWOT Question 5 Student guide: To pass the question, your answer must include the following:  Conducting a competitor analysis to identify the strengths and weaknesses of existing and potential competitor. Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further):  Step 1: Identify your existing and potential competitors  Step 2: Gather information about your existing and potential competitors  Step 3: Analyse the competition’s strengths and weaknesses  Step 4: Identify your competitive advantage Question 6 Student guide: To pass the question, your answer must include the following:  The purpose and key features of cooperative ventures.  The risks associated with a cooperative venture Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further): 6.1  A cooperative venture is a common way of combining the resources and expertise of two otherwise unrelated businesses  E.g. key feature: This type of partnership usually offers significant advantages, but it can also be highly complex, leading to an organisation’s specific risks. 6.2

 You may have problems arise when: o E.g. The objectives of the venture are not clear and communicated to everyone involved Question 7 Student guide: To pass the question, your answer must include the following:  Definition of cost-benefit analysis  Different costs involved in cost-benefit analysis  Explanation of the methods of cost-benefit analysis given in the question Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further): 7.1  Cost-benefit analysis (CBA) is a technique used to compare the total costs of a programme/project with its benefits, using a common metric (most commonly monetary units).  Direct costs would be direct labour involved in manufacturing, inventory, raw materials, manufacturing expenses. 7.2  Return on investment (ROI) is a financial metric that is widely used to measure the probability of gaining a return from an investment.  Net present value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows over a period of time. Question 8 Student guide: To pass the question, your answer must include the following:  Purpose of the due diligence process.  Key features of due diligence processes given in question. Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further): 8.1

 Due diligence is the process where a buyer reviews and verifies the information supplied by the seller about the business, usually prior to entering into a business sales contract. 8.2  Financial due diligence is a crucial assessment of the business’s financial health, where the company’s historical and current financial performance is scrutinised.  Legal due diligence is an essential part of any transaction and a mandatory consideration before entering into any merger or acquisition. Question 9 Student guide: To pass the question, your answer must include the following:  Definition of intellectual property rights and responsibilities  Different types of intellectual property risks  Five different intellectual property risk mitigation strategies  5 types of strategic risks  Integrating risk management into strategic planning Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further): 9.1 Intellectual Property rights can provide a competitive advantage to your business. They can also deter infringement. 9.2  the IP terms and conditions in some development or commercial agreements with 3rd parties  the publishing activities of the business 9.3 • Leveraging technical cooperation with others • Using standards with a fit for purpose IP policies 9.4 • Competitive Risk • Change • Regulatory Risk • Political Risk • Economic Risk

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9.5 • Step one – Strategic objectives decomposition • Step two – Identifying factors associated with uncertainty • Step three – Performing a risk analysis • Step four – Turning risk analysis into actions Question 10 Student guide: To pass the question, your answer must include the following:  Explanation of strategic planning methodologies provided in question. Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further):  A PEST analysis is a widely used strategic planning tool. It is used by many to identify the political, economic, social and technological factors that may have an effect on a project and its planning process.  SWOT analysis is a planning methodology that helps organisations build a strategic plan to meet goals, improve operations and keep the business relevant. Question 11 Student guide: To pass the question, your answer must include the following:  Different internal sources of information relevant to the organisation’s market, competitors, customer base, vision, values and capabilities.  External sources of information relevant to the organisation’s market, competitors, customer base, vision, values and capabilities. Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further): 11.1  Marketing and sales information on performance, revenues, markets shares, distribution channels, etc 11.2  Micro-environment  Macro-environment

Question 12 Student guide: To pass the question, your answer must include the following:  The values statement.  Key questions to consider when creating value statements  Techniques for developing organisational values that align with the vision and mission statement. Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further): 12.1  A values statement outlines the guiding principles that directly affect the type of culture they want to build.  What values are unique to our organisation?  What values should guide the operations of our organisation? 12.2  Assess your current organisational culture  Review your strategic business plan  Understand the required culture to achieve your plan  Determine whether your values need to change  Define your chosen values  Incorporate these values into organisational processes Assessment Task 2 Activity 1 Student guide: To pass the question, you must: • Document the organisation’s strategic direction, vision and mission. • Document the changes required to the organisation’s vision and mission. • Outline the different stages of a strategic planning process. Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further):  Strategic direction: Refer to the “Business Plan” of Online Media Solutions

 Vision: Refer to the “Business Plan” of Online Media Solutions  Mission: Refer to the “Business Plan” of Online Media Solutions  Changes required to vision and mission e.g., to change the development focus from “best-in- class design services” to quality services at reduced costs.  Different stages of strategic planning process: 1. Mission & Objectives 2. Environmental Scanning 3. Strategy Formulation 4. Strategy Implementation 5. Evaluation & Control Activity 2 Student guide: To pass the question, you must use the Report Template and: • Undertake a competitor analysis and identify your organisation’s competitive advantage. • Conduct SWOT analysis. • Conduct risk and cost-benefit analysis based on the SWOT analysis Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further):  Competitor analysis: ‘Online Media Solutions’ has an advantage over its competitors as there are not many competitors in the market that provide the products at such a reasonable cost.  Competitive advantage: One example is that ‘Online Media Solutions’ has an experience team in the industry.  SWOT:  One example of strengths is Online Media Solution is competing in a known market  One example of weaknesses is low margin  One example of opportunities is B2C engagement to sell web-based products  One example of threats is market share of existing competitors  Risk and cost-benefit analysis: The cost of developing high quality servicers is still high, causing financial pressure to the business etc. Activity 3 Student guide: To pass the question, you must:  In Part A: Develop a strategic plan and risk management plan using the Strategic Plan and Risk Management Plan Template on the student portal.

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• In Part B: Circulate strategic plan and risk management plan for feedback and endorsement. Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further): Part A One example of relevant legislation, regulations, and codes of practice is Australian Intellectual Property laws. One objective could be “to increase brand awareness/presence” and one corresponding strategy is “Redesign company’s website and social media page”. Section 3: Objectives and strategies Objective 1: To increase brand awareness/presence Strategies Priority Timeframe Responsible stakeholders Measurable performance indicators e.g., Redesign company’s website and social media page e.g., Medium e.g., 6 months (Jan-Jun) e.g., Marketing Team e.g., Number of visitors and clicks/viewing One risk could be “insufficient cash flow caused by service development”. Section 4: Risk management plan Risks Risk assessment Risk controls/mitigation strategies Risk likelihood Risk consequenc e Risk ratin g Risk priority e.g., Insufficient cash flow caused by service development e.g., Likely e.g., Major e.g., High e.g., High e.g., Periodic financial review Part B Email To: General Manager and Strategic planning consultant/expert From: [your name] Subject: Seeking feedback and endorsement for the strategic plan and risk management plan

Dear General Manager and Strategic planning consultant/expert I hope this email finds you well. I am writing to you to review the strategic plan and risk management plan that has been recently developed. It would be highly appreciated if you could provide feedback and endorsement to the plans. The strategic plan and risk management plan are attached to this email. If you have any questions, please don’t hesitate to contact me. Kind regards, [your name] Online Media Solutions Activity 4 Student guide: To pass the question, you must use the Action Plan Template and document:  Actions and initiatives for team members to undertake  Performance indicators to monitor progress in implementing the plan  Timeframe for implementing actions and initiative Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further): Action plan Actions and initiatives for team members to undertake Key Performance Indicators (KPIs) Timeframe Answer based on student’s own discretion e.g., ROI e.g., 6 months (Feb-July) Activity 5 Student guide: To pass the question, you must:  Prepare a monitoring plan to evaluate the achievement of objectives at agreed milestones using the Monitoring Plan Template .

Refer to the learner guide and/or class PPT slides if you’re unsure how to answer this question. Example (you must elaborate further): If the example strategy ‘Redesign company’s website and social media page’ is used, then: One example of ‘how will you evaluate the progress’ is by comparing the data changes in viewing counts. One example of ‘when will you evaluate the progress’ is at the end of every month. One example of ‘who will be responsible for evaluating the progress’ is marketing manager. One example of ‘what key performance indicators will be used to evaluate the implementation’ is based on student’s own discretion.

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