Create a Strategic Plan for a mutually agreed-upon, proposed business venture. This exercise will require you to demonstrate your understanding of strategic management concepts and theories by articulating thorough and well-thought-out responses to 13 specific questions provided. will be graded on the basis of analytical and critical thinking skills, completeness, correct spelling, correct formatting and neatness. It should be double-spaced, 12-point font, and not exceed 20 pages.

◦You want to be sure to start with a brief introduction and end with closing or summary.

◦Be sure to include subheadings to identify each section; not the questions.

◦Because it is a strategic plan, you want to be sure to include an abstract and table of contents (does not count in terms of the page length).

◦You want to clearly demonstrate your understanding of the various business concepts. 

◦Sources: Sources should be no more than five years old (scholarly sources) unless it is historical data.  Please do not use dictionaries, Wikipedia, encyclopedias, and so forth.

The product name will be fast track, It will be a device that customers use to automatically detect the price of the items placed in the shopping cart. The target market for this product will be large and medium sized supermarkets, designed to solve the problem of long queues in the market

Strategic Plan Project Questions

1. Write a mission statement that defines why your company exists. For example, “To provide Internet-based customer service software to small retail businesses.”
2. Write a vision statement. A vision captures an organization’s aspiration and spells out what it ultimately wants to accomplish.
3. Write a values statement. This reflects a company’s priorities. For example, “Customers will be treated with extreme respect.”
4. Analyze the external environment that includes various aspects, such as political and economic trends. For example, the economy is currently in a recession. (PESTEL analysis)
5. Perform a SWOT analysis. This addresses the company’s strengths, weaknesses, opportunities and threats.
6. Document potential immediate and long-term issues. For example, few qualified applicants for staff, limited sources of input (value chain issue), cost effective marketing, capital funding, etc.
7. Determine strategic goals. Where do you want to be in 1 year, 3, 5, 10 years?  (sales, size, growth, etc.)
8. Establish approaches to reaching strategic goals. For example, if a goal is to double sales in the next year, indicate that the sales force will be increased by _____% by the end of the next year.
9. Determine staffing requirements. How many employees will you need, and what will they do?
10. Develop action plan to support the strategic plan. For example, determine what needs to be done first, second, etc., and who is responsible for doing what, within a specified timetable.
11. Develop an operating budget to fund the strategic plan. Indicate the resources required and their cost.
12. Indicate how the plan will be monitored and evaluated. 
13. Determine how the plan will be communicated to internal and external parties.