*WILL ATTACH LAST WEEKS OUTLINE*
Key Assignment Final Draft
Part 1 Tasks (Objectives from Weeks 1–4)
Finalize your business plan, and include the following:
Part 2 Tasks (Objectives from Week 5)
Create a memo introducing yourself and your business plan to a prospective resource. Be sure to use the following steps:
Introduce yourself and your venture.
Explain your purpose in sending the business plan.
Detail the next steps and the potential for your business.
Give the intended audience reasons for taking interest in your venture.
· The company of focus is McDonald’s a multinational organization with over 100 intentional subsidiaries.
· The success of the company has been attributed to the development and implementation of various strategies.
· The objective is to appreciate the various variables in the company’s assessment.
· The PEST and environmental analysis will be the focus of the paper.
· A PEST analysis involves the assessment of the political, economic, social and technological factors that affect a company.
· It is an essential assessment for companies such as McDonald’s which is in a competitive industry.
· It gauges the external factors that have the potential of impacting revenue generation.
· Additionally, the assessment is more effective with larger organizations as macro events have more impact.
· The company assesses the political atmosphere of its potential market before making investments.
· The political environment of another country plays a key role in investment choices.
· It directly effects marketing strategies, pricing of infrastructure and equipment and lastly the market influences the break-even period.
· Other considerations include the various business and employee laws, policies, taxes, and licensing.
· The identified factors directly affect organizational expansion as revenue generation is directly impacted creating complications.
· The assessment accounts for various economic factors which may both directly and indirectly affect the organization.
· Some of the common factors include economic growth rates, exchange rates, inflation and international investment.
· In the case of McDonald’s, the company actively considers profit viability when assessing potential markets thus affecting the probability of the project.
· For example, nations with growing per capita income, consumers are assumed to prefer global brands.
· Finally, the preference of consumers also plays a critical role in the company’s expansion
· The aspects of the analysis consider the cultural, health, population growth, age, distribution, career and emphasis on safety.
· With rising demand for social considerations, the company’s products are affected by social factors (Alina, 2020).
· Mc. Donald’s brand is significantly impacted by cultural, societal and religious beliefs.
· The company considers social factors in decision making when engaging with new markets.
· The Asian and Arabian cultures are examples of markets with complex social requirements which were considered before engaging the markets (Alina, 2020).
· However, the company is strategically addressing the various cultures such as Hindus who have specific diets.
· Technology plays a critical aspect in organizational goal achievements.
· It affects research and development which are essential in the creation of new products and services.
· The approach is not limited to consumer interactions but also addresses the supply chain.
· By implementing technologies such as automation, it may positively impact the company’s revenue generation. Moreover, it allows the company to increase its quality increasing consumer satisfaction.
· McDonald’s has implemented numerous forms of automation that has increased its product and service quality.
· Technology has also allowed the company to increase its production rate thereby increasing its revenue generation.
· Cost effectiveness is also attained as the company is able to track its stock in Realtime allowing for effective inventory management.
· There is increasing concern over the environmental and climatic state of the world.
· The notion mostly focuses on environmental hazards and pollution.
· With more companies employing environmentally friendly technology, it has become a organizational necessity to improve its consumer expectations to society.
· In the case of McDonald’s, the company is developing technologies that would monitor its carbon emissions.
· The technological initiative is a positive indicator of McDonald’s support for environmental conservation.
· It has also invested in numerous CSR (corporate social responsibility) polices that has aided local communities develop and help in environmental conservation.
· Nevertheless, the initiatives are marketing strategies to improve the company’s reputation and performance.
6-step sequential process of strategic planning
· Strategic planning is considered among the most essential undertakings for business success.
· However, it is among the most overwhelming expectations as numerous considerations must be made.
· Nevertheless, the planning framework consists of various elements that allow for the achievement of strategic planning. They are mission and vision, internal and external drivers, objectives and time (Neis et al., 2017).
· Therefore, based on the elements, strategic planning involves six steps, the first is the assessment of the competition, consumer trends, and the overall industry.
· Secondly, conducting a SWOT (strengths, weaknesses, opportunities, and threats) analysis of the business to value its limiting and prospective facets (Neis et al., 2017).
· Thirdly, the definition of the company’s vision and mission; it determines the purpose and guide for accomplishing the set organizational objectives.
· Fourth, defining the business goals, which comes after a complete and detailed assessment of the organization (Neis et al., 2017).
· Fifth, the drilling of organizational goals at the departmental level/. With each level of the organizational workforce having a common objective, it can be attained with high efficacy.
· Finally, sixth, budget requirements; financial assessment is a critical aspect of organizational development (Neis et al., 2017).
Alina, F. (2021). The Impact Of Covid-19 On Promotion Of Brands. In The science of the XXI century: challenges of the contemporaneity. Kyiv National University Of Trade And Economics, 38. Retrieved 16 March 2021, from https://knute.edu.ua/file/MzEyMQ==/013ae848720b9fc5ec3ed294baaa87bb.pdf#page=38.
Neis, D., Pereira, M., & Maccari, E. (2017). Strategic Planning Process and Organizational Structure: Impacts, Confluence and Similarities. Brazilian Business Review, 14(5), 479-492. https://doi.org/10.15728/bbr.2017.14.5.2