Action Plan for Implementation
The action plan for implementation is presented in the following section and is condensed in table 1 below. The entire plan revolves around the ability of the company to raise the money required for the plan’s execution. As such, the initial step is the financing part. It is proposed that the firm raise the required funds through an IPO. The funding process will involve the shareholders and management and is expected to take close to a year. Once the funding has been secured, the next stage will be the acquisition of new technology.
This will be carried out by the firm’s management after a due diligence of the available options. All employees will be trained on the new technology as well as the strategic direction to be followed and training will be continuous rather than a one-off event. Once the technology is acquired, the next step will be for the company to set up processes that will help it to attain fair trade certification. Concomitant with this will be the setting up of an active R&D department which will drive the innovation process. After these have been implemented, the next stage will involve the creation of new selling channels.
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There are also numerous opportunities which the company needs to exploit. For the company to take advantage of these opportunities and overcome the threats and its weaknesses, it needs to come up with an effective strategy. It is recommended that the Real Chocolate Company adopts a differentiation strategy with an industry wide target scope. This will enable it to serve the emergent segments and gain increased market penetration by developing new products for the existing segments.
References All Business. 2009. Organic market. [Online] https://www.candyusa.com