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Executive Summary

Strategic plan refers to the development blueprint drawn by the organizations to ensure that they meet the objectives. The strategic plan is drawn in line with the organization mission and it set the time limit in which the organization is to implement the strategic plan.

The strategic plan involves identifying the resources that are available to the organization and how these resources could be employed optimally in the organization for it to meet its objectives.

Karaoke-Music Video abbreviated as KTV is a company that deals with offering services to the Chinese community and other Asian communities living in Arizona States in the United States.

The company aims at expanding its operations in the market. In fact the company seeks to  attain about 50% of its capacity in three months and at the end of the first year the company seeks to reach about 60% of it capacity. By the end of second year the company aspires to have attained 70% capacity.

To ensure that the company can meet the expansion an activity, the company needs to draw the strategic plan that can be implemented within the stipulated timelines (Terziovski, 2007).

In drawing the strategic plan the company needs to identify its resources that can be utilized in order for the company to meet its objectives that include time and the employees.

The company also needs to use SWOT to determine it strength, weaknesses, opportunities, and threats that face the organization.

The strategic plan is to be guided by the aspirations of the organization as stated out rightly in the company’s objectives and mission statement. The KTV mission is “…to offer the Phoenix area its first KTV and the best Karaoke experience.”

The objective of the organization used in developing the strategic plan is that of diversifying the operation of the company to other locations by offering franchising services to other people in the market (Martin, 1994).

The company also has various strategies that would apply to ensure that the services and products it offers to the market are acceptable to the customers. Therefore, these strategies would ensure that the company grows and therefore diversify its operations to other places.

These strategies include differentiation, focus, and costs leadership. In order for KTV to draw its strategic plan that would be that would propel the company to grated heights in terms of profitability and growth, the company would analyze its business environment. The business environment refers to the factors that affect operation within the organization.

The business environment is grouped into two; external business environment and internal business environment. Internal business environment refers to the factors that affect the operations of the organization and the organization has control over them. To elaborate the factors enshrined in internal business environment, two factors are considered; the employees of the company and the company’s policies.

On the other hand, external business environment refers to the factors that the organization has no control over. The organization has to conform to those factors for it to remain relevant in the market.

The external business environment includes government legislations, the competitors, the suppliers, customers of the organization and the new entrants to the traditional market of the company (Martin, 1994).

Overview of the paper

Strategic plan is a tool of the strategic management that ensures that the resources of the company are utilized optimally for the company to meet its goals. The strategic planning helps the top management of the company to answer some of the questions in the organization. The Strategic planning helps the company identifies the position it want to attain in the future in terms of profitability and growth.

KTV for instance aspires to attain the growth of 50% of current capacity the next three months, 50% in one-year and 60% after two years. The company also aspires to diversify the operation to other location both in the United States and outside. Another question that the strategic plan aims at answering is how the company would be able to attain the goals and the objectives it sets in the market.

The company determines the available resources that the company has, which include the employees and the financial capability that the company has that would be important to ensure that the company attains its goals (Martin, 1994).

Another question that the strategic plan aims at answering is that what parameter be used to measure the outcome as a result of implementation of strategic plan in the organization.

The parameters to measure the performance of the company varies from one company to the other but essentially the companies prepare financial statements at the end of the year. The discrepancy that exists between the outcome of the financial statement and the forecast makes helps the management in making decision.

In event that the company did not meet the target in the current financial periods the management makes decisions aimed at turning around the state of affairs in the company. In event the company can meet the objectives that were outlined in the strategic plan, the management is faced with an uphill task of ensuring that the company maintain and even perform better in the coming periods.

Company background

Karaoke-Music-Video in short KTV is a company in service industry. The core business of the company involves offering Private-room Karaoke and serving drinks and snacks to its customers. The KTV is within the environs of Arizona-State University; 7^thlargest university in United States. The location of KTV is strategic as it has a wide market student’s fraternity from Arizona-State University.

The location also makes the management of the KTV to be faced with the strategic decision to make involving the prices to charge for their services and the products. Because the customer base is made up of people of low income; students, the company should charge a fair prices for the services and the products that would appeal to the target customers.

Management team at KTV is mandated with the responsibility of making and implementing the decisions in the company. The quality of the decisions that are made by the management depends with the skills and experience that is possessed by the members of the management team.

The members of the management team ensure that the investors’ confidence is won by the company. In case the management team at KTV is made by the members who are not experienced, the investors are most likely would shy away from investing in the company.

The company would have high risks of making losses and therefore the investors would tend to keep away from investing in the company. The company therefore would have limited sources of finances to ensure that the strategic plan is implemented fully and thus realize its goals.