Bibm678 Strategic Planning For Small Assessment Answer

Competitive food industry: In this industry, there are some strong competitors, who are already well-established and doing well. It is very difficult to establish a new business with the same products in the New Zealand fast food market. 

These weaknesses of current participants can be avoided by using effective strategies. The organization must implement the creative business models and there must be product differentiation. They should make market research for knowing the needs of customers, and then they must introduce new products. 

Conclusion

Thus, the strategic planning for each and every business is essential, whether it is small or big. The discussion includes the strategic plan for the Spicy Hut Restaurant, which is located in Lower Hutt, Willington. The business environment has some economic and political factors for the new initiative. In the food industry, the company may have various trends, which pose threat on it. It may have some opportunities and strengths by developing business in New Zealand fast food industry. Furthermore, the business system of this business initiative is explained in the paper. The organization can grow using the prospecting business system. The business life cycle of the restaurant includes 5 stages, i.e. establishment, growth, expansion, maturity and decline. There are some critical factors, which may lead the organization towards the success in fast food industry.

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