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Assessment Task: Strategic Plan

Develop and implement a strategic plan.

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Executive Summary

The report is basically a business plan for opening new branch of a renowned educational institution, Academies Australasia in Perth. In this context, a detail description of the internal and external analysis of the business environment has been conducted. Further, a financial plan comprising of possible financing sources, projected revenue, and a balanced sheet is also discussed.

Introduction

The present report is based on developing a business plan for opening a new branch of Academies Australasia in Perth. It aims to open its branch in Perth which will offer vocational education qualification. For this purpose, the company requires legal clearance from the relevant authorities (Aithal, & Suresh Kumar, 2015). To design a well-organized business plan for the company, an extensive research has been conducted. The report includes details such as business idea, service detail, industry analysis, marketing plan, organizational structure, HR strategies, and financial plan.

a) The report should start by describing the proposed Business Idea.

Business idea

The Academies Australasia is planning to expand its educational institution and open a new branch in the Perth campus. It has been decided to recruit more than fifty teachers having a specialization in subjects like English, marketing, management, information technology, accounting, and tourism (Greenhalgh, 2016). Both local and overseas students are eligible to apply for admission with an opportunity to gain educational scholarships.

b) Define the Product or Services based on which Academies Australasia is proposing to expand their business at Perth.

Defining product

Academies Australasia is one of the leading educational institutions in Australia, which provides quality teaching and world-class education. Its branch in Perth will provide different courses such as English language, Singapore government school preparatory certificate, senior high school course, bachelor's degree courses, diploma, advanced diploma courses and master degree courses in different subject lines.

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c) An analysis of the Macro Environment (Industry Analysis).

Industry Analysis

For analysing the educational industry in Australia, a PESTEL analysis is conducted.

Political factors - For the last two decades, educational institutions in Australia are benefited through low taxes and policies. The present Australian government system regularly changes education policies, thus, it should remain aware of it.

Economic factors - The easy liquidity in the educational market after the 2018 recession, is expected to increase inflation rate for Academies Australasia (Natoli, Jackling, & Jones, 2018).

Social factors - Demographically, the institution is operating in 18 separate licensed colleges in Australia and Singapore. Thus, it covers the diverse culture of students and welcomes local and overseas students.

Technological factors - Academies Australasia is providing the latest technological access to its students for all-around development. It encourages students to invest their time in the research and development program and keeps attention on patent protection and safeguarding intellectual property rights (Dutt, Hawn, Vidal, Chatterji, and McGahan, 2016).

Environmental factors - The Australian government encourages renewable technology, which is an opportunity for the institution to educate students. Further, it has to implement rules for students to adhere to the environment protection regulation.

Legal factors - The institute has to apply robust technological mechanisms to prevent data breaching of students. It has to also follow the health and safety law, intellectual property law and discrimination law to gain an overall competitive edge.

d) Marketing Plan: An analysis to prove the market attractiveness of the concerned business by using Porter's Five Forces model. An analysis of the Marketing factors. Marketing strategy (Marketing Mix (4ps), Target Market, Market Segmentation, Promotional activities the company is likely to undertake). You must thoroughly describe the key customers. An internal environment analysis based on SWOT model where the report will identify certain strengths of the proposed company and should address some key problems.

Market plan

Porter's five force model

Determinants of supplier power - Academies Australasia recruit professional educators who are experts in their respective fields, and it provides quality education through nationally accredited courses.

Determinants of buyer power - Students, especially from abroad will choose the institution based on its academy performance and tuition fees. The provision of scholarship by the institution is expected to attract more local and abroad students.

Determinants of competitive rivalry - Some of the competitors of Academies Australasia in Perth include Navitas English, StudyGroup, and Kaplan International (Geertsema, Chng, Lindberg-Sand, & Larsson, 2017). These educational institutions are well established in Perth and will give tough competition to its new branch.

Threat of substitution - Nowadays, students are approaching educational institutions based on different factors such as grade inflation, better accommodation, and low tuition fees. With the increase in the number of institutions in Perth, there is a higher possibility of students switching the institute.

Threat of new entry - In the past few years, there has been a tremendous increase in the number of educational institutions and the same is expected in the future, which is a potential threat for Academies Australasia.

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Market factors analysis

The key marketing factors which can help Academies Australasia for achieving its desired goal in Perth is its brand name. It has been operating in 18 separate licensed colleges for more than 107 years. It has been listed on the Australian securities exchange since the year 1977. Students from 122 countries have studied from this institution.

Marketing strategy

The marketing strategies for opening a new branch of Academies Australasia in Perth include 4Ps, and segmentation. Segmentation is done on the basis of low income and high income group, where the students from low income families will be provided education scholarship on the basis of their academic performance. Here, the key customers include the students who have completed their high school studies. Some of the selected promotional activities for this business plan are, referral program, search engine optimizer on the website, advertisement on Google, Facebook advertising, email marketing, events, and activities. Since it is an educational institution which consist of a large number of students and working staff, therefore referral marketing is considered as most effective startegy. The students or teaching staff will be provided discount or reward by bringing new candidates to study in the institution.

Swot model

Strengths - It has a strong brand portfolio and a successful track record of academics and product innovation. Additionally, it has a highly skilled workforce (management team and teachers) and it also investing huge resources towards its training and development.

Weaknesses - It lacks the skill in product demand forecasting, which create potential risk to miss valuable opportunities, and eventually can have an adverse impact in the long run. It offers a limited range of subject choice as compared to its competitors. This creates the chance for new competitors to have their foothold educational industry.

Opportunities - It has partnered with other educational universities in Australia, Netherland, and the USA, which provide an opportunity for its global expansion.

Threats - As the institution is operating in countries other than Australia, there is a risk of currency fluctuation. Furthermore, with an increase in the competitive environment for higher education, more educational institutions are expected to open in Perth.

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e) Organisational structure & operational plan: The organisational structure: (Key Decision Makers, Departments and their respective duties). Management levels, critical departments. Information management. Facilities & infrastructure.

Organizational structure and operational plan

(i) The organizational structure in Academies Australasia is based on a centralized structure where the decision flows from the top level to the lower level. The administration department has the responsibility to create an ideal teaching and research environment by complying with the law. The financial department has the responsibility to manage income and expenditure towards institution development.

(ii) In this organizational structure, all the employees have been assigned their specific tasks. Each decision related to the management such as admission, tuition fee, staff recruitment, changing of subject course is decided by the board of directors of the institution. Then the proposed decision is passed to other departments in a systematic manner.

(iii) The information management department of the institution keeps the records of student's databases through the online system.

(iv) The institution has been in successfully operating in Sydney Dubbo Melbourne, Adelaide, Brisbane, and Singapore. It offers multiple courses for local and foreign students in English language.

f) HR strategies & plan: The key HRM policies of the business regarding Recruitment of Staffs, Performance Appraisal, Salary and Compensations Structure.

HR strategies and plan

For recruitment, teachers and other organizational staff are selected based on their past experiences and subject knowledge. Compensation is given according to the Fair Labor Standard Act and analyzing competitors wage policy (Batcha, Jerrams, & O'Leary, 2015). Job satisfaction and job security are given the topmost priority to maintain employee retention and in turn, they provide quality service to the students.

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g) Financial plan: Outline the possible sources of financing the business and how the group has planned to procure the necessary funds. Projected Revenue and expenses for the start up. Projected income statement, Projected Balance Sheet and Projected Cash Flow Statement for 1 year.

Financial plan

(i) The possible sources of financing for Academies Australasia for opening a new branch in Perth include personal investment and funding from its associated business partners.

(ii) The projected revenue and expenses for opening an educational institution in Perth include the expenses on infrastructure build up, recruiting staff, installing instruments and basic amenities, and licensing cost.

(iii) The balance sheet for opening the institution is as follows:

Assets

Amount (AUD)

Liabilities

Amount (AUD)

Land and Infrastructure

200000

Cash payable to the bank

20000

Furniture and fixtures

12000

Accounts payable

30000

Computers

15000

Income tax payable

5000

Machinery

10000

Salary and wages

30000

Basic amenities

8000

Licensing fees

25000

Total

245000

Total

110000





Net total

355000



h) Recommendations that will highlight solutions of problems and critical aspects of running the business on the proposed idea.

Recommendations

It is evident that, there are many reputed educational institutions in Perth. Therefore, Academies Australasia should try to gain a competitive advantage by implementing few strategies in its educational system. Electronics textbooks can be introduced for an easy understanding of the students. In this way students can read the study material quickly and communicate their doubts to their teachers at any time. Personalization of learning experience based on the slowest and fastest learners is another approach to improve the traditional education system (Batcha et al, 2015). Recruiting excellent teachers and facilitating modern equipment will also assist in attracting new students.

Conclusion

In summary, the present report has described the business plan of Academies Australasia in detail to open its branch in Perth. Important concepts related to the business idea industry analysis market plan marketing strategy organizational structure are discussed. Thus, the company should study all the details and plan accordingly, prior to opening the new branch.

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