Imagine that you have just completed the Integrated Management Practice. You have been approached by a close
Question:
Imagine that you have just completed the Integrated Management Practice. You have been approached by a close friend who inherited R50 000 rand from a deceased relative, requesting your assistance in navigating the road ahead concerning any of the 'Kasi' business opportunities presented in the case study. After your initial meeting with your friend and your subsequent appointment as business consultant, you were given the following brief:
1. Your friend is looking into a 'Kasi' business idea and needs your guidance regarding the identification of a suitable business opportunity, to cease upon it, and to create such a business for the market.
2. Your friend also indicated that all business administration matters about legal registration of the business, licensing, creating a business account, and so forth, will be addressed. Your guidance, advice, and recommendations are sought regarding integrated management practice to achieve a competitive advantage
3. You are also tasked to formulate strategic documents, undertake an environmental analysis, formulate a business strategy, as well as craft a suitable implementation plan.
4. Furthermore, your friend is very keen to involve you as a partner and stakeholder in the business.
She says the target customers for her bakery include individuals hosting events such as weddings, funerals, parties, gala dinners and also office workers. Mokgwasa says the location of her township-based business is important. She also sells her products at fuel stations to take advantage of the foot traffic. Mokgwasa says her setup costs were R10,000. This included equipment such as an oven, dough mixer, fridge, scale, silver steel butcher table, and a cake counter.
QUESTION 1
Using the information provided in the case (although you are not limited in terms of ideas), identify a suitable 'Kasi' business opportunity given the limited R50 000 budget. Your choices and explanation of the following should be clearly explained and justified:
a) The type of business opportunity you identified for your friend
b) A suitable name for the company
c) The physical location for the company and the industry in which the company will position itself and operate
d) The company's intended target market(s)
e) The company's product(s) and/or service(s)
f) A well-articulated vision statement
g) A clearly defined mission statement
h) A statement of identified values for the company
QUESTION 2
Briefly explain how and to what end the company can use external and internal environmental analysis. Identify at least four (4) strategically relevant and significant tools, frameworks, and techniques to be used for this purpose. Be sure to motivate and support your selection with practical examples.
QUESTION 3
Critically evaluate existing 'Kasi' market offerings within the strategic space you identified for the company. Explain the strategic significance of Key Success Factors (KSFs) to the management of the company and its targeted market(s). Identify and present at least three (3) KSFs your company should deliver to its market(s).
QUESTION 4
Identify a suitable generic business-level strategy for the company. Clearly indicate the target market you identified and justify whether you think the positioning will be on being different (differentiation and effectiveness) or on being better (cost and efficiency)?
Auditing The Art And Science Of Assurance Engagements
ISBN: 9780136692089
15th Canadian Edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan, Joanne C. Jones