Introduction
BIDCO has over the decades grown in springs and jumps to establish a strong presence in both local and international market. This has been with a strong marketing and technological advancement in manufacturing and channel chain of its distribution system. The company has attained this through the strategic planning facilitated by the focused leadership of its employees who work in a team. In real business world, everybody is dreaming of owning or managing large and successful business enterprise with branches all over the world. However, this seems to be impractical for many people due to piles of challenges encountered during the business cycle. One fact remains undisputed: “strategic planning” is much valuable than capital. There have never been so famous businesses as many as people would ever prefer.
BIDCO Oil Refinery Limited
This business is known and recognized both locally and internationally as a firm with a returns-to-scale technology. Success and fame of BIDCO Oil Refinery Limited are products of strategic planning. Whenever there is no “strategic planning” for a given enterprise, one of the consequences may become liquidation (Huntington, 2003).
Fame and success go hand in hand with a well-formulated strategic planning and market research. An intent panorama of market research will illustrate the importance of strategic planning for survival of the business in particular industry (Thompson, et al 2008).
Importance of strategic planning
Strategic planning is essential to the success of a business. The business that fails to plan is one that is planning to fail. No entrepreneur would like to fail in his/her line of business, but would always dream of a successful business enterprise; this is where strategic planning takes control. Strategic planning dwells above and informs other plans in the organization; thus it is the master plan of other plans. This is boldly noticeable in BIDCO where the business is dealing with verse rage of market niche. Its brands touch millions of lives across the states and succeed in enhancing satisfaction of the households. Clients are regarded as the superior figures and a key business determining factor, while on the other hand, marketers are also regarded as the essential determinants of the final sales results, because they are responsible for the provision of the reaction of the customers on the Company’s product and for the research and development of company’s performance. The situation is even complex with the fact that task from different clients varies in nature due to the choice and preference, and even worsens with stiff competition in the market. With this kind of scenario, strategic planning is tremendously vital for the achievement of the business success as it defines the business mission, current position and vision of the firm (Birn, 2004).
A well-structured strategic plan includes business goals, scope of business, risks, strategies, business progress reporting methods, missions, vision and assumptions. It is imperative because it defines what the objectives of the business will be and how the business intends to achieve its objectives. BIDCO Oil Refinery Limited finds this useful as it is able to identify the scope of work, develop strategies and avoid risks that may arise. The company then will be able to take control of the task assignment in the most suitable way to be able to avoid wastage of resources, overcome risks and above all stimulate growth and wealth maximization (Haines, 1995).
Mission statement
To be a one of the top in lubricating the future growth, enhancing, healthy living all through cost effective and keeping to date with change in technology.
By being efficient and cost effective, the firm is able to convey quality services to clients without any financial constrains. This will be supported by providing health products for happy living, thus creating a bonded business relationship that will end up in building business partnerships in value satisfaction. The business will then increase its diary of clients leading to a successful growth of the firm through market penetration (Huntington, 2003).
Vision statement
To attain world-class standards and distribute household products in an effective, reliable, and efficient way in accordance to the customer needs.
The vision statement is based on effectiveness, reliability, efficiency and customer orientation, thus goes hand in hand with the mission statements that are clear of the listed qualities. This adds strength to the mission statement in a way that they are in line both in spirit and scripts (Huntington, 2003).
Objectives
To maintain quality standards and high ethical measures in the practice and delivery of services
This will ensure quality work delivery to the customer and avoid breach of ethical measures outlined in the mission of the firm, thus promote good relationship with clients and step up the business growth. Quality standards are the order of the day for companies with dreams of rapid growth. Quality scorecard is based on how the company can deliver effective, efficient, reliable and accurate measurement of products to clients in the best way. The more clients are satisfied with the firm’s product delivery, the higher levels of company’s growth.
To provide high quality product and services to clients regardless of the stipulated cost of production
Providing the quality product and services regardless of the budget limit to promote partnerships with clients and in turn promoting business development are required measures. However, the scope of work and market research should guide on the appropriate budget allocation. When a company works comfortably within the budget limits, the available resources will be adequately utilized to ensure good profit making in the business.
To enable clientele to make critical decisions with regard to our rage of variety of products available in market at all time of season irrespective of the business life cycle, which is mandatory to any kind of enterprise
This will promote trust and honesty among the client and in turn enhance growth of the company as a trustworthy institution both locally and internationally. Once the company builds on its name, clients will be willing to recognize themselves with the firm and ensure business growth (Huntington, 2003).
To assist organizations in establishing the practice of public relations as a management role
This will create a binding relationship with clients and attract other more clients, thus promote the company’s growth. Success in the market research is all about how many clients respect and trust the firm. The binding relationship consists of the market research value for business growth, which will enhance the achievement of the business goals and objectives.
Report about the research results and marketing implications in a way relevant to managerial consumption
By providing relevant information in concern with ingredients used to manufacture the particular product. In this case, the firm is able to develop respect and stimulate growth of the business. Business growth will always be a chief priority, which touches on both profit making and non-profit organizations. This is achieved by the provision of market diversification and penetration, which will then create the understanding among the market segments and overcome competition. Clients prefer relevant information and emerging improvement on the product in terms of value addition. This makes the customers realize their value of money they spend on the product. The company will be able to acquire multiple contracts from distributors and small chain retailers for reaching the market segments thus experiencing rapid growth.
How the objectives support the Missions and Vision statement
The mission and vision are based on the provision of high standard product, which lubricates the future growth enhancing healthy living through cost effective strategy and keeping to date with change in technology. In this respect, distributor of household products in an effective, reliable, and efficient way in line with volatile customer’s need is realized. This can also be seen in the key objectives of the firm that clearly demonstrate how the company is committed in its mission, vision and statement by giving much attention to its customer satisfaction. In this regard, BIDCO Oil Refinery Limited can confidently boast that there is consistency in its vision and mission statements together with key objectives. This indicates how the firm is committed to implement the strategic plan for prospering its future economic growth. Therefore, the company’s intention to enhance the welfare of community along with strategically planned business is one that delivers both its mission and objectives (Birn, 2004).
References
Bensoussan, B. E., & Fleisher, C. S. (2008). Analysis without paralysis: 10 tools to make better strategic decisions. Upper Saddle River, N.J: FT Press.
Birn, R. (2004). The effective use of market research: How to drive and focus better business decisions. London: Kogan Page.
Haines, S. G. (1995). Successful strategic planning. Menlo Park, Calif: Crisp Publications.
Huntington, R. (2003). Strategic business planning. Washington, DC: BuilderBooks, National Association of Home Builders.
Thompson, A. A., Strickland, A. J., & Gamble, J. (2008). Crafting and executing strategy: The quest for competitive advantage : concepts and cases. Boston: McGraw-Hill/Irwin.