BSBMGT616 Develop and Implement Strategic Plans

Typically the company, Talon Textile Fasteners, also popularly known as TTF was formed in the same year when legislation was enacted in the colony of South Australia, by giving women the vote in 1894. It was all started from the humble beginnings where it was making the push on clothes pegs and their style. For many decades, they successfully did with their products, especially in finding the way for penetration into global markets (Oliveira Neto, et al., 2020). However, such a humble beginning leads the company towards great heights. Also, the company had various challenges in these following years.

The dryer for the manual clothes was invented in the early years of the 18th century which alongside consisted of a ventilated barrel, which was turned out as a failure because the outcomes were not as per the expectations were made in the very beginning by TTF. Further, this encouraged the company about the fact that there was still an available market of buoyant for the clothes peg. Moreover, in Australia, people did not have any specific exposure for immediate purposes, especially to the patent which was registered by George T. Simpson on 7th June in the year 1892. This patent was particularly registered for implementing the design of dyer for clothes, whose working process was based on using extra heat produced by the stove so that the given clothes can be dried in a special unit of ventilation (Hwang and Seruga, 2011).

In general, there are a lot of goals that any given company sets for itself, for instance, economic growth and customer satisfaction. However, in this paper, apart from such basic goals, new goals will be developed for future research, so that the company can get new and enhanced products as well as new and consumers which eventually will help the company to grow in terms of economy and customer satisfaction. To be précised, TTF should provide a new sustainable product, which itself will carry along the entire dying industry to the future without having any fear of environmental damage and supply.it is also important to increase the market share by some significant number for some significant amount of time. For example, here the market share will be increased up to 5 % for straight 5 upcoming years (Desore, and Narula, 2018). Apart from these above-mentioned goals, another important goal which is needed to be considered at the topmost priority is of doing the best in the business among all other competitors and more than that company should perform better every time than the earlier time.

Documents of consultation with stakeholders

After conducting some interviews with the stakeholder, i.e. employees of the company, these are the resulted documents gathered from those interviews for identifying ambiguous or contradictory information and comparison.

After discussing the future goals or the research prepared for the future, with the first employee, he suggested that the step of increasing the share market share up to 5% is a very good step for the future of the company as it will vary significantly help the company grow its market value, but alongside it will be required by the company to maintain the consistency of good work, or this help will lead the company to fall significantly.

When the same was discussed with another stakeholder or the employee of the company, she suggested to find out whether the company is capable of launching such a sustainable and a brand new product and more important than that, look out for such people who should start researching over the same, so that the work on this project starts as soon as possible, otherwise, it takes very less time for such a beautiful idea to get leaked in the market.

After researching the trends in Australia it was found that the TTF used to maintain their partnership with Springy Things in port Pirie, who used to manufacture the springs for them. For which the Springy Things have committed the TTF that they will keep their processing onshore for them so that they can react to the market trends as soon as possible. Also, the strength with maintaining the relationship they had with the Springy Things and with a line for all the purposes they shared R&D to pursue new markets with them, especially for exercises related to joint marketing. Thus, by such practices and methodologies, TTF used to practice their researches, especially related to the trends in Australia. Apart from that as far as the sales and the trends related to that are concerned, the Global sales of the Company are at $25M per annum. Also to mention, that this has been steady throughout the time of the Global Financial Crisis. A growth of 5% in a year has been forecasted by them for consecutively upcoming 5 years with putting new systems and initiatives in place (O’Mahony and Lobo, 2017).

Although the company, TTF is already having its products that are completely recycled, and as it is very difficult for any company to compete with such products, thus the company is facing comparatively less competition to the others (Islam, Khan and Islam, 2013). Further, direct competitors are the ones that are selling approximately the same products, whereas indirect competitors are the ones that do not have a similar product but still have the capacity to compete with the following company and knows how to satisfy the company. To be précised, the main competitors are Bulten, Copper State Bolt & Nut, QST Industries, Tomarco Companies, Wurth Industry, and YKK North & Central America (Talon international, 2021).

Since here the main future research project is related to the launching of a new product for the entire dying industry, thus the strategies which are needed to be followed should be according to the same. For instance, create a system for recommendation; optimize the speed of your website speed, contact the influencers for the establishment, pre-launch giveaway should be organized, and take a chance for remarketing for your new product. Also, as another plan is of raising the market share by 5 %, thus the strategies should be accordingly implemented on this plan too. However, in the company itself, the person or the employee with whom the entire matter will be consulted will be the CEO, as it will confirm the decisions which will be made and more importantly with the management head, as through this the efficiency of the strategic plan will be justified suitably. Apart from that the Management team and the Board members will also be consulted about the same plans, as they will also help in assuring the efficiency and the validity of the prepared plan.

Post of the specialist	Information
Management head	Will ensure the plan and add needed details
CEO of the company	Will assure whether the plan will be implemented or not.

Strengths – Cheap labor, efficient entrepreneurship skills, use of raw materials like natural fibers have been the main strengths of the company for a very long

Weaknesses – the main weakness of the company has been the dependence on some particular type of cloth, instead of going for all significant ones. Also, they lack modernization in the spinning sector, due to which labor costs are more here.

Opportunities – the most important and considerable opportunity here is that it is one of the most growing industries, which eventually helps the company a lot. Moreover, another opportunity is of implementing the integration of Information technology and lastly using market negotiation for bilateral negotiation (Namugenyi, Nimmagadda, and Reiners, 2019).

Threats – trading block formation, decrement in the cycle of fashion, and lastly the way company is phasing out of Quotas.

PEST analysis of TTF

Political factors – the reservation which was made specifically for the small companies, helped the small scale companies very significantly, this also led to the fragmentation which distorted the competitiveness of the entire industry.

Economic factors – Factors such as per capita income, resource mobilization, national income, infrastructure development, and exploitation of natural resources, employment generation, industrial development, and capital formation influence the textile industry (Ho, 2014).

Social Factors – social variables cannot be disregarded by the policymakers and the managers such as beliefs, knowledge, education, and rural community norms that predominant here (Spencer, 2020).

Technological factors – Since the entire world is switching towards technology by adapting the digitalization, similarly this industry and specifically this company should also make the best out of it (Textiles and Clothing Museum, 2019).

Long trend analysis of TTF

As far as the long trend analysis about the Talon Textile Industry is concerned, the production, growth rate area and the yield rate per hectares of the entre textile industry but not just TTF have been trending very significantly.

Risk Analysis of TTF

There are many processes like, ginning, carding, combing, blow room, spinning, drawing and simplex so that the fiber could be changed into the useful yarn. In between these processes a lot of risks are involved which eventually affects the turnover of the management (Lai and Lau, 2012). However, with the help of various operations of management these risks are mitigated.

After going through the entire analysis, here is the basic summary of the issues which the company, TTF is facing in a long run and in a very significantly. One of the weaknesses, i.e. lack of modernization in the spinning sector, due to which labour cost is increased and to remove this issue best solution is using the new technology and implementing the advantages provided by it in the textile industry which will not only modernize any particular sector or reduce the cost of labour but also will help in increasing the quality of products as a whole.

1. With all the due diligence, what would be taken under process before accepting this opportunity will be the cost-benefit analysis about the entire case, and further, after analyzing the same with giving proper acknowledgment to all the factors, a final decision will be taken. 
2. Since, it is visible, that in the end, this opportunity will provide some significant growth and benefit as well, thus it would be selected for consideration.

Cost Center	Annual Cost
Cost price	$                   55,000.00
Manufacturing equipment	$                   10,500.00
Parts and materials	$                   15,000.00
Labour salaries	$                   25,500.00
Selling price	$                   67,000.00
Expected benefit	$                   12,000.00

Reflection

Typically, the Boiling Frog syndrome is nothing else but something like an urban legend defining the boiling of a slow frog while the time frog is alive. In simpler words this syndrome can be described as if a frog is put into boiling water, it will jump out for saving itself from dying. But if it is put in a water pot of normal temperature and the process of boiling is started after putting him into the pot, then it will be tough for him to perceive what is going on and thus it will be cooked to death (Heupel and von Juterzenka, 2015).

Furthermore, the process was improved in some new ways to get prevented from the syndrome of Boling Frog. The first and the foremost thing which is checked nowadays is a position, if it is not generating alpha in the first year, then it will be thrown out of all the pre-determined and presumed assumptions and will eventually the position will be refreshed by re-writing it with new assumptions (Muckart, 2013). Also, a new analyst will be invited with some new assumption made by the analyst further our consciousness will be compared accordingly with the honest conversation.  

References

Desore, A. and Narula, S.A., 2018. An overview on corporate response towards sustainability issues in textile industry. Environment, Development and Sustainability, 20(4), pp.1439-1459.

Heupel, T. and von Juterzenka, M., 2015. From a Weak Signal to a boiling frog syndrome Opportunities and Threats of legal boundaries in the paper-based packaging supply chain!. Procedia Economics and Finance, 26, pp.722-728.

Ho, J.K.K., 2014. Formulation of a systemic PEST analysis for strategic analysis. European academic research, 2(5), pp.6478-6492.

Hwang, H.J. and Seruga, J., 2011. An intelligent supply chain management system to enhance collaboration in textile industry. International Journal of u-and e-Service, Science and Technology, pp.47-61.

Islam, M.M., Khan, A.M. and Islam, M.M., 2013. Textile industries in Bangladesh and challenges of growth. Res J Eng Sci, 2278, p.9472.

Lai, I.K. and Lau, H.C., 2012. A hybrid risk management model: a case study of the textile industry. Journal of Manufacturing Technology Management.

Muckart, D.J.J., 2013. Evidence-based medicine–are we boiling the frog?. South African Medical Journal, 103(7), pp.447-448.

Namugenyi, C., Nimmagadda, S.L. and Reiners, T., 2019. Design of a SWOT analysis model and its evaluation in diverse digital business ecosystem contexts. Procedia Computer Science, 159, pp.1145-1154.

O’Mahony, B. and Lobo, A., 2017. The organic industry in Australia: Current and future trends. Land use policy, 66, pp.331-339.

Oliveira Neto, G.C.D., Tucci, H.N.P., Correia, J.M.F., da Silva, P.C., da Silva, V.H.C. and Ganga, G.M.D., 2020. Assessing the implementation of Cleaner Production and company sizes: Survey in textile companies. Journal of Engineered Fibers and Fabrics, 15, p.1558925020915585.

Spencer, T., 2020. Network Design Assignment. [Online] Available at: https://desklib.com/document/network-design-assignment/

Talon international, 2021. Encouraging Sustainability One Poly Bag at a Time. [Online] Available at: https://taloninternational.com/news/

Textiles and Clothing Museum, 2019. [Online] Available at: https://textilesclothingmuseum.wordpress.com/2016/02/02/talon-technology-stem-and-the-tcm-collection/..

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