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ABUL KHAIR GROUP

STRATEGIC MANAGEMENT PROCESS STEP 1: VISION AND MISSION STATEMENTS

Vision statement: Attain quantitative and qualitative leadership in all the sectors we operate through pioneering innovative new technologies Mission statement: Consolidate our position in the areas where we lead and continue to invest in people, processes and technology to enhance our organizational capability to ensure long-term and substantial growth and progress towards our vision. Embracing change at every level to achieve highest level of professionalism and making sure it remains as the key focus for all of our employees.

STRATEGIC MANAGEMENT PROCESS STEP 2: S.W.O.T ANALYSIS


Strength

Weakness

Availability of relaxed credit terms

Limited distribution channels abroad

Robust R&D Department


Spare manufacturing capacity

No Internet Presence
Insufficient exposure of product brands

STRATEGIC MANAGEMENT PROCESS STEP 2: S.W.O.T ANALYSIS


Opportunity

Threat

Development of robust online presence

Labor unions are a emerging threat

Emerging foreign markets


Technical collaboration with foreign companies

Power crisis is increasing day by day New Compettition

STRATEGIC MANAGEMENT PROCESS STEP 3: TRANSLATING MISSION INTO STRATEGIC GOALS

Achieve sales of $400 million by 2012

Pursue an aggressive, outgoing research and development program with expected results by 2014

Establish a robust net-presence through welldesigned Web site that is fast, easy to navigate, responsive, and gives visitors the information they need

STRATEGIC MANAGEMENT PROCESS STEP 4: STRATEGIES TO ACHIEVE STRATEGIC GOALS

Viable marketing strategy development to ensure achievement on sales target of 400 million

Specific training programs aimed at strengthening the R & D department

Hire web design and solutions provider firm to develop online infrastructure (e.g. company website, shipment tracking software etc.)

STRATEGIC MANAGEMENT PROCESS STEP 5: STRATEGY IMPLEMENTATION

Formulation and effective communication of mission and vision

Design of organizational architecture that allows for empowerment and communication

Creation of a strategic map to help identify focal points

STRATEGIC MANAGEMENT PROCESS STEP 6: STRATEGY EVALUATION: 4 STEP PROCESS

A.

Fixing benchmark
Measurement of performance Analyzing Variance

B.

C.

D.

Taking Corrective Action

HUMAN RESOURCE PRACTICES

Performance Appraisal: Evaluating the employees based on their job performance

Employment needs: Assessing the employment needs periodically to prevent any labor shortages

Training and development: Weekly training seminars for further development of the workforce

WAYS TO IMPROVE THE H.R. DEPARTMENT IN BANGLADESH

Provide periodic training to HRM staff Streamline the planning, recruitment and hiring process Extend benefits program which seem to be getting results Address inequities in staff workload, salaries, and allowances immediately