Strategic plan for Precision Castparts Corp.

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//Each Company needs to frame an implementation plan for smooth running its business functions. In the following discussion, the strategic plan of Precision Castparts Corp. has been discussed, which includes its objectives, functional tactics, action items, milestones and deadlines. These items are important in terms of the development of the company.
Objectives of a Company
The objective or aim of the company can be defined as the output a company expects to achieve in the future. In order to achieve its objective, a company uses certain techniques and tactics. The objectives of a company that should be formulated are as follows:
Financial objective- Every company wants to have a profitable venture and for this a definite profitable objective should be set by the business manager. It should be in a manner that the company can measure it in quantifiable figures. The objective of Precision Castparts Corp. should be to achieve a financial growth of 15% in terms of earnings and revenue in the next 12 months (Scott, 2015).
Sales objective- The sales objective of a company is directed towards achieving a definite sale of products and it is set in such a way that the company could beat its competitors in terms of quality and market share. As Precision Castparts Corp. manufactures forged components, investment casting and airfoil casting, its objective should be to sell all its manufactured items to the targeted aircraft industry so that there is no market for its competitor in those markets.
Human Resource Objective- This objective should be to retain the most qualified personnel in the company and to reduce the employee turnover (Gillot, 2008).
Functional Tactics-Functional tactics is related to the strategy that should be implemented in each functional area. Functional tactics in marketing should be to abstract the key components of the marketing strategy that would help Precision Castparts Corp. to sell its products in other industries. They should schedule their production on the basis of demand, and the forecasting should be done for a short period of time. Along with it, their delivery system should be very advance as they produce industrial goods, and its transference takes a lot of time that should be minimized (Martocchio, 2004). Therefore, their marketing plan should be such that the company can deliver its products as and when required. Another functional tactics strategy could be in the field of operations. The company produces different kinds of industrial product, and each operation requires different production method. The operation of the company should be customized that would also help it to be ahead of its competitors. Financial tactics should be designed in such a way that the company is able to define its capital goals along with the company goal.
Action Items- Action items refer to the components or units required by Precision Castparts Corp. to survive the challenges of the market. Following items should be included in the planning of the company.

First and foremost item that should be included is to plan and organize the launch of its product in the market. For this, the company should first advertise or promote the existence of its company so that the required industries get aware of its existence and may assign the company contracts (Octotutor, 2014).
The next item that should be included is to acquire the materials and equipment or machinery needed to manufacture the industrial component. This is the most important item, and while making purchases of the required machinery, the company should check its certification.
After setting up the manufacturing items, the next item that should be included is to acquire the human ...