Objectives and Goals
Concerning the business plan of Monster Mini Golf, there are several points that should be taken into accounts from objectives to management structure. In this section, we will provide the objectives and goals for Monster Mini Golf consisting of profit plans, marketing plans, quality control plans, and financial plans.
In business world, we often encounter any differences between current and the future states, which further become a gap. In order to minimize the gap, therefore, a company should define clear company’s objectives and goals.
However, there is confusion about the terminology of goals and objectives, which tend to be financial term. In this manner, objectives are defined as exact form statement that is exactly formulated and provides specificity (“Strategic Planning”). In the case of Monster Mini Golf, the right company’s objectives will be “Monster Mini Golf wants to hit $1 million of sales in the third year”.
Moreover, since organization composes of various packages and non-packages, each has different revenue target; concerning this issue, Monster Mini Golf will always conduct routine coordination with sales manager and package coordinator to prevent any conflict in the future. In this situation, the goals of each package coordinator must be compatible with the whole goals of the organization.
In addition to the explanation of definition of objective, Monster Mini Golf will have following objectives:
Sales of $1,100,000 within 3 year of operation, representing over 1,000 guests within the 3-year period
Year-to-year Growth of 5% in the 2nd year and 15% in the 3rd year
Maintain net profit of 30% or equals to $330,000 in 3-year period
Achieve 33% of sales from children parties, adult & corporate parties and large groups
Open 2 outlets of Monster Mini Gold through franchise system
I.1 Profit Plans
In the objective section above, we assume that the growths of business are 5% in the 2nd year and 15% in the 3rd year due to new outlet opening through franchise system. The increase in the volume of sales within the coming period would result in the following profit plan:
Table 1 Profit Forecast of Monster Mini Golf
Total Fixed Cost
Total Variable Cost
Cost of Sales
Gross Operating Profit
Assuming that there is no additional purchase of fixed cost then the 5% increase in sales in the 2nd year and 15% in the 3rd year will also increase the total variable cost by 5% and 15%, respectively. The calculation revealed that an increase in sales and cost of sales by 5% and 15% in the 2nd and 3rd year will create a 30% increase in gross operating profit.
In short, the proportion of fixed cost is 57% of the total cost and variable cost is 43% of the total cost. Fixed costs compose of rental facilities and employees costs while variable costs include electricity, maintenance and many others.
In addition, the increase in sales will not shift the fixed asset since we assume that there is also an increase in fixed and variable costs by the same value of the increase in turnover.
I.2 Marketing Plans
I.2.1 Marketing Objectives
Concerning the above situation where Monster Mini Golf does not have strong position in indoor miniature golf course with fancy technology since it is a new company; we suggest several marketing objectives or scope of marketing plan that Monster Mini Golf should bear in mind in order to improve their position in the market.
Theoretically, marketing objectives elaborate points to be achieved within a given period. Therefore, marketing objectives for Monster Mini Golf must be measurable such as objectives to increase revenue by 5% in the 2nd year and 15% in the 3rd year as we use in this assumption for profit and financial plans. Concerning the situation, there are about five main objectives of Monster Mini Golf:
Increase revenue from $338 thousands in 1st year to $354 thousands in 2nd year and $408 thousands in 3rd year
Introduce new attractive experience in playing indoor miniature golf
Enter new territories and provide distinctive features where competitors have not offered miniature golf services
Sign franchise agreement with at least two franchisee within the next two year
Raise retention program with improved customer satisfaction such as free 1-hr overtime, regional competition with attractive prizes
Kassel, Amelia. How to Write a Marketing Plan. Retrieved August 7, 2006 from http://www.infotoday.com/mls/jun99/how-to.htm
Kirk, Laura Meade. 2005, ‘Things that go putt in the dark Monster Mini Golf is glow-in-the-dark family fun’, The Providence Journal. 13 October 2005
Kotler, Philip. 2000. Marketing Management. New Jersey: Prentice Hall Inc.
‘Strategic Planning’, Retrieved August 7, 2006 from http://www.answers.com/topic/strategic-planning
Tiffany, Laura. The Ingredients of a Marketing Plan. Retrieved August 7, 2006 from http://www.entrepreneur.com/article/0,4621,291716,00.html
Why Work with Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
24/7 Customer Support
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admission Essays & Business Writing Help
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.