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A business audit for Neptune Gourmet Seafood
Neptune Gourmet Seafood has had good business in the past 40 years but currently competition is building up. Neptune has been greatly boosted by the sophisticated plants which were built near Florida, Virginia, Cedar Key and Norfolk. These plants produce quality products thus luring customers. Furthermore, Neptune has a wide range of whole sellers who help in the distribution of it products, which makes it very famous among customers. Neptune is considering the slashing of prices in order to do away with excess stock which is a valid idea (Laermer & Simmons, 2007).
Role of business audit in strategy
Business audit is very vital in strategy since it helps the organization to predict and plan for the future. Moreover business audits help in assessing the viability of the business I terms of it profitability and market share (Zaltman, 2003). Business audits help businesses to set objectives and goals and how to achieve these objectives (Hamel & Prahalad, 1990). Auditing techniques are used to unearth deviations that may arise from the business audits. These techniques are used in order to ensure that there are ethical practices in business (Rydholm, 2000).
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Strategies used by Neptune Gourmet Seafood
In order to their current status Neptune has used a variety of strategies. For instance, Neptune has established a market by selling frozen fish where by restaurants prefer frozen fish rather than freezing it themselves. Neptune has invested over $9 million in freezer trawlers thus managing to stay ahead of their rivals (Moncrieff, 2000). In addition they have whole sellers who distribute their products all over United States. Neptune also uses advanced technology in fishing which ensures that nets are not overloaded hence leading to damage.
Role of Strategic Planning
The importance of strategic planning is to assist the organization in creating priorities which are supposed to serve the customers better and members of the organization (Kono, 1994). A good strategic plan should be flexible and effective in order to guide the implementing programs (Evens and Wurster, 1997). A strategic plan should reflect the ideas and needs of the organization and its purpose (Miles, 2003).
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Short-term and Long-term strategic options
For the long-term strategies Neptune should consider capitalizing its base in order to be the leading company in sea food products (Burnett et al, 2004). The organization should also have a vision on how it would like the world to as part of it long-term strategies (Burkhart and Reuss, 1993). For short-term strategies Neptune should consider lowering its prices in order to offset the overflow in stock.