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UNIT TRUST OF TANZANIA
UNIT TRUST OF TANZANIA

SSTTRRAATTEEGGIICC PPLLAANN

2010 – 2025

UDBS Strategic Management

Term Paper

Prepared by GIDEON, Maureen

March 2010

[UTT Strategic plan] | [6/3/2010]

UNIVERSITY OF DAR ES SALAAM BUSINESS SCHOOL

STRATEGIC MANAGEMENT TERM PAPER

UNIT TRUST OF TANZANIA

STRATEGIC PLAN

FOR THE PERIOD OF

JULY 2010 TO JUNE 2025

Prepared by

GIDEON, Maureen

March 12, 2010

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TABLE OF CONTENTS

1

EXECUTIVE SUMMARY

4

1.1 BACKGROUND TO THE UNIT TRUST OF TANZANIA

4

1.2 BUSINESS LOCATION

4

1.3 PRODUCTS AND SERVICES

4

1.3.1 UMOJA UNIT TRUST SCHEME (UMOJA FUND)

4

1.3.2 WEKEZA MAISHA /INVEST LIFE UNIT TRUST SCHEME(WEKEZA MAISHA FUND)

4

1.3.3 CHILDRENS CAREER PLAN UNIT TRUST SCHEME (WATOTO FUND)

4

1.3.4 REGULAR INCOME UNIT TRUST SCHEME (JIKIMU FUND)

4

1

PROBLEM STATEMENT

5

2

TYPE OF ORGANISATION

5

3

CURRENT POSITION

5

4

SITUATION ANALYSIS

5

4.1 SWOC

5

 

4.2 PEST

6

5

VISION

7

6

MISSION

7

7

CORPORATE VALUES

7

8

CORPORATE OBJECTIVES, GOALS AND STRATEGIES

7

8.1

CORPORATE OBJECTIVE NO. 1 – INCREASE V ALUE OF A SSETS UNDER MANAGEMENT [AUM] AND NUMBER OF

 

UNIT HOLDERS

8

 

8.2

CORPORATE OBJECTIVE NO.2 - OFFER C OMPARATIVELY S UPERIOR RETURNS A CCOMPANIED W ITH QUALITY

S ERVICE AND C USTOMER C ARE

8

8.3

CORPORATE OBJECTIVE NO. 3: D ESIGN , D EVELOP, L AUNCH AND MANAGE NEW C OLLECTIVE INVESTMENT

S CHEMES

9

9

POLICIES

9

10

STRATEGIES

10

 

10.1

O PERATIONS , HR, F INANCE , MARKETING, ICT

10

11

ACTION PLANS/ ACTIVITIES

10

11.1 MANAGEMENT AND ORGANIZATION

10

11.2 IMPLEMENTATION

10

11.3 MONITORING AND CONTROL

11

12

EVALUATION

12

13

FINANCIAL PLAN

12

13.1 PROJECTED UTT FINANCIALS:

13

13.2 KEYS FINANCIAL ASSUMPTIONS

13

14

SENSITIVITY ANALYSIS

13

15

CONCLUSION

15

16

REFERENCES

15

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1

Executive Summary

[UTT Strategic plan] | [6/3/2010]

1.1 Background to the Unit Trust of Tanzania

The Unit Trust of Tanzania (UTT) was incorporated on 19 th June, 2003. It is incorporated under the Trustees Incorporation Act (Cap. 318). The Settlor of the Trust is ‘the Minister responsible for finance, Government of United Republic of Tanzania’. The Trustees are five individuals appointed by the Minister; and the primary beneficiaries are ‘The Citizens of Tanzania’ . The Trust was set up as a successor to the Privatization Trust (PT) which was established under the Privatization Trust Act of 1997 with a fixed tenure of existence that ended on 4 th June, 2003.

1.2 Business Location

The UTT presently operates from one location in Dar es Salaam situated at the 2nd Floor of the Sukari House at the junction of Sokoine Drive and Ohio Street. However, as already intimated, the UTT has entered into alliance with CRDB Bank PLC through whose branch network the UTT

is able to reach investors up to the district level.

1.3 Products and Services

The main business of UTT has been to launch and manage collective investment schemes (CIS). These schemes, which essentially are financial products, are established under the requirements of the Capital Market and Securities Authority Act 1994 (Amended) and in compliance to Capital Markets and Securities (Collective Investment Schemes) Regulations, 1997. Over the years the UTT has established, launched and managed the following collective investment schemes:

1.3.1 Umoja Unit Trust Scheme (Umoja Fund)

This scheme offered a discount of 30% by the Settlor on the initial sale of the units which carried a nominal value of TZS 100/It generated overall subscriptions of over TZS 90.5 billion and a number of subscribers of 102,738 of which 102,144 were individuals and 594 institutions.

1.3.2 Wekeza Maisha /Invest Life Unit Trust Scheme(Wekeza Maisha Fund)

A unit linked insurance plan (ULIP), this scheme is a long term product, of a ten year maturity

horizon, offering an investor the benefits of accident and life insurance cover with growth in

investment. The scheme was launched on 16th May 2007.

1.3.3 Children’s Career Plan Unit Trust Scheme (Watoto Fund)

This is an openended balanced fund which seeks to generate long term capital appreciation through a judicious mix of investment in debt and listed equity instruments for the benefit of Tanzanian children under the age of 18. The scheme offers two investment options, the scholarship option and growth option.

1.3.4 Regular Income Unit Trust Scheme (Jikimu Fund)

This is an open–end balanced fund which aims at distributing income, subject to distributable surplus, periodically and also seeking capital appreciation for the long term investor. This

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scheme offers investment under two options, (a) Quarterly income plan; and (b) Annual income plan with option to re invest income.

1 Problem Statement

Issues to be addressed in this strategic plan

1. From the beginning marketing department was not included in the structure of UTT; hence

our products were not conveyed properly to customers.

2. Communication gap between UTT and Investors.

3. Lack of enough awareness programs of UTT products.

4. Lack of comprehensive financial analytical tools for optimum asset allocation.

5. Lack of enough seed capital.

2 Type of Organisation

By using the Ansoff Model we can define UTT as the oragnisation which ia looking at both develop new market and improve the existing market. Over years it has developed alliances between UTT and CRDB,UTT with Tanzania Postal Corporation by which four office zones have been developed so as to cutter for a new market and improve customer service and to take care of unfulfilled customer needs.

and to take care of unfulfilled customer needs. UTT is working on market penetration by

UTT is working on market penetration by maintaining/increasing market share, secure dominant of the market, secure mature market and increase usage of existing customers.

3 Current position

The UTT has been in operation for more than five years at the time of developing this plan. It is headed by a Board of Trustees comprising of five members, one of whom is also the Chairman. The Board of Trustees has also formed two committees, namely, the Audit Committee and the Investment Committee. The Board and its committees ordinarily meet four times during the year to transact normal business of the Trust. However it also meets extra ordinarily to deal with special issues that arise from time to time in between ordinary meetings.

Using BCG model, UTT is yet to develop its business to stars, it is in the stage of question marks and striving to improve it market share by investing more.

4 Situation Analysis

4.1 SWOC The following analysis has been carried out in order to arrive at the Strengths, Weaknesses, Opportunities and Challenges (SWOC) of the organization:

Strengths:

Weaknesses:

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A wholly owned Government Entity

Dependence on third party agent network

Large investor base scattered across the country

Governance framework is in place

Insufficient cash resources

The marketing and selling functions need to be beefed up significantly to tap the market potential that is readily available and yet unexplored

Very Focused management and staff

UTT is a pioneer of the mutual fund market

Over dependence of a few key staff

Lack of a range of office systems in place.

Located in the major centre of excellence in Tanzania

Limited capital to explore alternative income generating activities

Semi automation in certain functional areas

Opportunities:

Challenges

Acceptance to new ideas and an innovative approach for performing all business activities to keep the organization always at the cutting edge

Clear emphasis on Good Governance with quick actions of various cross cutting issues like Corruption, Crime, Diseases etc.

Aid dependent economy

Enjoys good working relationship with stakeholders

Low savings culture and lack of public awareness about financial products

Government focus on the development of infrastructure will improve overall business environment in the country

Limited investment opportunities as only handful of companies are currently listed on Dar es Salaam Stock Exchange

More literate people

Competition from substitute products due to their penetration and diversified range of products

Lack of mutual fund experience in the country

Economy endowed with diversified resources paving a way for ‘Foreign Direct Investment [FDI]’

Other players may enter the target market

Market Segment is poised for rapid growth

New technology may render the product obsolesce

Economic slowdown may reduce the demand

integration of financial markets in the Region (EAC, SADC etc)

Threat of the new ideology will pose big challenge after 5 years when we have a new president and new government cabinet

4.2 PEST

Social

In this category of social environment, emphasis is on demography, consumer altitude. In the aspect of demography in our strategic plan we should be able to anticipate wide demographical changes in the sense of population growth which will in turn determine investment level in country. Consumer attitude, buying patterns and life style trends are subject to change positively to accommodate a global oriented class and educated class categorically high technological development in the country following the global trend at a present and the wide

effect of globalization.

Political

In our strategic plan emphasis must be placed on the changing government leadership. During the next 5 years we expecting the same president, same government, and more likely same policies so less or no effect in on strategic plan, but more worry and consideration should be placed there after as we would be expecting new president, new government and probably new policies and different approach towards investor like UTT.

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Economic

Throughout the study growth of the economy Tanzania government have had established and formulated various policies to enhance the anticipated economic growth and goals achievement. MKUKUTA National strategy for growth and eradication of poverty is for attaining the highest economic growth and the reduction of poverty.

The Tanzania Vision 2025

It Aims at achieving high quality livelihood, peace, stability, good governance, learning society

and a competitive economy capable of producing sustainable growth. Looking at all these policy statements wise aimed at improving the growth and stable income among Tanzanians hence contributing further to the investment capability among Tanzanian citizen and therefore foreseeable growth and stability of the UTT and capital market development in the country.

Technology

Technological advancement in the country was anticipated to bring about positive change in the sense of productivity, firms performance and growth all contributing to the high profitability. High return as well is anticipated in all investment firms like UTT due to technological advancement so in the future we have to be focused in the changing technology.

5 Vision

To be an efficient investment institution that would facilitate the diversture process and empower Tanzanians to become effective stakeholders in their country’s economic development for improvement of their welfare

6 Mission

To hold and manage shares in trust and to establish, launch and manage collective investment scheme so as to enhance savings culture among Tanzanians.

7 Corporate Values

Operates in accordance with the highest standards in all relationships with customers, suppliers, environment and the community.

Fosters a climate which encourages innovation and diligence amongst staff and rewards accordingly.

8 Corporate Objectives, Goals and Strategies

This section of the document forms the basis of Strategic Plan of UTT. It includes the goals, strategies, strategic actions and expected output. Each output is assigned to the respective functional department/unit which will be responsible for its delivery. The formulated UTT Corporate Goals and Strategies are outlined.

The UTT will therefore pursue the following Corporate Goals during the plan period for which the corresponding annual work plans and supporting budgets will be prepared for implementation:

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Increase value of assets under management and number of unit holders;

Offer comparatively superior returns accompanied with quality service and customer care;

Design, develop, launch and manage new collective investment schemes.

8.1 Corporate Objective No. 1 – Increase Value of Assets under Management [AUM] and Number of Unit Holders

Goals for objective no. 1:

Increase in sales volume by 15% 20% pa;

Change in repurchase volume 5%

Increase in number of unit holders 1%

Change in real rate of return on investment Income [%]

Increase in expenditure levels by 6% Strategies

To achieve this objective the following strategies have been formulated:

To establish measures to sustain and increase value of assets under management

Strive to secure improved rates of return above the 182 days TBill yield, on funds invested

Control of Administrative and Capital Expenditure

8.2 Corporate Objective No.2 - Offer Comparatively Superior Returns Accompanied With Quality Service and Customer Care

Goals

Actual annual returns are compared to the benchmark returns i.e.182 days TBill yield

Change in service delivery time intervals decrease by 50% from 10 days

Change in number of unit holders complaints, decrease by 50%

Change in data processing errors. Not exceeding 0.25%

Number of innovative services introduced [like SMS, email, personalized services etc. by using state of art technology]. Strategies:

To achieve this objective the following strategies have been formulated:

Continuously track and monitor the Fund’s portfolio as well as market opportunities

Strengthening and Upgrading Investor Service System (ISS)

Institutionalization of Business Process Re Engineering

Procedures, Standards and Guidelines are Complied With

Enhance Performance Measurement System

Regularly Address Customer Feedback on Service Delivery

Improve Customer Care

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8.3

Corporate Objective No. 3: Design, Develop, Launch and Manage New Collective Investment Schemes Goals

[UTT Strategic plan] | [6/3/2010]

Increasing in number of schemes by pursuing the scheme development route. At least 2 new schemes will be launched during the period of the plan. Strategies

During the plan period, at least 2 new schemes are intended to be launched. To achieve this objective the following strategies have been formulated:

To Generate Ideas on ‘Scheme Concepts’ during the Plan Period

To carry out necessary research by studying domestic as well as international market to arrive at a rational decision on the profile of the proposed Scheme

To Commence Other activities for Scheme Launch

9

Policies

UTT Investment policies

To ensure safety, liquidation and return.

To ensure that portfolio is well balanced i.e. investing in fixed securities, equities and real estate investment.

To maintain prudence, ethics and avoid conflict of interests.

ICT policies

To ensure the system is operating smoothly.

To ensure that only authorised person access data.

Deletion, examination, copying or modification of files and data belonging to other users without written consent is prohibited.

The copying of system files is prohibited.

HRM policies

Career development provides employees with opportunities to build productive and satisfying careers while contributing to the achievement of UTT mission.

Employees are required to give one month notice resignation before leaving his/her job.

Only competent and qualified personnel shall be recruited in the organisation.

Staff shall be entitled 28 days month calendar leave and receive the leave package as stipulated into financial regulations.

Marketing policies

Operational policy

Finance and operation policies

All employees must perform their duties in accordance with proper internal control.

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When fraudulent transaction is suspected the head of finance is responsible for immediately notifying the police.

Generally accepted accounting principles are used as set by National board of Accountants and Auditors(NBAA)

10 Strategies

Corporate Level Strategy

The level of strategy concerned with the question, “What business are we in?” Pertains to the organization as a whole and the combination

of business units and product lines that make it up.

business units and product lines that make it up. • Business ‐ Level Strategy The level

Business Level Strategy

The level of strategy concerned with the question, “How do we compete?” Pertains to each business unit or product line within the

organization.

Functional Level Strategy

The level of strategy concerned with the question, “How do we support the business level strategy?” Pertains to all of the organization’s major departments.

There will be Operations, HR, Finance, Marketing, ICT strategies outlined

11 Action Plans/ Activities

11.1Management and Organization The day to day management of the UTT is headed by the Chief Executive Officer who reports to the Board of Trustee and together with the five Heads of department namely, the Head of Operations, Head of Investment Management, Head of Finance & Administration, Head of Marketing and Head of Information & Communication Technology as well as the Internal auditor and the one Technical Advisors; forms the management team. There is one independent functional unit within the organization i.e. Internal Audit plus other subsidiary units namely, fund accounting (NAV Cell) and human resource management etc. The management structure is depicted in the organization chart ATTACHED IN THE APPENDICES.

UTT’s current organization structure depicts an ‘optimum level’ and thus is expected to cater to all major activities during the plan period. However with the growth of UTT business operations the current organization structure/ staffing levels will be reviewed at regular intervals and necessary actions will be implemented from time to time.

11.2Implementation

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This is the action stage of strategic management. It is putting formulated strategies into action by implementing means and mobilising employees and managers to that end. UTT will do the following to make sure implementation is a success:

Creation of market responsive organisation:

Organisation must respond quickly and frequently to strategic moves if they are to sustain competitive advantage.

The role of systems in implementation stage:

Make sure that management systems, which include any of the formally organised procedures, assist the UTT business to reach a competitive advantage stage: These include execute systems, monitoring systems and control systems.

Executive rewards systems (ERS)

Executive compensation and strategy are mutually dependent and reinforcing. UTT will put

in place a good reward system which will optimise value in agency problem, measure and recapture value and also integrating compensation signals. These has a make or break impact on plan effectiveness.

Leadership style:

Only the CEO of UTT can ensure that energies and efforts throughout the organisation are orchestrated to attain the desired objectives. Weak leadership can wreak soundest strategy. The CEO is the chief strategist of the organisation.

Measurement of strategic performance:

UTT will ensure that the do Selection of performance measures, Setting performance standards and design reports on the measuring of strategic performance.

UTT will also structure

the organisation in a manner that will ensure the implementation of a strategy to match structure and strategy. Furthermore, in order for the implementation to be complete, it requires organisation to:

Establishing annual objectives, Device policies, Motivate employees, Allocate resources, Creating an effective organisation structure, Marketing, Budgeting, IT, Compensation package, Organisation performance, Requires personal discipline, commitment and sacrifice Annexure– : Strategic Plan – Implementation Activity Matrix [for 15 years]

11.3Monitoring and Control The Strategic Plan will be evaluated and reviewed every year. This is important because it involves comparing the actual performance and the set targets. In a dynamic environment, various changes are inevitable and may affect the operation of the Trust and its schemes. Through continuous review, the Trust will determine whether a gap exists between the target and the actual performance and appropriate corrective action is taken.

To ensure seamless implementation of ‘Strategic Actions’ and monitoring of the same, a ‘Quarterly Progress Report’ shall be prepared by each department

Annual Review of Strategic Plan:

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During the annual review of ‘Strategic Plan’ the following will be considered:

Preparation of ‘Annual Progress Report’ on the implementation of strategic actions/ activities as was planned for the year under review [previous year]. The other issues which will form the part of ‘Annual Review’ shall be the following:

Challenges encountered/ Lessons learnt during the elapsed plan period;

Preparation of ‘Departmental Action Plans’ on the proposed implementation of strategic actions/ activities as listed for the coming plan year [next approaching year];

Critical review of the outlined ‘Corporate Goals’ and to carry out necessary modifications/ corrections [if required due to changing market conditions/ other attributes];

Determine way forward for the coming plan period.

The above outlined process for undertaking ‘Quarterly/ Annual review of the Strategic Plan’ prepares a perfect platform for ensuring effective monitoring/ evaluation of strategic plan.

12 Evaluation

This is the final stage of strategic management that require UTT to establish when a particular strategies do not function well. Means of obtaining information and all strategies are subject to future modification due to the changing external and internal forces. When such changes occur UTT will have to: Review the process; Adjust mission; Adjust objectives; Adjust Strategies; Take

mission; Adjust objectives; Adjust Strategies; Take Corrective Measures 13 Financial Plan The UTT has to

Corrective Measures

13 Financial Plan

The UTT has to balance a number of responsibilities emanating from its role as a Government agency responsible for public education and advocacy for the development of collective

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investment industry and management of warehoused shares; and as a promoter, initiator and manager of collective investment schemes. In order for the UTT to discharge these tasks it will be required to remain financially sustainable in the coming fifteen years of this strategic plan.

13.1Projected UTT Financials:

Though the possibility of recovering launch costs from scheme or investors was deliberated and discussed in details, however keeping in view the Tanzanian market conditions, UTT has to go a long way before the launch costs can be passed on/recovered from the investors.

As a part of this deliberation, Kenyan experience was highlighted whereby the initial launch expenses are recovered from the income derived by the Fund Managers out of entry/exit load

as well as management fees. It is normally possible for the Fund Managers to pass this load to

the investors in markets where preferential allotment is done to Mutual Funds by the issuers.

The financial projections indicate that the UTT Accumulated Surplus will be eroded further as each year of the strategic plan period total income is insufficient to meet operating expenditure. The projected operating deficit trend is not financially healthy and requires measures to be taken both to increase income and reduce operating costs. See appendices

13.2Keys Financial Assumptions

Dividend income from 2% TBill government share.

Management fee is 1.5% charged on net asset value of the schemes and service charge on repurchase of units as applicable from scheme to scheme.

Interest on accumulated surplus funds.

Operating expenses constitute about 40%60% of UTT’s total operating expenses.

Economic factors: accumulated surplus assumed to grow at 6% over a strategic plan period.

Consultancy to begin after 5th year.

Operating expenditure to increase at rate of 6% per annum.

TBL shares dividend 2%.

NBC shares dividend 5%.

TCC shares dividend 3%.

Dividends to grow at 6% rate annually.

14 Sensitivity Analysis

A detailed ‘Sensitivity Analysis’ has been carried out to forecast financials under various

possible scenarios during the plan period. The purpose of the said analysis is to critically evaluate the ‘Financial Projections’ as computed under various options and then to strategize

the UTT actions accordingly. See attached appendices

Possible Scenarios

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The ‘Sensitivity Analysis’ considered the following possible scenarios with corresponding underlying assumptions:

SN

POSSIBLE SCENARIO

 

UNDERLYING ASSUMPTIONS

Option I

Status quo maintained

When UTT operations will be run with the existing seed capital [i.e. 2 % of TBL] and no new schemes are intended to be launched during the plan period and no additional seed capital is provided by the Government.

Option II

Launch of ‘Vision Tanzania Fund [VTF]’ by UTT with a predetermined possible fund size and Government providing seed capital

(a)

Best Case: VTF Fund Size to be Tzs. 500 Billion;

(b)

Worst Case: VTF Fund Size to be Tzs. 150 Billion;

(c)

Balance Case: VTF Fund Size to be 300 Billion;

Option III

Government providing additional Seed Capital

UTT had requested the Government to provide additional seed capital in the form of 4 % TBL shares, 3 % of TCC shares and 5 % of NBC shares [with total market value of about Tzs. 26.13 Billion]. ‘Sensitivity Analysis’ on the following possible scenarios have been done:

Best Case: When all the requested shares are provided by the Government;

Other Possible Scenarios: Either 4 % of TBL; OR 3 % of TCC; OR 5 % of NBC

Option – II: Launch of Vision Tanzania Fund [VTF]:

UTT is currently developing a new scheme of venture capital nature titled ‘Vision Tanzania Fund’. However before this fund is rolled out, a detailed feasibility study is intended to be held, which would pave the way for achieving successful launch of VTF. Presenting in the appendices are the 3 possible scenarios indicating the different levels of VTF fund size and the corresponding financial projections under each scenario:

However this presents a great challenge to UTT to ensure launch of VTF by achieving a good success rate, which is over and above the depicted ‘worst cum worst scenario’.

Option – III: Government Providing Additional Seed Capital [shares to be warehoused]

UTT had submitted a request to the Government for warehousing of additional shares to UTT.

From the projected financials, the following can be derived:

1. In the best case scenario [i.e. when all requested shares are warehoused], UTT would emerge as a financially strong organization throughout the plan period;

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2.

Even under alternate scenarios [when shares of one entity i.e. either 4% TBL or 5% NBC or 3% TCC are provided], UTT will be able to manage its affairs within the available financials and generate some operating surplus on year on year basis;

[UTT Strategic plan] | [6/3/2010]

3. However under alternate scenarios, the order of preference for warehousing Government

shares shall be 4% of TBL or 5% of NBC or 3% of TCC in that order. The above analysis indicates that the need of the hour for UTT is to vigorously follow up with the Government and seek additional shares for warehousing so as to ensure UTT’s future financial sustainability.

15 CONCLUSION

UTT has come a long way by preparing/ finalizing its 2nd midterm ‘Strategic Plan’ for the period from 2009/10 to 2013/14. The successful implementation of the said plan would require the unyielding commitment on the part of all UTT Staff members under the table guidance of ‘Board of Trustees’. It is now high time for everyone to stick to the outlined strategic actions such that the conceived ‘Corporate Goals’ are achieved with a high success rate leading to the out performance under each sphere of our activities. Further, it is our hope that steady implementation of the ‘Strategic Plan’ will bring many more achievements to the Unit Trust of Tanzania and thus UTT will emerge as a catalyst organization towards achieving sustainable economic development and poverty alleviation in the country.

16 REFERENCES

Roger L. Kemp, "America's Cities: Strategic Planning for the Future," The Interstate, Danville, IL (1988).

Roger L. Kemp, "Strategic Planning in Local Government: A Casebook," Planners Press, American Planning Association (APA), Chicago, IL (1992).

Roger L. Kemp, "Handbook of Strategic Planning," Cummings & Hathaway, East Rockaway, NY (1995).

Patrick L. Burkhart and Suzanne Reuss (1993). Successful Strategic Planning: A Guide for Nonprofit Agencies and Organizations. Newbury Park: Sage Publications.

Bradford and Duncan (2000). Simplified Strategic Planning. Chandler House.

Stephen G. Haines (2004). ABCs of strategic management: an executive briefing and plan to plan day on strategic management in the 21st century.

Kono, T. (1994) "Changing a Company's Strategy and Culture", Long Range Planning, 27, 5 (October 1994), pp: 8597

Philip Kotler (1986), "Megamarketing" In: Harvard Business Review. (March—April 1986)

17 ANNEXURES TO STRATEGIC PLAN 2010 - 2025

SN

DESCRIPTION

Annexure – I

Gantt Chart: Implementation Activity Matrix [for 5 years

Organisation Chart

Annexure II

Revenue Projections

Annexure III

Cash flow projections

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Annexure – IV

Projected Income statement

Annexure – V

Projected Balance sheet

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