Refelctive bsness strategy

Reflective business strategy report 1
REFLECTIVE BUSSINESS STRATEGY REPORT
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Reflective Business Strategy Report
Introduction:
Business strategy has made me a different business individual with a total perspective on
various business strategies formulation application and results. I would, therefore, wish to state
that the person I was when joining the module and the person I am now, are like two different
entities one with empty business and the other fully educated and packed with practical ideas
about business strategies. This module has aligned my mind to see business from a deeper
perspective as an entity that solely depends on wise decisions, commitment, and dedication. I can
confirm that this module is educational and is very imperative in any individual who would like
to pursue a career in the business field. When I joined the module, I barely had ideas on what
perspires in the business world. The module introduced me to another business level that opened
m way of thinking and streamlined my general business thoughts to practical approaches linked
with other group activities that have improved my thinking capability and broadened my
business mentality. Comparing with other modules I had enrolled before, this is the best. Other
modules only touched lightly on various issues and offered very narrow descriptions and limited
the exploration possibilities. This module, from the introduction, has not only covered every
topic, concept, and ideas broadly but went on to give me the freedom to do my research, apply
the theoretical knowledge and conceptualize the difference and similarity between the theoretical
theories and the practical results.
This reflective report will cover various activities I have engaged in and how they have
shaped my business mentality. The report will also include multiple analysis covering multiple
areas I took part in our company and how the module helped me in understanding different
business phenomena.
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Vision And Mission Statements Plus Corporate Objectives
The formation of the company came to supplement high demand with sufficient supply of
quality products. While working in the company, I played three roles all of which required my
business strategy knowledge. I was a sales manager in the sales department. The company
mission was to cover the high demand and produce quality products concerning improving the
individual life of consumers. The company objective was to acquire 65% of the market share and
be competitive all around the operation. To actualize the purposes and to make the company
goals come true, I applied various strategic management knowledge which included setting
precise objectives, organize, determining operations, controlling, measuring and continuous
evaluation of the managerial plans. While in the position, I was able to keenly analyze the
marketing factors that affect business internally and externally as well as the companies strength
and weaknesses using SWOT. I have learned Marketing mix in class, but I got a chance to apply
it to achieve the company’s objective.
In the finance department, I was concerned with reducing gearing ratio by at least 30%
and get capital to start various production projects to ensure the smooth running of the
production stages. The company had to remain competitive and is the finance officer, I had to
make sure that the company is always on competitive advantage and that it was on the upper tire
above the average set bar. The company budget was to be attainable, and all departments
included and given financing to ensure synchronized company growth (Armstrong et al. 2015
p.22).
In the production department, the objective was to produce quality rather than quantity.
We had to set various strategies that would ensure no waste through overproduction and no
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reduced profitability from low production. Being in the production department gave me the
insight to utilize my knowledge and reduce the production cost by at least 3%. I was able to
apply product supply chain knowledge and analyze it, product efficiency, product lifecycle, and
utilized kaizen process. Finally, I had learned more than I expected and when Production notion
came to my mind, I would view it in a different perspective.
Situational Analysis
FIX Footwear Company, being a global market, with at least 60% of customers being
from Uk, U.S.A 25% and Finland 15%, is faced with various macro-environmental factors that
either result to the company being profitable or have difficulties I penetrating the global market. I
was able to critically analyze macro-environmental factors using the previously acquired
analytical skills in the module. The FIX footwear company stands in a better position having a
better competitive compared with other firms. The firm survival is quite promising a point I
make after using various methods such as SWOT analysis, 5C’s analyses, and Porter five forces
analyses. Before getting into the in-depth reviews, I first came up with a marketing plan that
would be critical in helping me understand how the firm will build a particular ad long-term
relationship with our customers.
Macroeconomic Analysis
Previously, I had a narrow understanding of macroeconomics. After going through the
module, I understood the whole concept. The macro analysis includes scrutinizing external and
internal factors that either affects the business positively or negatively (Okun 2011 p.46). Having
the macroeconomic knowledge, I used PESTLE analysis to get these factors and understand
threat effect. The political environment in the globe is favorable to the business and if it
continues the company will record massive profits shortly. The economic condition is booming,
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and the business operations are not upward trajectory recovering from the recession that
previously affected many firms. The social life of customers determines whether the company
will continue to produce the product.
The technological aspect of the PESTLE analyses helped me understand various
technological innovations relevant to the industry as well as legal factors laid in the industry. The
use of this marketing principle in our studies gave us a better understanding and helped us
identify and classify various macroeconomic factors that affect the company. Other than this, I
checked the exchange rates which are relatively imperative as the company imports and exports
its products. Using the business life cycle knowledge attained from the module, I was able to
evaluate the company’s growth stages from its birth comprehensively then its incorporation
stage. I Also analyzed the company initial growth stage regarding its productivity and volume of
products. After this, we evaluated the company’s expansion stage which assisted in getting the
mechanisms behind the company’s ability as it moved into new markets across the globe.
Eventual consumer interest sometimes shifts either in favor of the company or against the
company. I was able to recheck the initial management strategies and counterchecked with the
customers’ expectations.
Industry And Sector Analysis
Any sales activities must be related within the strategic marketing plan. (Jobber, D. &
Lancaster, G. 2009:48). Strategic Planning process involves the implementation of strategies
against firm ’s framework (Jobber, D. & Lancaster, G. 2009 p.67) Our core objective was to gain
65% market share and capture the interests of the shareholders by depicting the company’s
worthiness and prove of possible improvements. By perpetually increasing the product quality
and following use of marketing mix, these objectives were acquired, and I was able to implement
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qualitative measures in ensuring that the market share increases and maintains at 65% all
through. The situation analysis, in this case, was very imperative and we used the is the precise
content to come up with a firm and thoughtful marketing plan which we even required an
external audit and external audit.The current market demand for footwear is 72.14 (K Units),
210.76 (K Units) and 107.54 (K Units) for Finland U.K. and U.S.A respectively. This total of
approximately 5% positive influence which will mostly maintain at this level. The Fix Company
stands at a better position and has better chances of supplying quality products to meet the world
demand. Dealing with an international market requires thoughtful strategies to ensure
effectiveness and balancing the trade in all related footwear markets. Through the module,
various analyses were meant to make us understand about sector analysis which I applied in
making my conclusions and when doing the sector analysis.
To understand the company competitiveness, I used Porter’s Five Forces which I learned
in the module. Before I thought that this tool is only useful or is rarely used to determine the
companies strength, however, I was wrong. During my analysis, I use Porters force to identify
the companies competitiveness. This tool not only worked as an eye opener but helped in coming
up with sound strategies that would enable and make the company better in the future. I was able
to look at the company by analyzing its attractiveness and its profitability. First, we analyzed the
type of rivalry that existed and converted it to a competitive competition that pressures the
company to produce quality and better product than the competing firm. Supplier and buyer
power came along as other imperative factors that should not be neglected (Porter 2008 p.32).
Understanding the supplier power and how hiking or lowering the prices would affect the
company enabled the company to have a closer and mutual relationship with suppliers while
putting measures on how to hedge such an incidence if it occurs.
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A firm relative position is the critical determinant of its profitability. Using this strategy
leaned from the module I was able to apply cost management technique, which is a strategy that
a company lays out to end up being the inexpensive manufacturer in its market. The resources of
price benefit are diverse and also rely on the framework of the market. They could consist of the
search of economic climates of range, exclusive modern technology, limited accessibility to
resources and also various other elements. An inexpensive manufacturer has to locate and also
make use of all resources of price benefit. If a company could accomplish as well as maintain
total expense management, after that, it will undoubtedly be an above ordinary entertainer in its
sector, offered it could regulate costs at or near the market standard.
In price concentrate, a company looks for an expense benefit in its target section, while in
distinction concentrate a company looks for distinction in its target sector. Both variations of the
emphasis technique hinge on differences in between a focuser's target sector and also various
other industries in the industry. The target sections have to either have purchasers with unique
demands otherwise the manufacturing and even shipment system that most exceptional offers the
target section need to vary from that of various other market sections. Price emphasis
manipulates distinctions in expense behavior in some sectors, while distinction emphasis makes
use of the unique demands of purchasers in particular areas.
Observation
The strategies above enabled us to remain competitive and lay sound strategies that
allowed the company to have a definite competitive advantage. We came up with profit based
policies that enabled the company to stay relevant, increases sale volume and got a friendly
relationship with buyers. The strategies were terrific and yielded practical results.
Internal Analysis
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After being done with the external analysis that involved macroeconomic and macro
environmental factors, we carried out an internal analysis. For the firm to stand and be stable, I
had to ensure that all internal factors are understood, and my business management knowledge
acquired in the module is applied. Internal analysis deals with an exploration of the company’s
competency, competitive viability as well as cost position in the marketplace. When carrying out
the internal analysis, we incorporated various measures that provided beneficial information
about our company. We utilized the SWOT analysis to determine opportunities strengths,
weakness, and threats inside the company operating environment.
McKinsey 7 s
Further, we used McKinsey 7 s to determine the best way to implement various strategies
at hand, learn how future changes may impact the company as a whole, and on how to improve
the company performance. We used the combination of both hard and soft strategies. The solid
elements were comfortable as they only need the management corporation in driving change by
looking at the current structure, procedures, and systems. The soft factors that include staff style
and values were to be implemented and used later. This provided great turn around as I realized
that the firm power to change mostly lies in the structure and strategies n place which if changed
can bring positive impact to the company.
SWOT Analysis.
According to the SWOT analysis results, the company has significant opportunities and
potential to capture its target market share. The demand for the FIX footwear will increase by at
least 15% in all international markets which will produce a positive impact on the profit. As FIX
Company sales manager, I realized that I have opportunities and potential capability to gain
market share in the USA for the footwear. Our current market share for Fix Footwear are 36%
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and 38% in USA Finland respectively. Using the Competitors SWOT analysis, we noticed that
strengths are leading market share globally with 75% while our competitors had 25 %.
Implementation Of The Marketing Strategy
Finance and sales are essential in a company, but marketing department is more
important as it determines whether the company will sell the produced commodities. The target
of any marketing department is getting the active market to purchase more while trying to get
sales from other markets. The USA, having a better market and having a stable currency was my
target. I managed to sell at least ¾ of the total stock and aimed at distributing the ret to Uk and
Finland. Despite this thriving trade, I have failed to capture the already standpoint of 53% sales
and market share internationally. As a Global Business student, it was a challenging task for me
to handle selling and sales management in the real business environment. The decision I have
taken without in-depth knowledge in previous round were analyzed by me this time by
understanding the framework and theories involved in the sales related tasks.
Objectives
Every company requires sound objectives. Fix Company needed a model to have sound
intentions that touched on all business elements. To set the goals we used 7 P’s model. The
model indicates and guides various ways on how to fix sound and obtainable objectives. While
setting the targets, we asked ourselves multiple questions. What are we offering? Is it
competitive and does it meet the demand? Who will we sell the product? How will we get people
to know about the product? Which price will be friendly to the people without recording losses
and how will we provide the physical evidence. We passed every of the 7 P’s, and we came up
with brilliant objectives that would lead to profitability.
Design, Style And Quality Issues
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Quality is the key and determines customers response to your product (Black & Porter
1996 p.18). To understand the quality of the product we offer, we checked on the design of our
product. An obsolete product never gets ales. To ensure conformity, we went to all the customer
reviews and checked their quality issues. According to my previous total quality management
knowledge, a product needs to be of the highest quality for it to sell. We came up with a process
that ensured that the products were of high quality and that they reached the market in time.
Celebrity Endorsement
Customers have a feeling on how a particular celebrity wears and tends to copy them.
Using a celebrity to sell the product has a significant impact on the company mostly in this
technological era. To get our product a celebrity feeling we hired one celebrity with youth as his
fans. BY just wearing the product, the sales shoot by 40%. I knew celebrity affected products,
but I never knew how powerful they are until I encountered this fantastic sale.
Shareholders, as well as stakeholders, have a different interest in the company. Some
shareholders predict the equity stability while some look at sale and productivity of the firm. The
profit side of the company determines the share price as well as earning per share. When the
profit is high shareholders get good dividends and vice-versa. Since we had recorded a positive
growth all through our EPS growth was 7% annually, and after further analyses, it was deemed
never to go below at least 5 %.A company without an upward trajectory is doomed to fail our
company was doing well. We had initially set the average rate of return on equity to be 12, but it
turned out to be 15%.
Having an accredited company is not only useful in the market, but consumers get to feel
satisfied when purchasing goods from the company. Our company received a B+ credit rating
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and maintained a 72 image rating. When the statistics went to the public, we received an
increased number of customers.
Corporate Social Responsibility And Citizenship
A company that never participates in community responsibilities has a weak relationship
with the company it operates in (Valor 2005 p.192). Our company involved itself in the
community activities such as funding cleaning projects and tree planting activities. In response,
the citizens appreciated and played the “Scratch my back I scratch yours saying. Employees are
an integral part of the company. The company set some fund to compensate them while going for
retires as well as increased their monthly pay. The workers were also entitled to a two-week
training program that would improve their specialties.
Management is the backbone and the head of a company. Disorganized management can
lead a company to fail (Hersey 2007 p.46). The change management approach is imperative to
have running programs that yield success. For instance, the company management had bought
technology but never implemented them. This was not helping, but when I took over, every
system was implemented and started working immediately. A good manager should have a
starting direction which all should follow. Proactive management always better as it ensures that
all proposed programs are simple, implemented and are working. Being in the administration
enabled me to exercise some management knowledge which was abstract and transformed them
practically.
Company Culture
Company culture is the company’s personality and determines how workers feel and act
while working in the company. Company culture not only defines how the employees are
behaving towards achieving the goal but also the quality of the product. Being in the
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management, we had to change some values to give the company a right image and create proper
working conditions.
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References
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction.
Pearson Education.
Black, S.A. and Porter, L.J., 1996. Identification of the critical factors of TQM. Decision
sciences, 27(1), pp.1-21.
Hersey, P., Blanchard, K.H. and Johnson, D.E., 2007. Management of organizational behavior
(Vol. 9). Upper Saddle River, NJ: Prentice hall.
Jobber, D. and Lancaster, G., Selling and Sales Management, 2009.
Okun, A.M., 2011. Prices and quantities: A macroeconomic analysis. Brookings Institution
Press.
Porter, M.E., 2008. The five competitive forces that shape strategy. Harvard business review,
86(1), pp.25-40.
Valor, C., 2005. Corporate social responsibility and corporate citizenship: Towards corporate
accountability. Business and society review, 110(2), pp.191-212.

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