Reflective Bussiness Strategy Report

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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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