BSS050-6 Strategic Management Assignment Sample
The fitness industry has become one of the most competitive industries across the globe owing to the increased need of staying fit by individuals. Several gym instructing companies have emerged in this wake making the industry grow at a faster pace. The following report will highlight the industry by critically evaluating its current structure based upon the company Study Active in the UK. Several tools have been used in this study to provide a broad idea about the current trend in the industry and analyze the reason for attractiveness towards this industry for the consumers.
The following tool will help in the development of proper strategies for Study Active, through analysis and ensure its growth in the market.
|ANSOFF MATRIX||Existing Product||New Product|
|Existing Market||Marketing Penetration Strategy||Product Development Strategy|
|The market penetration strategy that will need to be undertaken by the company is to ensure that its current products get an active boost in the industry and get new consumers (Madsen, 2017). The products being sold by the company in the market are towards providing professional gym training to prospective individuals. The competitors of the company are also offering the same type of products to the consumers making the market further competitive. In this case, the company Study Active needs to undertake a strategy of providing attractive offers with the services it is selling to the consumers. This can be in the form of providing free online support or providing an internship opportunity for a month to the prospective consumer once it finishes the gym training. This will help Study Active penetrate the market easily.||In the given case it can be seen that the company Study Active has a huge consumer base as it helps its prospective students learn the art of gym instruction. However, with the increasing competition provided by other companies such as of YMCAFit, Educate Fitness, and Fitness Circle, the company’s offerings have reached a saturation point. In such a situation the strategy of Study Active should be to modify the services already being provided and also introduce a new product in the market that will help in attracting customers. Product development will help the company strengthen its customer base and also work positively towards expansion.|
|New Market||Market Development Strategy||Diversification Strategy|
|Product development is an important growth strategy as it helps the company expand its base by offering its products and services to a new market (Zanjani et al. 2020). The following strategy is generally used for expanding to new markets which will prove beneficial to the company. The company can offer its products and services by expanding into international markets such as Malaysia and India, where there exists a huge demand for proper gym instructors. This will help in securing the long-term growth of the company.||The diversification strategy is important for Study Active for its expansion into a new market. The use of this strategy will help the company introduce its new product in the market and slowly grab attention from the consumers regarding its offerings (Sukma et al. 2019). In the given case, the company Study Active can introduce new types of services such as providing online courses to the new country where it has expanded. It can also introduce the new product to its existing market and provide an additional choice to its consumers.|
Table 1: an off Matrix
Thus, for Study Active the Market penetration strategy is the best strategy going forward.
The Boston Consulting Groups (BCG) matrix is a tool that is used for planning through the “graphical” representation of the products of the organization. This helps the company decide on what goods to sell, what goods to keep, and what goods to invest in.
|BCG MATRIX||Relative Market Share|
|Market Growth Rate||HIGH||Stars||Question Marks|
|These products are the market leaders and hence have the maximum demand. The investment in these products yields the maximum amount of returns making it a positive business venture for the company (Janiah, 2019). In the given case, the “CIMSPA Level 2, 3, and 4” is the bestseller in the market with the maximum number of customers opting for the product. The course is detailed and consists of all the tools required to become a certified professional trainer. Thus, this is the Star program of the company in the market.||These are products that are yet to be determined as to whether they will be shifted to the Star category or the Dogs category. In this category, the online courses are provided by Study Active may be included in the category. The reason is that it is very difficult to help students understand and learn how to effectively train people without any practical example. Thus, in the long run, it becomes difficult for the students when they become trainers to better grasp the technicalities of training. Considering the current pandemic scenario, this may be the best alternative, however, in the long run, the return from this investment will decide whether this is effective for the company or not.|
|As per the view of Yahya et al. (2020), such products have already been established and hence need to be utilized to their maximum capacity without any waste. In the case of Study Active, the Active IQ “Level 2” course for Mental Health Awareness is one of its most popular courses followed by Active IQ “Level 3” for its prenatal and postnatal clients. Both of these programs have the highest number of sales, thus, it is the company’s duty to further advertise these courses and attract as many consumers as possible and avail all the revenue generated from its sales.||The dogs are considered as the drain in the resources of the company which creates a long and makes it difficult for the company to have any substantial revenue generation from the product being provided (Hersen et al. 2018). In the given case of Study Active, the dogs in the organization can be considered for the extra online classes that are provided to its student’s right after the course is finished. The classes are optional and are easily available on YouTube at the company’s YouTube channel. Since the video is already open to all and consists of general information, there is no need to specifically let the prospective students know about this class. Instead of taking a separate class, all Study Active should do is directly upload the class video on YouTube and refer the students there.|
Table 2: BCG Matrix
The following 7S Model is used as a tool to develop strategies for the companies. The use of this model helps in determining the areas that will need to be changed by the company to ensure that its company becomes more productive. The model identifies seven crucial elements which will help the organization determine the most effective way to implement the strategies that it has undertaken. The correct implementation of the strategies taken will also help raise the level of performance of the company. The seven elements in the model have been categorized into hard elements and soft elements which highlights the order of identification and importance. The hard elements of the model include the strategy undertaken by the company, the systems of the company, and the structure is followed by the entire organization. According to Gechkova et al. (2020), the soft elements include the shared values within the organization, the skills of the employees working, the style followed, and the staff involved. The harder elements are easier to identify as they can be seen and analyzed directly compared to the soft elements that are most tangible and thus difficult to discern.
In the case of the company Study Active, the entire company has a strict organizational framework which makes it easy to identify the seven elements that are being followed by the company and whether any change is needed. Considering the hard elements, the strategy of the company is to be a leader in the market when it comes to providing professional training to individuals and developing them into trained gym professionals. The courses provided by the company are comprehensive and thus attract consumers to the company more compared to its competitors. The company offers complimentary courses and free demo classes to its prospective and trained students which makes the courses offered by Study Active attractive to the consumers. The strategies are undertaken by the company thus helping provide a competitive advantage over its competitors. The structure of the company is detailed with each department having a specific role to play. Each course offered by the company has a separate team to oversee the operations making it easier to handle by the company. The systems used by the company consist of modern technologies and people management software which makes it easy for the company to keep track. The ability to keep track of both its employees and students ensures that the efficiency of the entire organization is maintained.
Considering the soft elements of the company, the shared values that are present within the organization are a reflection of the vision and the objectives of the company. The shared values thus are the core of Study Active which is dedicated to training the best gym trainer through its courses. The style of leadership in the company also plays an important role in determining the work culture within the organization. A closer look at Study Active has shown that the company follows a transformational type of leadership where the leader transforms oneself depending upon the situation at hand. This has helped the company ensure that it has a positive work culture present within the company. The staff of the company has been selected based upon their skills in the fitness industry thereby ensuring that the staff are aware of the necessities about their work and act accordingly. Selecting the right kind of staff has ensured that the productivity of the organization is maintained. Lastly, it has also been observed that the employees of the organization are skillful in the field of training students in the art of being a gym professional. The presence of trained employees having the necessary skills in the field has helped the company become one of the most popular in the market (Putra et al. 2019). Having skillful employees also has played an important role in maintaining the efficiency of the organization and ensuring the growth of the business in the industry.
Figure 1: McKinsey 7S Framework
(Source: Bismarck et al. 2018)
The following model helps in determining the position of the company in the market compared to all the competitors in the same industry. As opined by Weston et al. (2021), the model states that the “competitive advantage” is a factor of the “cost advantage” because it is an important element for the company in question. Meth cost advantage seen for the company is based upon its “strategic” position in the market and the overall position of its products in the entire industry. The two-dimensional clock highlights the ways through which the company can position its services being offered. The first dimension consists of the price being offered by the company for the service it is providing, and the second comprises the perceived value of the provided service and also the brand name of the company.
In the given case of Study Active, the Hybrid strategy of the clock is the most effective for the company. The reason why this strategy is more effective compared to others is because of the consistency of the service being provided, which is most regularly (Prentice et al. 2017). The strategy pushes the company to concentrate on product differentiation thereby making its products very valued in the entire market. The increase in the value of the product makes it more attractive to the consumers along with the brand name of the company. The customers through this strategy are convinced that the value being offered by the company is genuine and that too at a comparatively lower price than the other companies in the market. This propels the customers to choose the services of Study Active company. The customers feel that the number of services being provided by the company at the given price provides more value to the consumers and thus is perceived as a good deal. Thus, through the use of the Hybrid strategy in Bowman’s clock, the company will gain a larger share of the market.
Figure 2: Bowman’s Strategy Clock
(Source: Prentice et al. 2017)
The generic strategy was developed by Michael Porter in the year of 1985 which deals with the three alternative methods for competitively positioning the business in the market. This assignment discusses how these three models which include costs of leadership, differentiation and focus enable Study Active to compete successfully in the market.
Cost of leadership: The cost of leadership plays a pivotal role in a business to compete successfully in the Marta. In order to make an effective impact on both customers and employees, it is important for a business to have a good leader. As stated by Soriano, and Ingrain, (2020), cost leadership in management always aims to reduce costs of the product to generate more profit for the firm. Cost reduction in production and adding value to the product increases the brand value of business products in the market which is also an aim of business leadership. Based on this kind of strategy, studying actively can be able to compete with their rival businesses as well as increase the number of customers. However, in these strategies, there is a risk of copy being copied. As the cost of leadership is not new to everyone Thus, a business using a cost of leadership strategies may be copied by rival companies which may affect both productivity as well as the profitability of a business.
Differentiation strategies: These strategies include making those kinds of products that are different and more attractive from the other products existing in the market. With this kind of strategy, a business can be able to attract more customers through their product and increase the volume of sales for the business (Higgins, and Maria, 2019). As this business has competitors like YMCA fit and Educate fitness the fitness circle which is also a leading fitness industry in the UK, it is important for this business to adopt those kinds of stages which make their product different and more attractive for others. In order to make products more attractive and high-quality products, it is important for the business to conduct good research which provides opportunities for new innovation and development in their production. On the other hand, it is also necessary to use effective marketing strategies through which the produced product can be delivered to the customer. If a business needs to focus on the product differentiation theory it is important for them to make continuous development and research which incurred extra cost for the business. Thus, due to high expenses and resources used to plan these strategies may affect the profitability of the business (Villard, 2017). On the other hand, change in customer behaviour and perception towards products is very dynamic. Thus, there is a high risk of loss of the business if customers are not attracted through this product differentiation strategy.
Figure 3: Generic Strategy
(Source: Hyginus, and Maria, 2019)
The focus strategies: In order to get sustainable success in the business it’s important to focus on the niche market where the dynamic changes in the market, as well as a better understanding of customer behaviour, can be possible. As opined by Islami et al. (2020), this strategy businesses aim to focus on cost reduction as well as produce those quality products which are different from other products in the market. Through the use of this strategy, the given companies can be able to know the actual demand of the customer and the quality of the product they need. Apart from this, through this analysis, the business performance can also be evaluated which provides crucial information for the management level to make necessary amendments to the existing product. Through this, a better quality of a product, as well as services, can be provided.
Among the various strategies in the Generic model theory, it has been found that the focus strategy is suitable for the Study Active business. As the focus strategies deal with product differentiation as well as cost reduction. This provides a wider range of opportunities to analyse the customer perception and product high quality of a product. Apart from this, there is also an opportunity to launch new products such as sportswear and other gaming items. This strategy enables them to capture the market through the launching of such different products at a low price.
The Roger model primarily deals with managing behavioural change which helps workers to assist young people to own and manage their behaviour. This model is divided into different phases which assist young people to achieve their goals. It mainly classified people into various groups such as early adopters, early majority and late majority and laggards. Roger model is being discussed through the figure below which suggests that the adapter of the invention is being classified into various categories.
Figure 4: Roger adaptor and innovation curve
(Source: Oturakci, and Yuregir, 2018)
Based on the figure it has been clearly shown that 2.5 innovators include brave people pulling the change. They play an important role in the model that plays as communicators (Oturakci, and Yuregir, 2018). In order to amend and change through the innovation model, it is important for the business to take assistance from the innovators. On the other hand, this figure also has the early adopters of changes which have 13.5 % of the total (Lou and Li, 2017). In the early years, those people having the virtue of trying out new ideas in a careful way are taken. Respectable people, opinion leaders are being taken. On the other hand, they reflect those kinds of people who use new products before the majority of people use them. In order to launch a new product and service in the market, it is important to segment customers in various kinds of categories and find the early adopters to show the number of customers who first adopt the product and influence the rest to sustain the changes. In this situation, Study Active aims to launch a new product in the market. It is necessary for the business to analyze the number of early adopters of these changes. On the other hand, 34% of people of the total are considered as the early majority of those who accept these changes and adopt those (Al-Rahmi et al. 2019). However, the percentages of the late majority are also equal to the early majority, which reflects that the number of people only adopt that product when the early majority does. The total percentage of laggards stands at 16%. Which include the traditional people who often used the old way and who have a narrow mind in the context of changing and innovation?
The scaled agile framework is a set of organisation workflow patterns that aim to guide the organization. As stated by Salikhov et al. (2020), it provides a number of ways through which various problems faced by the industry in the delivery of products may be reduced. In order to procure products for the customer, businesses need to have an effective delivery system with effective strategies. Through the strategies, they not only come up with various challenges but also decrease costs. As opined by Moeuf et al. (2018) in the new era of world industry more focused on cost reduction than the improvement of sales. In this situation, the Study actively is also focused on the cost reduction strategy through which they can be able to procure great quality products at a great price. A business with a scaled agile framework can be able to increase business productivity which increases business areas of operation (Turetken et al. 2017). An increase in productivity causes an increase in the profitability of a business. Apart from this, these strategies also empowered businesses to increase employee engagement and boost organizational culture more effectively to the world in an efficient way. Through the implication of this model is the business operation of Study Active, the possibility of an increase in revenues, as well as better use of factors of production, is there. Apart from this, there is also an increase in the market value of the business as employee engagement through this model can be enhanced.
Through the critical evaluation of various models, it benefits in the context of Study Active business. It can be concluded that the implication of various models in the business operation of the Study Active can enhance its overall performance in the market. As for the example, strategies like a safe model increase its productivity as well as employee engagement of business. This leads to an increase in business management efficiency. On the other hand, the focus model implication of the business enables them to produce a quality product that is more attractive and different from the rest in the market. Various otter models such as Ansoff Matrix and BCG matrix enable to increase the overall performance of the business. These models provide a wider range of opportunities to increase business overall performance in the market.
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In order to conduct the assignment in an efficient way, various models such as Ansoff Matrix and BCG matrix, Generic stages, Roger model and Safe model have been used. In the Ansoff matrix, it has been shown that what are the business strategies to implement to increase business performance in terms of sales by launching new products as well as what are the strategies of business for existing products. On the other hand, it has also been clearly highlighted that due to the increase in competition businesses need to make certain changes in their existing strategies as rival companies such as YMCAFit, Educate Fitness, and the Fitness Circle emerged. Apart from this various suggestions after analyzing the model have been provided through which the Study Active can be able to compete successfully in the market after implementing these stages. On the other hand, it is also important for thy business to attract and retain their customer in the organization to attain sustainable development; in this situation safe model can be used. Applying this model in the business operation customer retention through the engagement of employees can be possible. Thus, by applying various strategic tools and techniques this business can be able to enhance its overall performance.
Expand business by using various digital media tools
Digital media platforms provide a wider range of opportunities for the business to increase its areas of service. Through the use of new digital techniques such as online courses and digital classes Study Active can be able to provide its services in many countries (Rashica, 2018.). In the current era where the use of digital media is increasing day by day, it provides a scope for this business to operate its activity worldwide. Apart from this, this activity also ensures businesses increase their global brand value.
Launching new sportswear and gaming equipment
Study Active may also launch new sportswear and gaming equipment which enable them to attract customers towards their business operation as well as increase performance in the market. The use of various cost reduction techniques and innovative methods in the production of new products increase the quality of the product through which better customer satisfaction can be possible. Apart from this, launching new products also increases brand awareness and provides an opportunity to attain sustainable development (Fachmi et al. 2021). Through the application of this kind of strategy in their business operation Study Active can be able to compete with its rival business in an effective way.
Increase in employee engagement
Employees are the first person in business to communicate with their customers. Thus, employees are sometimes considered as the brand ambassador of business products. In this situation, an engaged employee tries hard to provide great quality of product at a great price to the customer through which customer explanation can be met. As stated by Ahmed et al. (2017), they also play a pivotal role in building an emotional relationship between customers and the organization. Thus, Study Active can focus more on the employee engagement programs such as performance appraisal, training and development, career orientation plan through which employees feel more engaged in the business operation. Applying this kind of strategy in their business operation both increase business productivity as well as profitability can be increased.
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