LD0474 Strategic Management for Competitive Advantage
Introduction
In the context of automation, Speeder has undoubtedly set its benchmark. It counts its name amongst the topmost automation organisations in the automation industry. Not only does it have significant and proactive technological support but also it is one of the most customer centric and reliable companies out in the market.
The company provided the warranty of the vehicle for three years and if the customer paid for more warranty then they will extend it to five years. The company will not take care of the parts which are getting damaged by the customer like wire, mirror and many more. They only take care of the parts wear and design defects.
The company targets the people whose age is from 41 to 55 because they are influenced in the society which is highly esteemed for purchasing their products and services. The company offers them the product as they meet their budget and expectation.
Company Performance
Round 1
Decisions
The market research has already revealed that automation has a huge demand in the UK. In the past few years automation has had a huge growth. Integrated system which helps to connect to target people with no-code policy. As they represent the autonation market and for the larger market it is important from current stock and as they represent the total market value, the firm produced the automation products.
In order to maintain the current cost large funds are important. Automation has forecasted that large investments are more beneficial than the small shares, because of the higher purchasing power the market research has performed well (Widarti&Pramajaya, 2018).On the other hand the wages and the capitals are important to aim and sell a few numbers of products to create awareness about the brand among its customers and new clients.
Certain cars have the latest engines to provide an eco-friendly environment. As the strategy is maintaining the cost , speeder has produced some basic options in order to reduce the cost production (Kostyuk&Barros, 2018). For following years, cars are going through development by adding new product features which are related to quality and safety, although the automation of cars can be costly but it has a long return on investment.
After the round 1 the model 1 has a selling margin of 33% and model 2 has 32%. Certain weekly wages were 600 Pound. New deployment program is important for allowing the team to run this as usually it initially faces failure in this step. Perceptual selection for the assets is important to maintain the cash flow in the market.
Forecast and result
Speeder has already launched two new cars in the market which are SD ALPHA and SD BETA. As the market has faced a lot of problems during the corona situation, speeder has decided to promote the product and the price will be decided after mixing and locating the markets and consumers’ approach towards the cars.
They will also contact the campaigns in their third office and online bases. Newspapers and other formats are famous for the auto industry, to attract the customers over 30 years. Digital media has a fast growing platform for product advertising which generally aims at the large income group and wider age persons. The promoting sector has high values such as promotional offers about the products, It shows as these products are highly successful and really helpful for all age groups.
Certain results and its outcome is important (Mustafa &Yaakub, 2018). For year 1 they have been trying to bring the cars which belong to a luxury class and have hybrid engines. Hybrid engines have fuel efficiency which helps to reduce the emission of Co2 and also provide a longer driving range than the usual models. Speeder has provided the flexibility of long distance driving and for the electric cars without having any kind of dependency on charging stations.
This generation is really conscious about saving the world from carbon footprint increase in the air. The hybrid engines help to make the environment less polluted and gives the consumers a hassle free and smooth driving experience (Fujianti, 2018). Speeder automation has gained a lot of compliments from the market. Speeder also got 22% of pre-tax profit.
Round 2
Decisions
Speeder has decided not to launch more than 2 new models and concentrate only on two existing models which are SD ALPHA and SD BETA. Speeder has become well-known for its performance and they have increased the production of SD ALPHA and BETA for the Revolution. The estimated cash flow for the year has become 500m Pound. Recently the selling prices of both the cars have increased by a little percentage.
Speeder has bought hybrid automation and raised the wages in order to improve the productivity of the products. After that, speeder has decided that they will contribute more of the capital to their promotion in order to contribute and promote brand awareness to increase sales. Therefore, speeder decided to keep the same options for the existing year (van der Lippe &Lippényi, 2020) .Speeder has been hoping to get the profit and holding more market share, but the Forecast and results in this particular round speeder has already started to pay the taxes and the loan refund process has been started.
They have decided to clear the stocks to start the following year with little bit of stock. Speeder has already sold all other categories of cars. Producing more and more cars, speeder started making profit this year. The income from the sales of the products has reached the company’s expectation that is slightly higher than it was expected before, and also forecasted some strike days by the staff for the salary improvement. This result reached the expectations with the less strike day.
Forecast and result
In addition speeder has expected post-tax profit and net cash position, with the operating profits also. They have the result which shows some type differences in operating profits and post-after tax profit. This usually happens when the depreciation along with increasing promotion charges and some fixed overheads in the company.
Speeder has expected the warranty cost will increase, but the forecast has shown that warranty costs of the cars decreased a lot for the rise of the salary also the training cost usually has a particular impact on quality of machines and the cars (Hwang,2018). Forecasts about round two are really efficient as they already started making profit from both of their cars in the market. Speeder has improved their automation a lot to compete with the other organizations. Hybrid engines are really popular these days.
After the forecast they have reduced their selling price a little bit. It has become 1-2% less than round 1. Factory cost has become 670m Pound for the year and they got the post tax profit of 31,63,50,000 pound also. Raw material prices for the cars were 16511 pound for model 1 and 36804 for model pounds approximately. Speeder has decided the cars average selling prices will be 38793 Pound for model 1 and for the model 289232 Pound.
Round 3
Decision
Speeder has decided to launch two new cars in the market, large car and luxury car. They decided to name the large car “SD ALPHA” and the luxury car “SD BETA”. The consumers aged from 41 to 55 years constitute this much percentage in the market, therefore the company invented a new and unique car for them which would be an excellent attention seeker.
This initiative was undertaken to bridge the gap between that and pulling the company back from fulfilling its target. Moreover this would also reflect a genuine enhancement in the agility and revolution of the organisation (Johnson &Tuckett, 2017). The company invested £m 45.00 for the promotion of two cars.
The company added many options for the new two cars by meeting the needs of the customer. In the large car name “SD ALPHA” added 13 option and 2 packs and in Luxury car name “SD BETA” they put all the luxury options for satisfying the needs of the customer and do respect their values. For the luxury car they added ‘Smart Driving Control’ and ‘Frost Free Windows’. After a visible research, the company got a knowledge that some people in old age used to lose their control while driving due to which they met with accidents.
Therefore, the company enabled the ‘smart driving control’ in the luxury car, which can minimise the rate of accidents even if the driver loses his or her self control.As already stated, that the company being customer centric and keeping à great eye on the ease of all the passengers travelling, the company introduced windows which would not let the frost gather or form another glass shield on the window screen (Gonçalves, Sousa & Moreira, 2019). This would prove to be really helpful for old age customers.
Forecasts and results
Speeder produced 76000 “SD ALPHA” and 16000 “SD BETA” cars with 2.75% and 2.00% market shares. “SD ALPHA” car cost £38854.27 and “SD BETA” car cost £89631.84 in the market. They sold “ SD ALPHA” all and “SD BETA” 13527. 2473 “SD BETA” cars are left for sale.
The material and the labour for the car “SD ALPHA” £17119.38(material cost), £481.69(labour cost) and for “SD BETA” £17362.49(material cost), £2288.01(labour cost) (Yazdani et al. 2019)is done. The company spent an amount for the design and the option cost for the large car £8452.28 and for the luxury car £17362.49. The gross margin they got for the large car and the luxury car is 32.95% and 35.50%.
The productivity of large cars is 69.9% and the luxury car is 14.55%. The company saw the production of the large car is higher than the luxury car. The company’s target for the production of large cars and luxury cars is 76000 and 16000. The warrant cost for “SD ALPHA” per car is £355.16 and for “SD BETA” per car is £771.15 (Behnam, Ayough, &Mirghaderi, 2018). The company gets more production from the overtime 88.23% of productivity for the large car and 17.84% of productivity for the luxury car.
Round 4
Decision
Every car production should be built of the body styles of two models. Combined with one hybrid engine sizes that have been offered Percentage of Beta and Alpha styles and size of hybrid engine will totally depend on their popularity among customers and additional costing will vary according to it.
As alpha and Beta has gain popularity among young consumers and decision of previous 3 rounds the additional cost Beta and Alpha will offer styles and same engines. Three styles in both models offering previous cost.Certain total cost will be divided with 3.An estimate selling cost will get incurred with each cars production cost.
Hybrid Engine sizes offered with the two models, prime and SUV both. Market study has shown the increasing demand in both alpha and beta. Eco friendly design and average pricing has increasing popularity of two cars in young people and others also.
Forecast and Result
Results has shown that the SD Alpha large has a popularity among 41to 55 age group. Its larger model has been priced at 39059.25 pound. SD Beta model’s luxury version gas also become famous which is costing 91727.75 pound after decision made by experts.
Speeders Omega version has a price of 89190.52 pound, it is also a famous model with its unique features in this price range. In this round company has made a decision of keeping weekly wage at 693 pounds. Company has set a price limit for advertising on social media, Tv and advertising board. They will also keep promotional offers for the customers. Investment and launch a new model in upcoming year.
After having a market Research, company has seen 20 % increasement in European car market. Certain expenditure by stock holders remains same. SD Alpha has 2.87% market share, while Beta has 1.88 % and Omega has 1.70%.
Trends Analysis
Production
Speeder company targets for the production of new car names “SD ALPHA” and “SD BETA” 48825 and 9000 with the workforce 1000 and 700 for the first year. They mainly target customers aged 41 to 55.
In the luxury car there are all luxury options available and also have smart driving control and frost free windows. Along with being customer centric, every organisation should also be employee centric and so is speeder. In order to recognize the efforts and dedication, the company is offering a wage of £497 per week which stands out to be 20% dearer as compared to the minimum wage of the week.
Additionally they are providing a yearly increment in the wages to assure that none of the employees or their effort are left alone or unnoticed (Darmawanet al. 2018). The company got anidea from the research of the market that large cars are expected to grow in the market around 3% and luxury cars around 6%.
Unsold Stock
Speeder has produced 76000 “SD ALPHA” cars and 16000 “SD BETA” cars with 2.75% and 2.00% market shares (Saifi, 2017). They sold “ SD ALPHA” all and “SD BETA” 13527. 2473 “SD BETA” cars are left for sale.
Gross Margin
The company started to sell their products at low margin cost so that the company can develop their brand in the market and decided to increase the product’s price later after they came to be well-known in the market(Jenabet al. 2019). The company launched the two cars by targeting the custom aged 41 to 55. The company provided 13 options in a large car and 2 packs and in the luxury car they include all luxury options as ‘Smart Driving Control’ and ‘Frost Free Windows’.
Warranty Claim
The company provided the warranty of the vehicle for three years and if the customer paid for more warranty then they will extend it to five years(Mäntymäki, 2021). The company will not take care of the parts which are getting damaged by the customer like wire, mirror and many more. They only take care of the parts wear and design defects.
Return on Investment
The company gets a return on Assets and current ratio is 20.35% and 3.47%. They get on gross margin, quick ratio and post tax profit /sales is 36.30%, 3.47% and 11.21% (Mohamad, et al. 2017). The company also gets a return on liquidity ratio, Profit / Employee £ and Return on Shareholders Funds % is 2.71%, £231178.69 and 38.01%.
Learning
The financial appearances, marketing operations and human resources management are related to this topic. In this context one can follow different policies to illustrate the statements.
Strategies
To make a perfect strategy one can follow the strategic clock as given by two economists, named Cliff Bowman and David Faulkner in the year 1995. This model is focused on the companies to inform them about their situation in the market with the respect of other companies.
This model helps different organisations to analyse their situations in the market. According to Bowman, the factors related to the advantages of cost following with the advantages of competition is working like a major characteristic and leads to the position of strategies and the products in the market. This clock for strategies is focused on the features of how a company works on a product’s marketing from two aspects.
Figure 1: strategy clock by Bowman (1995)
(Source: meammarketing.com, 2021)
The first one is the cost of the product and the second one is related values of the product, service and about the complete brand. These two proportions consist of eight different strategies which are divided into four parts of a company strategy. These eight strategies are:
Low price and values- in this policy one organisation always tries to set a low price of a product in respect of the other companies for competition on the market. If the product’s cost is low but it is not relevant that the product’s value is also low(Sullivan., Thomas, &Rosano 2018). According to the model it is not the most important factor.
Low cost- different companies follow this strategy for the large number of productions of products and uprise its values in the market. A false fight between the different probable and types of prices in comparison with other companies happens to get the market.
The company can sell a product at a low cost to set a low profit line but the large number of sales of the product get them a huge profit. This strategy is mainly focused on the low and fast production of the products in the context of different economic perspectives.
Hybrid- this policy of this clock is too important to make high values of the products in the perspective of the environment is mainly used regularly. In this position the companies try to involve the perspective of distinction of other products to build values in the market and also in the consumer’s mind. On the other hand the company tried to build a hybrid model to make products at low cost.
Differentiation – in this stage the company tried to make their level best to make the products standard better. This strategy helps the companies to build their own identity of the products. This identity leads the product of the best salling and famous brand in the market.
Focused differentiation- different high quality products which sold at a high price and quantity is the main focus of this policy. Different companies set different policies on the launching of the products, its marketing, the supply of the products in the market and the divisions of the products to achieve their high profit line. The other companies are also competing with them by managing the price of the appliances.
High margins- the placing of high margin is too risky for the company to maintain their position in the market. The consumers of the product may divert towards the other appliances at the same or lower cost.
Monopoly pricing- in this strategy a company tries to create a different type of product to take a lead in the market. This strategy leaves consumers with two choices if they buy it or not. There is no risk to lose their positions and lead the company to a monopoly hierarchy.
Loss of shares in the market- it is the last strategy means the company does not fulfil the consumers desire which leads to reduced sales of the appliances( Gamble Thompson &Peteraf, 2019). This leads to loss of shares of the companies in the market.
The other strategy is the resource based view given by Barney in the year 1991 discussed about the benefits of the competition of resources and the achievement between the companies.
Figure 2: value chain model given by Porter
(Source: Ferrer Romero, 2018)
This value chain model given by Porter in 2004 tells about the production companies values related to the resources to create a new product. The value of companies leads the profit line higher in the market.
Decisions related to finance
In the perspective of the company, finance is the most important aspect. The different decisions related to finance means the different vital decisions related to the organisations financial statements. It deals with the purchase and use of the money in different causes of business. There are four main types of financial decisions, these are- investment related decisions, maintaining the structure of the finance, distribution of the funds and the capital managing decisions.
Decisions related to investment- in this field one organisation can make decisions where and how the money will be invested (Shujahat, et al 2017). In this aspect the given company named Speeder invests lots of money to make any of their products. Just like to build the car model SD Alpha they invested approx£ 16098.75 for raw materials, £8408.80 for designs and options and in the field of labour cost they invested £508.96.
These decisions of finance are also taken by the management of the organisations. These decisions are also taken on the basis of long term investment and short term investment. The long term investment decisions are too vital for the organisation.
For the long term investments the speeder company invests £1,506.54. It helps the different project’s future for the long term. The short term investments deal with the management of the recent assets. The basic belief of this concept is floating between the profit and the risks related in the market. In this context speeders are investing nearly £1506.54 and the net current liability is £731.19.
Decisions related with finance- it is the second most large decision related with decision management. These types of steps deal with the mixture of the financial structure and the leverage. These decisions are taken to relate the consequences to the sources for the needs of finance. The outstanding debts of speeder is £700.00 and the investment for the employees and profit is £231178.69. These help the organisation to make a leading company in future.
Distribution of funds- this is another important step which is taken by the company management. The company decides how the funds and profits are distributed among the different fields and the shareholders.
The gross profit of the company is £1746.32. The net profit is divided among the shareholders of the company which helps the firm to make new investments plans. This finance decision management helps to build the stakeholders and as well as the shareholders values.
Marketing management decisions
Marketing is very important for any business organisations. This is where they can sell their products. There every firm has their own competitors. So it is important for everyone that they make such good marketing decisions to hold their position in the market. The basic ideas of this marketing management is analysis of different datas, set a new plan, its applications and the lastly its controlling.
There are different important steps to be taken by company management to make perfect decisions. These are: Objectives of marketing- this is the first and most important step to take a decision(Knight, et al 2020). One has to understand the market objectives otherwise they do not make such decisions. The management has to do the SWOT analysis of the market datas and then they can decide how to develop the current market situations and how to raise the values of the companies in the market.
Then everything goes according to the analysis. In this perspective the speeder produced different models of cars in low price with good quality. The next one is the strategies- one has to build different strategies regarding the market. It deals with the operations of how a company runs their products in the market.
| Strength
● Handling a huge number of clients. ● High level of competitions ● Unique selling system
|
Weakness
● Lack of track records ● Investment policies needs to improve ● Innovate a unique technology |
| Opportunity
● Paid loan in time ● Create a global market ● Large properties to deal with clients. ● |
Threats
● Environment friendly models. ● Low fees rate ● Increasing rate of global competition |
Table1: SWOT analysis
(Source: Self -created)
The next one is to set the company’s target in perspective of the position of the organisation in the market. They have to fulfil these targets to achieve their goals. Without any target they cannot run their business.
Decisions related to operations
Operation management is the process done by the administrative section of the organisation to make a probable efficiency level in the top most level. Nowadays different companies deal with different environments so it is necessary to make proper decisions to operate the company. They have to look after the points of relationships with the customers, the quality of the products, changes in the products, and the most importantly the price.
This is responsible for any kind of resources for production. It controls every perspective of the company’s production, supply systems, selection of the local market, and so on. The proper management decisions lead the farm to success. There are different new models of cars launched by the speeder. So a proper plan is needed for the management how they control the market policies, the supply chain, availability, and the innovation strategies.Otherwise the organisation did not run their business as well as increase their business(business.com, 2021).
The speeder creates a quality management team who checked the quality of the products. If the quality of the products are not maintained in the proper manner it can make difficulties in the competition of the markets. They also make different strategies to make a lot of investments in the field of productivity because it can maintain the low cost of the products and helps to become a good competitor for the other organisations. It is important to maintain the cost of the products because an increased level of cost leads to reducing the sale of the products. The speeder is focusing all on these perspectives to operate the company.
The decisions related with the human resources
Human resources is an important part of an organisation. Without man power a company can not run. The human resource manager has to focus on different things. These are: to develop the man power which is applied by the company individually. They have to take part in every programme of the HR department.
They have to manage different activities within the department. And lastly, apply the different company policies and revise if needed. In the company named speeder they also have a human resource management team who are mainly working for the increasement of the production capacity by the use of manpower and automation, and use the properties for the development of the company.
In each case they are trying to increase the production with fund investments regarding the automation and the training purposes. In training and development purposes the firm invests approx the 4% of the salary rate which is double from the average investment percentage. They are trying to pay above the minimum wage rate during the previous years. This increases nearly 10% every three years after. In the fourth round they are going to increase it about 5% from 660 to 696.
The round two is split up 40-30-30 and the round three splits up 40-30-30. They are every time maintaining their position in the top of the other competitors in round one. They are dealing with luxury cars. So they make huge investments in this field. In the time of selecting the features they are always focused on the popular factors among the customers. They are always trying to motivate their employees with the increasement of their salary structure and their training programmes. In case of luxury they get an average 9 points without overtime.
Team Performances
In his 1965 paper titled “Developmental Sequence in Small Groups.”, Psychologist Bruce Tuckman coined the phrase “forming, storming, norming, and performing”. These are typically the four phases that lead teams on their journey to excellence. A fifth phase known as “adjourning” (otherwise known as “mourning”) was introduced later to depict the end of a team’s journey is done.
Briefly describe each phase:
Forming: The phase in which team members typically introduce themselves to each other
Storming: This is the phase in which the competencies and skill sets of each member of the team are identified.
Norming: Norming can be described as the phase where collective decisions are mutually taken by all the members of the team to assign the tasks to each individual according to the skills they possess.
Performing: Typically referred to the phase in which the team members collaborate to achieve the tasks successfully.
The team at Speeder Automation initially started off with four members: one Marketing Manager, one Financial Manager, one HR Manager, and the last one being Sales Manager. After the forming phase, the storming phase was conducted by the team members by looking at their Belbin team roles (Eisenberg,Post&DiTomaso, 2019).
It was established that while somebody was good at identifying specific and effective information, somebody else excelled in the field of finance, while some others were competent in coordinating, shaping and finally finishing.
The Sales Manager was unanimously identified to lead the team because of his proven excellence in being a shaper and finisher. The meetings were conducted every Thursday from 1:00 PM till 3:00 PM, and sometimes after classes as well. Most of the time, the meetings went okay and on time, except for one or two occurrences, where it got delayed due to some team members’ personal commitments.
Moreover, there have also been a few instances of conflicts within the team members. Sometimes it so happens that the contributions of some team members are not effective enough.
This might have happened because of several reasons, the most common ones being some personal matters that are preventing him/her from focussing on the tasks (Ugoani, 2020). However, with proper communication, these conflicts were resolved very quickly. Some reassignment and reallotment of the tasks were necessary to comply more with the Belbin team roles.
There was tremendous coordination and motivation among the team which showed signs of a good leadership. It facilitated unity and commitment among the team members. Constructive feedback was provided from time to time that helped the team members to work on their strengths and weaknesses (Jaakson, Reino& McClenaghan,2019). Tasks like these would not have been successful if these factors did not exist in a team. Speeder has a good team management system. Advance preparing and a controlled work management system really helps to achieve the desired result. Team should give attention to the quality and the employees should come out of their comfort zone to give good quality work in speeder.
Automation has improved a lot and other multinational companies are also getting their hands on this particular field. I personally find that if I have to re-do this again then looking at my team members’ issues about the process and solving them will be one of the important priorities.
Personal Reflection
I fully engaged with the team to discuss the project. All the team members on my team were on time and we all fully cooperated with each other. We all team members research about the company Speeder which is topmost automation organisations in the automation industry. The organisation recently released 2 cars, one large car and one luxury car.
The company added 13 options and 2 packs in the large car and in the luxury car they added all luxury options. The company named the large car “SD ALPHA” and luxury car “SD BETA”. Bearing the role of sharper, I have carried out my responsibility in context of the all collective tasks that were assigned, so that the overall objectives of the team are effectively met. Being the coordinator of the team, I urged to clear out the objectives and explain them to everyone, so that my entire team can solely focus on their job.
Although, I have to accept that a few weeks later, the co-ordinator role which I was exercising went down. Surprisingly, I could feel my co-ordinator role getting inferior to the shaper and completer finisher role.I became more of a job-centric guy, than becoming people-centric. Working in a team, and watching your own colleagues degrading, is very painful. Hence I decided to undertake the ownership in my team. Also, it was really a challenging task for me to entrust some specific tasks, coz I was in a high confusion, whether anyone else would carry out the job as precisely as I would do.
Conclusion
From this it can be studied that Speeder counts its name amongst the topmost automation organisations in the automation industry. The company provided the warranty of the vehicle for three years and if the customer paid for more warranty then they will extend it to five years.
The company targets the people whose age is from 41 to 55 because they are influenced in the society which is highly esteemed for purchasing their products and services. The company offers them the products as they meet their budget and expectation. Speeder has launched two new cars in the market, large car and luxury car (Raiend& Svedberg, 2019). They decided to name the large car “SD ALPHA” and the luxury car “SD BETA”.
Speeder produced 76000 “SD ALPHA” and 16000 “SD BETA” cars with 2.75% and 2.00% market shares. “SD ALPHA” car cost £38854.27 and “SD BETA” car cost £89631.84 in the market. They sold “ SD ALPHA” all and “SD BETA” 13527. 2473 “SD BETA” cars are left for sale.
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