STRATEGIC MANAGEMENT FOR COMPETITIVE ADVANTAGE ASSIGNMENT 2020
Competitions amongst the car manufacturing industries in the European countries have been rising rapidly. This individual report is based on the Business Simulation Exercise of the European car industry.
The major focus areas of the report are the company performances, critical reflection, conclusion and team performances. Company performances have discussed on the marketing strategy, human resources management process, Market competition and business strategy.
Critical reflection has focussed on the learning outcomes of the Business games practice in the previous assignments. Conclusion is based on the major findings of the analysis and evaluation process of the different rounds of the game. Team performances have discussed different contribution of the teams in the business games.
The strategic management approach is a process to sustain the global business market of the United Kingdom in terms of a competitive business environment. In this study, the car company Falcon motor has been selected to analyses the strategic management planning of the organization.
The main objective of the company is to obtain the maximum gross margin of 30% for model 1 and to acquire a market share of 2 % by the second year. The overall performance of the company is based on the shareholder’s funds, total share, closing bank balance, total unsold stock and outstanding loan of the company.
The total sale of the company can be calculated from the total number of car production. The shareholder’s funds can be evaluated by the investment of individual investors.
|Total unsold stock||602|
|Shareholder Funds||1.5 million pound|
|Closing Bank Balance||10.3 million pound|
|Outstanding Loan||2 million pound|
Table 1: Company Performance
(Source: falconmotors.com, 2020)
Company performance is the average and composite assessment of all the activities and actions of an organization in order to survive in the global market. The major company performance indicators that can help to understand the performance of Falcon Motors are revenue, average class, client’s retention rate, profit margin and average daily stock value.
According to the view of Tomicet al, (2018), company performance must focus on marketing areas and human resource management processes to survive in the global marketing area.
Overviews of the games
The business game is on the Business Simulation Exercise and it is on the basis of the European car industry. It has focused on providing opportunities to learn about the functional areas of the car industry. The major functions and activities that took place of the Business games are associated with Marketing, Human Resources, Finances and Operation Management.
Figure 1: Focus is of the Business Simulation Exercise
(Source: Palandenget al, 2018)
Marketing: Business Simulation Exercise has focussed in evaluation and explanations of the effective marketing strategy for the car industry in order to survive in the corporate world.
The games have demonstrated different key components of marketing for business expansion and dominating the stock price. Different effective marketing approaches and designs have been discussed in the Business Games to run a business effectively for competing markets shares.
According to the view of Palandenget al, (2018), the effective marketing approaches and strategy can be identified by analysis of different markets, controls factors and measures.
Human Resources: Business Games based on the European Car industry have also focused on human resources and its role in expanding market shares. In the games, the major components of the human resources management process and significance in the car industry have been identified and evaluated.
As per the view of Preenen et al, (2016), human resources management is necessary for performance management, employee’s management, development of effective car designs and monitors markets areas.
Finances: Finances have been discussed in Business games in order to evaluate the significance of investing in different functional areas for increasing the share values of the car industry.
Operation Management: In the Business Simulation Exercise the significance and needs of the operations management of the different car industry have been discussed by using the example of existing top European car companies.
Key Financial data of the company
Two major companies that have been considered in the Business Games in order to evaluate and analyse the financial data for improving business practice are the GT-Line and Space-X. The financial data of the company included the following:
The average cost of Car: Average cost of the cars of GT-Line and Space-X shows the mean value of the highest and lowest value of the car. Representation of the average cost of the car helps the audiences to set their financial goals for buying the product and services offered by a company.
As per the view of Helmreich and Schaefer, (2018), the average price of different products plays a great role in the buying behaviour of different customers. In addition, the average price mentioned by the company on their official website helps the customer to identify the needed and desired services.
Estimated cost: Estimated cost in the financial data represents the expected price by the organization in a specific product and services. The estimated cost of Car and service is developed on the basis of the sum of production cost, operational cost and maintenance cost of the product.
Consideration of the organization helps to identify the possible amount of profit in a certain product from the international market (De Jong et al, 2016).
Manufacturing cost of the car: Manufacturing cost of the cars included the labour cost, operations cost, and maintenance cost in the way of producing the finished product. Manufacturing cost of the cars is used to estimate the selling prices including all the taxes and labour cost in order to establish the profit margin of the company.
Business games based on the European car company have focused on different strategies to reduce the manufacturing cost of cars and other vehicles in order to expand business (De Jong et al, 2016). Implementation of the innovative strategy can help in the process of reducing the manufacturing cost of the car and help the organization to enhance their performances in the European Car exchange markets.
Figure 2: Car manufacturing cost of UK
(Source: Lyubovnikovaet al, 2017)
Cost of the raw material: Cost of the raw material greatly influences the financial process and cash flow of the car manufacturing industry. According to the view of Lyubovnikovaet al, (2017), the cost of the raw material is also influenced by transportation distances and the availability of the item in the marketing areas.
Selling price: The selling price of the car is considered by the evaluation of all the total manufacturing cost including the cost of labour and raw material. According to the view of Mudannayakeet al, (2019), the selling price of the car also gets influenced by factors of external environment such as the market competition, performance of the subsidiary company and demand of the customers.
|Mark-up Cost||40% (9298)||55% (25816)|
|Manufacturing cost of car||610||2777|
|Raw Material cost||13250||26850|
Key non-financial data of the company
The non-financial data of the company is associated with the performance and external factors that influence the marketing function from different perspectives. The following are the major non-functional data of the different companies used in the Business Games:
Figure 3: Non-financial data
(Source: Boone et al, 2019)
Environmental Impact: Environmental Impact greatly influences the functional areas and performance of the car manufacturing industries. According to the view of Boone et al, (2019), environmental impact influences the business performances from different perspectives.
Relationships with the vendors: The relationships of the car manufacturing industries with their respective vendors are one of the major non-financial aspects. As per the view of D’Innocenzoet al (2018), relationships with the vendors put impact on the business performances of the organization by influencing the supply networks process.
Social responsibilities: Social responsibility is one of the most significant non-financial aspects of the car manufacturing industry of Europe. According to the view of Boone et al, (2019), corporate social responsibility of the companies influences their business performance and marketing value by increasing brand awareness amongst the public.
Workplace diversity: Workplace diversity is one of the aspects of non-financial components. Diversity in the workplace of different car manufacturing organizations of Europe influences the marketing performance, designs and models of cars, operational management process and supply networks.
As per the view of D’Innocenzoet al (2018), establishment of high work diversity in the functional areas helps the organisation to cover different extensions of marketing functions and improve the operational management in a significant manner.
|Relationship with vendor||Good||Average|
Round 1 forecast of key performance measures
The Key Performance measures of round 1 are the marketing, competitive strategy, business strategy and human resource planning.
Marketing: The company performance management of the organization is recognized by the individual performance of the employees and the effective team work of the organization.
The concept of company performance is based on the individual views of the members to achieve the target goal of the organizations. The individual members in the company share the same values, mission that helps to grow the business of the company Falcon motors.
As commented by Helmreichet al, (2018), there are several advantages of effective company management for adapting in the changing environment and to sustain the global pressure of the organizations.
Segmentation has been carried out in order to achieve a competitive advantage through offering products of high quality and providing the facilities that provide proper justification for price. In the demographic segmentation, the age group between in 45 to 55 is selected. Those specific age groups are chosen based on passion about cars.
Competitive strategy: The employees of the organization have focussed on design and implemented the best possible strategies for the effective growth of the organizations.
The marketing team of the organization can be classified into two types: membership configuration and complexity of marketing tasks. As commented by De Jong et al, (2016), the complexity of the performance is categorized into routine and non-routine tasks.
The routine tasks are well defined and can be easily understood by all the team members. The main purpose of the effective marketing strategy is to ensure the overall marketing activities of the organization.
Business strategy: In order to maintain proper business strategy, Falcon Motors focussed on launching their products in European market in the 1st year. In the second year, this company has aimed to launch a new model in order to attract more customers.
It can also be useful in thriving the competitive market. In the coming years, this firm aims to launch two new car models of SUV named Luxury and Large.
Human resource planning: The main purpose of the effective HRM strategy is to ensure the overall employee activities of the organization. In order to focus on proper HRM strategy, the company has followed the democratic leadership strategy for taking any important decision regarding the organizational performance.
As argued by Lyubovnikovaet al, (2017), the democratic leadership style helps the organization for taking any decision by the concern of the individual team members. In the business games, the considered wages are £500, and the amount for investing in the employee’s training is 2%.
The following key aspects improve the performance of the individual team:
The employees of the organization Falcon motors are very cohesive and committed towards their job for achieving the business goal of the organizations. Their constant effort increases productivity and helps to mitigate the annual revenues of the company.
In the opinion of Mudannayake et al, (2019), the team members need to co-operate with each other in order to increase their individual respect and dedication level towards each other. The managers need to look into the matter that each and individual team members would participate in the discussion.
Effective communication between the individual team member is very much needed and also with the hierarchies.
As argued by Boone et al, (2019), the spirit of effective communication includes different factors like willingness to consider all opinions, mellow conversation tunes, strong decision making process and effective conflict resolution technique.
The proper interaction between the team members of the organization would help to achieve the target business plan (falconmotors.com, 2020)
Group thinking helps the organization for minimizing the individual conflict and helps them to cooperate in the group task. In the views of D’Innocenzoet al, (2016), this encourages sharing the information of the individual team members and empowers the listening skills. The group thinking would help to enhance the listening skill of the individuals to expand the productivity of the organization.
Homogeneity refers to the similarities between the individual team members and their communication power. As argued by Helmreich and Schaefer (2018), most of the team leaders face the problems to handle individual team members’ opinions. Individual team members belong from different cultures, different educational backgrounds and different abilities.
The team members of the organization are mostly heterogeneous which would help to enhance the creativity and resourceful productivity (falconmotors.com, 2020).
The role identity helps to define the individual role of the team members for a specific task. In Falcon motors the individual team members have performed specific roles to achieve the desired goals.
Figure 4: Team Management
(Source: Lyubovnikovaet al, 2017)
Rationale of round 2 decisions
The round 2 decision has been taken based on the results and major findings of the round 1 of the Business Simulation Exercise of the European Car Manufacturing market.
It has focused on the development of the effective communication technology and navigation process in order to improve the marketing areas. Round 1 has basically focused on technological advancement in order to improve business practices of European Car Industry.
Round 2 forecast
Marketing: In the round 2 of the business game has focused on developing innovative marketing strategy for increasing the stock value of different manufacturing industries. Product differentiation strategy and implementation of AI innovative has been discussed under round 2 of the business game.
Competitive strategy: The competitive strategy of round 2 has focused on the major ways to avail the opportunities of competitive advantage.
Business strategy: Business strategy of round 2 has focus in developing approaches to enter in new market areas.
Human resource planning: Human resource planning of round 2 has considered different strategies to manage the employees and engineers in order to develop effective car designs (Luftmanet al, 2017).
Key Performance Measure of round 3
Marketing: Marketing strategies of round 3 have focused on identifying major weaknesses and loopholes of different marketing strategies implemented in the car industry.
Competitive strategy: Competitive strategy is focused on identifying major components and expectations associated with market competition.
Business strategy: Business strategy has considered the necessary and successful existing business strategy for identifying innovative and authentic strategies for business development (Falconpumps, 2020).
Human resource planning: Human resource planning of round 3 of the European business game has focused on different software to manage human resources.
Key Performance Measure of round 4
Marketing: Under marketing strategy of round 4, it has focused different innovative ideas to enter in global marketing areas in an effective way.
Competitive strategy: Competitive strategy round for focus on developing manufacturing cost reduction strategy for the development of the car industry.
Business strategy: Business strategy has forced the investor management process and procedure of managing corporate sustainability.
Human resource planning: It has focus in the process of managing employees, engineers, designers and other stakeholders effectively (Falconpumps, 2020).
The business organization is greatly affected by the financial performance, human resource management and the marketing operation to enhance the shareholder values.
As commented by Qiu et al, (2016), the internet and external shareholders have a huge intervention on the business growth and productivity of the organization. Hence, there is a need to make appropriate decisions about the financial and human resource management of the organization to enhance the overall business growth.
The fundamental dimension of a business organization is to make a profit to maximize the wealth and performance for sustaining in the global business market. The financial aspect is the most important part of any business organization to enlarge its stakeholders’ values.
The internal stakeholders are directly affected by the financial performance of the business organization whereas external stakeholders have an indirect influence on the financial aspect of the organization. In the opinion of Miroshnychenkoet al, (2017), financial management is a very crucial decision that has been taken by the higher authorities of the organization.
The financial decision needs to consider some important factors which can boost up the overall performance of the business organization Falcon motors. This aspect mainly influences the individual stakeholders of the company. The different factors of financial management are listed below which has a huge impact on the stakeholder value (falconmotors.com, 2020):
Financial Decision and Control
The higher authorities of the organization Falcon Motors need to take the appropriate decision to control the annual financial growth of the company. As per the views of Reguera-Alvarado et al, (2017), the financial manager of the company needs to evaluate the different dimensions of finance including ratio analysis, profit & loss analysis and financial forecasting to know the upcoming economic situation of the company.
The strategic decision on the price strategy of the company influences the employees and customers of the organization.
The higher authorities and the finance manager of Falcon Motors make the strategic planning to balance the economic aspect of the company. According to the author Dženopoljac et al, (2016), they prioritize the needed resources for the organization and make a proper budget for the same. The budget calculation and the estimated time would help the financial manager to get rid of any sort of economic risk.
Capital management is an important part of the finance sector because the needed capital is decided by the finance department of the organization. According to the author Hasan et al, (2018), as per the required capital, the financial manager looks forward to proper funding from the external stakeholders or shareholders of the organization. This also determines the capital structure of the company (falconmotors.com, 2020).
Allocation and Utilization of Financial Resources
The financial manager of the organization Falcon motors’ main responsibilities is to ensure that all the financial resources of the company are invested fruitfully. This would encourage higher sustainability and profit of the company.
As argued by Musalemet al, (2017), the overall utilization of all the resources higher the performance outcome of the company and influence the internal stakeholder of the company. The employees are very much affected by the financial performance of the company.
Cash Flow Management
There is a need for effective cash flow in the organization to meet the emergency needs and the other operational expenses of the company. As per the view of Kaur (2019), the effective cash flow management helps the company to maintain organizational growth. Hence, the finance department of the organization tracks all the records of payment and receipt to maintain the normal cash flow in the organization.
Disposal of Surplus
Effective decision making skill improves the growth and productivity of the organization. The financial manager has decided on different ways to invest the amount of profit that benefits the organization in all respects. As commented by Ramanathanet al, (2016), the finance manager makes a proper plan of how much profit is invested in the business and how much is engaged in the operational activities (falconmotors.com, 2020).
After the end of any financial year, the financial manager has reported all the financial expenses and profits to the higher management of the organization. In the opinion of Tziogaset al, (2017), this helps to keep the records of all financial activities for future use.
One of the major key aspects of financial management is risk management of the organization that would help to secure the economic stability for the sake of internal and external stakeholders. The effective risk management skill can prevent the organization from any hazardous situation (Hu et al, 2016).
The marketing operation of the company consists of three main key aspects which include market segmentation, positioning strategy and target market choice. As commented by Sparrow et al, (2016), these three key factors of the marketing operation have a huge impact on the external and internal stakeholders of the company.
The company Falcon motor has introduced two new products to the European car market that attract the overall target customers of the country. The two new brands are Large(GT-Line) andLuxury (Space-X). Hence, the appropriate market segmentation would help the organization to choose the target audience from the whole population. As opined by Bailey et al. (2018), there are mainly four types of market segmentation including behavioural, psychographic, demographic and geographic. Based on four segmentations the European target customers have been categorized.
|Age: 40 to 60||The customers are very passionate about new cars and prefer to exchange them.||European car market||Through online marketing, advertising social media marketing and dealers.|
|Gender: Both Male and Female||People who prefer high innovative technology and safety driving||The total population of the city||Different offers and discounts attract the target customers|
|Status: high class and upper-middle-class||Drive luxury car||High-class areas/localities||Get a notification for the premium customers after launching new cars.|
Table 2: Market Segmentation
(Source: falconmotors.com, 2020)
Market Positioning Strategy
The positioning strategy defines how the company identifies its brand image and introduces the brand to the European car market. This helps the organization Falcon motors to tempt the target customers and increase the overall sales of the organization.
The positioning matrix helps to identify the present demand of the product compared to the other competitive business environments. In the opinion of Kiantoet al, (2017), the four different key aspects of the positioning matrix comprise prestige, luxuries, economic and convenience. Based on the four factors the positioning strategy defines.
The motor company offers high-quality products at a low price which attracts most of the target customers.
Figure 5: Positioning Matrix
(Source: Kiantoet al, 2017)
The main marketing strategy of the company is to offer high-quality products at an affordable price and safety needs. The petrol engine car has less carbon emission which can also benefit the environment.
The target market of the company is the potential existing customers of the organization who has a specific desire for new cars. The overall population of the target market is near about 20 million from which the market share of the company for the first model is 1.67%. For the second model, the market share of the company is 0.8% (falconmotors.com, 2020).
The operation management is the business process of an organization by the administrative authorities to convert the raw materials into products or goods that benefit the organization to gain annual revenues. As commented by Tang et al, (2018), different factors can affect the business practice of operation management which includes global competition, customer service, quality, cost challenges, the rapid growth of technologies and social responsibility issues.
The car company Falcon motors has a global competition in the European car market mainly in the United Kingdom. The different competitors of the Falcon motors are Aston Martin, Rolls Royce, and Land Lover. As argued by Bisharatet al, (2017), the company needs to adapt the innovative tools and technologies for sustaining in the business market of the United Kingdom. For this, the motor company required to analyses the other business activities of the competitors for improving their business style.
The different key aspects of customer service management are customer retention, response time, service level and quality time. This would help to maintain the strategic customer flow in the organizations. In the views of Bennunet al, (2018), the employees are the key internal stakeholder of the company which is responsible for the effective customer management skill.
Employee’sbehaviour and their quality service tempt the target consumer of the company to a great extent. The best response time is another strategy for customer retention which can influence the overall growth of the organization.
The company has used high quality, safety and reliable products for the target audience of the company. In the views of Weygandtet al, (2018), the capacity, power of the cars is well organized that attracts most of the potential target customers. The power steering system and energy-absorbing steering control help to provide more safety to the cars.
The wheels of the car are made of alloy steel materials which may result in less friction in the road. The anti-lock braking system and electronic stability control provide active safety for the riders. The driver’s attention alert and lane-keeping assistance are present on the car which can help the driver from any devastating situations.
The rear-view camera with dynamic positioning parking guidelines helps the drivers to park the car in the available parking lots. Anti-theft immobilizers provide more security to the cars from any unauthorized person. The premium front centre console armrest would help to feel comfortable for the riders (falconmotors.com, 2020).
The company Falcon motors has made their brand image by offering high-quality products at reasonable prices for their target customers. The price of the individual cars has been decided by the finance manager of the company to survey the competitive business market.
Rapid Growth of Technology
The rapid growth of technology makes the car more flexible and scalable which helps to expand the target markets and enhance overall business productivity. Both models have used innovative tools and technology for providing more safety and security to the car. All-round disc brakes and the airbags are the efficient tools of the cars that help to extend their overall market segmentation (falconmotors.com, 2020)
Human Resource Management
Effective human resource management would help the company to empower the employee’s performance of the organization. The human resource of the company comprises different important factors consisting of recruitment, employee training, payroll, performance analysis of the individual employees.
According to the author Şen (2017), the higher authorities of the company hire the proficient and competent engineers for the manufacturing of the car with efficient tools and technologies. The company has spent a sort of money from the overall profit for the training and development of the existing employees.
The company has spent 2 % of the overall profit to the skill development of the individual employees and enhances overall business productivity. The individual development of the employees helps them to gather knowledge about modern tools and techniques.
The board of members of the organization has decided the pay scale of the individual employees. As suggested by Vladušićet al, (2016), the appropriate remuneration of the employees influences them for constant effort and dedication to the business which increases the overall productivity.
Moreover, the performance analysis is based on the monthly performance of the different employees and based on that the increment process is being performed which increases the satisfaction level of the individual employees.
Besides the organized and structured human resource management of the company, Falcon Motors would enhance the commitment of the individual employees to enhance the overall performance and growth of the organization.
The company has the multi-technique selection process to filter the eligible candidate and select the best one from the team. The efficiency of the human resource team influences the external stakeholder that is customers of the company. This also encourages the internal stakeholder that is employees of the organizations to a great extent.
It can be concluded from the study that the performance of the company is being measured with the help of the different business objectives. The study also highlights the critical evaluation of organization operation management, human resource management, financial performance and marketing strategy. The main focus of the study is to mitigate the business plan of the organization Falcon motors based on the business game.
The study also points out the team performance of the effective team members and their commitment towards the business organizations. The leadership quality enhances member’s commitment and dedication to achieve the business goal of the organization. However, while working on the project, it was found out that marketing and operations management were the two most critical aspects of any car company.
We carried out research starting from operations management. By displaying such cars in the seminars, the popularity of the design grew which helped a colony to critically focus on the target markets.
Business games were one of the most crucial parts of our coursework. Setting up teams and creating a virtual car manufacturing company was one of the most difficult jobs. Each team was required to build two cars and was required to present them in a business game seminar in order to compete with other team members.
My team included five members who had individual job roles in this case. It was required for each team to create a presentation as a shareholder meeting and to focus on the overall business performance of the company.
As per the study by Lyubovnikovaet al. (2017), creation of a virtual company in a university program allows students to focus more on the aspect of business rules and logics which are required for business growth.
My team consisted of five members; the creation of the company was done by all the team members. It was important for us to consider a big car manufacturing company as inspiration since the business strategies are significant. Nowadays, the car manufacturing market is filled with several manufacturers from all over the world.
The international car market holds more than 50 different brands of cars and each of them has their own unique point. We went through several car manufacturers and studied the strategies they use in order to create and sell cars in the international market.
Based on a study by Hu and Judge (2017), it is significant for an individual to carry out extensive research before creating a virtual car company. We studied all the possible manufacturing measures of the car company.
Key areas of the university project were to assess finance, marketing, operations management and human resource. All the members in our team were capable of carrying out research on all the above mentioned topics.
We took insights from two or three car companies and researched extensively on the methods of production and raw material handling which would reduce cost by a huge margin. Based on a study by Mudannayakeet al. (2019), it is required for every team to research operations management as it is one of the major aspects in cost saving.
Our second goal was to research marketing operations. All of our team members carried out extensive research on marketing as this is one of the key points in profit generations.
We found out that major parts in car marketing strategies involved creation and displaying of designs in automobile seminars. As per the study by D’Innocenzoet al. (2016), it has been found out in many cases that unpopular companies manage to take over a certain part of the markets due to displaying futuristic designs of upcoming cars.
While carrying out the research it was found out that finance management was the weakest link in the entire project. All of the team members were under confident about finance management as we didn’t have that much knowledge regarding finance.
However, we focused on several aspects of accounting and cost cutting methods used in car companies. With the help of such research, we found out that major cost cutting in case of car manufacturing was done in SCM.
As per the study by Andonova and Ruíz-Pava (2016), one of the major aspects for car manufacturers in case of finance management is that they tend to focus more on negotiations of raw materials which helps them cut financial operations cost by more than 20%. The entire team focused on financial operations which led to critical understanding of accounting procedures for such manufacturers.
My individual contribution in this case was that I focused on the digital marketing aspect of a car’s promotion. I was responsible for evaluation of digital marketing trends and methods used by several car manufacturers in case of digital marketing. I learned that car manufacturers mostly use social media platforms for their promotion.
As per the study by De Jong et al. (2016), it has been found out large car manufacturers tend to focus on social media sites for promotions as it includes people who are popular enough to set a trend discussion regarding upcoming cars.
As a team member, I play the role of a democratic leader and believe in discussion rather than decision making. This helps to communicate with the different team members of the organization and maintain a healthy bonding between them. Moreover, I believe that democratic leaders are the most efficient leaders to cope up with all different functional and non-functional requirements of the organization.
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