Strategic Management for Competitive Advantage (Project B)

This document discusses strategic management for competitive advantage in Project B. It covers the company performance, comparison of key performance measures (KPMs) with actual results, trends in KPMs, and more. Find study material and solved assignments on Desklib.

Strategic
Management for
Competitive
Advantage
(Project B)
1

Table of Contents
INTRODUCTION......................................................................................................................... 3
COMPANY PERFORMANCE......................................................................................................3
Round 1: Comparison of KPMs with actual results..................................................................3
Round 2: Comparison of KPMs with actual results..................................................................5
Round 3: Comparison of KPMs with actual results..................................................................7
Round 4: Comparison of KPMs with actual results..................................................................8
Trends in KPMs..................................................................................................................... 10
LEARNING................................................................................................................................ 10
Financial................................................................................................................................ 10
Operations............................................................................................................................. 11
Marketing............................................................................................................................... 12
Human resources.................................................................................................................. 14
CONCLUSION........................................................................................................................... 15
TEAM PERFORMANCE............................................................................................................ 15
REFERENCES.......................................................................................................................... 18
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INTRODUCTION
Buckisthan Auto is a European car manufacturer which operates in UK and Europe. This
company objectifies to achieve highest service quality among its competitors and aim to acquire
leading market share. This company operates with a purpose to maintain a good financial
position and acquiring 32% as return on their investments along with gross profit margin of 40%.
This company also believes to achieve the efficiency of car manufacturing processes in order to
reduce the target loss to 2.5%.
This company is summarised to be successful as its performance during its course of
operation was efficient. This company is observed to be successful for a reason which is
reflected in the achievements of this company. Some of these achievements in form of financial
metrics are shown below having figures of the nearest £1 million.
Round 1 Round 2 Round 3 Round 4
Amount in £m
Total sales 3242.07 5555.73 5366.73 5516.73
Total unsold stock 0 0 0 0
Closing bank balance 504.8 1284.3 2020.6 2835.74
Outstanding loan 325 0 0 0
Buckisthan Auto has successfully operated in market as its sales and bank balance is
continuously increasing and its outstanding loan has been decreased. There is no unsold sock
of the company which implies company is operating while satisfying its client’s needs.
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COMPANY PERFORMANCE
Round 1: Comparison of KPMs with actual results
Key performance measures are the measurable values which show the effectiveness of a
business organisation in achieving their business objectives. These measures are success
parameters which provide a minimum value to the organisation that must be achieved to acquire
success at market place. Each department or functional unit of an organisation has its own
KPMs which act as a benchmark for the entire organisation. The operations in an organisation
are conducted in such a way that the KPMs can be achieved.
In case of Buckisthan Auto, there are various KPMs which are forecasted in Round 1. This
round 1 is a reflection of Year1 of the operations of Buckisthan Auto. The forecasts of KPMs are
numerous but some important of them are used to compare it with the actual results of the
operations in Round 1. This comparison is supported by tables and graphs attached below:
Forecast Actual
Sales Income 3242.069 3242.069
Gross Profit 1182.90986 1182.91
Operating Profit 526.249855 486.7499
Pre-tax profit 502.989855 463.4899
Tax Payment (30% of pre-tax profit) 110.657768 101.9678
Total Material Cost 1,947.73 1839.9
Closing Bank Balance 213.2402 504.8
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The above table is the representation of forecasted KPMs and actual results of the
operations of Buckisthan Auto in Round 1. The above analysis has only considered few KPMs
which are considered as important at our discretion in this Round. These KPMs are in some
cases similar to the actual results but in few cases these are different from the actual results as
well; this table is then represented using a bar graph which is providing a clear picture of the
differences between standard and actual results.
Sales income – The actual sales of Buckisthan Auto in Round 1 are similar to the KPM
which implies this company successfully operated in market and generated revenue which was
planned.
Gross Profit – Similar to sales, actual gross profit of this company for Round 1 is also
similar to their KPM. This similarity is the result of unchanged material and labour costs rate in
the market.
Operating Profit – This type of profit is the income which an organisation gains from
operating in the market. The forecasted operating income of this company is higher than its
actual, this situation implies that company was unable to earn what it suspected that it will earn.
This difference in KPM and actual value of operating income raises an issue that in future
company will unable to control its operating expenses specially fixed expenses. Due to this
difference, the pre taxation income of this company is also different.
Tax Payment (30% of pre-tax profit) – The tax which is paid by this company is different
from its forecasted taxation. This dissimilarity will result into the issue of uneven tax deductions.
Total Material Cost – Total material cost which is incurred by this company is lower than
what was forecasted. This implies that the company is not ordering adequate material which can
result in lower satisfaction of the clients.
The above analysis is a base or a rationale for Round 2 decisions; the differences in
actual and forecasted values provide yearly objectives for this company which will help in
controlling the position of this company.
Round 2: Comparison of KPMs with actual results
In this Round, Buckisthan Auto has launched its third model of car which is an important
decision for this organisation. Considering this the comparison between KPMs and actual
results for this round is conducted below that is supported by a table and a graph.
Forecast Actual
Fixed Overheads 311.58 371.43
Operating Profit 1330.976865 1270.437
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Net Interest Payment 0 -2.57
Post-tax profit 1038.161955 992.94546
Sales Income 5092.747917 5365.56
Total Labour Cost 102.375 103.06487
Closing Bank Balance 931.1967697 1284.2951
Fixed Overheads – These overheads are the expenses which Buckisthan Auto incurs
every year to manufacture their goods and operate effectively. These expenses are higher than
it was anticipated. This difference in KPM and actual result will raise an issue of lower
profitability and shareholder value of the company.
Operating Profit – As mentioned above, the operating profit which is earned by
Buckisthan Auto is not able to even cross its minimum value which was set in KPM. This
difference will result into the issue of low profit and the funds for next year will also decrease.
Net Interest Payment – Interest is the value which an organisation pays for the loan
acquired from them. Due to loan gained in Round 1, the interest amount of this round has been
increased. This interest has now been paid from profit of this company due to which post tax
profit of this is also reduced.
Sales Income – The sales income and closing bank balance of Buckisthan Auto in
Round 2 is higher than its KPM which is a good indicator. This difference will result in
opportunity of enhancing liquidity position of this company.
Total Labour Cost – Due to launching new model, the labour cost of this organisation has
been increased to an extend which was not even expected. This difference has been occur due
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to high labour costs that will result into the issue of higher cost of sales which will again reduce
the net profit and shareholder value.
The decisions which were made in this Round are the rationale for Round 3 decisions.
The points which will impact the Round 3 decisions are enhancing liquidity position, reducing
profitability and introduction of another car model with high labour rate.
Round 3: Comparison of KPMs with actual results
In this round, Buckisthan Auto decided to continue their Automation investment as 50%
for model 2 even after experiencing high requirement in Round 2. Few kPMs are selected and
then compared with actual results by using table and graphical tools below:
Forecast Actual
Automation investment and allocation for
model 2 50% 60%
Units of Automation [A] for model 2 125 150
Fixed Overheads 309.58 363.31
Operating Profit 1132.14932 1077.68258
Post-tax profit 922.0764696 900.551012
Opening Bank Balance 324 1285.11
Sales Income 4919.50617 5308.75
Automation investment and allocation and Units of Automation - Buckisthan Auto
manufactures three models of cars and for each model they have allocated automation
investment and units of automation. For model 2 car, the automation investment was 60% in
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Round 1, but after introduction of Model 3 car, this percentage reduced to 50%. Even after
facing the high requirement of automation investment for Model 2 in Round 2, decisions were
not changed in Round 3. This has resultant in 150 units of automation where these were
forecasted at 125. This unchanged decision has raised an issue of higher workforce
consumption and wages. This issue can even impact the production of other two car models.
Fixed Overheads – Like every other Round, this round as well fixed expense of the year
are increasing its minimum Key performance measure. The fixed expenses which were
predicted to be acquired are less than the expenses which are actually incurred. This difference
will not only result in decreasing profitability but will also impact the shareholder value of this
company.
Operating Profit and Post-tax profit – As discussed above, the fixed overheads are the
reason behind lower operating profit and post tax profit of this company. The company is
experiencing the situation where company set a minimum value of profit and company was
unable to acquire that minimum KPM as well. This difference in KPM and actual results will
imply the issue of low credibility of the company due to which company will not be able to
acquire loan easily in future.
Opening Bank Balance and Sales Income – The management of Buckisthan Auto has
successfully satisfied KPM of opening bank balance and sales income. This situation is not an
issue but an opportunity for this company as by higher sales income and bank balance,
company will not require loan in future and can also provide credit to their clients in order to
satisfy their needs.
The decisions taken in Round 3 were crucial as they were impacted by the two previous
rounds. The decision of maintaining high liquidity in company and not expanding the automation
investment are the rationale for Round 4 as by considering these only the decisions of next
round will be undertaken.
Round 4: Comparison of KPMs with actual results
In this year, Buckisthan Auto decided to increase their operational efficiency so that units
of their manufactured cars can be increased. This year decisions are most crucial and analysis
of these decisions has been conducted below supported by a bar graph and a comparison
table.
Forecast Actual
Material Cost 3818.51301 3814.95301
Gross Profit 1595.83899 1599.3989
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Fixed Overheads (See manual) 330.28 383.27
Net Interest Payment -60 -110.97
Post-tax profit 799.7722122 800.973342
Sales Income 5056.99975 5502.34
Material Cost – This cost is the expenditure which an organisation incurs against the raw
materials which are procured by them. Due to change in market conditions, the material costs of
the material required by the company have been decreased. The forecasted material cost is
higher than the actual costs which provide a surplus to the company which will increase the
profitability.
Gross Profit – This type of profit is the earnings which an organisation earns after paying
off the cost of sales. Due to decrease in material costs, the gross profit of this company has is
slightly higher than what was suspected in KPM. The difference between this KPM and actual
gross profit can result in higher taxation on organisational income due to which other functions
of the company can also get affected.
Fixed Overheads – The fixed expenses in organisations can never be eliminated as they
are required for the operational efficiency. Like every round or year, the fixed expenses has
cross the maximum measure set in forecasted expenses. This situation will result into higher
overall expenditure and low profitability of the company.
Net Interest Payment – This value is the amount which has to be paid against the loan
acquired. The loan which was acquired by the company in year 1 is still active but the value of
interest has been increased. This difference between in forecasted and actual interest expense
raises an issue of lower Post-tax profit. It can be seen in above graph that the post tax income is
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slightly higher than it was predicted even after increase in fixed and interest expense. This
slightly higher profit is the result of low material costs.
All the decisions taken in this year are the base for performance indicators for next few
years.
Trends in KPMs
KPMs or the Key performance measures which are set for Buckisthan Auto are observed
effectively and are showing few trends and patterns. These trends are identified below:
 The sales KPM are revised every year due to which in every round the value of
forecasted sales is different. The KPM for sales is set effectively by analysing each and
every aspect of the business due to which in every round the actual sales is exactly
similar to predicted sales.
 Even after knowing the required automation investment percentage for model 2 car, the
automation percentage has been decreased. This trend was the result of high availability
of investment for automation which could have been used in case of any adverse
condition.
 The loan amount was only requested in first year of the operation so that viable
monetary funds can be procured and the operations can be conducted effectively in
consequent years.
 The pattern of KPM of bank balance of was to increase it gradually so that liquidity
position of the company could have been enhanced.
 The KPM of material and labour cost was set by analysing the current cost of material
and labour in market. This KPM ignored all other market forces due to which actual
material and labour costs were higher in few rounds than the predicted costs.
LEARNING
There are certain functions in organisations which are controlled by making effective and
responsible decisions. These functions are financial, marketing, operations and human
resources.
Financial
Finance department is a functional unit which manages the flow of money in an
organisation. The functions or activities of this department include preparation of financial
reports, internal auditing, accounting and many more. As the financial director of this company,
few decisions are made which include minimising the unnecessary costs and achieve the lowest
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excess of inventory. There were few more financial decisions as well which were undertaken.
These decisions included eliminating cash shortage and fixing the pricing strategy for each
model of car.
The 4 decision which are stated and analysed below could have been taken more
effectively if all the financial concepts that were taught were applied thoroughly in all the rounds.
The first financial decision was to eliminate the unnecessary variable costs but due to this
decision fixed costs were higher than the predicted costs in every round. This decision could
have been made better if the financial concept of balance of payments was used (Cuervo‐
Cazurra, 2011); this decision impacted internal stakeholder group of employees as their wages
are also a part of fixed costs. If this concept was considered then it would be known that
eliminating one expense will result in increment of another expense. Second decision was to
eliminate the excess of inventory but due to this, excess of inventory in every year (round) was
0. This 0 inventory at the end of every year also presents the lack of material. This decision
could also been made better if the inventory control strategies of FIFO and LIFO were used
(Haddock-Millar and Rigby, 2015). By using FIFO method, first purchased units would have
been used first and if any excess would have been result then it could be waved off easily (De
Jonge, 2011). This decision impacted the external stakeholder group of suppliers.
The third and fourth decisions were to maintain adequate cash balance and fixating the
pricing strategy. This decision resulted into high liquidity of the company but also stresses the
financial position of this company. If the concept of solvency was used along with liquidity then
this decision would have been made better (Harrison, 2013).
Operations
Buckisthan Auto is a European car manufacturing company and manufacturing car
models are the operations of this company. There are total of four important operational
decisions which were taken by the company which could have been taken more effectively if
material concepts were considered. The first out of these decisions is to use JIT as an
operational management strategy in order to minimise the set up costs. This decision could
have been better if the concept of TQM was considered as by considering this strategy the set
up costs would have been lower along with acquiring quality products (Ivanov, Tsipoulanidis and
Schönberger, 2017). This decision has impacted the internal stakeholder group of board of
director as their developed strategies will be questioned by shareholders.
Another decision made against operational functions of this company is to prioritising
quantity over quality. The car models of this company have various features but some of these
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features may lack in quality. This decision would have been made better if concept of quality
management was considered while making this decision (Krajewski, Ritzman and Malhotra,
2013). The third decision made by this company was to launch their third model car in round 2.
This decision resulted in higher labour costs, this decision could have been made better if the
concept of process management was considered. By considering this concept, the third model
car could have been launched after few years as by then company would have gain viable
experience and brand image in market.
The last and fourth decision made for operations of this company was to prioritising the
model 2 car the most. This decision could have been better if the concept of lean production
was considered (Larson and Gray, 2013). Due to prioritising the 2nd model car, the sales of other
two models was low, in future this can even result in low sales of entire organisation. This
decision has impacted the external stakeholder group of investors.
Marketing
Marketing is an activity that focuses over presenting the goods and services prospective
organization into the market in the most efficient way to provide information to the targeted
audience about the offerings of the organization which are established according to the needs
and preferences of people. Marketing is became a very important and essential function of a
company as it includes activities related to buying, selling, transportation, storage,
standardization and grading financial risk along with circulating marketing market information.
Buckisthan Auto was initially dealing in manufacturing auto but which changing market condition
and decreasing demand of auto rickshaw now the company showcase is over developing
quality car according to the demand of the market (Lasserre, 2017). The marketing activity is
very important for organization in order to develop awareness in the public about their new
offerings. Buckisthan is initially focusing and introduce into models to their respective customers
that are a compact City cars and a medium size car. Marketing strategy is developed with to
appropriate models that is the STP model and the marketing mix model. The in segment and
targeted audience of Buckisthan for there to car models are youngsters who have recently
started their careers and not have enough cash to invest in cars and water luxury motor vehicle.
The first model that is s hundred is perfectly suitable for individuals under the age of 25 as they
are just beginning their careers. The second model is focusing and targeting towards individuals
is grouping belonging to 25 to 40 years as majority of these people are settled in their lives and
have family.
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Both models which are being produced are develop the strategy of cost leadership as company
already delivered the high quality auto with competitive price to every customers therefore this is
a very potential and suitable strategy (Marchewka, 2016). Long it now the company have
adopted more competitive approach for which it is planning to become a cost leader along with
focusing on differentiation. Therefore both the target units that is youngsters and average
individuals belonging to the age group of 25 to 40 are belonging to middle class and upper
middle class of the society.
The marketing mix tool it is also used by the marketing function of Buckisthan where the
individuals are focusing over 4 P's of marketing that is Product, Price, Place and Promotion. The
products which are being offered by the company are differentiated the organization is focusing
over providing the most innovative technologies to the consumers in lower prices and
environmental friendly as well (Neuberg and Schaller, 2016). On the other hand the products
are developed with the reputation of company of providing high-quality offerings to all the
customers who are potential enough to buy the products. The pricing strategy is already been
highlighted as the management is planning to enter the market with their new offerings as a cost
leader maintaining their old age and planning to lead the market leaving their competitors
behind by turning the competitive edge of a cost leader. Buckisthan is very efficient company
which was earlier delivering there auto rickshaws in European market and in United Kingdom.
This time also the company and the management is planning to initially introduced their new
offerings in the similar marketplace. The most important reason behind it is the company have
an existing goodwill and knowledge of the market therefore its distribution channel is currently
concentrating towards the European and the United Kingdom’s market rather than moving
International. The last but not the least marketing mix element is of promotion of the goods and
services which are being offered by the entity (Ojiako, Ashleigh, Chipulu and Maguire, 2011).
Buckisthan concentrating a lot towards promotional strategies as the entity always believed in
keeping their emotions high for attracting larger number of targeted audience. For the new car
models also it is investing around 106 million with the help of digital media and few other
promotional channels. in digital media the organization is focusing towards promoting its new
products by television radio and some social media platforms. True televisions the company got
high results for s100 model but result for m100 (Portny, 2017). Radio promotions and
advertisements not that much effective as nowadays nobody actually listens to the radio and
therefore it was not effective. Third proportional tool was digital media and social media which
provided very efficient and potential results for both the models as social media digital tools are
very important in day to day lives of people and they are actively make use of such platforms. It
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is considered as the most important marketing tool in current marketing scenario and
organizations invest huge money in such marketing platforms. Other general marketing and
promotional platforms are also used such as promotional offers very effective unattractive for
the and they received a better results because currently do not have high number of liquid cash
which attractive than more the words promotion offers rather than the people belonging to the
age group of 25 to 40 as they are settled and family people holding in a funny to invest in a
good car.
Human resources
The Human resource Department as its name refers responsible for the workforce and
maintaining the needs and requirement of employees in the company. Human resource
Department of an organization works in several different areas holding numerous responsibility
related with the employees existing in the company and you employees being recruited (Reid
and Sanders, 2015). The Human resource Department has some important functions which
starts with planning for the workforce, recruiting and selecting people according to the needs of
the organization, maintaining the human resource and keeping them motivated in satisfied along
with providing them appropriate training and development sessions according to the changing
scenario and updating market. Buckisthan is still dealing in automobile sector but the goods and
the product offering is now completely changed which has evolved the product portfolio of the
entity. Earlier company used to manufacture auto for the targeted audience but now the
organization is dealing in car industry bi manufacturing cost and highly technological cars for the
consumers. Buckisthan plants do almost increase their workforce by 3200 employees as the
organization was willing to produce 181000 units of cars. The productivity and the production is
directly linked with the number of employees in the organization and therefore the workers
which are being appointed are selected by 40% for s100 model and 60% for m100 model cars.
Buckisthan is providing an appropriate salary to employees according to the industries 8 but the
increasing price rate is leading to negative impact on company and therefore the retention ratio
is decreasing on a very fast pace. the training and development cost is also being waste as the
employees are no longer stitching in the organization and leaving for other opportunities
(Schwalbe, 2015).
As the responsibility of Human resource Department is to bring in the most efficient and skill
staff for the company according to its need and keeping the motivated and satisfied enough to
retain them for the longer period of time. The Human resource Department of Buckisthan is still
focusing towards providing them appropriate trainings and id3 trainings will be taking place in
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the first week of May for the employees who win qualified for working with company and are
also willing to work with the company (Seuring, 2013). These employees are divided trainings
according to their retention structure and there will. Those employees who do not qualify with
the company for staying and working in it and who are also not willing to work with the entity are
not allowed and need to attend the training sessions. These training sessions which are being
provided to the Employees will be conducted frequently to make sure and enable the
development of employees in their respective fields (Slack, 2015). The development of
workforce is linked with their skills and their performances as the better skills the game the
better performance they will provide and the best better results will be achieved by Buckisthan.
The high performance standards of work force and their collaborative efforts will automatically
provide better results to the company increasing their productivity levels and enhancing their
efficiency. The more resources will be used in the most efficient way without any wastage as the
organization is operating according to the total quality measurement operation approach and the
effectiveness of individuals and respective teams in the company will also be aligned with the
productivity e and the higher profit being attained by the organisation (Wetherly, 2014).
CONCLUSION
The objectives of this company are effectively acquired to an extend by their operations.
The reasons behind the successful attainment of this aim are the strategies and approaches
used by this company. The company has acquired its aim of achieving high quality product
producer by using JIT operational management strategy. The aim of market share is also
successfully achieved by following competitive market strategy.
TEAM PERFORMANCE
This is a Reflection on microphones in the team according to my job role and the overall
performance of my team in the seminar. The particular business game seminar is focused
towards dividing the students into two smaller groups where each team is responsible for
developing two car models and seldom in the market by adopting appropriate strategies and
focusing towards four main operational functions data Finance, marketing, human resource and
operations management. In the team we were six students who are working together for
developing two car models for the organization named Buckisthan. The organization used to
deal in manufacturing auto for European and United Kingdom market but now with the changing
market condition and decreasing use of auto rickshaws the company is developing new cars for
the targeted customer base. During the whole business simulation game me and my team was
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divided into 6 respectively individuals working zones. Every one of us was working with our
respective expertise in the respective area. First conducted the research for the project there we
develop a business plan in that businessman we all were included together as a team and was
working while collecting the information from the secondary sources for collecting information
about the car industry in the respective market and other specific segments of a company. We
all working together as a team with the motive of making our business plan and power
presentation in the seminar the most effective and efficient from others with focusing towards
are motive of selling the cars to the targeted audience and increasing the shareholder value of
the company. There are four different segments for which we have to focused about and in
which we needed to enhance our knowledge. These four segments were marketing, human
resource, finance and operations management. All of our team members were responsible for
respective operation and at the end we all compiled are information and work together for
providing an appropriate project.
I was responsible for working in the marketing direction and for the marketing function of
Buckisthan new car models. I myself voluntarily opted for marketing segment of the project
because of two specific reasons that were I am very interested in learning more and more about
marketing segment of business operations and also that I have appropriate knowledge and
expertise in the respective field because of my past learning and experience. Marketing is one
specific segment in which I want to work and there I need to enhance my career opportunities
and therefore I made a decision to work in the marketing sector of this project for Buckisthan
Company. In marketing there are several different roles and responsibilities which the marketing
department of a company is responsible. The most important is of conducting market research
and accordingly make promotional plans for the organization for enhancing the awareness in
the targeted audience about its products and for improving the brand image of the entity. I have
learnt that marketing plays a very important role in a company and for their respective targeted
audience. as the current scenario and trends of social environment states that marketing of a
product has a great and sources on the mind-sets of individuals who are being targeted by the
respective company for their respective offerings. As I was working in developing effective
Marketing strategy for the two car models of Buckisthan that is s100 and m100. I made use of
STP and marketing mix strategy focusing towards an appropriate marketing plan. With the help
of STP that stands for segmentation, targeting and positioning I was divided the market into
smaller groups as we did with our team and then choosing an appropriate target group for the
organization that is of people belonging to the age group of 25 to 40 and the youngsters who
have recently put their steps in their career. Therefore the two targeting group work youngsters
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and people belonging to 25 to 40 age group. This target group was selected with the help of
segmenting the market into smaller groups and identifying their needs matching them with the
offerings of the organisation. The positioning strategy which i used for the form is of cost
leadership and differentiation as these are the two competitive strategies that are being adopted
by the song for stepping into the market with their new offerings. The second marketing which is
most commonly used by all organizations running in the marketplace is of marketing mix. In this
the four P’s are focused over for developing effective marketing plan and implementing them in
the best appropriate way. From this project I have learnt a lot about the market and about the
team work as well. As I need to enhance my knowledge in the marketing segment I have
performed a lot of research for completing my activities and responsible role in the team that
was actually contributing towards the end goal of our team for making the project the most
efficient. Along with it with the team work we was successful in developing a most efficient
business plan for our company in order to make them enter the market with their new products
and to market them in the best manners along with increasing the shareholders’ value.
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REFERENCES
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Ivanov, D., Tsipoulanidis, A. and Schönberger, J., 2017. Global supply chain and operations
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