7ME524: Strategic Analysis of a Sustainable and Ethical Business Plan

This report presents a comprehensive strategic analysis, business plan, and marketing plan for Triacta Nigeria Limited, a construction and engineering company. It begins with an executive summary and company overview, detailing Triacta's services, goals, and industry position. The report analy...Read More

7ME524CONTINUING PROFESSIONAL DEVELOPMENT AND
STRATEGIC MANAGEMENT
ASSESSMENT: STRATEGIC ANALYSIS OF A SUSTAINABLE AND
ETHICAL BUSINESS INCLUDING BUSINESS PLAN AND
MARKETING PLAN
DATE: 29-07-2022
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CW 2a: STRATEGIC ANALYSIS OF A SUSTAINABLE AND
ETHICAL BUSINESS INCLUDING BUSINESS PLAN AND
MARKETING PLAN
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Executive Summary
In today’s environment, an entrepreneur’s most crucial and important business
document is his business plan (Eugene Kleiner, 2003). In this report a business
and marketing plan of Triacta Nigeria Limited Company is discussed. The
Company is majorly a service provider through the construction of roads, bridges,
culverts and drainages. It has developed through the use of proper strategies and
business plan under a highly experienced management hoping to outgrow itself
and become a leader in the construction industry in Nigeria. Employers are
professionally trained to create a perfect team to achieve the company’s goals
and objectives. The company is required to analyse their internal and external
business environment so that they will analyse their opportunities to grow well
and threats to defend (McKenzie and Sansone, 2019).
Company Overview
Triacta Nigeria Limited is an engineering and construction Company in Nigeria
incorporated on 8th February, 1988 and established in Kano State in the Northern
part of the Country. It has up to 12 operating sites in 9 different states. The
Company is a service providing organization that constructs and rehabilitates road
networks, construction of bridges, culverts and drainages providing runway and
adequate channelization of water runoff.
It is a Limited Liability Company that has executed more than 100 road projects
awarded by both Federal and State Ministry of Works, as well as erosion control
projects sponsored by World Bank initiative, NEWMAP.
Goals: Is to provide high performing services such as roads at best quality within
the stated period and at an affordable cost. Eradicate and minimize any possible
damage that might be caused by runoff in communities.
The company gets her income mainly from offering construction and rehabilitation
services and manufacture and sales of raw construction materials like aggregates,
stone dust and asphalt (Ferreras-Garcia, Hernández-Lara and Serradell-López, 2019).
Industry Analysis
The company has grown and became one of the renowned engineering and
construction company in the Northern Nigeria. In the future years, the
organization will expand to other region of the country and internationally. It is
focused on improving sustainable construction methods and the use of
technologies (Jukova and et. al., 2019). Team work, ambition, and energy of the
people in the organization has contributed to the success and growth of the
company.
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According to the Yilmaz and Bakis (2015) a report which is called Brudland report
defined the concept of sustainability in the year 1989. It further explained the
construction of Eco-friendly buildings for the betterment of society. Here, it
describe that the resources in this industry get wasted at huge quantity due to
main operations. Hence, the construction companies are required to make
concern for this issues and protect the natural resources as per the requirement.
Smart buildings are one of the main example of sustainability within construction
industry (Yilmaz and Bakis, 2015). These buildings are greener than normal
buildings and have control and automation systems. For such buildings the
stakeholders, engineers and many other parties are required to work together.
This industry is required to invest high in their Research and Development
Department (R&D) to analyze what all activities will help them to grow well with
effective sustainability procedure.
As per the perspective of Zabihi, Habib and Mirsaeedie (2012) a concept of green
building sustainability model will help to mainatin sustainability within
construction industry. Here, buildings are made greener than normal buildings.
The roof top is greener and there are various kinds of pots and plants placed
within the building (Zabihi, Habib and Mirsaeedie, 2012). Social environment and
social community is not supposed to disturb with any construction activity. Hence,
in case of constructing any building if the company is asking a group of people to
shift their houses from specific location then they have to arrange a good location
for the people who shifted their house. All facilities should be given to them.
Customer Analysis
Target customers are the Federal ministry of works and housing under the Federal
Government, State Ministry of Works under the State Government, Private and
non-governmental Organizations, as well as the general public.
The company is easily accessible by all the target customers. It fulfils the
requirement of the customers by delivering quality and reliable projects on time
and at a reasonable cost. Products sold are of high value. Customers are served
with high esteem as expected.
There is a framework for analyzing customers which is called STP analysis and it is
further explained below-
Segmentation- This is the process of dividing huge market into smaller sub
sections to analyze which segment will be target for future profit (You and Wu,
2019). In context of Triacta Nigeria Limited Company, they must segment their
market for federal government, state government, general public and private and
non-governmental organization.
Targeting- This is the process of selecting one or more segmented groups out of
various alternatives of segmentation (de Carvalho and da Silva, 2020). Here,
company is required to choose those segmented groups only which will help them
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to earn more profit and reputation for their future growth. Triacta Nigeria Limited
Company will target federal government and general public and private and non-
governmental organization as their main customers. They will help them to give
orders for more construction within the nation. The company will also target those
customers specially who prefer sustainable building.
Positioning- This is the process of promoting the business and maintaining high
position within the industry to gain competitive advantage (Utami, Karim and Latief,
2021). Here, the Triacta Nigeria Limited Company is required to maintain the
quality of their projects so that the government will give them more orders of
different sites to develop for better infrastructure of their nation. In context of
global expansion, they are required to maintain good relationship with their
suppliers and governments of different nations. The company is required to bring
new and innovative ideas of sustainability in their construction activities. They
must use those taps in their buildings which have sensors to flow water. Sensors
in lightening where the lights will automatically switch off if there is no one in the
room. Rain water harvesting system should be used by the construction company
for the buildings and other sites which they manufacture.
Strategic Analysis
Strengths, weaknesses, opportunities and threats are identified and managed
accordingly to improve the productivity of the company. SWOT analysis of Triacta
Nigeria Limited Company is mentioned below-
Strengths-
Dynamic in nature- This is one of the common
strength of most of the companies in this industry
where they work upon different kinds of projects
like housing, bridges, malls and many others.
Weaknesses-
Over budgeted projects – This is the main
weakness of the company where sometimes they
have to spend more cost as they decided. Finance is
one of the most essential part of construction
companies. Over expenditure will ruin their brand
image.
Opportunities-
separate staff for new projects- The company is
required to give opportunity to their new staff to
manage small projects. This will help them to train
well and enhance their skills and knowledge.
Threats-
COVID pandemic- This is the biggest obstacle of
construction companies because due to
government restrictions the company is unable to
make new projects.
Competitive Analysis
Companies that involve in construction have been established in Nigeria where
Triacta Nigeria Limited is located. Some construction companies are years older
than Triacta Nigeria Limited others less. They have also like Triacta Nigeria
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Limited provided products and services. Nevertheless, their costing and pricing of
projects are mostly higher than that of Triacta Nigeria Limited.
Triacta Nigeria Limited is better at delivering exceptional services, making
reasonable road proposals and carrying out turnkey projects. Porter's five forces
are used to analyze the existing industry of the chosen company. The elements of
this framework is discussed below-
Threat of new entrants- This will help to analyze the obstacles and issues which
can be faced by existing companies in case any new company enters within their
industry (Napitupulu, 2022). In context of Triacta Nigeria Limited Company, they are
having high brand image within their industry and they are also having high
marketing share. The company is required to expand their operations at
worldwide level and create high brand reputation. This industry is having high
competition and new entered companies may impact the existing company with
their effective strategies.
Threat of substitute products- Substitute products are those products which
are used in place of each other due to their common characteristics. In context of
Triacta Nigeria Limited Company, they are having various other companies within
their industry who can offer similar kinds of services for development of roads,
bridges and drainage. Hence, they need to make themselves unique and different
from others and this can only be done after adopting effective sustainable
strategies within the company. They must use those tools and machines at their
construction sites which will not produce carbon emissions within the
environment. They are also required to plant more and more trees near their
construction sites.
Bargaining power of suppliers- Suppliers are one of the most important aspect
of a business (Bazanov, 2019). Triacta Nigeria Limited Company is required to
maintain good relationship with their suppliers so that they can supply high
quality of raw material for construction. Triacta Nigeria Limited Company is
required to backup few of the suppliers for urgency so that in case their main
supplier refuse to offer their raw material to the company due to any reason then
they will quickly switch to other suppliers. This will not impact negative upon their
operational activities.
Bargaining power of customers- Customers are main reason for which a
company can grow higher (Soewin and Chinda, 2020). The main aim of every
company is to satisfy their targeted customers. Hence, Triacta Nigeria Limited
Company is required to analyze the needs and wants of their customers from their
construction work and try their best to fulfill all needs and wants effectively for
effective growth of the company.
Rivalry among existing competitors- construction industry is one of the
highest competitive industry at global level. Power Construction Corp, Skanska
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AB, Strabag and many others are well popular companies in this industry. Triacta
Nigeria Limited Company are required to analyze the strategies of their
competitors and need to make those strategies which will help them to defend the
competitive actions of their competitors. It is for sure that natural environment
get damaged due to construction. Hence, the company cam make them self
unique from their competitors by sustaining their existing environment and save
their natural resources. The mentioned company mainly construct roads and if
they construct greener roads then this will become sustainable activity for them.
Marketing Plan
Pricing of Road, bridge, culvert and drainage is determined based on the scope of
each item. Also price of each job will be determined by variation in prices of
materials purchased for the job.
Sign posts are set up for an ongoing or completed project as a means of
advertising to communicate the company’s services.
7 Ps of marketing mix will be used to analyze the strategy of Triacta Nigeria
Limited Company and the elements of this framework is explained below-
Product- This element will define the main characteristics of goods and services
offered by company (Olofsson and Stenberg, 2018). They are required to build
dynamic projects like houses, malls, bridges and many others projects to cover
larger segment of customers. They must use high quality of raw material within
their construction activities so that the project will accomplish with the main aim
of high customer satisfaction. Triacta Nigeria Limited Company are also using
various sustainable activities like using high quality of tools and machines which
will avoid carbon emission production. They also focus to build green projects.
Price- It consist of monetary value of product offered by company. In context of
Triacta Nigeria Limited Company, they are suggested to keep their prices low as
compared to their competitors so that government and general public will choose
their services over their competitors. They can minimize cost by effective waste
management activities. They must utilize their raw material in appropriate
manner.
Place- It consist of the location where their customers will reach to them for their
services. They are required to develop their website and make sure that their
customers will use the website easily to order their services.
Promotion- This will help to aware their targeted audience about their products
and services (Pinchuk and Chuvashova, 2020). They are required to use Public
Relation technique of promotion for their business. They must maintain good
relations with general public to promote their business.
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Process- They are required to order their raw material from that supplier which is
having high reputation within the industry and must focus to utilize their available
resources appropriately.
People- It is essential for them to satisfy the people who are directly involved
within their business. They are required to train their employees well by giving
them opportunity to work for new projects. They are also required to offer quality
projects to their customers so that they will get satisfied from their services of
construction. Secondly, they are also required to make sure that their
stakeholders will gain high returns of their investment within the project for their
satisfaction.
Physical evidence- It consist of evidence and proof that the company truly exist.
In context of Triacta Nigeria Limited Company, they are required to use a logo for
their company and projects which they make for their customers.
Operations Plan
For every stage of road construction, be it filling, subbase, base course or asphalt,
a daily target of not less 100m length is set to be achieved. This is same for
drainage constructions. Each element of bridge and culvert is constructed in a
couple of days depending on the magnitude of the structure.
Management Team
The Company has a management team of well experienced personnel with high
leadership skills. It is essential for them to train their existing employees well so
that they will manage their all projects appropriately (Anokhov, 2019). One of the
basic requirement of customers in construction industry is that they need to get
project completed within the limited time period. Most of the companies in this
industry take longer time as decided to complete their projects. Hence, the Triacta
Nigeria Limited Company is required to train their management team in such a
way which will help the company to make sure that the projects will be completed
within limited period of time. The management team of the chosen construction
company is required to make sure that their employees will construct the sites as
per the plan. The management is required to aware their employees about the
sustainable needs of customers and society from their projects.
Financial Plan
Revenue is generated depending on the number and size of project executed as
well as from selling of aggregates and stone dust. In the first 5 years, a profit
margin of 50% has been reached according to the profit and loss statement.
Balance sheet and cash flow statement is produced and checked quarterly for any
leakages.
Investors are expected to cash out depending on their percentage of investment
and size and number of projects executed.
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The financial statements of the company is mentioned below-
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CW 2a: INDIVIDUAL REFLECTIVE ACCOUNT ON THE GROUP
ACTIVITIES
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REFLECTION ON GROUP WORK.
While working on CW 1 I have learn various skills and knowledge about
construction industry and sustainability. I get to know that sustainability consist of
those activities and strategies which are adopted by companies to protect their
environment and the interest of social community. I have learned that
construction companies can damage environment for accomplishing their task of
project completion. They can perform various sustainability activities like using
those tools and machines which will produce no carbon emissions, they will not
supposed to release chemicals in water bodies, they must try to make greener
projects. Greener projects are those projects which are made through
sustainability activities. Practically, I have learned that what are the basic roles
and responsibilities of an project manager within the construction companies. This
will help me to develop my future for maintaining my effective professional life. I
am looking my career within the same industry and hence, this project will help
me to gain the knowledge about this industry and how the companies work.
I have also learned various kinds of skills while performing this module. For
example, I have learned communication skill by communicating with various
people related to this industry to collect information for this module.
Communication skill is one of the most important skill for an individual to develop
their personal and professional career. Time management skill is also another
important skill which I get to enhance during this module. I have divided various
tasks of this project and analyze which task is need to complete first and then I
compile whole tasks together. I submit the project on time and perform all task on
time. Time management skill essential for me to learn effectively. The best skill
which I get to learn through this module is team management skill. I have worked
with a small team of peers and divide task according to their available skills and
expertise. For example, if someone is having high ICT skill then I make sure that
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the tasks related to computer and programming will be given to that individual. I
make sure that all group members will communicate openly wit each other to
clear their mission and vision to complete the module. Problem solving skill is
another important skill for an individual to enhance their personal and
professional career. I have faced various kinds of issues and problems while
completing the module. For example, one of the biggest issue which I faced is
related to evaluation and sorting of collected information. I have collected a lot of
information and through that they all are important for my project but I need to
evaluate them and use most reliable and relevant information within the project.
Hence, I communicate with my teacher and she suggested me to analyze the pros
and cons of information which I choose to consider and I must include those
information which are having more pros to help my project to get completed on
time. I have also learned that the project should be made with reliable and
relevant data only. Leadership skill is also get to learned by me due to this module
because I have managed a team of few people to complete this module on time.
While completing this module, I get to know about my own strengths and
weakness.
My strengths are my communication skill, team management skill, time
management team and m,any others. On the other hand my weaknesses are
problem solving skill and ICT skill and I must try harder to improve these skills well
for my better future. Problem solving skill can be enhanced by reading various
kinds of case studies and try to solve the questions of those case studies
effectively and get it checked by teacher on daily basis. The case studies must be
related to corporate sector and must contain a problem. I need to provide
effective solution of the problem which is given in the case study. This activity will
help me to analyze different situations within the corporate sector and also help
me to analyze various alternatives of solutions of different issues. I need 6-8
months to learn this skill. On the other hand, for ICT skill I must required to adopt
coaching method to learn basic concepts of computer and it's programming so
that in case of minor IT issues I will con contact to any other. I need 1 year time
duration to learn this skill effectively.
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Various other issues are faced by me and my group members while
performing this module. Each group members are having different mind sets and
different point of views and hence, most of the time we all argue with each other
upon a specific decision. Hence, this issues is also get minimize by recording all
ideas from group members and choose that decision which will help the project in
best way to get completed on time. I also make sure that each group member will
analyze their roles and responsibilities for accomplishing the module.
Feedback played a important role within enhancing my skills and my group
member's performance. I have adopted a strategy that we will communicate with
our teacher on regular basis and discuss about the performance of the given
assignment so that she will provide us feedback that where we are doing
something wrong to make our assignment complete on time. With the help of
formative feedback from our teacher we all get to know our strengths and
weaknesses.
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