Business Strategy and Analysis for WRSX Advertising Agency

This report provides a comprehensive business strategy analysis of WRSX, a global marketing and advertising agency. It begins with an executive summary and then delves into a detailed strategic assessment of the firm's internal environment, identifying strengths such as creativity and financial soundness, and weaknesses like lack of strategic focus and negative market reputation. The report also examines the external environment using tools like Five Forces and PESTLE analysis, highlighting opportunities in emerging markets and digital technologies, while also addressing threats such as increasing competition and underperforming shares. A value chain analysis assesses firm infrastructure, human resource management, technology development, procurement, inbound/outbound logistics, sales & marketing, and service. The report concludes with strategic recommendations based on the internal and external analysis, aiming to improve the company's market position and client satisfaction.

Business strategy and analysis
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BUSINESS STRATEGY
Contents
Executive Summary.........................................................................................................................2
Strategic Assessment of the firm (Internal Environment)...............................................................2
Strategic Assessment of the firm (External Environment)..............................................................6
Managerial evaluation of the growth opportunities.........................................................................8
Conclusion.....................................................................................................................................12
References......................................................................................................................................14
Appendix........................................................................................................................................18
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BUSINESS STRATEGY
Executive Summary
WRSX is a global marketing and advertising agency which was established 15 years ago as a
result of merger of three agencies, namely a long established London based advertising agency
WWMV and new partner agencies in New York and Paris. WRSX offers its clients a wide
variety of services and it takes pride for being a “one-stop shop” of the various marketing and
advertising needs of the clients by offering services such as consumer advertising, media
services, public relations, film production, web design, photography, direct marketing,
relationship management, digital media, mail handling, branding and identity consultancy,
lobbying consultancy, consumer research, audio and video production, new media, exhibition
and conferences, outdoor media and sports programs. Though the company offers a wide range
of services to their clients, but they perform below the industry standard in terms of PBIT margin
and Return on Capital Employed. The main aim of the company is to help their clients to be
successful by differentiating and enhancing their brands by developing advertising using a
variety of marketing related activities and therefore they are considering various strategic choices
and tits implications in order to develop the condition of the company and to satisfy the client
requirements. The current report focuses on analysing the internal and external business
environment of the company and recommending the most ideal option regarding the strategic
choices made by the company.
Strategic Assessment of the firm (Internal Environment)
The strategic assessment of the internal environment of WRSX is as follows:
Internal Analysis
Strengths:
 According to Smulyan (2016) the main strength of the company lies in the creativity and
innovation of the services offered by the company to their clients.
 The other strength of the company includes availability of a wide variety of advertising
and marketing communication services for supporting global clients.
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BUSINESS STRATEGY
 As stated by Sun (2014) the other strength of the company is that it is financially sound in
nature which is evident from the fact that all the financial ratios of the company such as
PBIT, staff cost ratio, Return on Capital, financial gearing and current ratio are positive
in nature.
 The other strength of the company lies in the fact that it is a communication company
which is driven by customer expectations and which is developed around highly
specialised business units.
 The other strength of the company includes a strong capability of market research and an
effective understanding of the various market channels and market segments.
Weaknesses:
 The main weakness of the company is the lack of strategic focus and strategic drift of the
company as a result of weak organizational structure.
 The other weakness of the company is lack of previously described code of governance
as the issue of corporate governance is being handled at the local level.
 As stated by Newstex (2014) the other weakness of the company can be considered as the
negative reputation of the company in the market as a result of bribery which led to the
termination of the top executives of the company.
 The other weakness of the company can be loss of a big account in New Work which has
created a bad reputation in the market for the company.
 The other weakness of the company is lack of strategic leadership in the company.
 The other weakness of the company is the absence of entrepreneurial capability and
management of organic growth of the company.
 The other weakness of the company is management of operational market and business
risk.
External analysis
Opportunities
 The main opportunity for WRSX is to explore opportunities in the region of Asia,
Middle East and Africa.
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BUSINESS STRATEGY
 As stated by Newstex (2014) the other opportunity for the company is to seek growth
in digital technologies which will provide a host of opportunities for the company
considering the fragment of media landscape of considering the evolution of customer
habits.
 The other opportunity for the company is to diversify in to brand identity and digital
media.
Threats
 The main threat of WRSX is the ever increasing competition in the marketing and
advertising agency sector both at domestic and global level.
 The other threat of the company lies in the underperformance of the shares of the
company in the advertising sector.
 PR Newswire (2019) the other threat of the company is the performance of the company
below the industry average regarding information management and also regarding the
ability of the company to lead and manage change in the company and also due to the
inability of the company in retaining top management and attracting new talents.
 The other threat of the company lies in the fact that it is not completely a global player
and it does not fall among the top 20 brands in the market.
 The other threat of the company is the constantly decreasing goodwill of the company as
a result of corruption scandal.
 The other threat of the company is that it is not among the top four specialist provider of
services.
 The other threat of the company is the loss of existing clients of the company and failure
to attract new clients towards the company.
Value Chain Analysis
The value chain analysis of WRSX is as follows:
Firm Infrastructure- As opined by Toshimitsu (2017) the infrastructure of the company is
accompanied by weak management and lack of leadership capabilities which is far behind the
competitors.
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Human Resource Management- The Human Resource Management framework of the company
can be termed as less effective regarding change management and it its capability to retain and
attract productive and effective quality human resource personnel in various key positions in the
company.
Technology Development- The technology development framework of the company can be
termed as moderately strong in contexts of adoption of new technology and implementation
concept in the digital media in the US market.
Procurement- The Procurement procedure of the company can be stated as below average in
nature as a relation of bad relation with the suppliers of the company which provides advantage
to the competitors of the company.
Inbound logistics- PR Newswire (2018) the company makes ineffective use of the group buying
power in order to buy media for purchasing advertising space and other media for their clients.
The other component of inbound logistics for the company is supplier relationship.
Operations- The company is below industry average in context of management of information
and operations.
Outbound logistics- The components of the outbound logistics of WRSX are media planning,
media packaging, branding and public relations.
Sales and Marketing- The sales and marketing component of the company creates excellent
results for the company as a result of advanced technological development.
Service- According to Guseynova (2019) as a result of having a sound understanding regarding
market research, the client attraction and retention rate of the company is above the industry
average but although currently there are high chances of decline in this segment as a result of
result scandals which have come up against the company.
Based on the analysis of the internal environment of the company, the critical success factor of
the company in the form of having a good track record of preparing innovative and creative
works for their clients and also because it has a very god market research unit and therefore the
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BUSINESS STRATEGY
decision of the company regarding opportunities in China and digital media advertising is fully
justified considered the strengths and capabilities of the company.
Strategic Assessment of the firm (External Environment)
There are various analytical tools which can be used for the strategic assessment of the external
environment of WRSX such as Five Forces analysis and PESTLE analysis.
The five forces analysis of WRSX is as follows:
Competitive rivalry- The competitive rivalry is high for WRSX as a result of explosion of
advertising agency market. PR Newswire (2017) The company faces competition from various
local as well as global advertising and marketing agencies which offers a wide range of services
to their clients. Several large multinational advertising agencies such as AdForum, Havas,
Publicis, Jacob Tyler, Citizen Group etc. owns hundreds agencies in multiple countries and offer
their client with a wide range of services. Famous corporate reputation and high quality of
services of the above mentioned companies has strong influences in the global market and as a
result the level of competition in the marketing and advertising agency industry is quite strong
for WRSX.
Bargaining power of suppliers- As stated by Crawford (2018) the bargaining power of suppliers
in case of WRSX is strong in the market. According to the Non-Financial performance Measure,
WRSX scores comparatively low than other companies regarding the measure of the
management regarding procurement and supplier which is much below the average point. The
main rationale regarding the reason WRSX, performs badly is because the company manages
production buying process in an incorrect manner and it also fails to develop and utilizes a good
relation with their suppliers which implies that the company do not have enough ability to
influence its suppliers.
Bargaining power of customers- In case of WRSX, the bargaining power of the customers is
considered to be weak. As stated by Just and Pope (2016) though there are various strong
competing companies who enjoy a greater share of the market but however the advertising and
the media demand is still very enough for the global market. In context of the present market it
can be stated that the power of purchase and total market volume is very huge. Therefore in case
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of greater demand than supply, the bargaining power of the customers for WRSX is relatively
weak. Simultaneously WRSX is a globally renowned advertising company which has large
number of businesses, a long corporate history and a high visibility in the market which helps the
company to retail loyal customers and attract new customers.
Threat of Substitution- The threat of substitute products and services is relatively moderate for
WRSX. The company is big enough for negotiating prices down than an individual client can. In
this context it can be stated that WRSX have a special department in their organization termed as
Creative Service Production Department which specializes with contracting with major media
companies all over the world. According to Lin and Krishnamurthy (2017) the company
outsources the work of this particular department to other media companies which helps in
reducing the costs associated with the company. On the other hand the increasing popularity
regarding the opportunities in digital marketing poses a considerable amount of threat to the
company.
Threat of new entrants- The threat of new entrants is moderate for WRSX. As the global
economic situation gradually improved after the economic crisis, the marketing and advertising
industry had also restored new vitality globally. As stated in PR Newswire (2014) at the current
situation, it is beneficial for the new entrants to join the market, though however influential
reputation and access to customer confidence is very essential for surviving in the industry. As
WRSX has reached a maturity stage in the market, the threat of new entrants is relatively weak
for the company in the market. But however due to innovation and technological advances, the
new entrants can also successfully establish themselves quickly in the market and gain
competitive advantage in the market such as by development of the digital media market.
The PESTLE analysis of WRSX is as follows:
Political- Though the company is based in economies which are highly developed in nature,
there are various key risks which are related as a result of effects of the global, national, regional,
economic and political conditions which results in in legal and regulatory environment chnges
related to marketing and advertising companies such as WRSX around the world.
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Economic- One of the main economic factor which impacts WRSX is fluctuations in economic
growth and currency exchange rates. The other economic factor which impact WRSX is the low
rate of interest in US and the Eurozone countries and the high rate of interest in UK.
Socio-cultural- As stated by (Elin a2018; OECD 2019) the main socio-cultural factor which
impacts WRSX is the promotion of corporate social responsibility policies by investing in
medication and other social projects. The other socio-cultural factor which impacts the company
is investment in reduction of carbon foot prints of the businesses. The other socio-cultural factor
which impacts the company is adoption of policies for maintaining work-life balance and doing
meaningful work.
Technological- The main technological factor which impacts WRSX is the advancement of
technology and digital media in the US market. The other technological factor which impacts the
company is adoption of internet based market research for reaching out to larger number of
target customers.
Environmental- The main environmental factor which impacts the company is development of
policies for reducing carbon foot-print of the company through various initiatives of the
company and to promote sustainability through the operations of the company.
Legal- The main legal factor which impacts the company is the introduction of various new laws
such as data protection law, employment law, anti-discrimination law etc. and regulatory policies
regarding the use and disposal of personal data
Based on the analysis of the external environment of WRSX, it can be stated that owing to high
level of competition in the market also due to increasing expectations of their clients for
capturing customers by using digital media advertising platforms. The other macro
environmental trend which has been observed are implementation of advanced technological
advancements for enhancing the quality of advertisements and shifting base to low cost
economies in order to offer the clients the lowest possible rates. Therefore the decision of
company regarding opportunities in China and digital media advertising can be considered as the
possible strategies based on the macro-environmental trends and external environment analysis.
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Managerial evaluation of the growth opportunities
Marketing Opportunity in China- WRSX aims to increase the profitability of the company and
therefore they have identified the Asian markets as it provides them with adequate opportunities
for growth and development. WRSX aims to have a market share in the Asian market as various
competitor companies operating in the marketing and advertising agency sector have already set
up their bases in the Asian Market. As stated in Newstex. (2014) in order to take full advantage
which is offered by China, the second largest market in the world, the company needs to act
strategically in context of internationalization. The company has recognized the opportunity in
the advertising and marketing market of China which has been accompanied by rapid growth but
the domestic marketing and advertising market of the country are still belonging to the
development stage. The foreign marketing and advertising agency firms have preferred the
Chinese market as the companies are currently in the mature stage in the market. As opined by
Demishkevich (2015) one of the other vital reasons for the company to seek marketing
opportunities provided by the Chinese market is that the company has major global clients which
trade in China and therefore the company needs to make their presence felt in China in order to
ensure that they do not lose those global clients. Considering the first mover advantage of the
competitors of the company, it is recommended for WRSX to pursue Option C of selecting a
Chinese strategic partner from those who have visited the offices of the company in Paris,
London, New York looking for strategic alliances and Frederick Victor Xao will take the
responsibility for China from the London office. The above stated option is the best suited option
for WRSX as the company is not familiar with the Chinese culture and the Chinese market. By
entering into a strategic alliance with any of the Chinese partner, WRSX will be able to remain
on par with their competitors in context of understanding the Chinese market, the Chinese
culture and the networks available in the Chinese market. As stated by Feng, Zhang, Hu and
Cheng (2018) the above stated option is also the best possible option for the company as Victor
Xao has an outstanding track record and therefore the higher management of the company can
easily trust him. According to Laghate (2018) instead of entering in to a joint venture with a
Chinese Company, it is far more effective for WRSX, to enter into a strategic partnership by
doing a network alliance with a Chinese company who fits perfectly in to the culture of WRSX
which will enable the company to not only gain familiarity with the Chinese market and reduce
any sort of cultural differences but will also ensure that the risks of the company are minimized
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when the company seeks to utilize the opportunities provided by the Chinese market. The above
stated option is the best option for the company as it involves the lowest possible financial risk
for the company, considering the position of the company in the global market.
As stated by Logan (2016) the decision to appoint a senior member from the higher management
staffs of the company from the London office to select and manage partnerships with an existent
agency of China who possesses an established brand and knowledge regarding the area and the
market is selected over the other available opinions as a result of the risk involved regarding
opting for a full force expansion in China for a minimum period of 3 years costing nearly £2
million and also due to the staffing limitations which are associated with sending some of the
best staffs of the company to China for creating a feel for the market and also of the
opportunities from a nearby central location. This option is the most suitable option for the
company in terms of opportunities in China as a result of the capabilities and competencies of the
company .
Opportunities in Digital Media Advertising- After witnessing the increasing amount of
advertisement money the clients are investing in digital advertising recently, WRSX should
decide to set their foot in a minimal way in context of digital advertising in order to gain first
mover advantage. As opined by Adebiyi and Bello (2018) the current generation customers are
savvier regarding information technology and pursuing digital platform is considered as the most
effective way of advertising. The market report and forecasts also indicates that biggest growth
in the advertising sector will be generated from digital media and therefore it has resulted into
loss of effectiveness of the mass media traditional advertising agencies. After gaining an
understanding of the potential which is offered by digital media, the company should consider a
move to make digital advertising as a strategic business unit of the company.
As stated by Petty (2015) the ideal decision which WRSX can pursue regarding opportunities in
digital media advertising is Option B in which the digital media value proposition of the
company should be to purchase digital media for their clients at the lowest possible price by
acheiving economies of scale through effective purchasing of media with a smaller number of
digital providers. This above mentioned option is considered as the most effective option for the
company considering the limited amount of resource which the company has. As stated by Chris
Buxton, O'Donnell and Quadrani (2016) the digital media advertising industry is a very high risk
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BUSINESS STRATEGY
industry and as there is lack of adequate knowledge regarding the amount of money which can
be made in the sector, therefore WRSX should take the minimum amount of risk when
considering entering the digital media advertising market. Option B is also considered as the
most suitable option for WRSX as it involves putting a foothold in to era of digital advertising
but with limited risk of capital investment. As the company has already a poor record regarding
management of financial risks and accordingly allowing each office to deal with the local digital
suppliers for delivering digital services to the clients of WRSX. This will not only help in
reducing the risks but also helps in reducing the load regarding keeping pace with the changes in
the digital advertising market. As stated by Jiang & Srinivasan (2016) the option C which states
that the company should not invest heavily in digital advertising is let go in nature as reports
states that the other competitor companies is likely to get to the end of the deal which implies
that there is a chance that WRSX will return empty handed on pursuing option B and option A
involves heavily investing in the development of digital advertising, which not only presents
increased financial risks for the company but the current organizational structure of the company
will not be able to cope up with the management requirements which are associated with Option
A and moreover there remains a risk regarding clash of culture and therefore, Option B is the
most preferred option for the company.
As stated by Akmadzic, Mamic and Cop (2014) by putting limited input in digital advertising
and still being successful to gain significant first mover advantage in this field of advertising will
surely help in developing the industry position of the company, transforming them to an all-
rounder service provider of advertising solutions. The competitive advantage which is associated
with pursing the above mentioned option is considered to be very important for the company as
the competitors of the company are adopting similar strategies in regards to this area of
advertisement and some of them possess greater financial and operational strengths for absorbing
a new digital advertising arm.
As stated by Crawford, Daniel, Emory and Westerman (2016 WRSX should not seek to develop
its digital expertise or promote its digital brand as it would involve higher risks and greater
investments by the company. As stated earlier, due to risk and uncertainties regarding the digital
advertising market, the company should not seek its digital expertise considering the current
financial ratios of the company and as the company has limited resources, therefore it must plan
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wisely to spend those resources and therefore they must not opt for promoting their digital brand
with the limited resources which they possess. The above mentioned is also the most preferred
option as they need not to invest much regarding the development of their processes and human
resources for utilizing the opportunities provided by the digital media market. The above
mentioned option is the best suitable option for the company depending upon the macro-
environmental trends which were identified during the analysis of the external environment of
the compny.
Conclusion
From the above report it can be concluded that WRSX operates in an industry where the level of
competition and therefore the company must utilize its strength and opportunity in order to stay
competitive in the market and to address all the weaknesses and threats faced by the company.
From the above report it can also be analysed that though the company offers a wide range of
services to their clients, but they perform below the industry standard in terms of PBIT margin
and Return on Capital Employed and therefore the company has decided to adopt two growth
opportunities in the form of expanding marketing opportunity in China and utilizing
opportunities which are offered by digital media advertising. As opined by Saji et al. (2015) the
option which the company must follow regarding expanding marketing opportunities in China is
selecting a Chinese strategic partner among those who have visited the offices of the company in
Paris, London, New York looking for strategic alliances, based on the strategic fit of the strategic
partner with WRSX and Frederick Victor Xao will take the responsibility for China from the
London office. According to Tumbe and Ralli (2018) this option can be considered as the most
suitable option for the company as it involves the minimum financial risk and it also allows the
company to gain a clear understanding of the Chinese market and Chinese culture, thus avoiding
clash of culture. The option which the company must follow regarding utilizing the marketing
opportunities offered by digital media advertising is the option in which the digital media value
proposition of the company should be to buy digital media for their clients at the lowest possible
cost by driving economies of scale through effective purchasing of media with a smaller number
of digital providers. This above mentioned option is considered as the most effective option for
the company considering the limited amount of resource which the company has and also
considering the uncertainties and risks which are associated with the digital media advertising
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market. From the above analysis it can also be stated that the company faces various issues
regarding management of suppliers regarding the measure of procurement and supplier
management and therefore the company must improve the management production buying
process and develop long lasting fruitful relations with the suppliers of the company.
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Appendix
VRIO analysis of WRSX
Resource or
capability
Valuable Rare Inimitable Organized Source of
competitive
advantage
Ability to
offer creative
and
innovative
products
YES YES YES YES Sustainable
competitive
advantage
Effectiveness
of market
research unit
YES YES YES YES Sustained
Competitive
advantage
Strong global
presence
YES NO NO YES Competitive
Parity
Staffs of the
company
YES YES NO YES Temporary
Competitive
Advantage
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