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Crafting Strategies For The Market

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  • Level: Post Graduate/University
  • Pages: 13 / Words 3332
  • Paper Type: Case Study
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Introduction

Crafting strategies requires intellectual and mental ability as this is based on the conspiracy of the competitor. The novelty element should form part of the strategy to set the unique identity of an entity in relation to its rivals in the same market. Two center management has selected London town for analyzing its strengths and weaknesses. The current project report is based on applying a strategic roundabout model that stresses the cultural factor of London. The socio-economic impact of the whole town has been analyzed with the application of PESTLE analysis. The challenges identified by the officials are further rectified by adopting the Blue Ocean strategy.

1. Apply Elements of Strategic Roundabout

The current project report is based on assessing the existing culture of London which is located in the United Kingdom (Jones, 2016). London is one of the famous destination tourist destinations situated in the center of the UK in order to please the heart of a wide number of customers and tourists. The famous tourist destination will occupy a large set of audiences who visit daily to this place in order to best the existing conditions and tourism of this place. The town center management has selected this place to assess the culture of this city to identify its importance for being famous in the whole world.

London is a famous destination to be explored by different sets of customers to gain popularity among worldwide customers (Goldman and Scott, 2016). This place is famous for architectural structures, engineering, music, museums, festivals, and other kinds of entertainment services. This place is the capital of the United Kingdom as the heart of the UK is bestowed with a unique talent. The current place is culturally strong enough in order to meet the needs and expectations of various customers and tourists. The Tower of London is the glory of the royal emperor of London and reflects the royalty in its structure. The phase of industries and their arena started with the Industrial Revolution taking place in London. This current revolution has started in the period of 1760-1840 period (Stacey, 2016). The revolution has produced various resources to be used in the manufacturing processes by using different machines and manual procedures.

The variety of resources to be utilized in generating a higher amount of sales and revenue to boost the economy. The revolution has brought several resources such as iron that can be used to improve the efficiency of various processes. The resources are used to initiate the unique technology of power. The natural resources used to initiate the proceedings of the power technique include water power, steam power, and machinery (Jones, 2016). All this system will give rise to the inauguration of the factory system to facilitate the local people to get the finished products. The starting of the factories will increase the employment in the country which in turn enhances the social objectives and obligations of the whole society. The textile industry of London is famous all over the world for generating higher output by utilizing less manpower than compared to the use of capital-intensive techniques. The generation of higher output will be beneficial for the whole economy as their current level will be improved with the use of several tools and techniques.

The positive impact of the Industrial Revolution is to support the whole economy by raising the existing standards. The revolution has resulted in the discovery of the steam engine and the railway tracks to facilitate the local users (Penczynski, 2016). The support of local individuals is essential in order to implement new things in order to save itself from the heavy resistance among people. The evidence seen in the current time is the outcome generated from this revolution which is still alive after so many years of the revolution. The evidences of all these revolutions are currently wrapped in the technology to meet the current needs and expectations of several users. The steam engine is the initial change that takes place in the whole of London which further gets a fundamentally strong position by adding the touch of technology. The railway tracks of the earlier economy are transformed into metro rails. The strong fundamentals created by the revolution have been seen in the current time (Avolio and Yammarino, 2013). The new generation of today's time is denied with the fact that these metros are based on the concept of steam engine and all, other old generation machinery. The revolution plays a significant role in raising the level of technology.

There are various highlights that showcase the ability of this economy in relation to the external market and fall under the same category in terms of generating fame. The list of technological developments attained by the economy of London will amaze all individuals. Iron-making is a surprising thing for this economy which owned the technique to rule the world on the basis of the current procedures (Tovstiga, 2015). The iron is made with the usage of Coke which reduces the cost of producing the iron which sets a unique identity of this economy. The production process of iron will generate different quality of output. The higher and lower range of iron will sell all around the world. Iron has increased exports all around the world by producing variants of iron production to cater to the needs of several users.

The textile procedures will produce variants to please the variety of customers all across the world including different quality and quantity of fabric used. The famous fabric generated while applying various textile procedures will result in Lancashire (Jones, 2016). The cottage industries are promoted in this revolution to bring out the talent of small-scale entities. The approach adopted by the officials of the London government has been seen in the current time. The current government of London is supporting the efforts applied by small-scale businesses in order to bring innovation and creativity to their original work. The efforts made by the users as they have more enthusiasm to bring innovation in the current approaches in order to gain a competitive advantage over a variety of economies in the world. The scope of agriculture and farming practices are promoted by the economy officials to add the touch of a diversified economy.

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2. Demonstrating the Socio-Economic Impact on a vibrant town center

The external environment will be analyzed by the town center management in order to assess the internal capabilities of the town in relation to the external market which is given below with the help of PESTLE analysis:

Political- The impact of the political government will influence the country in order to make judgments in favor or against all the citizens of the town. The United Kingdom is a famous country for showing monarchy rule which influences each and every decision of the town. The constitutional system set by the people of London which is the parliamentary system is dominated by the overall monarchy system (Penczynski, 2016). The UK is counted among the category of fair and stable countries which provides a variety of opportunities to explore all around the UK. The country has been divided into two categories such as national and local administration to frame policies and regulations in order to set the stable political conditions in the existing country. The government of London is adopting proactive actions in order to save the interest of the country from the external threats faced by other countries in the form of new regulations.

Economic factors- The current economic conditions are strong enough in order to treat complex matters easily. The current economic conditions of this country are stable and strong in relative comparison to other strong countries of the whole UK (Goetsch and Davis, 2014). This country has also supported a higher amount to the GDP by raising the level of income from a variety of sources to increase the income by strengthening the current economy. It ranks among the 5th highest Gross domestic product in relation to Europe and Germany. The Population of this country is contributing to the small-scale markets of this place to attain profitability.

The small markets are increasing with the current pace rate in relation to the external market. The diversified economy of this country is contributing to higher efforts of this place in order to support an organization. The current economy is a collaboration of the private and public limited sectors raising the scope of this entity in realization with the external market (Crawford, Costa-Gomes, and Iriberri, 2013). Free trade is the market approach followed by this country which is the basic reason behind the higher achievements attained by this country. The market liberalization has raised the overall skills and capabilities currently enjoyed by all the citizens of the country. The current players in the overall market will help in ruling the overall business entity. The FDI is also promoted to challenge the capabilities of all the domestic producers who lie in the existing market. The domestic producers and sellers strive harder to compete with the foreign investors to safeguard their existing business and the overall market share enjoyed by the current users.

Social factors- The tastes preferences and religious perspectives are taken into consideration which will be helpful for the people to stay connected with the current sellers. The products are supplied by the users with a clear aim to sell their products among local customers and tourists to support the current aim of the business entity. The government of London will provide a variety of services to facilitate its local people to take advantage of the services offered to them (Tovstiga, 2015). The free public services provided by the legal authority in this country include national health services to ensure the health of all individuals. The offering of these kinds of services will help to maintain loyalty among a variety of customers. The social structure of this country includes 64.1 million inhabitants. The cost of living is higher in London in comparison with the other towns in the UK. The rate of migration is higher in this twin due to the search for employment, a proper environment, and in search of a house to live in.

Technology factors- Technology is regarded as one of the important factors used in improving the existing working conditions of the business (Goetsch and Davis, 2014). The innovative technology will be used by an entity to gain a competitive advantage over competitors. Quality training will be provided to all the corporate users who intend to increase their current level of business. The patent and copyright laws will be effectively imposed in the country to increase compliance with all the laws. The European Union will intervene in all the businesses that come under the boundary of the European Union to protect the interests of several users and customers. The laws and the regulations are framed to safeguard the interest of customers from the competition by framing the Competition Act, 2002.

Legal factors- The status of the London government has increased with the organizing of Olympic events which showcases the support of the officials (Tovstiga, 2015). This current strategic movement was taken by the government of London to support the events to strengthen their economic conditions. The legal policies are framed by the country in relation to the external business parties. Taxation matters will also influence the decision of an individual in order to select a country that provides benefits and tax relief. The concessions in the tax will be helpful for the people who ensure their new business in this country.
The basic aim of the Town management center behind applying this tool is to determine the errors and core challenges faced by this particular town which is given below:

Challenges faced by the town

Fish Bone Diagram showing Contributing factors

FISHBONE Diagram Showing contributory factors

The above-mentioned fishbone diagram depicts the factors which held responsible for the current situations faced by the country (Penczynski, 2016). This diagram is one of the major parts of the root cause analysis in which the contributory factors are analyzed in order to determine the cause-and-effect relationships. These factors are identified which are affecting the country in both positive and negative manner.

3. Apply strategic models and tools

Blue Ocean Strategy

Blue Ocean strategy can be used by the town management center are identify the core challenges faced by London. The factors which play an important role in assessing the existing economic condition of London are done with the application of PESTLE analysis. The various elements of the current model are applied in assessing the current conditions (Goldman and Scott, 2016). The rationale behind applying the current model is to create additional value and innovation in the existing economy. The existing problems are identified in relation to the external framework which supports raising the standards of the current enterprise.

The above value creation model emphasizes attaining innovation by curtailing its weaknesses in order to grab higher market opportunities. The problems and the issues faced by this town currently are identified by the town center management by conducting a PESTLE analysis. The analysis has been conducted by the owners to rectify its existing weaknesses in relation to taking future opportunities. There are various stages of this model which analyses each and every step which is given below:

Eliminate- The current stage will include all those factors that are taken for granted without understanding their true value should be eliminated (Olson and Simerson, 2015). The complexity factors can be troublemakers for the business entity while establishing their business in London. The Rigid political rules should be eliminated as they decrease the glory of the whole economy. The chaos in the political system of London is not beneficial for business users in order to establish their business in this town.

Reduce- This phase will involve all those factors that are reducing the current image of the whole economy among various users of the economy (Stacey, 2016). The London Two is currently facing some problems which reduce the image and popularity of this place. This place attracts a wide number of tourists with the aesthetic beauty of the place and all the destinations which steal the interest of all individuals. The Economic recessions should be reduced as this decreases the revenue of the government (Singh and Khamba, 2016). The sales and revenue need to be improved by collecting revenue from different sources such as taxation, penalties, and interest charges. An economic recession is that phase that occurs due to the heavy external pressure on an economy. The Social challenges faced by this town are related to the education cost which decreases government revenue as no one is taking admissions to the educational services of the London. The effect of this problem can be reduced by taking funds for education from neighboring countries to support the whole economy. Another problem faced by this town is the heavy pressure of migrants from outside the city (Singh and Useem, 2016). The people traveling from outside the city of London are increasing the current population size. The problem of a high number of migrants can be solved by prioritizing the rights and duties of all the migrants separately to safeguard the interests of the local citizens of London.

Raise- The factors that form part of this stage which is precious elements for the economy of London. The technology factors are raised by improving their existing capabilities to gain a competitive advantage over another economy. The technology is constantly changing which is dynamic in nature which allows an entity to enrich their existing skills to provide benefits to the economy (Blue Ocean Strategy, 2016). London is currently adopting new trends and patterns of technology as the new generation is enjoying the current technological devices in their daily routine. London is regarded as a technological icon that changes technological devices frequently. The patents and copyright laws need to be re-enforced as the higher usage of technology will also involve cyber crimes. Cyber crimes will be eliminated by reducing internal weaknesses and the errors in the laws need to be restated. Ethical hackers will be appointed to beat the intruders in the legal system to steal private information. The leaking of information from the legal servers will lead an economy toward the death trap. On the other hand, the environment will be protected by ensuring its safety and protection by framing forest laws and regulating pollution. The emissions from the vehicle are affecting the environment which increases global warming. The approach adopted by the government behind the imposition of these laws to promote sustainability.

Create- This phase will emphasize the creation of unique factors that need to be executed to facilitate various users of London. The value will be created to raise the existing level of London in the eyes of different individuals that is the local users, migrants, and corporations. The PESTLE analysis has identified different reasons in order to communicate important reasons that support the existing economy (Rao, Sabat, and Sharma, 2016). The rules and regulations committee needs to be formed by using technology to grab the defaulters who committed crimes. The manual systems that is the cops collaborate with the application of technology to provide the services of robotic analytics. The robotic and business analytic streams are used to find out the future steps taken by the defaulters in order to frame legal policies and frameworks to catch the culprit. The economic issues will be resolved by increasing investments in inter-economy businesses to harvest revenues in case of business emergencies.

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CONCLUSION

It can be concluded from the above assignment that London town has been selected to ensure its pros and cons in relation to the different parameters. The culture model applied to analyzing its ability has shown that Industrial culture is clearly evident in the current time. The steam engine is the primary evidence of the Industrial Revolution that has been seen in the new generation. On the other hand, the core challenges of various categories of the PESTLE analysis have identified the major problematic areas in the political factors. The blue ocean strategy has given a solution to remove the drawbacks of the current town.

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REFERENCES

Crawford, V. P., Costa-Gomes, M. A. and Iriberri, N., 2013. Structural models of nonequilibrium strategic thinking: Theory, evidence, and applications.Journal of Economic Literature. 51(1). pp.5-62.
Goetsch, D. L. and Davis, S. B., 2014. Quality management for organizational excellence. Pearson.
Tovstiga, G., 2015. Strategy in Practice: A Practitioner's Guide to Strategic Thinking. John Wiley & Sons.
Penczynski, S. P., 2016. Strategic thinking: The influence of the game.Journal of Economic Behavior & Organization. 128. pp.72-84.
Jones, R., 2016. Smart Communities: How Citizens and Local Leaders Can Use Strategic Thinking to Build a Brighter Future, by Suzanne W. Morse: (2014). New York, NY: Wiley. 240 pages. $55.00 (hardcover). Journal of the American Planning Association. 82(2). pp.213-214.
Avolio, B. J. and Yammarino, F. J. Eds., 2013. Transformational and charismatic leadership: The road ahead. Emerald Group Publishing.

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