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Formulation of Making New Strategies for a Business

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Business Strategy

1496 Downloads 9 Pages 2362 Words

Introduction to Business Strategy

Strategy is not just a word it is a means of action which drives an organization towards achieving the desired objectives. Strategic planning is as important for individuals and organizations as food for the human body. Through strategic planning, complex objectives may look easy as well as convenient and can be achieved in an appropriate manner. TNT business providing delivery services to its large base of customers globally have achieved good reputation among its stakeholders and customers through high quality of services (Astrachan, 2010). By having a sound set of business strategies, TNT has been able to achieve its desired aims and objectives.

Formulation of New Strategy

Establishing a New strategy is a big task and to achieve it an organization needs to have good Knowledge of its internal and external environment so that the strategy formulation becomes easy. In order to formulate a strategy, TNT should go through certain set of analysis to make sure that the strategy formulated will achieve desired objectives.

1.1 Organizational Audit

Knowing strength and weaknesses is what makes an Organization able to achieve its aims (Meskendahl, 2010). If company does not know what its capabilities are then they end up making a strategy which needs more resources than required which will be a big blunder and this will result in wastage of time and resources introduced to make those strategies.

Thus, in Order to have a Good look at the present condition or situation TNT should undertake SWOT analysis which will give TNT an idea about his Strength, Weaknesses, Opportunities and Threats. SWOT will help TNT in getting insights about different concepts of Organization and will help in finding out new opportunities in the new markets.

Strengths

  • Customer Loyalty.
  • Supporting Staff.
  • Employees are Goal-oriented.
  • Available Every time.

Weaknesses

  • Aging Technology Infrastructure.
  • Packaging Problems.
  • Delay in Deliveries due to transportation.

Opportunities

  • New markets to be encountered.
  • New supply chains (Verbeke, 2013).
  • Use of new Technology (online Branding).

Threats

  • New Competitors.
  • Unclear strategy.
  • Government Policies.
  • Weather conditions affect deliveries.

1.2 Environmental Analysis

After having a clear look on the internal factors of the organization, they need to have a look on external environment which can affect company's growth in both positive and negative way. To have its strategies on the right track organization has to study its environment where they are operating. For TNT to develop a new strategy, they have to understand its outside environment because being so old in the delivery business TNT may use old resources which takes time to deliver the parcels. So in order to cope up with time and technology, PESTLE Analysis is undertaken for TNT among different environmental analysis.

Political Factors

Global factors affect TNT in terms of legislation acts, taxes and how stable a company is, in which it operates. Government encourages TNT to create jobs and in turn it increases demand for its services.

Economic Factors

Since TNT is operating globally, TNT should be aware of the change in policies which can impact demand, prices, profits, etc. Change in taxation policies can affect financing capabilities of TNT (Eccles and Krzus, 2010).

Social Factors

Due to Income level, lifestyle factors of people, they are more getting use to technology and wants to have delivery of products and services at their doorstep. So in this the TNT can get benefit from those potential customers who are ready to take these kinds of services.

Technological Factors

Due to the ever changing technology and rapid advancements in it, it has created many opportunities for TNT business. Now TNT with use of new technologies can deliver more promising services to its customers and can hit new customers and markets (Chang, and Chuang, 2011).

Legal Factors

Government policies as well as rules and regulations of different countries are different from one another so TNT has to keep a balance between them so that it does not impact the performance in a negative way.

Environmental Factors

Doing operations on one side with the other side being managing your work does not harm the society as well is to be done precisely. Adopting the ways of operations which benefit society as a whole.

1.3 Significance of Stakeholder Analysis

For TNT to keep growing as it is very crucial to carry out the stakeholder analysis. Since stakeholders are the one which will help in improving current growth. This technique is used to build the team that helps in getting success (Cinquini and Tenucci,2010). Through stakeholder analysis, TNT can improve its quality of services and introduce new technologies further; it can hit new markets globally and domestically. Through Stakeholders analysis you can anticipate what people perceive through services, what people think about organization which will strive TNT to make new plan of actions that goes on winning people's heart. There are certain steps through which stakeholder analysis can be carried out and so it can be done for TNT also:

Identify the Stakeholders

Making a move to know who your stakeholders are is the key. All the people who have ever affected the work in a positive way, who are interested in work, who have opinions about the company's work. They can be any customers, friends, families, boss, analysts, community, Government, many more (Pagani, 2013). Making right decision about who stakeholders are who have genuine interest in the business operations is the key.

Prioritize Your Stakeholders

After identifying the potential stakeholders of the organization who are having genuine interest in the operations of the business, it is time to categorize them according to the perceptions they are taken as stakeholders. For example, some people may be are on the list because they have interest in the operations, some are those who can impact business through their powers, so in order to get those segregated Power-Interest Matrix, can be used.

High Power interest people should be taken care of because they can make/break the organization. Having high power and but who are less interested in proceedings of business should also be taken care of but not so much (Connor and Lande, 2012). Low Power but having high interest people should be engaged and informed about the proceedings. Those who are less interested and having less power people are to be monitored but company should not bore them.

Understand key Stakeholders

The firm need to identify the elements that drives key stakeholders. What they feel and react to the organization's projects. For this, enterprise needs the best possible way to engage with them. Company should find the sources of motivation for employees. what is the opinion of stakeholders about current work of the company.

1.4 New Strategy

After having a deep understanding of internal factors through swot analysis, external factors through pestle analysis, and stakeholder analysis now TNT can make its strategies for the future through which operations can be continued (Burlton,2010). For the purpose of presentation of strategy

Ansoff matrix has been taken into account

Through Ansoff TNT can expand its services and market. Here this matrix showcases the opportunities a product is having in relation to its business. Talking about TNT, they can diversify into new markets globally by introducing new services in their domain. If they do not want to switch ton new markets they can diversify their product into the existing markets and vice-versa. If TNT does not want to move into either both of them new markets or new services then they need keep innovating their current practices. As per MY view TNT being the service industry Providing Delivery services to its customers should implement its new strategy in the form of Diversification so that TNT with Diversifying in both markets and services will achieve rapid growth with the reputation they possess (Verbeke, 2013).

Strategy Evaluation

2.1 Appropriateness of Alternative Strategies

Market Entry Strategies

Through these strategies a company is entered in the new markets. Possible strategies for entry to new markets are through the routes of mergers, acquisitions, Joint ventures, Franchising, Organic Growth. TNT can opt for the Franchising strategy to move into the new markets.

Substantive growth Strategies

Substantive growth strategies are applied through horizontal integration, Vertical integration, diversification.

Limited growth Strategies

Through market penetration, market development, Product Development and innovation strategies Limited growth can be achieved in an organization.

Disinvestment Strategies

Through Retrenchment and divestment strategies company can extract what is left over for him in the markets (Eccles and Krzus, 2010).

2.2 Justification

Talking about TNT looking at the nature of business it possess, diversification will be a great strategy for TNT to pursue. TNT can move into new markets through more additional services. They can add more services in their portfolio related to their nature of business. This will help them to hit new customers. Since having a good reputation at the global level TNT can easily generate enough funds to meet the expansion costs.

Implementation of Strategy

3.1 Roles and Responsibilities of Personnel

  • Person implementing the strategy needs to have a understanding of the impact of new strategy on the job role and duties related to it.
  • He/she should keep in mind that communication process remain as convenient as it was before (Chang and Chuang, 2011).
  • He/she should consider relevant factors needed to be taken into account during implementation of the strategy.
  • Strategy implemented should be monitored accordingly by the personnel.
  • He/she needs to ensure that every department is highly involved in the implementation process and having a knowledge of that.

3.2 Resource Requirements

There are so many resources which are required to be considered at the time of strategy implementation and they are Human resources, Financial resources, Marketing and distribution, Physical resources, External stakeholders, Intangible resources, management, many more. Through these resources it is ensured that strategy is implemented as per the plan and with appropriate factors in consideration. some of the resources are discussed below:

Human Resources

TNT should make sure that he has the required resources to perform his new strategy (Cinquin and Tenucci, 2010). TNT needs to make sure that to maintain the quality, quantity of operations there is sufficient workforce in the organization. knowledge, expertise, flexibility are all the areas that needs to be analyzed.

Financial Resources

In order to implement the new strategy into the system proper funding is their or not needs to be analyzed before implementation of strategy. Funding for the strategies can be generated through financial institutions, external stakeholders, etc.

Physical Resources

Physical resources here refer to the infrastructure, machines, production facilities, plant, equipment and so on. For TNT the physical resources will be the packaging of parcels and documents, etc.

3.3 Contribution of Smart Targets

S-Specific

TNT needs to evaluate what were the objectives for the strategy formation were? and have they been achieved or not (Pagani, 2013). Every strategy has been implemented to achieve some objectives or aims, so those specific objectives needs to be monitored.

M-Measurable

Objectives which are set for strategy implementation should be set in such a manner that afterwards they can be measured accordingly. in a simple way the objectives set should have a measurable nature.

A-Achievable

Objectives or aims which are set for strategy implementation should not be too complex to understand and can be achieved within a certain time period.

R-Realistic

Goals should be realistic goals not imaginary goals which are not even able to perform.

T-Timely

Objectives which are set for strategy implementation are to be completed in a particular period. The time for particular delivery should not exceed the standard time (Connor and Lande, 2012).

Conclusion

With the help of this report, it has been found that Business strategy plays a significant role in boosting the growth and competence of the company. With the help of it, strategic plans have been developed for achieving the desired objectives. It has been found from this report is that for proper implementation of strategy in a service based company various factors are needed to be considered which are: internal factors, external factors, stakeholder analysis for the finance purposes. In this report it has been found that person implementing the strategy should have clear understanding of the objectives knows his/her roles responsibilities. In order to achieve desired goals proper set of techniques should be implemented for monitoring the operations like SMART goals.

References

  • Astrachan, J.H., 2010. Strategy in family business: Toward a multidimensional research agenda. Journal of Family Business Strategy.
  • Meskendahl, S., 2010. The influence of business strategy on project portfolio management and its success—a conceptual framework. International Journal of Project Management.
  • Verbeke, A., 2013. International business strategy. Cambridge University Press.
  • Campbell, D., Edgar, D. and Stonehouse, G., 2011. Business strategy: an introduction. Palgrave Macmillan.
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