Strategic Thinking: Developing Critical Skills for the Pharmaceutical Leader - Assignment Example

?Business Strategic Thinking Executive Summary In this paper, a detailed strategic analysis of Nestle Pure Life (Water) in the business market of Pakistan will be taken into concern on the basis of assessing its current as well as future strategic positions along with different possible options. Along with the strategic analysis of the company, the appliance of strategic thinking approach in context with the business operations of the company will also be portrayed in the discussion. The discussion would provide a valuable insight on the strategies that are being implemented by a globally renowned brand i.e. Nestle to establish itself as a leading name in the business market of Pakistan. Table of Contents 1 Executive Summary 2 Introduction 4 Context 5 Business Context, Segments, Products & Competition 5 Indicators, Metrics and Valuation: KPI’s 7 Recent Performance 8 Summary of Purpose, Objective and Current (Or Recent) Strategy 9 Analysis of Market Environment 11 External Environmental Forces, Changes, Uncertainty, Competition / Competitor Analysis 11 Internal Resources; Core Capabilities / Competencies 14 Future Options, Analysis and Discussion 15 Examination of Possible Medium Term Strategies, Strategic Tactics 15 Analysis of Fit between Suggested Options, Organisational Culture and Context 16 Assessment of Possible Future Trends and Implications for Medium to Long Term Strategy 16 Conclusion 18 References 19 Introduction The aspect of strategic thinking is principally defined as a broader form as well as an innovative way of thinking which mainly concerns about the overall objectives of a particular business organisation. The concept of strategic thinking is also acknowledged as system thinking, forward thinking, problem solving thinking, longer-oriented thinking, critical thinking and also high-level thinking. The various applications of system thinking in relation to business include strategic planning, management and thinking. From the perspective of the application linked with strategic planning, the view of system thinking emphasises upon the overall course of the activities in a particular business organisation. In terms of the application associated with strategic management, the idea of system thinking emphasises upon recognising the best possible ways in order to run a particular business in a more strategic way. From the viewpoint of the application linked with strategic thinking, the feature of system thinking plays an imperative part in problem solving as well as project management on the basis of overall direction of the actions within a business organisation. In other words, it can be stated that the facet of strategic thinking assists the business organisations to think more about the business market environment, results, future, feedback and most importantly the objectives (Haines Centre for Strategic Management, 2006). The notion of strategic thinking in relation to a business facilitates to support the organisations to make effective as well as sound business related decisions while performing their business functions (Tahar, 2007). The perception of strategic thinking in relation to business emphasises upon developing as well as finding exclusive opportunities for the purpose of generating value by building effective coordination among those particular people who might have an influence on the overall direction of an organisation by a considerable level. In this regard, the perception of strategic thinking linked with business takes into concern few imperative factors. The factors include the skills as well as the competencies which enable to recognise various strengths along with weaknesses of an organisation that helps to generate exceptional competitive advantage. It also enables to recognise the probability of delivering several products and offerings which are offered to the business market as well as customers and to analyse business market environment along with related industry. Moreover, the other factors comprise the identification of target customers for the offerings and products, nature of the market competition prevailing in the industry by recognising the availability of the substitute products belonging to the customers and most importantly recognising the nature of the suppliers as well as the buyers. These aforementioned significant factors which are taken into concern by strategic thinking concept ultimately support the business organisations to think more about attaining their future oriented objectives (CFAR, 2001). Context Business Context, Segments, Products & Competition Nestle Pakistan Ltd. is viewed to be a subsidiary form of business organisation of Nestle S.A. which is primarily a Swiss based company having its corporate headquarter in the town of Vevey located in Switzerland. The company is recognised to be one of the biggest nutrition, wellness as well as health companies in the entire world. Nestle Pakistan Ltd. is viewed to be a food processing based company which has been registered in the stock exchanges of Lahore and Karachi. The company is performing its business operations since the year 1998 particularly in Pakistan under a joint venture with another business organisation named Milk Pat Ltd. The corporate headquarter of the company in Pakistan is located in Lahore and operates several functions throughout the entire country (Nestle, n.d.). The mission of the company is to improve the life quality of the people belonging to Pakistan by delivering its superior standard of various valuable products as well as brands to them. In addition, the company intends to become the foremost wellness, nutrition as well as health based company in the country of Pakistan. In order to fulfil this particular ambition or objective, the company focuses upon leading a passionate, vibrant as well as proficient workforce while operating its different business functions. Moreover, the company also emphasises upon complying with the nutrition requirements of its customers of all ages belonging to Pakistan and intends to provide utmost value to the shareholders through delivering them with long-term oriented profitable growth (Nestle, n.d.). The company holds four kinds of production facilities and possesses different factories which are located in Kabirwala and Sheikhupura that deal with the production of various multi products belonging to the company. In this context, the other factories which are located in Islamabad and Karachi deal with the production of bottled water (Nestle, n.d.). The various quality products of Nestle in the business market of Pakistan include beverages, nutrition products especially for the children, drinking water, confectionary, dairy and breakfast cereals along with juices (Bloomberg Businessweek, 2012). It has been recognised that there lie a presence of numerous competitors in the business market of Pakistan for Nestle which are ultimately reducing its market share by a certain extent. The chief competitors of Nestle in Pakistan comprise Engro Food Ltd., Shezan Ltd. and Haleeb Foods among others (Scribd Inc., 2012). In this context, relating with the bottled water industry in Pakistan, it can be stated that this industry is rapidly mounting in the business market of Pakistan which falls under the beverages market segment. In terms of competition, the Pure Life (Water) product of Nestle dominates especially the retail business market in the country of Pakistan which comprises 50 percent of market share. The other well recognised brands or competitors in relation to Pure Life (Water) product of Nestle include Sparkletts belonging to Hashwanis which possesses 12 percent of market share and BSW product of M/s Wah Valley Corporation which comprises 5 percent of market share among others. The rest of the business market shares are in the hands of various small business market players (Scribd Inc., 2012). Indicators, Metrics and Valuation: KPI’s The aspect of KPI’s which is also acknowledged as key performance indicators is viewed to be a significant tool which assists the business organisations to translate various strategies into deliberate actions and also towards monitoring progress at a strategic level. The practical applications of monitoring as well as evaluation have principally become crucial factors for success for different business organisations. It has been recognised that most of the business organisations have utilised different tools for the purpose of measuring their overall working performance in order to stay aggressive in the current situation of financial business market (Iveta, 2012). Moreover, the concept of KPI’s can also be recognised to be delivering imperative business performance related information which ultimately enables the business organisations along with their stakeholders to track their overall working performance in order to preserve their business position in this competitive world (API BWMC Ltd., 2012). In relation to the concept of KPI’s, it has been recognized that in Nestle, especially the upper level team leaders or the managers are executing the notion of KPI’s by considerable level. The company has developed the KPI’s by making effective policies, rules as well as regulations for assigning valuable tasks to the employees along with keeping them in right direction. For instance, the KPIs are measured in terms of machine checking, training of the employees and setting sales targets among others. The company, Nestle strongly believes that the aspect of KPI’s would ultimately support them to enhance its business performance with the intention of remaining competitive in the business market (Scribd Inc., 2012). Nestle Pure Life (Water) is viewed to be the favourite brand in Pakistan and is broadly used by the residents of the country. The company intends to deliver safe, pure as well as healthy drinking water to every individual along with their families in the country through efficient utilisation of the KPIs. In relation to the aspect of KPI’s, the company produces its bottled drinking water with the implementation of Nestle Safety System which is cautiously sealed with a proprietary seal. The company maintains the purity of the product by making optimal equilibrium of essential minerals which acts as a major ingredient for making the bottled water (Nestle, n.d.). Recent Performance The brand i.e. Nestle Pure Life drinking water was initially launched in the year 1998. Gradually, this particular brand has become quite successful and is ultimately acknowledged as the most favourite brand in Pakistan. In this regard, in the year 2011, Nestle Pure Life became the number one brand in the entire world having its presence in 26 countries (Nestle Pakistan Ltd., 2011). The bottled water brand of Nestle in the year 2011 made a substantial double-digit augmentation in sales in Pakistan along with other countries and is viewed to be continuously emerging in the business markets (Nestle S. A., 2011). Summary of Purpose, Objective and Current (Or Recent) Strategy The most considerable objective or purpose of Nestle Pakistan Ltd. is to become an outstanding business leader in the field of companies related to wellness, health as well as nutrition related products in Pakistan. Moreover, the other crucial objective of the company is to enhance the product quality as well as the living standard of the people belonging to Pakistan by offering healthy, safe and pure products to them. In addition, the company also aims to meet with the nutrition requirements of the customers belonging to every age group from childhood to old age by providing superior quality of various valuable products. The other crucial objectives or purposes of the company are to become the best as well as the sustainable quality brand in entire Pakistan, to earn significant revenue along with capture its expected market share and also to make a place for itself within the lives and minds of the people and the customers in Pakistan. Besides, Nestle Pakistan Limited also intends to become a socially accountable company, maintain smooth interrelation with the retailers as well as the suppliers and most importantly to dominate in the Fast Movable Consumer Goods (FMCG) business market of Pakistan (Slideshare Inc., 2012). The recent strategy of Nestle Pakistan Ltd. in relation to its various products such as Nestle Pure Life drinking water is principally guided by the corporate business related principles of the company which focuses upon internationally accepted best working practices as well as ethical based business performance culture. On the basis of the aforementioned corporate business linked principles, the priority of the company is to deliver its products to the people present everywhere in the region along with every people belonging to different age groups. In this context, the company introduces its various products which include utmost concern towards health as well as hygiene through observing the need of the people in terms of taste. The other important business strategy of Nestle Pakistan Ltd. is establishing the aspect of Creating Shared Value (CSV) in which the company emphasises upon its specific business activities such as water related, rural development based and nutrition deriving for the purpose of creating values together for the community as well as the shareholders. The thought of CSV acts as a strategic management initiative for the company which involves complying with national laws as well as other pertinent conventions that ultimately support the company to generate long-term shareholder as well as social value by a considerable extent. Thus, collectively, it can be stated that in order to attain the expected business objectives, the company deeply emphasises upon the perception of CSV along with upholding the sustainability issue keeping in mind the requirements of the customers (Nestle, n.d.). Analysis of Market Environment External Environmental Forces, Changes, Uncertainty, Competition / Competitor Analysis The aspect of business market environment refers to various internal as well as external environment forces which pose significant impact upon the advancement, overall working performance and the results of a particular business organisation. The elements belonging to internal along with external forces provide considerable opportunities to the business organisations, however consequently providing them with several challenges along with few uncertainties which prevail in the industry. Thus, on the basis of the aforementioned grounds, it is quite necessary for the managers of any business organisation to scan or assess their market environment for the purpose of attaining their expected business objectives (Khadka, n.d.). In order to assess or scan the external business environment, the business managers belonging to various organisations must have to evaluate few important industry related forces. In this context, the various external business environment forces comprise the threat of new business market participants or entrants, accessibility of substitute brands or products, competitive rivalry amid the different business firms and the bargaining power of the industry related suppliers as well as the buyers. The competitive forces i.e. the threat of new business market participants or entrants ultimately enables to raise the competition by a significant level which depends upon the presence of entry barriers. The different types of barriers may emanate from be the concept of economies of scale or capital requirements among others (Dobbins, n.d.). In relation to this competitive force, Nestle Pure Life water brand in Pakistan performs its business operations in an extensive distribution network, thus creating a considerable barrier or challenge for itself. The business market of Pakistan except Nestle is viewed to be quite moderate having no presence of such exit or entry barriers (Scribd Inc., 2012). The competitive force i.e. threat of substitute products subsist only when there lay the presence of any sort of alternative products with low prices (Dobbins, n.d.). In this regard, water is generally regarded as a tasteless along with a colourless drink which is used for quenching thirst and thus fulfils the natural requirements of the human body. The substitutes for Nestle Pure Life water brand include all bottled brands, juices, sweetened drink, carbonated soft drinks and any other beverages accessible in the business market of Pakistan. However, the major substitute of the brand is the tap water which is simply accessible in different areas of Pakistan with no cost (Scribd Inc., 2012). The competitive force of rivalry amid the business organisations depicts the strength of competition between the existing market participants in an industry. The intense competition between the existing market players is expected to be quite high only when there lays several players belonging to same size, similar business strategies and with no product differentiation (Dobbins, n.d.). In this regard, there lies the presence of 23 organisations in the bottled water business industry of Pakistan. The potential competitors in the business market of Pakistan are Haleeb Foods and Sparkletts among others which are viewed to be major competitors of Nestle’s Pure Life Water brand (Scribd Inc., 2012). The bargaining power of the suppliers in relation to the competitive force of external business market environment affects a particular industry through their capability to increase the prices of the different products. The supplier bargaining power is viewed to be quite high when the switching expenditures are high from one particular supplier to another (Recklies, 2001). It has been observed that the bargaining power of the suppliers linked with Nestle’s Pure Life Water brand in Pakistan is quite low due to the reason that the company does not depend upon any supplier along with the distributor. This may be due to the factor that the company produces its raw materials and carries out its import functions from its parent company and has its personal factory trucks in order to supply the materials in the business market of Pakistan (Scribd Inc., 2012). The bargaining power of the buyers is considered to be the most significant factor while assessing the external business market environment. It has been viewed that the bargaining power of the buyers or customers of Nestle’s Pure Life Water brand is quite high because the supplying industry related with the brand consists of huge number of small business operators in the region (Scribd Inc., 2012). The aspect of responsible management linked with water resources is viewed to be a major challenge which is being faced by the world today. In relation to this particular crucial factor, Nestle Pakistan Ltd. has made few alterations in its overall production process of bottled drinking water. In this similar context, the company strictly controls and monitors its water consumption procedure for Nestle Pure Life water product. Moreover, the deep well which is used for making the brand by the company is fully equipped with various instruments which ultimately permit to observe chief hydrodynamic parameters which include the level of water as well as the rate of flow. Furthermore, the company has constructed the well in such a way so that there lays the possibility of conservative exploitation along with no aquifer dewatering. Nestle Pakistan Ltd. has made the aforementioned changes with the intention of making its production procedure more sustainable in order to comply with the requirements of every individual belonging to Pakistan (Rosemann, 2005). While analysing the business market competition of Nestle Pure Life (Water) product in Pakistan, it has been viewed that the bottled drinking water market in Pakistan is comprised of two particular business segments which comprise the retail as well as the bulk market. There are approximately 23 business market players in the segment of bottled water in Pakistan. The favourite brand of the country i.e. Pure Life drinking water dominates especially the retail market in comparison with the bulk market having fifty percent of market share. The major competitors for the brand in Pakistan include Engro Food Ltd., Shezan Ltd., Haleeb Foods and Sparkletts among others. The company emphasises upon two factors such as quality and price which ultimately made the company to attain competitive position along with facilitating it to make a dominant position in the business market of Pakistan (Scribd Inc., 2012). Internal Resources; Core Capabilities / Competencies The internal resources or the core capabilities of the company in relation to its Pure Life drinking water product lies in its deliverance of superior quality as well as reasonable priced products to the consumers of Pakistan. Moreover, the other chief competencies of the company include well-advanced marketing strategies, brand strength, well-developed research and development team and powerful human resource division. The imperative internal resource or the core competency which ultimately has supported the company to make a dominant position in the business market of Pakistan is the notion of product innovation. It has been observed that Nestle Pakistan Ltd. is persistently launching new brands for its customers with introducing as well as adopting astonishing technological advancements which can be considered as a major competency of the company by a considerable level (Scribd Inc., 2012). Future Options, Analysis and Discussion Examination of Possible Medium Term Strategies, Strategic Tactics On the basis of strategic thinking model, Nestle Pakistan Ltd. in relation to its Pure Life water brand follows few medium-term strategies which support them to attain competitive position over its chief competitors. In this context, the company follows the functional strategy of new product development i.e. selling new brands in current business markets. Nestle initially started with milk product in the business market of Pakistan and further developed new brands such as Pure Life water product among others. Moreover, the company has followed its corporate strategy by focussing upon the aspect of quality as well as the price of its Pure Life drinking water product. In addition, the company has also followed a type of divisional strategy which is based upon two segments namely geographic as well as demographic business market segment. From the perspective of demographic segmentation, the company segmented its business market geographically on divisional basis. The company divides each of its several divisions in various zones belonging to a particular country. For instance, the company has segregated its Pure Life water product in Lahore into five zones which include South, East, West, North and South West. In terms of demographic segmentation, the company has designed its various products for every resident of the country irrespective of religion, caste or creed. On the basis of demographic business market segmentation, the company has set its target market especially for Pure Life drinking water product to be the families residing in urban areas by realising the need for safe, healthy as well as pure water to drink. Moreover, the company also targets its Pure Life product into those areas of the country where the customers hold much awareness about the product (Scribd Inc., 2012). Analysis of Fit between Suggested Options, Organisational Culture and Context The business market segmentation strategy on a divisional basis which includes both geographic as well as demographic market segmentation might fit with the organisational culture as well as objectives by a considerable extent. This is due to the reason that the company intends to reach with its valuable products such as Pure Life Water product to every resident of Pakistan or towards every single Pakistani (Nestle, n.d.). This major aim of the company can be successful and is possible through implementing the aforementioned strategy. Moreover, the company also focuses upon restructuring its wide network of distributions along with creating consumer awareness which would be attained through the execution of divisional strategy based on demographic along with geographic business market segmentation (Nestle, n.d.). Assessment of Possible Future Trends and Implications for Medium to Long Term Strategy Nestle Pakistan Ltd. might face several major difficulties in future while performing its business operations. There lies quite probable chance of new market participants or entrants such as Pepsi along with Coca Cola among others in the business market of Pakistan. In this regard, it can be stated that the aforementioned competitors are available now in Pakistan market and are heavily investing in the drinking bottled water industry. Thus, on the basis of the above mentioned ground, it could become much difficult for Nestle to compete with its big and chief competitors and also to dominate in the retail business market of Pakistan in future by a significant level. Apart from the factor of the accessibility of new business market participants or major competitors of Nestle in the business market of Pakistan, there may also lay possible threat in terms of degradation in quality of the product. Nestle might not be able to continuously deliver its quality products to the residents belonging to Pakistan due to the participation of major competitors like Pepsi and Coca Cola. Due to its extreme focus upon the business strategies of the competitors, the quality of the products could be hampered by a large level in future (Scribd Inc., 2012). In this context, it can be stated that the aforementioned factors might impose significant implications for the medium to long term strategy of the company. Nestle Pakistan Ltd. desires to offer its valuable products such as Pure Life drinking water product to every Pakistani anywhere in the region by following the divisional strategy on the basis of geographic as well as demographic business market segmentation. However, this particular intention of the company can broadly be affected while focusing upon its various future threats or challenges by a considerable extent (Nestle, n.d.). Conclusion After acquiring a brief idea about the conception of strategic business thinking, it can be stated that Nestle Pakistan Ltd. has made remarkable business working performance in the market of Pakistan by the deliverance of quality products such as Pure Life water brand to the residents of the country. While assessing the business market environment of the company, it has been identified that the product of the company i.e. Pure Life drinking water brand has been broadly accepted by the residents of the country and is treated to be a favourite one. The chief as well as primary objectives of the company is to offer its broad variety of quality products like the bottled drinking water to every resident of the country or to every Pakistani belonging to different age groups. Though the company is performing well in the business market of Pakistan with one of its world renowned products i.e. Pure Life drinking water but still there lays probable chance for the company to face few challenges or threats. These particular challenges can affect the overall business performance as well as the medium term strategies of the company. In this context, the company would have to introduce as well as to implement various effective business strategies in order to cope up with the challenges by a significant level. References API BWMC Ltd., 2012. Key Performance Indicators. What is a Key Performance Indicator (KPI)? [Online] Available at: http://www.ap-institute.com/Key%20Performance%20Indicators.html [Accessed June 30, 2012]. Bloomberg Businessweek, 2012. Food Products Industry. Research. [Online] Available at: http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=NESTLE:PA [Accessed June 30, 2012]. CFAR, 2001. What Is Strategic Thinking? 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