Strategic Position Analysis: Lenovo - Essay Example

? Strategic Position Analysis – LENOVO INTRODUCTION China has had tough luck making a good economical impact in first few months of With only a7.7% rise in GDP in first three months, Chinese economy couldn’t maintain the high bars it has set in past (Schuman, 2013). Ranked amongst top manufacturers in China, Lenovo has however emerged prominently through these periods of recession. At present, Lenovo is a US$30 billion company, with operations in 60 countries and more than 30,000 thousand employees who serve a customer base that is scattered in more than 160 countries. It has controlled the business desktop market and PC market with 87 percent of market purchasing desktops and 84 percent PCs from China manufacturers in 2006 (Salter, 2012). Started out in 1984, it is the largest computer manufacturer within China while second largest globally. The name Lenovo, coined in 2004, is a combination of ‘Le’, meaning ‘legend’ and ‘Novo’ which means ‘new’. As the name depicts, the new legendary organization was formed with mission to introduce new and unique products in markets (Liu, 2012). This was followed by the acquisition of the PC Division of IBM in 2005. Acquisition of a company, that was the inventor of the personal computer industry in 1981, lent credibility to Lenovo and enhanced customer exposure. In 2006, Lenovo attained and set up important investments and centers in China and launched its brands outside of China for the very first time. The entire computer business industry in China flourished from $660 billion in the year 2004 to $779 billion in 2007 (Lenovo, 2013). In this paper we critically analyze the strategic position of the company in the relevant industry as opposed to its major competitors and use different tools to assess its performance over the years. LENOVO’S STANDING IN THE INDUSTRY Lenovo deals mainly in manufacturing of laptops, desktops, ultra-books, tablet PCs and other computer accessories such as headphones, microphone, mouse, keyboard, monitors and server machines etc. It achieved a 19 percent share in the world of computers and notepads. Dell and HP account for 21% and 54% of the whole market respectively. As of today, HP is the market leader in manufacturing of PCs, followed by Lenovo, Dell and Acer (Sun, 2012). Few years back, Lenovo was a heavy loss-making concern in 2008; with turnaround performance, today it is a profitable venture flourishing as we speak. However it did so not through implementation of new strategies; instead, it focused on toughening the areas where it needs strength and relied on tried and trusted solutions instead of investing into new experimental measures. It is in a rapid expansion mode and has introduced a new strategy, namely ‘PC+’ whereby it shall depart from its core competence of manufacturing PCs and shall diversify horizontally into other type of devices such as mobile data technology without affecting its current products where it excels. Currently, Lenovo is the second largest manufacturer of PCs, holding 13.50% of market share after HP which holds 17.70%, and has a stable sales growth rate of 30%. However, its profits are growing less than proportionate to the industry trend. The market share of Lenovo in PCs sector is growing while those of Dell and Acer are getting lower. Analysts are of the view that soon it shall outperform HP in near future considering its growth rate of 16.6% as shown in 2011. Within China, which serves as home to Lenovo, it holds a market share of 28.80% only which is although the highest but can be easily improved through knowledge of local conditions and cost-reduction programmes. Revenue generated from Chinese markets constitute to 42% of the total sales made annually by Lenovo across the globe (Singh, 2013). The company has a lack of profitability growth which it should counter through economies of scale and innovation. Innovation has always been Lenovo’s saving grace and the amount of research and development budgets and expenditures allocated to this head define how the company perceives and plans to cater its customers with creative and unique products in future. Source: (Reitzes, 2013) One of the major reasons for Lenovo’s improvement lies in the success earned through sales of IBM Think pads. The globalization strategy followed by management has enabled the company to be internationally recognized and be specialized in this sector resulting in lower costs. Nevertheless, lower cost is a luxury enjoyed by majority of vendors based in China since Chinese government regulates its inflation and production costs very effectively while offering large subsidies and services for nominal charges (Zeng and Williamson, 2007). Lenovo, similarly to others, benefits from this agenda and at the same time reduces its costs further through division and specialization, making it a market leader within China and a reputable firm globally. As a technology-based company, it has immense government support in all regards including tax reliefs, subsidies, waiver of obligations and low tariff (Ahrens and Zhou, 2013). We can use the following tools to evaluate the position of Lenovo as compared to its competitors: 1. PESTEL Framework Analysis a) Political As the industry of laptops and desktops grows, the level of political intervention also increases correspondingly. Government and other regulatory bodies take keen interest in amending frameworks governing this sector. Many regulations require these companies to be environment-friendly in their activities and products. Also, due to heavy marginal profits involved, many political pressures sweep in to have a stake in such profits. Many government bodies might want to become a majority shareholder or parent of Lenovo or one of its competitors which shall change the picture entirely. Government intervention would mean taking decisions that might be adverse for the organizational goals and shareholders’ objectives while benefiting the political parties. Also, in case of government holding in one of the rival firms would give them benefits of subsidies and preferences over government tenders and contracts. b) Economic China’s economy is in a growing stage especially in IT industry. Therefore, there are brilliant prospects for Lenovo in coming years, provided it is able to capitalize on its strengths and grasp on opportunities that come its way. Economic conditions however due to global recession have been devastating as compared to before and therefore considerations must be made to account for recessionary pressures: Lenovo cannot charge the same prices as before since purchasing powers of customers have been deteriorating. c) Social Social environment represents lifestyle, fashion, trends, attitudes and behavioral aspects of customers. Lenovo must continually evolve to meet dynamic needs of customers and be in line with changing trends around the globe. It is in a strong position to cater the social environment since it produces tailored products to provide for needs of variety of customers, locally and internationally. This gives it a competitive advantage to be able to adapt to changing needs and fashions. It should have different marketing teams for each region situated therein which can research about local conditions prevailing in each segment to know what exactly the customers seek when buying products and which types of customers are attracted the most by Lenovo’s products. That would help the company to establish demographic database of its customers, knowing its target markets and following niche market strategies to furnish what shall be readily acceptable. d) Technological Technological aspect plays the most important part in this industry since the industry itself lies on technological grounds. Even the slightest changes in technology bring about large disproportionate changes to organization’s sales. Therefore, it is essential for Lenovo to be up to date with latest technologies incorporated in its operations, processes and the products offered. It should not only take into account the current scenarios but also should forecast and be prepared for changes expected in future which might drastically affect its sales and products obsolescence. e) Environmental Today is the era of environmental sustainability and health awareness. Customers are no longer limited to focus on cost or quality. They seek green technologies that shall not only fulfill their purpose but also be least damaging to the environment. The resources consumed in production should account for sustainability issues while the processes involved should emit less carbon and consume low energy. Environment-friendly goods represent the future demand of markets and as the awareness grows, soon only health and environment conscious organizations shall be able to survive. Therefore, Lenovo, already making good reputation in this area, should keep intact with these regulations and avoid any loss of goodwill or violation of environmental laws, through thorough research for cleaner technologies and ways of producing goods. f) Legal Legal framework is a product of political and environmental influences. Lenovo must ensure that it complies with all regulations in force for environmental issues, financial reporting, corporate law and other frameworks to avoid penalties, litigations and loss of goodwill in markets (Blog.sina.com, 2010) 2. Porter’s 5 Forces Analysis a) Threats of new entrants Market of PCs and laptops has got great exposure in recent years, urging many new organizations to enter this industry. Since this industry involves technical goods of high technology and price, customers avoid trying new brands for fear of lack of durability or performance. As a result, there are strong barriers to entry for infant companies. Nevertheless, the way to overcome these barriers is through breakthrough innovation by new vendors. Thus Lenovo needs to be constantly monitoring any possibilities of innovative products or new technology introduced in markets. b) Bargaining power of customers Customers mainly include corporate buyers which generate most of the sales and walk-in consumers. Corporate customers do not have much bargaining power since they have contractual agreements with vendors for bulk purchase of equipment for office use at discounted prices and it is not cost-beneficial for their procurement department to carry out analysis of switching to other vendor for saving immaterial amount of funds at cost of quality and after-sales services. Nevertheless, Lenovo should focus on providing value-for-money services and maintaining good corporate relationships to avoid losing customers. c) Bargaining power of suppliers Lenovo is its own supplier for most of the input materials needed for production. The only parts purchased such as motherboards from Intel or a copy of Windows from Microsoft have standard prices more or less and cannot be negotiated much. Therefore, the question of bargaining powers of vendors is hardly applicable in case of Lenovo which produces major parts itself. d) Substitutes Substitutes mainly involve laptops and desktops produced by other dominant competitors such as Dell and HP. Corporate customers, having contractual agreements with specific vendors do not consider possibilities of switching frequently unless it involves drastic savings or restructuring within company. This factor can be captured by Lenovo through excellent technical support and maintenance services. Additionally, new products in markets that introduce different features are mostly a center of attention for walk-in buyers who have a one-off purchase to make for personal use. Lenovo might not consider it cost-beneficial to focus their resources on catering their interests since they represent a very small percentage of market share. e) Competition Lenovo has major threats from dominant manufacturers including HP, Dell and Acer. Market surveys reveal that the products are not much differentiated amongst them and the only thing that keeps a customer from switching is brand loyalty. As compared to Dell and HP, Lenovo lacks credible branding and global recognition especially without IBM’s patent. Lenovo has currently the best technical support and strongest corporate relationships globally and therefore all it needs to work out is on its brand name in order to maintain its reputation (Lin, et al). ANALYSIS OF STRATEGIES ADOPTED Not only in China but globally the PC industry has experienced an upsurge in business. Desktops have dominated the enterprise computing industry for decades now as they are inexpensive, more user friendly and convenient. Even as performance and price remain precedence, other issues like energy proficiency, size, mass, and noise have become progressively significant factors determining the purchase of a desktop. Lenovo during the past years has been specifically focused on developing products that are inexpensive brands. To gain an upper hand in PCs industry, in 2004, Lenovo acquired IBM’s PC business globally which indicated the company’s intention to move towards globalization policy. 1. Globalization strategy Lenovo has been seen in the last decade to be majorly involved in due diligence activities, buying off interests in certain businesses within the industry to acquire competitive advantage. This is part and parcel of its global investment strategy whereby it acquired IBM’s PC business segment alongwith three other foreign investment enterprises attaining globalization of its products and markets. Thereafter, it has worked brilliantly to create a globally recognized brand name for Lenovo products by using goodwill of acquired companies (BTS). It uses a dual-branding marketing strategy so as to capitalize on IBM’s name in markets and territories where Lenovo is not a well-established name while uses Lenovo’s brand to introduce products in regions where customers hold a high regard for Lenovo itself (Jing, 2012). Apart from due diligence, Lenovo has also pursued other strategies to facilitate globalization. It became official sponsor of Olympic Games to market itself globally and organized many brand promotion campaigns on-site to generate sales and gain attention in global markets. Also, another marketing strategy demonstrated by the company included signing contract with a famous soccer player Ronaldinho to make him the brand ambassador of their products. This endorsement brought about drastic improvements in sales and brand reputation of Lenovo. Furthermore, Lenovo signed a deal with NBA, the famous American basketball association, to use NBA’s logo and their players’ images on its products (Jing, 2012). a) Rationale for adoption The acquisition was aimed at benefiting from IBM’s brand name, research and development facilities and technically trained employees. This ought to enable Lenovo to exploit economies of scale and synergy by utilizing idle resources and maximizing its production capacities. Globalization produces a positive public profile in different foreign territories where Lenovo was previously not known. If the company only have had limited its sales to Chinese regions, it would not have had been able to maximize its profitability and would have possibly suffered from stock obsolescence, inefficient resource allocation and ultimately closure. Globalization strategy enables it to combat against power games played by its rivals and cater the dynamic needs of customers of different countries. b) Impact on future development Two years after acquisition of IBM, Lenovo was able to establish its office settings in 60 different countries around the globe to create a presence. It has the most recognized and differentiated notebooks and related innovative products which in turn are powered by a strong established research and development segment of company. Asian market is still more partial to exclusive IBM brands, half of the products by Lenovo are shipped to Asian markets where as the European and Chinese markets make up the other half of sales. It proved out to be one of the most successful and strategically rational business combinations of all times. China’s economy is developing at a radical pace and the changing infrastructure of market networks, rapid technological updates, breakdown of trade barriers and cut-throat competition in future years will need globalization by all organizations in order for them to survive. Lenovo, having adopted globalization beforehand, shall have a competitive advantage over its rival firms and will be able to maximize its revenue while others shall be surviving on verge of acquittals. However, Lenovo has been focusing on making Lenovo the name of quality and preference rather than still running IBM’s built reputation. As a matter of fact, in a recent press release, Lenovo announced that, the following year, it would be dropping the privileges to use the IBM logo on their Think pad and notepad range. This poses problems as to how will Lenovo maintain its name and authority in the think pad and note pad market once it has lost the IBM product label. 2. Marketing and Product Strategy Lenovo has demonstrated smart marketing strategies over the years by targeting their customers according to their needs, status, financial capabilities and territories. This has allowed it to be a preferred choice by all varieties of consumers in market. Lenovo’s marketing personnel have categorized their customers into high-end, middle-end and low-end segments. They plan to emphasize mainly on high-end and middle-end categories while only catering low-end to limited extent since they only generate marginal profits. High-end category represents the educated class living in urban areas and mostly are of young ages or middle-aged not more than 45. Developed areas on countryside are included in the middle-end group while others fall under the low-end category. It produces high-powered machines for the better classes who can use them effectively to meet their needs while simpler devices for rural areas, offering only minimal features and expecting low prices against them. Smaller low-priced media note books are manufactured to entertain the younger generations of students and teenagers who mainly require them for multimedia and internet connectivity purposes and have only limited funds to spare. One of the most common expectations of customers is to acquire ‘greener’ products which consume low energy in production and are least damaging to the environment. Lenovo ensures to use technology that is environment-friendly and markets itself as such to create awareness of its mission. Also, customers’ demands have moved greatly towards quality of after-sales services in recent years. Lenovo adopts policies of providing dedicated and high-standard services to consumers of Lenovo products at low costs and least lead times (Wang, Chu and Chen, 2013). a) Rationale for adoption This strategy was intended to create brand-awareness amongst serious buyers and obtain a long-term competitive advantage. Through market segmentation, it enables Lenovo to touch those areas of needs of customers which others fail to provide due to generalized products (Gao, et al. 2009). Customized products, tailored to needs of each group, offer features which are unique for every category of customers. High-end customers provide profitability almost 3 times higher than the low-end and therefore it is only fair to prioritize one’s attention accordingly as it is cost-beneficial. In order to survive the competitive markets, it is pivotal to capture the high-end consumer class and manufacture products that meet their requirements. Development of different prices for different customers according to their purchasing powers has enabled Lenovo to stand out in markets and protect itself from engaging in price wars amongst rivals in the industry. According to Yang, market sales operator of the company, Lenovo has 19 broad categories of machines which are further sub-categorized into 200 differentiated models. Apart from this, the company’s exports and tailored products has become its strength to fix its own prices not elastic to market competitions (Yang, 2006). A range of diversified products being manufactured by the company provides a one-stop shop for walk-in customers who get a wide variety to choose from and also can benefit from packages being offered on purchase of combination of goods of same brand. This in turn would bring in greater revenue for the company. b) Impact on future development Effectiveness of Lenovo’s targeted market strategy can be easily evaluated through its prevailing market shares of 70% in high-end, 40-50% in middle-end while less than 10% in low-end products’ markets. Through producing differentiated products, Lenovo is in a strong position of demanding premium over the market prices since customers would be willing to pay more for the features that are not currently being offered otherwise. Also, creating such monopolistic impact on industry, it shall create superficial barriers for new entrants wishing to gain market share therein. 3. SWOT Analysis SWOT analysis shall be helpful in analyzing the position of Lenovo in industry and how it can capitalize on its strengths and opportunities while mitigate its weaknesses and threats. Also, it shall indicate whether the abovementioned strategies were effective in context of this organization. a) Strengths Differentiation and wide variety of products offered in markets. This helps the company develop pricing strategies. Good brand name, established goodwill and public profile. This is enabled via its globalization policy. Excellent quality and credible after-sales services. This shall be filtered for each class of customers and provided proportionately for each class of product and group. Capture of market share in local markets. China is home to Lenovo and therefore it can use its cumulative knowledge of local conditions is positive factor to attain monopolistic market share b) Weaknesses Higher prices. As a result, customer develops high expectations for the product against the premium he pays to acquire it and incase of failure to accommodate them, it shall lead to loss of reputation. Lack of marketing resources and channels. Lenovo products are mainly sold through authorized dealers and franchises and are not available in many territories and rural areas. The outlook and styling of products is very monotonous and customers looking out for appealing displays and unique colors might find Lenovo products unattractive. Weak brand view. Lenovo has mainly capitalized it sales over IBM’s goodwill and major sales are generated via such products. If it decides to sell the products in its own name, it might face loss of sales since its own market value is questionable. c) Opportunities Entry into underdeveloped and developing areas where there is lack of variety available. It can use its targeted strategies to customize low-cost products to cater customers of such regions. Usage of e-commerce and technology. This will enable the company to offer products online to customers at lower prices, due to saving of costs of opening physical outlets. Increasing awareness for technology. Nowadays, every household and office setting is dependent on laptops and desktops for routine book keeping and entertainment utilities. This trend has caused this industry to bloom radically. Potential due diligence. Through its globalization strategy, Lenovo can utilize its free capital reserves to carry out further acquisitions, mergers and other business ventures or alliances to gain additional market share. d) Threats Price skimming techniques may also backfire for the company since the customers paying premium might switch to an alternative as soon as they find one being offered for cheaper prices. Many analysts are of the view that China’s home industries bloomed on the grounds of low operating costs, strong distribution channels and barriers to foreign competing businesses. However, this shall not be the prevailing case for future where competition shall sweep in while costs shall no longer be as nominal as before (Stephen, 2012). Protection of domestic industries. Many countries enforce barriers, embargoes and tariffs to protect home infant industries and new local entrants making similar products and to promote sales of local vendors over imports. Fluctuations in exchange rates. Globalization policy requires the company to operate in foreign countries where functional currencies have different values. Any fluctuations in exchange rates might affect Lenovo’s prices and sales to change to recover resultantly increasing costs. Technological obsolescence. Lenovo’s core competences lie in technological markets and therefore its sales are highly technology-elastic. Any drastic changes in it might change customer preferences, making current inventory obsolete and no longer in demand (Chen and Zhou, 2013). 4. Recommendations On the grounds of above strategic analysis and results, following recommendations can be made to Lenovo’s management in order to grow and survive in future years: Lenovo should continue to produce differentiated and tailored products in order to maintain its goodwill in this regard. It should focus on providing high-quality after-sales services and maintenance for consumers of its products in order to create a reputable preferred brand name. It should pay great attention to its pricing strategies since they influence the number of customers willing to purchase its products. This is important since currently it is charging high prices and therefore it should constantly monitor through surveys and research what customers prefer in their products for which Lenovo can charge them premium amounts. It should be aware of other rival products in the market, especially low-budget items which might seem more appealing to neutral buyers. It should advertise itself as a high-quality producer offering unique features in order to justify its prices to customers. Lenovo should consider strategic moves to engage in due diligence activities to further its market share and become largest manufacturer globally. At the same time, it should work over its own brand name instead of relying on acquired patents since unforeseen circumstances in near future may require it to be dependent on its own products only. It should continuously engage itself in researching for newer methods of production and unique technological features it can offer. Also, it should be aware at all time of any current or potential changes in technology that might affect its products adversely and keep itself updated with latest amendments. CONCLUSION Initially for many years Lenovo was merely a non-existent firm in industry just surviving with margins and absorbing losses. Lenovo over the recent years has become a leading name in the computer and technology industry. With the acquisition of IBM product label and laptop partition, Lenovo was able to create a footprint in the markets and further its influence in the computer and laptop industry (Kameir, 2012). It is relatively unique as compared to other companies within industry and Chinese market and is also internationally recognized. It has in place strong strategies, as discussed above, which protect its interests against other rivals and market demand. It needs to incorporate strategies effectively in order to stand on its own. Still Lenovo’s quest is on for enhance their presence further in the market controlled by main players like Dell and HP. It has also entered in recent years into smart phones industry, creating Le-phone to counter the demand prevailing for Apple Iphone. This phone is tailored specifically for needs of users residing in China in order to capture market share, starting from home markets only (Wheatley, 2013). Lenovo should also keep its focus targeted at PCs industry since still today, majority of corporate clients seek purchasing desktops for their employees and few laptops only for their executives since they are expensive. Therefore, desktops are still in fashion and a basic necessity for every household, many of which might not be able to afford laptops (Einhorn, 2013). On the other hand, it shall also lay emphasis on expensive luxurious products that are able to appeal big-pocket buyers. This includes ultra book which is a whole new generation of IBM’s Think pad, reloaded into a newer slimmer shape and better features. This targets on customers that pay premium to prove their status symbol and/or who are fond of taking them (Adhikari, 2013). Lenovo has splendid potential for future years to come and it needs to devise new strategies regularly to meet dynamic needs of our environment, market operations and customers. It should work on attaining the first position in its industry, increasing market share especially within China and going towards ‘greener’ way of doing things! BIBLIOGRAPHY ADHIKARI, R. (2013, March 18). Lenovo Thinks Up Thinner ThinkPad With Fatter Price Tag | Personal Computers | TechNewsWorld. Retrieved from http://www.technewsworld.com/story/77560.html AHRENS, N., & ZHOU, Y. (2013, January). China's Compititivness: Case Study Lenovo. Retrieved from http://csis.org/files/publication/130129_competitiveness_Lenovo_casestudy_Web.pdf BTS (n.d.). Executing a Global Growth Strategy at Lenovo: Lenovo Case Study. Retrieved from http://www.bts.com/client-success/featured-case-studies/lenovo.aspx Blog.sina.com (2010, April 29). The PESTLE analysis of Lenovo_??_????. 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