The Strategic Issues of the Companies - Essay Example

Table of Contents Table of Contents 2 Abstract: 4 Case Study 4 Introduction 5 The external and internal environment: 5 The external environment; 5 INDUSTRY ANALYSIS: PORTER’S FIVE FORCES. 8 Threat of New Entrants 8 Bargaining power of Suppliers 9 Bargaining power of customers 9 Threat of Suppliers 9 Bargaining Power of Competitors 10 The internal environment 10 SWOT Analysis 10 Strengths 10 Market Leadership 10 Cash rich group 11 Diversified business portfolio reduces business risk. 12 Weaknesses 12 Loss making businesses 12 Geographical Concentration 12 Opportunities 13 Establishment of pharmacy distribution centre 13 Rebranding to enhance customer appeal 13 Threat 14 VAT rate Increase to 20% impact on consumer spending capacity 14 Intense competition from other national and global players 14 Strategic issues: 14 Price 15 Online channels 15 Location 16 Opening time 16 Strategic goals: 17 Strategic Goals for Cooperative Group Limited in the Next Three to Five years 17 Key Strategy for Cooperative Group in the Next Three to Five years 18 Recommendation 19 Conclusion 20 References 22 Office for National Statistics (2009), ‘Internet Access Households and Individuals’, Office for National Statistics, Available at http://www.statistics.gov.uk/pdfdir/iahi0809.pdf [accessed 07/07/2010] 25 Shales, A. (2009), ‘An unpalatable attitude towards food’, Financial Times, Oct 22, 2009. p.19 EU, 2005. EU sectoral competitiveness indicators. Office for Official Publication of the European Community, Luxembourg, Pp. 136. 26 Abstract: Considering today’s economic recession experienced allover the world, there is a need for companies to conduct both it’s SWOT and PESTLE analysis so as to have a picture of their future sustainability and developments as well as strategizing so as to be ahead of their competitors. This article therefore analyzes the Cooperative Group Limited businesses as the case study. It covers various strategic goals that need to be implemented. Conclusively there will be recommendations to Cooperative Group limited so as to rise above the global issues as well as adhering to the ever dynamic modern technology so as to put at bay their competitors. Case Study In UK, the retail market is forecast to be worth 145 billion pounds by the 2015. The major channels are hypermarkets and supermarkets, with the distinction being that hypermarkets sell a winder range of goods than the super market. There has been stiff competition which has been attributed by the impact of global economy; the changes in taxes have also affected the inflation on house hold income. The fuel costs have also affected the distribution of products by all the companies. As a result, there is a need to include strategic management that will be aimed at the achievement of gaols so as to remain at a competitive advantage position. In this case, Cooperative Group need to design strategic goals and implement them so as to remain competitive and increase revenue in the long run. Introduction Cooperative Group developed from a merger of cooperative wholesale societies and many other retail societies. It can be linked to Rochdale Society of Equitable Pioneers which was established in 1844. Originally known as Cooperative wholesale Society, it changed its name to Cooperative Group limited in 2001 but the name was completely adopted in 2007. The company’s branches and stores which are about 4,000 have undergone a rebranding season with an aim to transform them. This Group is owned by members who have the power to influence how the business is carried. Anyone is free to join provided he/she promotes the values and principles which are the foundation of the entire group. Cooperative operated diverse businesses ranging from food retailing, funeral care services, financial services, pharmaceuticals services, farming and property management portfolio just to mention but a few. Its headquarters are in Manchester, UK and has employees numbering 114,561 people. In the year 2010 the group recorded revenues of 12,526.9 million pounds, more than what was recorded in 2009 by 82.8%. 155.5 million pounds was the net profit which increased by 45.2% compared to that of the year 2009. In the UK, The Co-operative Food is the leading retailer and the largest segment of this group. There are approximately 1,700 stores throughout the country and employs at least 43,000 people. The external and internal environment: The external environment; In this part there is an analysis of factors that impact the marketing function of Cooperative Group according to PESTEL framework. Factors outside the company with the potential to impact marketing of Coopertaive Group Limited PESTEL Analysis for Cooperative Group Limited Economic Growth and Stability Cooperative Group is very much concerned of the economic factors. This is due to the fact that, economic factors impact employments which on the other hand incapacitate the demand of goods production. Moreover, this factor also has negative impact on demand, price, profits and costs of products in the market (Senior Nello, 2009). Economic factors are above the control of the company but they have profound impact on the marketing mix and the performance of the entire company. The company depends on the UK market and therefore there would be a profound impact if in any way there is deterioration of UK’s food market and most importantly considering other risks like market concentration. Political Trends The political and legislative trends impact all of business in United Kingdom, EU inclusive. In UK any company is supposed to offer diverse employment opportunities which are supposed to cater for all the population considering their social and economic status. In this case, a firm is deemed to offering opportunities which may be flexible, skilled and lower paid. Moreover, so as to accommodate the working parents, the old and students (Harter, Schmidt & Hayes, 2002). Cooperative Group Limited knows that retailing impacts on jobs and people factors, this is due to that, it is local and labor intensive sector. Students, the elderly and the disabled are employed but paid lower rates by the group. These employees offer higher levels of loyalty and therefore represent desirable employees (Saggar, 2000). Thiguku mata 6101 Technological Advancement Technology has influenced in a big way the development and improvement of their products in a big way (Grojean et al, 2004). The new technology is beneficial to both the customers and the company. As for the customers they enjoy customer satisfaction thought convenient shopping and personalized services (Misa, 2004).Electronic point of sale have improved customer satisfaction in all Cooperative Group branches and units. This on the other hand also gives in to real time to the supplier (Johnson, 2002). Social-Cultural Trends The current trend shows that, one stop and bulk has become very common among the British customers (Blackwell, 2000), it is accelerated by the diverse social changes. Cooperative Group has countered this by increasing food products and non food products in their shelves. Demographic dynamism like the aging population, increased women workforce and decline in home meal preparation means that UK retailers are also focusing on added value products and services. Also a focus on own label share of the business mix, the supply chain and other operational improvements, which can drive costs out of the business (Blackwell, 2000). The type of goods and services demand by customers is a function of their social conditioning and their consequents attitudes and beliefs. Health issues are also becoming an issue to the customers and their attitudes towards food (Jones, 2000). Cooperative Group is going for product mix so as address the demand of organic products. Cheques and cash checkout as payment tools in the group. Environmental Factors All leaders in the business markets are demanded to act responsibly to the society, and should therefore prove this in all their actions and decision which should be beneficial to the society. Food retailers are threatened by environmental issues, which are very important for companies to act in a socially responsible way (Pearce & Robinson, 2002). The government launched a new strategy for sustainable consumption and production to cut waste, reduce consumption of resources and minimize environmental damage. (Pearce & Robinson, 2002). Recently, there has been the introduction of a new tax on advertising highly processed and fatty foods. This affected The Cooperative Food relationships with both supplier and customers. Legal and Regulatory Issues Policies and governmental legislations influence the performance of Cooperate Group limited. For example, the enforcement of code of practice to issues such as determining payments from suppliers change and changing agreed prices without notice (Glaeser & Shleifer, 2002). Price wars and requirements for products differentiation are common in the market field. Moreover, policies for monopoly controls and reduction of buyer’s power to put at bay the entry to the sector by using licenses requirements and access to law materials (Glaeser & Shleifer, 2002) are called for by the government. In order to have politically compliance prices, this Group offers lowered prices on promoted goods while prices of some other units are raised to compensate. INDUSTRY ANALYSIS: PORTER’S FIVE FORCES. Threat of New Entrants Major brands like Tesco is one of the few and main competitors in UK’s grocery market. Currently, this business is moving from being just a store to a supermarket. This is attributed by what customers like in one stop shopping and this impact negatively the new or upcoming small businesses (Jaworski, Kohli, & Sahay, 2000). These acts as a strong barrier for new companies who desire to enter the market. They will find it hard to raise capital to operate supply chains. This is due to the fact that, Cooperative Group have hugely invested on its supply chains in advanced technology for checkout and stock control systems that impact new entrants and existing ones. The economic of scale differentiation achieved by Cooperative Group has enabled it to provide goods that have a higher perceived value than the competitors (Tung, 2001). Bargaining power of Suppliers The bargaining power of suppliers implies that, there is a possibility of losing their businesses to larger businesses by the influence of the major business players. Cooperative Group in this case is therefore well positioned to negotiate better promotional prices from small suppliers that other small individuals cannot afford. UK based supplier are also threatened by the ever growing ability of large retailers to source their products from cheaper suppliers (Gibbs, 2003). This on the other hand dictates that, the force of competitive rivalry will reduced the profit margins for marketing chains and suppliers. Bargaining power of customers When there are many products in the market which are undifferentiated and also that have lower the switching costs, gives more power to the buyers in the said market (Slater & Olson, 2002). Cooperative Group should work towards meeting the customer needs and most importantly in working towards consumer satisfaction by addressing the price, choices, constant flow of store promotion and control (Slater & Olson, 2002). Threat of Suppliers Customers can opt for a different or alternative store in the same market and this poses much risk in the entire market. The store should work towards having competitive prices and convenience store so as to put at bay. The food industry for instance can be seen in the form of product for product or substitute of need and is incapacitated by the new trends (Gibbs, 2003). Acquiring small stores and getting to the small cities is the only way out for Cooperative Group. Bargaining Power of Competitors The food market in UK has experienced tremendous growth in the size and market presence of the large players, with greater store size, increased retailer concentration and supermarkets venture. The purchasing power is concentrated in relatively small number of retail buyers (Trail & Meulenberg, 2002) Customers are demanding for more large chains as Cooperative Group are acquiring large amounts of consumer information that can be used to communicate with the customers. Innovation is the only way to dominating in such a market. This is evident in responses to customer behavior (Trail & Meulenberg, 2002). The internal environment SWOT Analysis This Cooperative group is a consumer cooperative and it operates various businesses and services. The group major activities are food retailing, funerals, travel agents, pharmacies, legal services and farming. The group enjoys strong cash flows that enable it to fund its expansion programs and meet its commitments towards capital expenditures. However, competition is so intense from players like Tesco and Sainsbury which could put pressure on the group’s margins (Panagiotou, 2003). Strengths Market Leadership Cooperative Group is the leading group with major activities such as food retailing, funerals, travel agents, pharmacies, legal services and farming. There are other activities that are still part of this group which include banking, insurance property and shoe retailing (Lloyd, 2001). The group operates The Cooperative food, The Cooperative pharmacy, The Cooperative Travel, The Cooperative farms, The Cooperative Bank, Insurance and Property and shoefayre. The Cooperative Food is the largest revenue earner in the group for it contributes for more that 41.8%. There are more than 1,700 food stores in UK. The Pharmacy is the third largest Pharmacy in UK having more than 370 stores. The Cooperative Farm farms approximately 70,000 acres of land. The Cooperative Bank on the other hand is a leading ethical bank with more than 500,000 account holders. Cooperative Insurance offers policies to more than five million customers and finally there are more than 280 shoe stores owned by the group. The diverse operation and leading market position gives the group a stable revenue stream, better margins and greater bargain power with suppliers. Cash rich group The group recorded a strong operating cash flow for the Fiscal 2010. The group recorded revenues of $ 19,616.2 million during the financial year ended January 2010; this was an increase of 33.3% over 2009. This is a clear indication that the group is bale to grow irrespective of the negative economic environment that has hit the global economy. The profitability of the group also had tremendous growth in the previous year, the operating profits was $788.1 million in 2010, an increase of 82.8& over 2009. The net profit was $243.5 million in 2010 a 45.2% over 2009. This means that the rise in the revenue and profitability would lead to sustainability of the business in the long run and also improve its bargaining power as compared to its competitors. Diversified business portfolio reduces business risk. Cooperative group operates a diversified business portfolio. All the group businesses are complementary. For example, the group farming supplies the Cooperative Food stores with fruits and vegetables. The groups also offers free advice and legal help on issues ranging from buying and selling homes, legal assistance with accidents and personal injuries and claims through The Cooperative Legal Services. This diversification enables the group to diversify its business risks. Weaknesses Loss making businesses The company’s travel, shoefayre and legal services business have not been performing well. The weak performance of these units could affect the overall profitability of the group adversely (Jennex, 2008) Geographical Concentration Cooperative operations are concentrated in the UK market. Even though it is a house hold company in the region, taxation is disastrous to the Group for it exposes it might make it lose opportunities which may be beneficial to the competitors who have diverse businesses unlike Cooperation Group which concentrate in UK market only (Tosti, 2000). The Group should concentrate on other markets that have tremendous growth like North America and the entire Asia Pacific. Moreover, despite it recording commendable growth which is reflected in the $19,616.2 million turnover, it has not been successful in de risking its business through geographic diversification. This therefore means that the group is in a geographic disadvantaged position at the moment. Opportunities Establishment of pharmacy distribution centre The group established a new pharmacy distribution center. Cooperative Pharmacy launched its new distribution facility in stroke on Trent which has the capability of distributing approximately 420,000 products in a single day. It will act as a middle ground for the all pharmacy units and meet the ever increasing demand. This will mean that products will be readily available in all branches at all times. Rebranding to enhance customer appeal Following the merger with United Cooperatives, Cooperative group has started refurnishing and rebranding its stores under a new brand, as it has outgrown its identity and marketplace. For example in September 2008, the group completed rebranding of 2000 stores including 1,074 food stores. 298 pharmacy branches, 374 travel agencies, 90 bank branches and 164 funeral homes (Lynch, 2006) In the 2010 financial year, the group launched the latest phase in the rebranding of its family of business. Rebranding will enable the group to update its message and signal a change in the direction as well as appeal to new and existing customers. Moreover, its will also give an implication that the group is constantly looking out for ways to change itself in response to the ever changing market environment and this in the long run will increase customer confidence (Lynch, 2006). Threat VAT rate Increase to 20% impact on consumer spending capacity UK has increased the Value Added Tax to 20% from 17.5. This is accepted to have negative impact on the spending capacity of the customers and will lead to decreased sales. This will mean that many customers will not be spending much and on the other hand, Cooperative Group sales will decrease. Further, VAT increase would also impact the company’s margins and profitability. Intense competition from other national and global players There is a lot of competition from the large players. This business has competitor with diverse business positions and at times better positioned than Cooperative Group Limited. Tesco, Wm Morrison supermarkets and Hillenbrand are the main competitors against Cooperative Group Limited. When competition is that stiff, there can be an experience of a loss of market share and a tremendous drop in Cooperative Group margins. (Kyriakopoulos, 2000). Strategic issues: Cooperative group encounters several strategic issues that need to be addressed so as to ensure that the group remains in a competitive position. There is intense competition that this group encounters; there is a need for strategic planning and implementations so as to be a level higher than the competitors (Cook & Chaddad, 2004). For instance, some of the issues that this company encounters are Price, location, online channels and opening time. If these issues are tackled, then Cooperative Group Limited is going to be strategically positioned so as to achieve its goals. Price There has been a difficult trading conditions for retailers increasingly faced price wars and companies tried to demonstrate to price sensitive customers that they are offering the best value for their money. Price comparison and who has offers the cheapest commodities have become more important as household finances are squeezed (Stauss et al, 2001.). For instance in Sainsbury brand match compares the prices paid by a customer with what they would have paid in Tesco and Asda and shows the money saved by shopping there. If the amount spent would have been cheaper then customers are given a voucher for the difference. On the other hand, Asda’s price guarantee offers to refund the difference if a customer purchase would have been cheaper somewhere else. Tesco price checker compares the purchase with Asda and also offers a refund for the difference. This is a clear indication that, prices are issues that need to be strategically addressed so as to remain in a competitive edge (Shales, 2009). Online channels Through UK, there has been a tremendous change in the customer profile. For instance, the multicultural nature of UK population has resulted to development of specialist segments, which is mostly in areas with dense cultural diversity, supplied by specialist retailers offering ethnic foods. This change comes also with a change on how customers shop and many opting for online retailing. By the end of 2009, 70% of homes in UK had internet connections. This translates to more than 50 million people having to regularly access internet (Mintel, 2009). The government’s initiative to make broadband available to every home by 2012, and calling for fast internet will increase internet use in the region; this being the case, customers will be using internet to make comparisons and review websites for example, mySupermarket.co.uk. in 2009, 4% of foods purchased were made via internet and this channel has potential to increase both the volume sold and the efficiency of the retailing process (Office for National Statistics, 2009). Many people nowadays have opted to go for online purchases without having to visit a store (Chang & Rosenzweig, 2001). The reason why many people would prefer online shopping is its convenience. Location Being a market leader, there is a need to search for new users, new uses and more usage. This being the case there is a need to be in a location which will enhance competitive advantage through harnessing new buyers and creating awareness to many as well as making themselves attractive to then in all ways including price factor. Being accommodative to the existing customers, as well as encouraging them to use the products more frequently, and finally strategizing on promoting new ways for the use of Cooperative Group products (Zohar & Luria 2005). All the same, Cooperative Group Limited needs to move to other markets instead of concentrating with the UK market. This is due to the fact that, if the market faces economical turmoil, this will bring down the whole business. Moreover, when the current market is not doing well, then the company can rely on the other markets. The group however, needs to try and expand the total market and also defend its market share. The company needs to get into international business (Altinay 2004) if it has to compete with the companies of Tesco caliber. Opening time Opening time is very essential and a strategic issue experienced by Cooperative Group Limited. In the current global economy, 24 hours economy is the common. This therefore means that, customers don’t have to squeeze their schedule so as to fit in the schedule of the company, but they can shop at their convenient time (Lederer & Hil,l 2001) Unfortunately, Cooperative Group has not yet moved to doing business in 24 hour a day. For example in Manchetster, the shop opens at 7.00 and closes at 22.00 hours. This means that there are some hours when you can’t get the commodity however serious you need it. There is therefore a need to have an all day opening time and an all night opening time. This in the long run will increase the customer base, for those who feel the need to get something in the middle of the night can get the same (Beatty, 2001). Strategic goals: Cooperative group units need to develop strategies that are aimed at reaching each long term goals. The relation ship between these strategies are of great importance and if they get to a point of not working, then there is a need to identify reasons of the problem/opportunity stage of the planning process (Locke & Latham, 2002). Strategic Goals for Cooperative Group Limited in the Next Three to Five years For Cooperative Group limited, strategic goals should be viewed as important element in the articulation of a shared vision as well as in building partnership which are considered to be necessary in making the company work together on common goals. In outlining the key strategic goals that are needed by Cooperative Group limited (Bart, Bontis & Taggar, 2001), it is important to identify organizational needs that are commonly shared by various stakeholders groups. There is need for this company to develop competitive strategic goals that are intended to be achieved in the next three to five years. These goals should be designed in a manner that will create a competitive advantage both in domestic and the intended international markets (Vargo & Lusch, 2004). The following strategic goals are important in ensuring that Cooperative Group Limited goal and vision are meant in the next three to five years; Ensuring that Cooperative Group dominates UK market and offer low cost services as the same time maintaining increased profitability in the long term future Develop and highly maintains a flexible Cooperate Group strategy able to be adapted quickly with current ever changing circumstance with main focus on a long term and lean resources based on outlines competitive strategy To position the company to be the market leader in low cost corporate retailer so as to ensure that it attract customers from all walks of life. Unsure that customers needs are catered for through IT and flexible opening hours Key Strategy for Cooperative Group in the Next Three to Five years Having described the above strategic goals for Cooperative Group, it is important to develop key strategy for the next three to five years (Marsh, 2001). To become a world market leader in low cost food retailer calls for Cooperative Group Limited improvements and expansion of its strategies to fit into international standards. The company need to research on finding what other competitors formula on how they maintain low cost products and make profits (Beckham, 2000) The following are two strategies that should be adapted by virgin blue in achieving its strategic objectives; Commitment to safety and quality maintenance; Cooperative Group Limited remains committed to safety which is its primary focus both for the company and its management. It should maintain it clean record of not having a single incident involving customer Complaints (Homburg et al, 2007). The food supply should comply with all the health standards of the respective country and high quality hygiene. Online Services; the company online services should allow its customer’s access its to all the units and even make advanced payments. The website should be marketed via radio, television and newspapers so as to promote online customer care and other customer related services (Homburg et al, 2007). Positioning; The Company should work towards expanding to a larger market, mostly becoming an international company rather than concentrating with UK market so as to remain in a competitive position. Recommendation Cooperative Group must work towards implementing these goals so as to achieve the desired goals. Venturing in to the market need to be strategic so as Cooperative Group can effectively venture into a wider market share as well as increase the customer base (Ginsburg & Bloom, 2004). By the use of the 4C which is a strategy developed by Robert Lauterborn can be very influential in making Cooperative Group increase the customer base (Beeler & Amanda, 2000): Having a convenient Place Having Cost which is friendly to customers Communication which is essential for promotions Having readily products which results to convenience to customers The place where the Cooperative group products are going to be made available need to be considered if at all, an increase in customer base is going to be experienced. This is due to the fact that, customers are looking for convenience in whatever shop they decide to visit. The Group should therefore make their products available in all their market places and this will result to customer satisfaction as well as locking in these customers. The cost of living has increased and therefore many are looking for cheap products provided they meet their needs. This means that, the price of the products should be favorable to the customers (Jaworski, Kohli & Sahay, 2000). Promoting the products should be strategic and aimed at increasing their value in such a way that, the way they communicate should be aimed at attracting more customers and therefore good promotion tools should be used. Websites should be utilized so as customers can easily locate retailers all over UK and other international locations and most importantly work towards attracting and retaining more customers (Christen, 2001). The opening hours should be rescheduled to ensure that no customers are locked out irrespective of the time they are available. In this case, the units should be improved to 24 hours operational so as to accommodate more customers and also increase revenue (Gonrig 2008,). Conclusion Cooperative Group Limited is the leading in UK and has operated profitably foods and a range of differing businesses. Throughout this article, it is clear that Cooperative Group need to strategize its marketing operations so as to maximize its potentials. Tesco and other companies has invaded the market with low cost products and provided steep challenge to Cooperative group Limited business; When fully implemented, the objectives will boost the operations of the company which is recognizing world wide to the competitive advantage of the company (Dibb et al, 2001). Cooperative Group Limited has many advantages ranging from safety, diverse products, , strong brand, just to mention but a few. However, the business positioning of its products only as safety and ‘good for everyone’ because these are the only differentiations used by the company are important distinctive, communicable, profitable and therefore they are of equal importance for selling the brand (Siaw & Yu, 2004). 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