Provide a Strategic Analysis Linfox - Research Paper Example

Report A Strategic Analysis of Linfox Content 0 Introduction 1 Background 2 Major Players 3 Key Recent Changes2.0 External Analysis 2.1 The Macro-environment 2.1.1 Economic Factors 2.1.2 Socio-cultural Factors 2.1.3 Politico/Legal Factors 2.1/4 Technological Factors 2.1.5 Demographic Factors 2.1.6 Global Factors 2.2 The Industry 2.2.1 Threat of New Entrants 2.2.2 Power of Suppliers 2.2.3 Power of Buyers 2.2.4 Intensity of Rivalry 2.2.5 Threat of Substitutes 3.0 Internal Analysis 3.1 The Resource-based View 3.1.1 Valuable 3.3 Rare 3.1.2 Inimitable 3.1.3 Non-Substitutability 3.2 Core Competencies 4.0 Competitive Strategies 4.1 Differentiation 4.2 Cost Leadership 4.3 Focus 5.0 Recommended Strategies 6.0 References 1.0 Introduction 1.1 Background Linfox Logistics is a private company and also part of the Fox Group which includes Linfox Airports, Linfox Armaguard and Linfox Property. The Company was started in 1956 by Lindsay Fox, who at the age of 19 acquired a second-hand truck for ?400 and started delivering soft drinks in the summer months and fuel in the winter months, in Melbourne Australia. The company was operated under the name Lindsay Fox Cartage. In 1966 the name was changed to Linfox. During the next ten years the coming began distributing steel products for the “The Hardware Company of Australia”. The company also introduced another truck on trial to deliver groceries for GJ Coles and Coy. Linfox also entered the NSW market and started delivering BP heating oil and in 1968 won a contract for Courage Breweries in Melbourne, which resulted in an increase in the company’s fleet of vehicles to 65. In 1976 the company began the transportation of aluminium from Alcoa/s Port Henry plant to Melbourne Port for export. Between 1976 and 1986 Linfox established its Queensland operations with a contract for G J Coles and Coy. The company also purchased Canberra Central Heating & Appliance Centre in order to establish a heating oil distribution centre. The company’s work with Coles and its subsidiary expanded into Victoria as contracts were entered into with Woolworth in NSW and Queensland; and Coca-Cola in Victoria. Between 1986 and 1995 Linfox purchased the Coca-Cola distribution fleet in Queensland and carried out distribution activities in that area. The company also gained new businesses from Sunicrust Bread, GCR Containers and James Campbell’s Hardware. In addition to expanding operations in Australia, Linfox established operations in New Zealand and China. It was in this period that the company’s contract with Metropolitan Dairy resulted in the employment of 200 additional drivers and the acquisition of 80 vehicles. From 1996 to 2005the company expanded its operations into Thailand and Malaysia and also provided logistics services for the 2000 Olympics which was held in Sydney. The company also invested significantly in warehousing and docking facilities and purchased Avalon Airport to allow for airfreight and passenger transportation. Linfox also established a Driver Training Complex to train persons in the logistics industry to train persons from Australia and the Asia Pacific region. In 2003 the company purchased Mayne Logistics and Armaguard and this led to the dramatic growth of its Australian and Asian operations. Linfox Logistics currently operates in ten (10) countries throughout the Asia Pacific Region. The countries are Australia, New Zealand, Hong Kong, Malaysia, India, China, Indonesia, Thailand, Philippines and Vietnam. The acquisition of FCL in 2006 contributed to Linfox becoming a major player in the Australian rail freight industry. In 2007 the company acquired Provincial Freightliners and this helped to increase it operations significantly in New Zealand. Further, the acquisition of the Westgate business in 2007 established the company as the leader in warehousing, Retail and the Fast Moving Consumer Goods (FMCG) sector. Today the company is looking to expand in Western Australia (WA). Linfox operates in four (4) industry sectors and operates four business units to specifically deal with the warehousing and distribution requirements of its customers in the different industry sectors. The company uses technologically advanced applications to facilitate the efficient and effective operations of its business and its customers on whom the business depends. Linfox emphasizes safety and customer satisfaction. The company has won a number of awards which is indicative of the quality service that it offers. 1.2 Major Players in the Industry According to the Logistics Association of Australia (2010) the four major players in Australia’s integrated logistics business are Toll Group, QR National, Asciano Group followed by Linfox. The total annual revenue of the top players in 2009-2010 were AUD 6.9 billion, AUD 2.9 billion, AUD 2.86 billion and AUD 2.2 billion respectively. 1.3 Recent Key Changes in the Industry Of significance is the fact that the Government has given thought to the introduction of a carbon tax which would have a negative impact on businesses like Linfox that uses fuel in their operations on a large scale. However, according to Heffeman (2011) Linfox is in support of it. The company sees this as a means of been on the same page as its suppliers of which Tesco is a fine example with its zero carbon supermarket location in Cambridgeshire in the UK. 2.0 External Analysis 2.1 The Macro-environment According to Yubin (2007) the Industrial Organisation (I/O) model argues that superior performance is achieved when firms implement the strategy that characteristics of the external environment imposes on it. That is to say that strategy is determined by what is happening in the external environment. An external analysis involves an analysis of the macro-environment and an industry analysis. It involves scanning the environment for early signals of changes and trends. These changes and trends need to be monitored to determine what actions a company may need to take. The company can then develop forecasts of the outcomes that are anticipated based on these trends. The trends and changes needs to be assessed in order to determine the strategies that the company’s management needs to put in place. According to Harrison et al (1993), an external analysis will help a company to avoid major surprises, identify threats and opportunities quickly, improve planning and reduce reaction times, and enhance their understanding of their position in the industry. It involves an analysis of the Economic, Socio-cultural, Political/legal, Technological, Demographic and Global factors affecting the company. 2.1.1 Economic Factors Economic factors relate to the business cycle, inflationary trends, consumption trends, employment, investment, monetary policy and investment policy. Factors affecting the industry includes the global financial crisis and changes in the price of fuel. Although the recession had a negative impact the industry faired well and has recovered since. The industry is dependent on fuel to carry out its operations and any upward movement in prices will affect it negatively. The recent political crisis in the Middle East has resulted in an increase in the price of fuel which affects the transportation of goods and services, as well as the cost of heating and lighting. Linfox is dependent on fuel to carry out its operations. Fuel represents one of the key costs in its operations. 2.1.2 Socio-cultural Factors Socio-cultural factors relate to management and workforce values, education and training and the availability of labour. Linfox has developed strong work values among its workers. The company is committed to their development such that they will develop the skills and knowledge necessary to serve the customers well and therefore lead to the efficient and effective operation of the business. The company has training facilities from which it trains its employees as well as persons in the Logistics industry throughout Asia. The company operates in different countries and so there are different cultures that it has to contend with. As part of the company’s commitment to the Australian Employment Covenant (AEC), Linfox will provide 500 indigenous jobs across Australia over the next three (3) years. The training will cover technical issues as well as the company’s values and safety guidelines. The company also has a graduate program which involves the development of graduates for top universities in Asia and Australia. The duration of the program is 18 months. These graduates receive hands on experience in various aspects of the business. The company appears to be impacted by cultural factors as its Asian business only contributed 24% of its total revenues in 2009-2010. 2.1.3 Politico/Legal Politico/legal factors relates to industry regulations; and government legislation and regulations. The government in Australia and in other parts of the world have regulations in relation to how businesses operate in their jurisdiction and ecological regulations as it relates to the emission of carbon dioxide into the environment. The company has taken a bold step to reduce carbon emission in its business be 50% from 2007 to 2015. Already it has reduced its emissions by 28% and has taken further steps to sustain the environment. These steps involve designing the vehicles it uses in such a way that it reduces the use of fuel which contributes to carbon emission. The company has also introduced tyre technology which will adjust tyres to the correct parameters set in a computerised system. Additionally, Linfox has sought to improve the utilisation of its vehicles by introducing real time systems that will keep both administration and customers informed on the location of its fleet. Linfox has also carried out energy audits at it various facilities in order to save electricity at its warehouses. The company has also designed its buildings in such a way as to reduce carbon emission. Linfox has also introduced Eco-Driving with the aim of a 10% improvement in fuel economy, reduction in vehicle repairs and maintenance costs. 2.1.4 Technology Technological factors relate to the rate of technological change in the industry. Linfox has taken technology to the next level in all areas of its business. In its bid to sustain the environment it uses technology to determine when the tyres of its vehicles are deflated or overinflated to prevent the negative impact it can have on the environment. According to Linfox.com (n.d.), the company partners with customers to develop and implement innovative supply chain solutions in its aim to be the supply chain provider of choice in the region. The company uses SAP Warehouse Management System in order to ensure the efficient and effective operation of its business. The company’s system is integrated with its customers through its use of a Microsoft based system known as Microsoft Biztalk. It uses the latest hand-held devices to communicate delivery information in real time to its customers. According to Linfox the company is on “the cutting edge of logistics technology and is continually developing unique IT business models to create customer efficiencies. The company has introduced innovative ways (tachograph) to help boost the safety of its drivers. The company has also introduced optalert safety glasses which is designed to alert drivers when fatigue starts to set in. The company won an award for the “Best Technology Application” which has resulted in a reduction in the turnaround time of vehicles at the Distribution Centres (DCs). According to Johnson (2010) top supply chain companies are realising that technology and the information it generated by technology is growing in importance. 2.1.5 Demography Demographic factors relate to population size, age structure, geographic distribution, ethnic mix and income distribution. Linfox is operating in the emerging economies of Asia. The potential for growth in these countries is tremendous. China is described as the factory of the world. Most of the major companies like Wal-Mart, Proctor & Gamble and Tesco have operations there. Tesco and Proctor and Gamble are Linfox’s customers. The aim Countries is a source for cheap labour and so goods will continue to be manufactured there. China and India have two of the largest population in the world. Linfox has a substantial part of its operations in that region. Global factors relates to political events, critical global markets, newly industrialised countries as well as different cultural and institutional attributes. Asia is a critical global market and it has a number of newly industrialised countries. The market has opened up and continued to facilitate the development of trade and so Linfox is strategically placed. The government of these countries are looking to develop the social infrastructure to facilitate that growth. It is expected that a number of cities and highways are in the development pipeline for these countries. 2.2 The Industry Environment Porters five forces model of competition can be used to analyse the industry. There are a number of players in the industry and Linfox is the largest privately owned company. According to the Logistics Association of Australia (2010) Linfox is ranked number 4 behind Toll Group, QR and Asciano. A number of merger activities have taken place over the past decade resulting in stronger and more economically viable companies. According to Walton (1999, p. 38): “The more one can manipulate the forces in a direction favourable to oneself the more strategically effective one is.” there have been a number of mergers and acquisitions that have resulted in increased economies of scale for companies. 2.2.1 Threat of New Entrants Barriers to entry may be high in the Logistics and supply chain industry. Linfox and other player in the industry have sought to increase barriers through various acquisitions and mergers. Linfox has a good position in the industry but it might be under threat from larger international players some of whom now operate in market niches and may therefore see the opportunity later to expand their business. The logistics industry is a very capital intensive industry and therefore a new entrant would require a lot of capital. Additional taxes like the proposed carbon emission tax would provide even more barriers. Linfox has also tried to differentiate its products with its technological innovations the training of its distribution and other professional employees. Linfox has diversified its business through the operation of four business units that deals four industry sectors. They are FMCG, Retail, Industrial and Linehaul Business Units. 2.2.2 Power of Supplier The suppliers in this industry relates to suppliers of vehicles and technological solutions. Companies are looking for technology solutions that will meet the informational needs of both the companies and their customers. They are also looking for fuel efficient and well designed vehicles to meet their customers’ requirements for efficient and effective service. Both company and supplier have equal power as the services they offer goods and/or services that each other may need at some point in time. 2.2.3 Power of Customers Customers are very important to Linfox’s business. There are other players in the industry and so the company has to ensure that it is able to provide real time information to its customers who depend on that for their business. It has won awards in various countries in which it operates. The company won the “Dulux Supplier of the year 2007 Award” in New Zealand based on customer satisfaction and continuous improvement in the level of service it offers. The award was presented to Linfox in recognition of the company’s commitment to reducing costs and increasing revenues in order to provide customers with a strategic tool for growth. The company had won the award in the two previous years. 2.2.4 Intensity of Rivalry Rivalry in the industry is fierce but Linfox is doing what it has to do to remain competitive. The company has not had any mergers or acquisitions since 2008 while Toll Group has been growing leaps and bounds to the extent that its revenues are approximately three times that or QR, Asciano and Linfox. Toll group also operates in approximately 55 countries with 1100 locations which indicate the vastness of its operations. However, Linfox has commanded the expect of its peers and its Supply Chain Solutions Management Group that won an award for “excellence in Supply Chain Management and Distribution at the SMART 2007 conference. 2.2.5 Threat of Substitutes The threat of substitute products is a factor in this industry. According to the Logistics Association of Australia (2010), Australia fell from 17th place on the International Logistics Performance Index (LPI) to 18th place based on the industries ability to track and trace. It is important that Linfox’s current system solves that problem in a satisfactory manner so that the company and its customers are both able to manage their business efficiently and effectively. Technology and human resources are two of the means that the organization can set itself apart from its competitors in order to gain competitive advantage. The company could also seek to lower prices in order to gain advantage. The company has received awards which indicates this commitment to reducing costs and increasing revenues in winning the Dulux Supplier of the Year 2007 Award at its New Zealand operation. 3.0 Internal Analysis An internal analysis is an analysis of the resources that the company has at its disposal. These resources include human resources, technological resources, financial resources and capital. 3.1 The Resource Based View The resource-based view (RBV) is a strategic management tool that is used to determine the strategic resources that is available to a company. In general, empirical studies using the theory have strongly supported the resource-based view Wenerfelt (1984) states that the basic principle of RBV is that the basis for competitive advantage of a company lies primarily in how it uses the valuable resources it has at its disposal. In order to transform a firm’s short-term competitive advantage into a sustained competitive advantage requires that resources are heterogeneous in nature and not perfectly mobile (Peteraf 1993). According to Wei (2006) the fundamental assumption of RBV is the heterogeneity of resources. The types of resources that are capable of assisting the firm to achieve sustainable competitive advantage over other firms must conform with certain requirements. They must be valuable; rare; inimitable; and non-substitutable. 3.1.1 Valuable A resource is valuable if it creates value and assists the business in outperforming competitors. However, the cost of the resources should not exceed the benefits that can be obtained from its use. Linfox’s technological and human resources ahs assisted it to gain competitive advantage in a number of areas resulting in the company winning a number of rewards. The cost of Linfox’s tracking and tracing technology and its human resources does not exceed the benefits that can be derived from their use. 3.1.2 Rare A rare resource is one that cannot be easily had and therefore may not be available in any other firm. Linfox’s management team is unique and as such cannot be found in any other organisation. The level of service that they offer their customers is rare. Linfox’s Hong Kong operations won an award for “Best LPG Hauler in the South East Asia, Hong Kong, China Award” from Exxon Mobil for its flawless operations. In 2007 the company had no recorded incidents across five categories. The company has various systems in place to ensure the safety of its drivers while the are on the road and its employees while they are on the job at its various locations in Australia and Asia. 3.1.3 Inimitable If a resource is only controlled by just one firm then that is a source of competitive advantage (Barney 1991). This advantage can be sustained it the resource is not easily copied. Accordingly, Conner and Prahalad (1996) indicates that knowledge based resources are the key to the resource based perspective. This view has been supported by Colbert (2004). The values and qualities that the firm’s employees exhibit cannot be imitated by its customers. They result from years of experience in the industry and the quest of Linfox to provide the most efficient and effective service for the customer. 3.1.4 Non-substitutable According to Dierickx and Cool (1989); an important characteristic of the resource based view is lack of substitutability. This, they suggest are just as important as its inimitability, its rarity and its value creating ability. Linfox’s has differentiated the services it offers and the skills, knowledge and integrity of its management team cannot be substituted.. It is not always possible to find a substitute for good quality service. According to Penrose (1959) that advantage can be sustained over longer time periods to the extent that the firm is able to protect against resource imitation, transfer, or substitution. Snell et al (1996) argues that human resources must meet these four conditions in order to provide competitive advantage. The RBV states that a firm develops competitive advantage by not only acquiring but also developing, organising, and effectively deploying its physical, human, and organizational resources in ways that add unique value and are difficult for competitors to imitate (Barney, 1991). Most of the views on RBV are grounded in human resources. According to Colbert (2004), proponents of the resource-based view (RBV) argue that sustained competitive advantage can originate in a firm’s resource base and as a result draw attention to the internal workings of an organization. Colbert (2004) further states that the RBV places more emphasis on the mangers role in the selection, development, organization and deployment of a firm’s resources and not just on the selection of its competitive position in the operating environment. Linfox focuses on the continuous development of its employees so that it can better serve its customers. The company has a graduate program and its Indigenous Employment Programme (IEP). Amit E Shoemaker (1993) indicated that these complex social structures that organisations have built up overtime are difficult to understand and to imitate. There is nothing to indicate that Linfox has any patents for any of the technology it uses. The company has won an award for retail business unit solution which has resulted in a 4% reduction in turnaround time of its vehicles at its Distribution Centres. Linfox has worked with It has worked with 3.2 Core Competencies According to Prahalad and Hamel (1990), a firm’s core competencies are its collection of knowledge about how to organise diverse production skills and technologies in order to gain a competitive advantage. This they state can create unique integrated systems that reinforce organisational fit amount the organisations range of production and technological skills so as to gain a systematic advantage that the firm’s competitors cannot copy. Linfox’s core competence lies in its employees and its warehouse logistics skills inclusive of the design of distribution centres. The company tailors solutions for FMCG companies like Kellogs in the Asia Pacific Region. That’s technology and human resources at work. The company has won numerous awards including “Mars Petcare Supplier of the Year Award 2010” in recognition of Linfox’s ability to meet clients’ expectations, productivity development, safe behaviour and relationship building. The company stresses safety which is important to the customer’s goods being delivered and on time. Accidents would cause delay and in some cases result in non-delivery. 4.0 Competitive Strategies A firm’s competitive strategies are the strategies that it uses to gain an advantage over its competitors. According to Porter (qtd. in Walton 1999, p.20), there are three fundamental ways in which firms can achieve sustainable competitive advantage, that is, growth. For him this would influence the choice of grand strategies.” These strategies include: cost leadership, differentiation and focus. 4.1 Differentiation Linfox has differentiated its service from its competitors with the result that the company has achieved a number of awards. Some of the awards speak to meeting customers’ expectations, productivity development, safe behaviour and relationship building. Other awards speak to its application of technology. These and other awards are an indication that Linfox has set itself apart from its competitors. The company has also set itself apart in how it trains its employees and the steps it has taken to reduce carbon emissions. 4.2 Cost Leadership Linfox has won an award in New Zealand but it is not clear whether Linfox is the low cost producer in the industry. There are also larger firms which are more capable of achieving greater economies of scale from their operations. Further mergers and acquisitions could result in the company gaining this position. 4.3 Focus Linfox may chose to focus in a particular market niche where it currently has a clear competitive advantage. 5.0 Strategies According to Fox (qtd. in Korporaal, 2009), the company has plans to expand its operations in Asia in order to deliver goods to the growing middles class. The company is obviously growing its operations along with the UK supermarket chain – Tesco and US based Proctor & Gamble. This is a good strategy as other companies are also going their and will need the services that Linfox provides. The company has also indicated that it has no plans to go into the US or European market since there is a lot of potential in the Asian Market. The company also has plans to expand its operations and according to (The Western Australian) the company plans to build a $68 million transport depot on 8ha at Hazelmere in Western Australia. According to the company’s chief executive Michael Byrne (qtd in The Western Australian, 2011) the site would cater to the growing business in the WA resources industry. Byrne also indicated that by 2013 Linfox’s investment in specialised fleet, property and equipment will exceed $200 million. The company’s customer in this area includes BHP Billiton an Fortescue Metal Group. The Herald Sun’s Easdown (2011) quoted Byrne as stating that Hazelmere offered efficient and cost effective access to major highways for the company's double road trains and would begin operating in early 2012. According to Byrne (qtd. by Transport & Logistics News), Linfox is building the capacity to manage long-term growth in the Industry. 6.0 Recommendation Linfox is headed in the right direction it is moving with the trends in the industry. The company should however also consider the European and United States markets. According to one writer Global companies are increasing choosing Germany for there European distribution headquarters. The writer also emphasised that Germany occupied the number one spot for infrastructure. Other companies like Amazon are headed there. Linfox has 53% of its employees in Asia. However, they contribute only 24% to Linfox’s revenue (Stojanovich, 2011). We are not sure why this is so since the operations in some of those countries are fairly new and there would be some amount of teething pains that the company has to go through in that regard. It is important that the benefits of investing in those countries are worth the cost. In moving with its customers like Kraft, Tesco, Uniliver and Proctor & Gamble, Linfox need to ensure that it gets more customers to ensure the feasibility its operations there. Linfox also needs to start thinking about further acquisitions so that the company can gain strength in order to deal with any futures change in the industry. Already Toll Group is almost four times Linfox’s size in terms of the breath of its operations and the revenue it generates. According to Fernandez (2004) Toll Holdings is a good example of improved competence through acquisitions. The company has been doing well technologically and it should always seek to benchmark against the best in the business worldwide. This is very important because a number of the businesses customers are international companies. In order to gain financing for acquisitions and other expansion the company could go public with its business in order to gain capital to facilitate this. Shareholders funds can be costly but it can help to reduce financial risks. However, it could provide Linfox with some amount of buffer. The best time to go public would be now when business is going well. The requirements can be stringent but it has its benefits. The company also needs to continue to support government policies. 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Last accessed 12th May 2011 Transport & Logistics News. (2011). Linfox boosts its mining services in WA. Retrieved: http://www.tandlnews.com.au////article/Linfox-boosts-its-mining-services-in-WA/PWBIAKIPTN.html. Last accessed 12th May 2011 Walton, J. (1999). Strategic Human Resource Development. UK: Pearson Prentice Hall Wei, L. (2006). Strategic Human Resource Management: Determinants of Fit. Research and Practice in Human Resource Management: 14(2). p. 49-60 Wenerfelt, B. (1984). A Resource-based View of the Firm. Strategic .Management Journal: 5 (2). p. 171-180 Yubin, L. (2007). Integrated dynamic perspective on firm competencies and organisational performance: A study of China’s large construction SOEs. Paper. University of Hong Kong. Retrieved: http://ezproxy.lib.monash.edu.au/login?url=http://proquest.umi.com.ezproxy.lib.monash.edu.au/pqdweb?did=1647127481&sid=1&Fmt=2&clientId=16397&RQT=309&VName=PQD &VName=PQD. Last accessed13th May 2011 n.n. (2011). Amazon Begins Construction on New Logistics Facility in Germany. Retrieved http://ezproxy.lib.monash.edu.au/login?url=http://proquest.umi.com.ezproxy.lib.monash.edu.au/pqdweb?did=2344005241&sid=3&Fmt=3&clientId=16397&RQT=309&VName=PQD. Last accessed 12th May 2011 Read More