The EasyJet strategic management process - Assignment Example

?Strategic Management Process 8th May Table of Contents Table of Contents 2 0 Introduction 4 2.0 Strategic analysis 5 3.0 Strategy formulation, evaluation and choice 7 4.0 Strategy implementation 11 5.0 Conclusion 16 Executive Summary Strategic management is a major aspect that cannot be overlooked in order to attain the objectives in any given company. Being undertaken by top level managers, this paper covers the three essential stages involved in strategic management. These include strategic analysis, strategy formulation and strategy implementation. During the strategic analysis process, firms make appropriate choices that act as guidelines during the next stages. This paper covers the strategies that EasyJet Airline, a British based firm has adopted thus making it to attain a competitive edge in the airline industry. This paper depicts selection of the best courses of action as the key aspect during the strategy formulation process. Similar to the use of environmental scanning tools including PESTEL and SWOT in the strategic analysis, managers in EasyJet among other local and international companies also use the tools during strategy formulation. The third stage covered by this paper is the strategy implementation. During this stage, organizations translate the plans as set in the previous stages into actions that are focused at attaining the objectives. Strategic Management Process 1.0 Introduction Strategic management entails analyzing the primary initiatives that are undertaken by firm’s top level managers on behalf of other stakeholders including the shareholders and employees among others. Some of the notable initiatives that are involved in the strategic analysis include evaluation of firm’s internal and external environments as well as monitoring the use of resources within a company. Additionally, it entails establishing the vision and the mission of an organization, objectives as well as developing policies that are geared towards achieving the set objectives. In order to ensure that the roles of strategic management are effectively attained, it is imperative for managers to maintain a balanced score card. This is a tool that is used to evaluate the entire performance of an organization and its progress towards achieving the goals as outlined by the top level management team. As local and international firms engage in investing in their resources including workers to meet the stiff competition in the market, strategic management has been one of the issues that have not been overlooked (Kotler and Kevin, 2009). One of the major companies that have embarked on adopting of strategic management policies is EasyJet Airline Company. EasyJet Airline Company is a Britain based airline company that enjoys more than 600 routes in 30 countries. Being headquartered in London, the company employs more than 8,000 employees who are responsible for spearheading its services in the international market. EasyJet was established and launched in 1995 by Stelios Haji-Ioannou, a renowned businessman. In the airline industry, EasyJet has acquired a competitive edge based on its effective marketing strategies that involves providing prioritizing safety and strong team work that ensures the company policies are attained. It is vital to note that the company has achieved key positions in major markets that include London Stansted, Paris Charles De Gaulle, Rome Fiumicino, London Gatwick, London Southend and London Luton among others. Another aspect that has made the company to attain a competitive position is the acquisition of rival companies. In this way, the company capital base and marketing strategies have been boosted to a significant level. Some of the notable firms that EasyJet has acquired include TEA Basle, London Stansted-based Go, GB Airways among others. This paper will discuss the three major processes of strategic management that includes strategic analysis, strategy formulation and strategy implementation in relation to the EasyJet Airline Company. 2.0 Strategic analysis As mentioned earlier, strategic management process entails making the most appropriate choices that will enable a company to achieve its goals as well as to attain a better performance. Being a continuous process that is undertaken by local and international firms, the process covers three major aspects that must be coordinated and well undertaken. These processes include strategic analysis, strategy formulation and strategy implementation. Strategic analysis entails scanning of the environment as a way of collecting the relevant information that is needed for undertaking the other two processes involved in the strategic management process (Mintzberg and Quinn, 1991). Three key steps that are involved in strategic analysis include industry analysis, business strategy analysis and evaluation of the strategy. During the industry analysis, a firm defines its market and products, competitors definition as well as identification of the major factors that lead to the success of a company in the industry. To ensure that EasyJet Airline Company remain competitive in the European market, the company has taken initiatives to expand its market by establishing more routes in the international market (Pearson, 1999). For example, after acquiring GB Airways, one of its competitors in 2007, the company was in a position to control large number of routes across Europe. In addition, the company has adopted six values that make its operations to overdo that of its competitors in the airline industry. These include safety, pioneering, strong team work, passion, integrity and simplicity (Conaty and Ram, 2011). After undertaking an industry analysis, firms should identify their strategic goals and strategies during the business strategy analysis step. Strategic goals of a company entail the mission and the vision statement of a company, the marketing goals as well as the financial performance of a company. In their marketing goals companies should indicate their customer segments and provide products that meet their needs. For example, EasyJet targets European customers with diversified cultural background. In this regard, the company has initiated high level services in over 30 countries (Armstrong, 2006). In this way, the company has ensured strong product-company relationship thus resulting to increased sales and revenue. Technology is another major strategy that is adopted by the company in order to attain the marketing objectives. This entails the capabilities to provide quality services in at the right time to all customer segments. Before the formulation of any strategy, it is imperative for managers to evaluate their effectiveness and efficiency. Based on the stiff competition in the international market, it is vital for managers to ensure that their business strategy meets the needs of their customers. By applying the SWOT analysis, companies are in a position to improve their strategic performance (Hill, 1997). Another role of SWOT analysis during the strategic analysis process is to undertake internal assessment assessments of a firm. In this way, managers are able to understand the strengths, weaknesses, opportunities and threats that affect their companies. After evaluation of the strategies, managers should identify the critical issues that affect their firms and then prioritize them. Based on the fact that companies are faced with limited resources, it is essential to arrange the issues identified by the SWOT analysis in the order of their importance. This is followed by making recommendations that will address critical issues that will result to improved company performance both in the short term and in the long term. 3.0 Strategy formulation, evaluation and choice Strategy formulation entails selecting the most beneficial course of action that will ensure a company attains its objectives and mission (Henry, 2011). This implies that strategy formulation is a vital stage that ensures the policies of an organization as outlined in the analysis stage are effectively managed to achieve good strategies that improves the performance of an organization. Just like in the strategic analysis stage, strategy formulation is undertaken in steps. The first step is setting the objectives. The key aspect of a strategy is to set long-term goals of a company. Being a medium of achieving the objectives of a company as set by the top managers, strategy should be undertaken considering the resources at the exposure of a company. The second step during the strategy formulation is to evaluate the industrial as well the economic environment that affects the organization (Jonathan, 2010). This entails undertaking qualitative and quantitative analysis of the factors that affect the products of a company. Just like in the strategy analysis process, managers should undertake a SWOT analysis in order to identify their own weaknesses and strengths as well as those of the rival in the industry. It is through understanding the abilities and the weaknesses of the competitors that firms are able to track their moves thus discovering opportunities that are available in the market. The third step is setting targets that are quantitative in nature. This involves providing measurable objectives in order to easily compare the performance of the various departments. The fourth step is to identify the contribution made by each of the company division. This is followed by initiating the most beneficial strategic plan for each of the division. The fifth step is to undertake a performance analysis. This involves identifying and analyzing the difference that exist between the focused objectives and the actual performance (Parnell, 2006). Additionally, it entails evaluating the current, past and future performance of a company. One of the major significances of this step is to notice the conditions that may affect the operations of the company and estimate the occurrence of situations that may change the current performance of an organization. The sixth step is choosing the collect strategy. Such a strategy is obtained after undertaking the vital stages in the strategy formulation process that includes consideration of organizational objectives, identification of weaknesses and strengths as well as opportunities, and company threats. Business strategy entails the way a particular firm competes in a given business sector. Some of the major aspects that are covered under business strategy include marketing strategies, pricing as well as efficiency in the manufacturing process. One of the key objectives of a business strategy is to gain a competitive advantage that is imperative in ensuring that companies put at bay their competitors. On the other hand, corporate strategy entails the decisions that are made touching on the entire firm. Some of the areas covered by a corporate strategy include the size of the business as well as the position of the firm in the entire industry. Key differences between the business and corporate stategy are the scope. While corporate strategy is focused at aspects that cover the entire firm, business strategy is aimed at particular business units. During the formulation of the strategies, business strategy is handled by junior managers while corporate strategies are handled by senior management team including the CEO and the company chairman among others. During strategy formulation, firms can use either market positioning or resource-based technique. One of the strengths of Porter’s generic strategies is that it indicates how firms can improve their performance and become cost leaders by providing products that are different from those of the competitors (Dess and Davis, 1984). Similarly, it indicates that companies should narrow their market in order to reduce their costs. According to this strategy, it is not desirable for firms to combine differentiation strategies and cost leadership since they will be stuck at the middle. By covering the 5 aspects that includes barriers to entry, supplier power, threat of substitutes, buyer power, and competitive rivalry Porter’s generic strategies provides organization with techniques of facing off competitive forces that may cause reduction in sales and revenue (Porter, 1980). For example, there exist no barrier to entry in the Airline industry thus the level of competition is high. In this regard, EasyJet uses the porters five analysis in order to come up with its marketing and managerial strategies thus becoming a competitive company in the industry. Despite its strengths, Porter’s generic strategies have various weaknesses. First, it does not provide wide analysis as compared to other strategic tool such as SWOT and PESTEL among others (Barwise and Meehan, 2004). Secondly, it does provide clear distinction between cost and differentiation. Additionally, even if companies are offering different products it is difficult for most companies to entirely ignore the cost that they incur in the production as well as marketing process. In the markets that are growing at a fast rate, Porter’s generic strategies may not give relevant routes that firms should follow. Thus, making some firms to look for alternative strategic tools that enable them to acquire a competitive advantage (Kim et al, 2004). Some of the implications for business strategy of the resource-based approach that have been perceived include the disruption of four functions in a business. These are market orientation, organizational, innovativeness and entrepreneurship (Wright, 2011). These four capabilities leads to strategy and are mainly interrupted by diagnostic and interactive application of some parts related to management control. Generally, there is no specific implication for business strategy of the resource based approach since the research is still underway to find out the real implications. Corporate strategy enables organizations to achieve higher performance and sustain them through overcoming the challenges, understanding the trends in industry therefore linking actions so as to clear vision of the corporation. In relation to corporate strategy, the decisions that need to be made include the growth of a strong customer base through creation of market channels (Menon, et al. 1999). It also entails defining a vision that is linked to goals and tangible actions of the organization. Decisions on how to improve performance and competitive analysis are also made. Finally, decision on the allocation of resources and how to design organizational structures are made (Armstrong, 1996). The relevant growth strategies that I would use in EasyJet are mainly customer focused. I would begin with holding conversations with senior managers on core business of our organization. After that I would evaluate the performance of the business as a whole by measuring factors such as profitability and firm’s reputation among others. Cost cutting measures for instance failure to sell flights that are connected or even providing snacks that complement each other while on board. The intention of this is to utilize more aircraft increase the speed of turnaround times and also making it possible to keep cost of operation low. The main advantage of related diversification is that it allows easier expansion since one is aware of the industry in which he is operating. The disadvantage of this diversification is that there may be problems of giving financial results that are not actual. There may be seasonal business downturns. On the other hand, unrelated diversification is important since the level of risk of closure of industry is reduced since should one business fail, the other will still be going on. It is also possible to put into control the number of customers (Thompson and Strickland, 1987). One may also be able to offset the losses by coming up with a product that can be bought when others are being bought at a low rate. EasyJet has used the acquisition strategy and has therefore expanded rapidly since it was established. This has been fueled by the high demands in its operations. It has undertaken operations that were previously performed by other airliners. Portfolio analysis entails quantifying both operational and financial effect of a portfolio. Portfolio analysis is of importance since it is used to evaluate the performance and timing of returns effectively on investments (Ulrich, 1996). The aspects of international strategy that are relevant to EasyJet in relation to both business and corporate business strategy are it leads to lower prices of both goods and services due to economies of scale and also scope which is derived from a global base. The international strategy is useful for international negotiations; this is made possible through the breakdown of barriers and giving some protection to some countries. The international strategies which might be present include multinational strategy that is very competitive and involves several markets situated outside the home country. Another strategy is global strategy which treats the world as a single market and there is no local supply. The market penetration strategies applicable include price adjustments where the prices to board a flight are reduced. When deciding on the best strategy to adopt for EasyJet, I would use benchmarking strategy evaluation technique that entails comparing the performance of the organization in relation to the other related organizations (Henry, 2011). Process benchmarking will also be appropriate whereby organization will evaluate its various processes in relation to the best company. Afterwards, the organization will be in a position to decide the best practices to adopt with an aim of improving its processes performance (Weiner, 2000). 4.0 Strategy implementation Strategy implementation is the process that translates plans and strategies into actions in order to attain and realize strategic goals and objectives. Being one of the most critical phases of the strategic management it ensures that strategic plan is moved from the policy formulation level into the activation level. This is done in a manner that develops, utilizes and amalgamates organizational structure, and control systems emulate business tactics that avails competitive advantage and deliver performance goals. Strategic plans involves what and why of actions are undertaken while showing a road map that ought to be pursued under a specific direction. On the other hand, strategy implementation combines who undertakes, how, when and where the plans are to be activated. The success of any strategic management plan relies and dwells on an effective implementation. For any implementation of a strategy to commence there are number of steps that need to be considered. For example, action plans. This entails developing a strategy of sequential tactics that encourages a policy which adds value to the strategy. This action plan requires the assigning of responsibility to a particular individual who is to accomplish those action steps (Brendan et al, 2000). The assigned personnel set out an expected deadline and gives an estimate of required resources for their action plans to be accomplished. By doing so, a wider strategic statement is transformed into a specific coursework. Strategic leadership is a core value in strategic implementation. EasyJet Airline organizational structure is intended to fit their current structure in any given time and ensuring its appropriateness to the intended strategy. The question of whether the leadership structure is at its best to deliver the expected goals is one of the issues that should not be taken by managers. EasyJet Airline realizes the need to have an organization culture with potential to implement its strategies successfully. The human resource factor is well considered in activating strategies and the company realizes the two sided issue of human resource. In consideration first when dealing with human resource is the company’s communication needs (Mintzberg, 2013). It is vital to note that firm’s strategies need to be well articulated so that those tasked with the development and the consequent action tactics clearly comprehend what strategy they are implementing. Secondly, managers should be aware of the effectual impact the new strategy will exert on human resources needs. The changes required by the strategy, how swift the provision is for that change and evaluate the implications to the human resource as an after effect. The answer to these queries determines the course of action, whether to let employees time to grow by experience, facilitate training, or recruit new employees (Sytse and Hein, 2013). Implementation requires disbursement of financial resources channeled to the right activity for the intended strategies and this financial commitment is made at the initial process of planning. They approximate fiscal requirements as they develop the strategy and the commitment is solidified later while drawing the action plans. In this way, they bond the strategic plan and annual business plan (Mintzberg and Quin, 1991). Constant improvement requires a regular check to see if the progress is on course and use of best policies with options to streamline a strategy if delays are encountered. The options are prioritized as per their significance and they include change of schedule, action steps and change of strategy and if necessary change the objective. Linking together the activities of the company so as to ensue a coordinated direction of organizational resources is one of the key issues that have contributed to the success of EasyJet Airline. This is done both horizontally and vertically. A vertical linkage establishes harmony and support amongst and the divisional and departmental procedures considering available resources. Horizontal linkage cuts across the company’s departments and regional offices to collaborate the company’s units. EasyJet airline operates under a flat management structure. The company has grown an appropriate executive management team (EMT) which is built to focus on creating capability across all Europe, to develop a business traveler proposition focusing on their customers. With new structure new roles of existing EMT members have occurred. Additionally, there has been appointment of a new group IT director, group directors of communications, strong marketing teams and a group director in Europe. EasyJet’s ten member board of directors is led by a non-executive chairman, a chief executive and a chief financial officer and seven non-executive directors (Mohr, 1982). The appointment of senior roles in each European country where it operates to oversee the implementation of its strategy in becoming Europe’s preferred short haul carrier and maximize the company’s potential. The company emulates an appropriate line of authority and exercises a clear and open line of communication with employees at all levels. Another organizational structure that works well with EasyJet is the functional organization. This is based on the fact that in this structure employees are assigned specialized tasks such that every department is staffed with skilled personnel and operational efficiency is assured by EasyJet being a company that is aimed at providing services that require extreme safety standards (Hitt et al, 2009). At EasyJet, viable implementation of organizational strategy entails the application of an organizational process to realize desired results. This involves the allocation of resources, inventing communication and decision processes and managing human resources (Hawes and Crittendon, 1984). Discussion at senior management level should involve critical review so as to come up with a process that can help to analyze and redesign current processes, and invent new processes if need be. Decomposition entails dividing processes into activities and sub activities, harmonizing processes with others thus transforming them into steps that lead to the main strategy (Rotter, 1966). Specialization process specialize activities within a chain of command where each unit inherits an activity and works independently to see if there may be various ways of accomplishing the desired outcomes. Dependencies work well through coordination and are managed through information systems. When a new process is generated it is passed over through specialized hierarchy and overtly corresponds with other activities creating a need for a coordinated process giving a leeway for choosing a better way of coordination (Macmillan and Tampoe, 2000). Strategic control systems are components of implementation the company may need for monitoring, tracking and evaluating efficiency of its strategies. EasyJet Company should come up with resource sharing strategy to motivate implementation managers. This will yield a higher effectiveness on a low cost strategy. Senior executives can influence unit managers by regulating the amount of resource shared between various units (Kay, 1993). Failure to anticipate change could be disastrous and is better to make timely changes than be forced to undergo rapid changes. Evolutionary changes are best for EasyJet since they involve internal factors which include reorganizing and restructuring so as to meet future challenges and have proactive approach to changes as measure of staying above completion. The company will have sufficient time to plan for change and accordingly reorient and adapt to the changes. Greiner’s schema of five stages is relevance at the present and cannot be overlooked (Chandler, 1962). EasyJet can get the help of outside consultants to identify, recommend and implement desired change. Strategy implementation always has effects that sweep through an organization and EasyJet can avoid unnecessary disruption by appointing an individual to spearhead the changes, tackle the end solicit opponents while proactively identifying and mitigating problems. Visionary organization is a significant concept that can work well with EasyJet since the life of the company and its management structure is not tied to the top echelon of leadership but a flat structure. The basic concepts that drive the company are based on a relentless motivation for progress and improvement (Buzzell and Gale, 1987). Strategic leadership entails manager’s ability to articulate a strategic vision and ability to persuade his team members to adopt the vision. Organizational members are influenced to effect organizational change through proper employee management. Emotional intelligence (EI) can prevail within EasyJet’s organizational structure to bring harmonious understanding through identification, assessment and control of emotions of all stakeholders. EI is branched into ability EI and trait EI (MayeR et al, 2001). Hofstede’s national culture categories of power distance, individualism, uncertainty, masculinity and long term orientation can be applied to ensure equal power distribution, integrate individuals into groups, tolerate unusual circumstances, distribute emotional roles and adapt to new cultures (Hofstede et al, 2010). Theory E might be disruptive since it emulates an economic value based organizational structure where planned and programmed change would face resistance. On the other hand, Theory O can help the company’s strategy implementation through experience and commitment to continuous change (Beer and Nohria, 2000).Corporate ethics and corporate governance must be adhered to in relation to company policy regarding moral, ethical and financial issues to avoid negative attitudes and internal conflicts (Cadbury,1992). Corporate governance is formulated to be in line with national and international standards that regulate the aviation industry (Lynch, 2003). The company’s important stakeholders are the shareholders, creditors, debt holders, suppliers and customers. This lot of stake holders can be satisfied through accountability on the company’s side and mitigating of conflicts between stakeholders. This can be done through processes, policies, customs, laws and relevant institutions. 5.0 Conclusion Strategic management is a vital process that encompasses three major steps that includes strategic analysis, strategy formulation and strategy implementation. During the strategic analysis stage, firms make choices that are essential in the next two stages. Some of the major aspects that are undertaken during the strategic analysis include environmental scanning, industry analysis, business strategy analysis and evaluation of the strategy. After getting the best choices that will enable an organization to attain its objectives, managers enter the strategy formulation. During this stage, the most beneficial course of action is undertaken. This entails setting the company goals and proper management of available resources. During the industry analysis, companies use various tools including PESTEL and SWOT among others. 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There are approximately 8000 people who are employed by the airline and they are mainly based in Europe but the majorities are found in UK. The airline had an increment in its revenue to stand at ?3,854 million in the year 2012.Easyjet operates in 29 countries nationally and it is still expanding its market. In Europe, it has 100 routes that are facilitated by the fact that 50 of the largest airports are found in Europe. In these 29 countries there are 131 airports and further, EasyJet enjoys 600 routes. The company has many shareholders since they keep on increasing as the company expands its operation globally. EasyJet has expanded considerably since its establishment in the year 1995.There has been acquisition and also base openings facilitated by low costs and higher consumer demand. Read More