Strategic Management and Leadership - Report Example

Strategic Management & Leadership Table of Contents Introduction 3 A Brief Overview of Virgin Money 5 A Brief Overview of Northern Rock 6 Detailed & Critical Analysis of Virgin Money’s Acquisition 7 SWOT Analysis of the Acquisition of Virgin Money 7 PESTEL Analysis of the Acquisition of Virgin Money 8 Porter’s Generic Strategy Tool and Acquisition of Virgin Money 10 Benefits for Virgin Money from the Acquisition 12 Problems or Difficulties of Virgin Money from the Acquisition 16 Conclusion 21 References 22 Introduction The expansion strategy especially with the factor of acquisition has continued to be a dominant development strategy for the business organisations worldwide. It is mainly due to the key stakeholders of the business organisations who lay more emphasis upon the interest towards raising the investor’s value (McDonald & et. al., 2005). The business growth continues to govern the minds of CEOs along with their board members of business organisations far and wide. It has been noted that the policy of acquisition has been one of the preferred or chosen procedures of attaining growth targets along with satisfying the key stakeholders towards fulfilling their business goals along with raising their value (McDonald & et. al., 2005). The conception of acquisition is mainly defined as the acquiring of one organisation by the other. The acquisition growth strategy is regarded to be an event of global phenomenon where it has been estimated that a significant amount of acquisition deals are taking place every year. The major reason of this increased value towards the acquisition growth strategy lies in the attainment of various business targets along with required outcomes of a particular business organisation (Alao, 2010). The acquisition strategy is often regarded as inorganic development strategy that helps and supports the financial organisations to make a deliberate entry into the new markets, enlarge customer base, participate in the business competition, combine and grow particularly in size rapidly, initiate modern technology with respect to people, procedures and products. Thus, the inorganic strategy such as acquisition is regarded by the business organisations as quick adopting strategies for advancement as well retaining investor value (Chari, n.d.). Large acquisitions may affect the entire economy of a country along with a particular business organisation that executes the acquisition development strategy in order to fulfil their several business goals. The large acquisitions that are generally made may lead to noteworthy alterations particularly in the arrangement of employment environment, employee income and in shareholder performance (Chand, 2009). Taking into concern, the rise of economic crisis in various countries ultimately makes the business leaders to pay severe attention towards their corporate rearrangement procedures. In lieu of this, the conception of acquisition growth strategy acts as a fundamental function towards the corporate rearrangement procedures of various business organisations (Chand, 2009). In the paper, the significance of acquisition growth strategy of Virgin Money is widely discussed proving that this particular growth strategy is still possessed as an attractive and a striking strategy for major businesses that are looking to expand. Various aspects that include a few essential techniques of strategic management such as ‘SWOT’, ‘PESTEL’ and ‘Porter’s Generic Strategy’ tool will be taken into consideration while providing a detailed and critical analysis of the Virgin Money’s acquisition of Northern Rock. In addition, the expected benefits for Virgin Money through its acquisition of Northern Rock along with various problem or difficulties that might be faced by Virgin Money will also be taken into consideration in the discussion of this paper. A Brief Overview of Virgin Money Virgin Money alike all existing Virgin companies worldwide, launched its various financial services in order to offer its worldwide customers a better deal. Along with this offering towards the customers, Virgin Money also aims to deliver a broad variety of valuable financial products to the people that include providing credit cards, prepaid cards, personal loans and various insurances among others (Virgin Money, 2012). The key visions of Virgin Money include presenting better as well as enhanced value for its worldwide customers, making a positive impact upon the world and delivering a fair profit both to the customers as well towards the organisation (Virgin Money, 2012). It was in the month of March in the year of 1995 when Virgin Money started its business journey by launching the best value monetary related services or products for the customers into the market. Virgin Money also launched the cheapest monetary related services simplified with various challenges compared to its other competitors to match the level of their improved service standards (Virgin Money, 2012). It has been identified that currently Virgin Money has made a remarkable step to move forward their ambition through its acquisition with Northern Rock for the purpose of delivering better services to its customers, staffs, shareholders, partners and the communities that Virgin Money serves. Virgin Money possesses a history of entering markets in order to enhance various factors for the customers (Virgin Money, 2012). The ultimate aim of Virgin Money regarding the acquisition of Northern Rock lies in providing fair, reasonable, transparent and honest product features to its worldwide customers along with possessing the ability towards much needed competition into the financial market. By acquiring Northern Rock, Virgin Money intends to create a bank with over 4 million customers along with planning to present large mixture of banking products through online, telecommunication, existing stores and financial advisers among others (Virgin Money, 2012). A Brief Overview of Northern Rock Northern Rock is fundamentally a credit and savings bank lending to the customers especially in the United Kingdom. The company’s distribution network comprises of 74 branches including postal, telephone and internet operations. In the year 1997, Northern Rock transformed to a ‘public limited company’ which is remarkably listed on the ‘London Stock Exchange’ and possesses an appropriate approval under ‘The Banking Act 1987’ (Northern Rock Plc, 2012). According to the statistics of “Council of Mortgage Lenders”, it has been noted that Northern Rock holds the position of market leader in the credit as well as mortgage lending industry especially operating in the United Kingdom providing monetary associated services towards its worldwide customers. Along with the services related with mortgages, Northern Rock also offers various investments, insurances, loans, and other monetary services to its worldwide customers (Northern Rock Plc, 2012). However, Virgin Money’s acquisition of Northern Rock eventually made the organisation to be very much powerful in order to offer various financial products or services to its worldwide customers along with dominating into the economic market and to reach a market leader position particularly in the banking sector (Northern Rock Plc, 2012). Detailed & Critical Analysis of Virgin Money’s Acquisition Virgin Money acquired Northern Rock Plc on January 01, 2012 as a business operation growth strategy for the ultimatum of attaining its various business goals. The significant reason of Virgin Money towards acquiring Northern Rock Plc lies in forming or producing a well-built business arrangement that is well capable of creating a real alternative to the existing financial organisations (Virgin Money, 2012). The conception of Virgin Money’s acquisition of Northern Rock Plc can be critically analysed through a few of the strategic management and leadership techniques that include ‘SWOT’, ‘PESTEL’ and ‘Porter’s Generic Strategy’ tools among others. In relation to business growth strategy through the procedure of acquisition, SWOT analysis plays a crucial role towards the business strategies to a certain extent. Fundamentally, SWOT analysis enquires the various ‘strengths’, ‘weaknesses’, ‘opportunities’ and ‘threats’ that eventually help the business organisations in order to recognize various significant pathways for the purpose of successfully executing its business operations (Pickton & Masterson, 2010). SWOT Analysis of the Acquisition of Virgin Money The greatest strength of the acquisition that is made by Virgin Money with Northern Rock lies in forming a bank with over 4 million customers along with offering a broader variety of banking products through online or any other medium. The other significant strength of Virgin Money’s acquisition of Northern Rock lies in the financial structure of these organisations. The financial progressions as well as financial arrangements of both Virgin Money and Northern Rock are recognized to be well sufficient for their future business development (Virgin Money, 2012). The major weaknesses of Virgin Money’s acquisition lie in unenthusiastic money flow along with deteriorating interest coverage that eventually forced the organisations to raise long-term capital funds for the purpose of overcoming the factor of cash flow and interest coverage (Grant, 2005). The various opportunities of Virgin Money’s acquisition can be judged through their cross-selling of various financial products and services that are widely enlarged into the competitive financial money market and ultimately possessing a position as a worldwide market leader in the financial money market (Grant, 2005). The different threats towards Virgin Money’s acquisition of Virgin Money can lie upon the recession that could occur which would ultimately affect the financial performances of the organisation along with the customers non-acceptance of Virgin Money’s products due to irregular and non-attentive behaviour towards customers responses (Manning & et. al., 2005). PESTEL Analysis of the Acquisition of Virgin Money The business environment of any business organisation comprises of various especially external influences that eventually affect towards the decisions as well as the financial performances of a particular business organisation (Buffet & Munger, n.d.). In order to evaluate these external influences of the business organisations, the conception of ‘PESTEL’ analysis is very much relevant as well as appropriate. Fundamentally, ‘PESTEL’ analysis represents the prevailing ‘political’, ‘economic’, ‘social’, ‘technological’, ‘environment’ and ‘legal’ factors within a business organisation (Buffet & Munger, n.d.). In context to ‘PESTEL’ analysis, the political aspects eventually increase the risk towards ‘return on investment’ (ROI) especially for the business organisations. These political aspects had a significant effect upon Virgin Money considering the interrelationship of the domestic economy with the political system along with the international community (Meldrum, n.d.). The economic factors mainly constitute the impacts of the financial arrangements that generally prevail both nationally or internationally. It has been recognized that there will be limited financial expansion especially in the UK until 2013. This particular evidence of fact implies that the businesses prevailing in the UK will expand more slowly and fewer jobs will be created. Thus, the economy could bear a significant impact upon Virgin Money’s acquisition of Northern Rock (Virgin Money, 2012). The social factors of Virgin Money lie towards providing its worldwide customers with the financial products which they particularly need or want. The organisation believes that their various structural social changes would create such an environment in which their different business activities will take place more effectively (Virgin Money, 2012). The technological factors of Virgin Money include its significant decision towards the acquisition especially with Northern Rock in order to perform jointly and establish a broad perspective of banking procedure to attain maximum business results. The technological enhancement especially of Virgin Money lies in its acquisition of Northern Rock which would enable it also to acquire the technological know-how of Northern Rock (Virgin Money, 2012). The environmental factors towards Virgin Money’s acquisition of Northern Rock lie in the reduction of fiscal deficit which is regarded as a top most concern from the government viewpoint. The reduction will result in extensive losses in tax returns along with the higher prices on loans that would eventually lead towards lowering down the financial growth. In this prevailing environment, Virgin Money along with Northern Rock intend to provide their products or services in such a way that the several undesirable environmental factors can be tackled easily (Virgin Money, 2012). Virgin Money is included as an example of a national regulatory body that may have certain influence over their business developments of providing various financial offerings to the customers worldwide. In order to attain significant and remarkable development growth strategy, Virgin Money would have to follow its lawful guidelines to a certain extent (Virgin Money, 2012). Porter’s Generic Strategy Tool and Acquisition of Virgin Money The business organisations can develop their sales through commercial level actions such as diversification which encompasses purchasing another company or planned business element level actions. The principal ways that the business organisations can grow the sales of a brand are captured in a particular growth strategic tool called “Porter’s Generic Strategy” tool which acts as a definite way to think about how a business organisation could enlarge its sales along with advancing or progressing its different products (Schultz, 2004). The different acquisition growth strategies for Virgin Money lie in its ‘penetration strategy’, ‘product innovation strategy’, ‘market development strategy’ and ‘diversification strategy’. In relation towards Virgin Money’s acquisition of Northern Rock, the penetration strategy of Virgin Money lies in selling more of its similar financial products into the current or existing markets (Leeman, 2010). Normally, incidental customers can be converted into regular customers or regular customers into heavy users. In lieu of this, in order to properly implement this penetration strategy, Virgin Money would have to focus upon building its well competent financial system, a resourceful operation and operational superiority (Leeman, 2010). In this connection, Virgin Money’s product innovation strategy lies in selling new financial merchandise into existing markets. In this case, the focus should be on extending the product through product innovation along with the use of the existing supply channels (Leeman, 2010). In this context, Virgin Money’s market development strategy lies in selling more of its similar products into new markets. In this case, the focus should be made upon foreign market customers that need to be converted towards buying Virgin Money’s product (Leeman, 2010). The diversification strategy of Virgin Money lies in selling new products in new markets. In this particular situation, Virgin Money should focus upon the new customers that need to be convinced of buying the products of the organisation (Leeman, 2010). Thus, the various strategic management and leadership techniques that include ‘SWOT’, ‘PESTEL’ and ‘Porter’s Generic Strategy’ tool among others eventually furnishes various strategic conceptions that might help Virgin Money and its acquisition of Northern Rock to attain their significant desired outcomes along with various business objectives. Benefits for Virgin Money from the Acquisition The business organisations may unite their business operations through the introduction of acquisitions in order to decrease construction and various other functioning costs, increase productivity, enhance production value and acquire modern as well as latest technologies. The possible efficiency benefits from acquisitions embrace both operating and managerial effectiveness (Pautler, 2001). However, operational effectiveness can happen from improved focus on core skills of the organisation, more effective combination of assets, advancement in the use of brand name capital and reductions in transportation as well as in operational costs. It can be stated that the strategy policy of acquisition are the fastest, cheapest and the most significant way in order to attain above mentioned benefits (Pautler, 2001). The strategic policy of acquisition may also lead to financial efficiencies. It can be justified by the fact that the business organisations may spread their earnings by acquiring other organisations or their assets with dissimilar earning flows. These particular spread earnings within the business organisation may reduce the variation in their profitability along with diminishing the risk of bankruptcy and its several attendant costs. It has also been recognized that there can also lay significant tax reduction benefits connected with the strategy or conception of acquisition (Pautler, 2001). The other significant benefits from the acquisition business growth strategy lies in several factors that include organised and consistent approach, decision aid, means of attaining agreement, guidance upon the rules and trends of the business framework (McDaniel, 1999). In relation towards organised and consistent approach, the acquisition strategy serves as a master checklist that makes certain all the important issues along with valuable substitutes are duly considered. The role and benefits of acquisition strategy as an organized and consistent approach lies in performing adequate strategic planning in the beginning and throughout the business operation, which eventually reduces the various potential diversions from business objectives that could possess cost and technical consequences among others (McDaniel, 1999). In context towards decision aid, an up-to-date acquisition strategy acts as a decision aid in several ways. The acquisition growth strategy assists in prioritising and integrating many diverse functional requirements, assessing and selecting significant issue alternatives, identifying the various opportunities along with solutions for critical problems and providing a coordinated approach towards the economical and effective attainment of business objectives (McDaniel, 1999). In lieu of acting as a means of attaining agreement, the acquisition strategy serves as the basis for preparing the plans and activities to accomplish the business goals (McDaniel, 1999). As a proper guidance upon the rules and trends of business framework, the acquisition strategy acts as a guide and evaluates various business processes through periodic updates and maintaining business standards. It also acts as a baseline by which the senior management team of the business organisation can measure various business policies in terms of their business responsibilities (McDaniel, 1999). In this connection, the acquisition growth strategy also executes certain valuable functions that include lowering the ownership costs of certain products, reducing the functional costs of the acquisition and controlling the development costs of existing or new system acquisitions (McDaniel, 1999). After having a broad fundamental idea regarding the benefits of acquisition growth strategy, there also lays certain significant benefits especially for Virgin Money after its acquisition of Northern Rock. The various significant benefits of Virgin Money include its deliberate entry into the new financial market, enhancing and enlarging its wide customer base and active participation in the modern and latest competitive financial market along with its other competitors (Chari, n.d.). Moreover, the other benefits of Virgin Money after its acquisition of Northern Rock also include constant progression and advancement of the organisation in size, capability to introduce modern technology in respect of products, processes and people, enhanced operational and financial efficiency and ultimately dominating into the financial market along with attaining Virgin Money’s expected results and business objectives (Chari, n.d.). The other noteworthy benefits of Virgin Money after the acquisition of Northern Rock lie in the speed that is the process of executing various business operations faster than organic growth strategies that include asset replication, new market, new technology and new customers (Bird, 2007). In addition, Virgin Money would also possess certain synergistic benefits that include cost savings, protecting or strengthening the business with vertical integration, broadening product range quality, increasing greater buying power with the suppliers and the bankers and enhancing the buyers’ earning shares along with market prices (Bird, 2007). Moreover, Virgin Money’s acquisition growth strategy may provide more rapid expansion as well as progression that is usually attainable by internal expansion, a way of minimizing various business risks, would help to attain growth in terms of the assets owned, would broaden the wider scope of diversification, raise the market value that exceeds the aggregated future costs of implementation and ultimately increases the profitability of Virgin Money (McDonald & et. al., 2005). However, the overall benefits that might be gained by Virgin Money by following the acquisition growth strategy or the main reasons for Virgin Money’s business growth through the acquisition growth strategy can lie upon the swift means of expansion of Virgin Money especially in the existing and mature markets and can provide broad opportunities for growth without necessarily attracting attention under government competition policy (McDonald & et. al., 2005). Thus, these are in short, the various benefits or advantages that a business organisation such as Virgin Money might attain towards executing the acquisition growth strategy while executing its business operations or functions. Problems or Difficulties of Virgin Money from the Acquisition Along with the various benefits or advantages from the acquisition growth strategy, there can also lay certain difficulties or problems for Virgin Money while executing their business operations. There are fundamentally numerous causes for the failure of acquisition growth strategy through which any business organisation such as Virgin Money might face any difficulty or problem during its business functions worldwide (McDonald & et. al., 2005). The major reasons for failure of acquisitions include weak planned rationale and guidance, mismatch of existing cultures, complications in communicating and leading the organisation, poor integration planning and execution and performing excessive expenditures for the target company. These major factors ultimately results in the failure of acquisitions and force the business organisations to face several hurdles or obstacles while initialising their business functions (McDonald & et. al., 2005). In this connection, with the failure of the acquisition growth strategy, Virgin Money can face certain problems or difficulties that include the factors such as time scale, cost, obstacles into the market entry, business risks and different stages of market development (McDonald & et. al., 2005). In relation to time scale factor, Virgin Money might face the problem of time range that may be needed for short-term results and immediate market presence. This particular problem is significant towards Virgin Money because the organisation’s motive has been to perform its business operations for long-term results and for this reason the time scale factor can be a great concern for Virgin Money while following the trend of acquisition growth strategy (McDonald & et. al., 2005). With regard to cost factor, Virgin Money can face the difficulty of expensive costs. It has been noted that the acquisition growth strategy is often costly that it is very much hard to follow this growth strategy while executing its business operations and activities. The cost factor is significant for any business organisation such as Virgin Money because this particular factor may lead Virgin Money towards rising cost or downfall its business operations (McDonald & et. al., 2005). The other noteworthy problem or difficulty for Virgin Money can be from the viewpoint of market entry. The acquisition growth strategy is absolutely appropriate where existing or prevailing market competition is strong, but regarding the entrance into the new market Virgin Money can find various hindrances while executing their business actions (McDonald & et. al., 2005). In lieu of this, Virgin Money needs to execute certain other defending measures in order to make easy entry into the new market without any difficulty. The several obstacles towards making new entry into the market have a huge impact towards the business organisations’ such as Virgin Money (McDonald & et. al., 2005). The other problem or difficulty that might be faced by Virgin Money while performing its business activities lay upon numerous business risks. The numerous business risks of Virgin Money may include lack of integration within the organisation, inadequate and inappropriate co-ordination between the workers and the managerial staffs and ultimately the success factor risks towards attaining Virgin Money’s expected results and business goals (McDonald & et. al., 2005). Fundamentally, business risks are examined to be low in the acquisition growth strategy as the various acquisition decisions are based on pre-acquisition track record of the target company. However, the difficulty or the problem only arises for Virgin Money when executing unsuccessful acquisitions which can bring ultimate disaster to Virgin Money (McDonald & et. al., 2005). It has also been identified that Virgin Money could face significant problems or difficulties of high financial costs and strategic problems among others. The acquirer often pays higher premiums which eventually exceed the market value of the target company. Furthermore, the acquisition growth strategies are often financed by debt that raises the interest charges and can lead towards greater monetary risk (McDonald & et. al., 2005). In this connection, the other major expenses for the acquirer usually comprise of high advisory fees and other business transaction costs that can be a major concern for Virgin Money while executing its business procedures (McDonald & et. al., 2005). Unsuccessful acquisition or the problems of acquisition growth strategy are often associated with a large amount of debt, overconfidence of ineffective working personnel of Virgin Money, poor and inadequate business ethics, inadequate analysis towards performing any particular deal and lack of integration within the organisation among others (McDonald & et. al., 2005). The several other problems of Virgin Money comprise of different cultures that can be disastrous or very unsuccessful for the organisation which can ultimately lead them towards non-attaining their expected results or business objectives. The chemistry between the different working cultures must match with the actions of Virgin Money for proper implementing of the acquisition growth strategy (McDonald & et. al., 2005). Moreover, huge expenditures of Virgin Money especially in its business environment towards different information technology aspects along with accounting systems might also lead the organisation to face problems while executing their business actions. In addition, it has been recognised that the acquisition growth strategies are generally lengthy and disruptive for existing management and staff (McDonald & et. al., 2005). Thus, the overall problems or difficulties for Virgin Money can be stated while following the acquisition growth strategy such as integration difficulties, inadequate evaluation of target, large amount of debt, incapability to accomplish synergy, excessive diversification and over attentiveness upon the acquisitions among others (McDonald & et. al., 2005). However, there lie various issues or matters that indicate the key considerations which should be addressed by a business organisation such as Virgin Money before executing its acquisition procedure with another organisation in order to tackle or cope up with the expected problems or difficulties to a certain extent (McDonald & et. al., 2005). The various issues or matters include regarding how the acquiring organization should restructure itself in order to absorb the new purchase, what suitable and acceptable guiding principles are readily available for proposed diversifications in relation to present different business activities, what degree of risk it is appropriate for the acquiring company to take and how to value a proposed acquisition along with how much to pay for the acquisition policy (McDonald & et. al., 2005). These particular issues or matters should be considered by Virgin Money before initialising or executing the acquisition growth strategy in order to overcome various problems or difficulties that the organisation might face while executing its business actions or functions to a certain extent (McDonald & et. al., 2005). Therefore, these are in short, the various problems or difficulties that a business organisation such as Virgin Money might face towards executing the acquisition growth strategy. Conclusion Among the several significant market growth strategies, it has been observed particularly that the acquisition policy of market growth strategy among others eventually play a noteworthy role and has continued to be a dominant growth strategy especially for the business organisations operating their business functions worldwide. There lays a significant increased level of acquisitions policy that is made by the business organisations in order to attain their required results along with their business goals. The aim of this paper was to focus a light upon various procedures towards evaluating whether planned and organisational collaboration between financial institutions involved in acquisitions plays a crucial role and ultimately affects the financial behaviours of the business organisations. Virgin Money has undertaken the policy of acquisition growth strategy that ultimately assures them towards attaining their expected results as well as business goals to a certain extent. In addition, Virgin Money’s acquisition of Northern Rock has been critically evaluated as well as analysed through various strategic management and leadership course of studies that include ‘SWOT’, ‘PESTEL’ and ‘Porter’s Generic Strategy’ tools among others. After acquiring broad idea regarding Virgin Money’s acquisition of Northern Rock, several benefits as well as problems can be observed for Virgin Money while initialising its policy of acquisition market growth strategy. However, the benefits are always welcome for Virgin Money but the various problems or difficulties for Virgin Money could lead the organisation towards non-attaining their business goals. In this regard, the various problems or the difficulties must be solved by Virgin Money in order to attain their expected results or business objectives. References Alao, R. O., 2010. Mergers & Acquisitions (M&As) in the Nigerian Banking Industry: An Advocate of Three Mega Banks. European Journal of Social Sciences, Vol. 15, No. 4, pp.554-563. Bird, D., 2007. Growth Through Acquisition. Pros. [Online] Available at: http://www.bendigobank.com.au/business/businessfocus/library/growth_through_acquisition.pdf [Accessed February 01, 2012]. Buffet, W & Munger, C. T., No Date. 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