The Future of Jaguar Cars - Strategy and Implementation - Report Example

The Future of Jaguar Cars: Strategy and Implementation Introduction In this paper an extensive review of Jaguar’s present and future strategic management approaches has been done. Based on the corporate, business and functional level strategies, various recommendations have been provided to the luxury car brand for sustainable future growth and development. Existing strategic management practices The business of Jaguar Cars is run on the capabilities of its engineering, manufacturing and design technologies. It is one of the premium manufacturer and distributor of luxury sports cars. Apart from establishing advanced and creative business and corporate level strategies, the management of Jaguar has always focussed on environmental management and minimisation of environmental damage (Buckley, 2009). In order to understand strategic management approaches adopted by Jaguar Cars, Porter’s five forces theory will be used. Such an industry analysis will help to in alternate management decisions. Jaguar falls in the category of luxury car makers and as a result, Porter’s analysis will be conducted on the luxury car market of Europe. Barriers to entry: Barriers to entry in the luxury car market can be considered as moderate to low. In general, luxury cars are sold on the basis of their brand name and brand popularity. So, it is extremely difficult to launch a brand in the luxury car segment, unless it is backed by a company with strong brand equity. Especially in case of luxury car market, product differentiation and attributes play a major role. As a result, significant differences exist between target market and target customers which stabilises the competition (Porter, 1990). Bargaining power of buyers: Bargaining power of buyers is moderate in luxury car market. Since this market is a high involvement segment, decision making is long and involves extensive product research, opinions and suggestions from peers and families and collaborative thinking (Porter, 1990). Target customer segments for luxury cars are high-end customers. Marketers are now implementing various price promotion strategies for luring customers, indicating the increasing bargaining power of buyers. Bargaining power of suppliers: The bargaining power of suppliers is weak in the luxury car market. Suppliers are generally high in number compared to corresponding car markets. Generally, suppliers in the luxury car segment cater to only one brand which renders them more vulnerable and under the control of luxury car makers (Janet, 2002). Threat of substitute products: Threat of substitute products is high in luxury car market as it is increasingly being filled with substitutes such as, hybrid vehicles and electronic cars. Substitutes can also be categorised as new age non-car models as well as economy cars offering high-end designs. The present recession and global meltdown can also be considered as a probable reason for rise in threat of substitute products. Competitive rivalry: Competitive rivalry is extremely high in case of luxury car brands. Major competition is in terms of features, offerings, quality and product attributes. Of late, companies are also differentiating on the basis of incentives like leasing deals. Since technology used is almost similar among luxury car brands owing to high engineering and research involvement, innovation forms one of the key differentiator in the present economic environment (Ferrier and Smith, 2005). On the basis of abovementioned Porter’s theory, Jaguar’s corporate, business and functional level strategies can be evaluated. New market development: The major corporate level strategy followed by Jaguar is new market penetration as well as development of new market. The globalisation process of Jaguar is aggressive and the brand has constantly been targeting emerging markets. The brand extensively studies customer demands and local requirements of the target countries. As a result, the company’s major strategy in foreign markets is that of localisation of their cars with specific customization according to the local environment, affordability as well as choice of the target nationals (Chatterjee and Lubatkin, 1992; Wolf, 2004). Innovation: Another business level strategy implemented by Jaguar Cars is incorporating innovation in its products and services so as to create differentiation. For instance, the brand has involved a life cycle in its product strategy. Here, environmental impact of the vehicles will be tracked and monitored at every stage of product lifecycle. Through this information, the brand is able to engage customers and provide information on proper maintenance as well as guidance for facilitating a longer life cycle of the product (CIMA, 2009). This helps in building relationship with customers as well as enhancing long-term brand value. Alternative approaches for consideration Lean production: In the wake of the current economic slowdown, Jaguar can transform its operations with the help of lean production process. The company can follow lean production strategies such as, standardization as well as real-time waste management, in order to increase production efficiency and minimize waste production. This standard is continuously improving. For instance, every stage of the operational process at Jaguar, such as, raw material scanning, product design, component transfer, product usage as well as decay of products, can be properly assessed and monitored for minimum emission of waste, carbon dioxide and other harmful gases (Sturgeon and Biesebroeck, 2011; CIMA, 2009). Focused Differentiation: Focused differentiation strategy is another alternative approach considered for improving strategic management practices at Jaguar. Focused differentiation is achieved through branding the combination of luxury as well as affordability attributes of Jaguar Cars. Though the company has not been able to penetrate into the developed markets, owing to intense existing rivalry from competitors such as, BMW, Volkswagen and Skoda, it has a huge opportunity of establishing its brand in emerging and developing markets such as China (Hull and Nicholas, 2007; Thun, 2006). Organisation’s current governance arrangements Corporate governance is critical for proper functioning of any organisation. Jaguar’s important governance arrangements are described below; Board of directors/organisational structure: The board of directors occupies an influential position in the organisational hierarchy. They play a determining role in establishing an effective and accountable corporate governance system. The board’s effectiveness is also a critical factor and as a result, major emphasis is put on selecting the right mix of independent, non-executive and outside directors. These individuals are involved in evaluation and regulation of the firm’s governance processes and structures such as, business management, corporate affairs, environmental regulation, insider trading and auditing (Jaguar, 2012). The broader perspective is to enhance value of shareholders through careful and strict management. Board of directors are responsible for setting long-term goals, reviewing strategic policies and planning launched by higher management, managing implementation process as well as critical review of these goals and policies (Mwenja and Lewis, 2009). Audit committee: The Jaguar’s audit committee is appointed by the company’s board. The objective of the committee is to assist the management as well as the board in fulfilment of its responsibilities. The audit committee is responsible for auditing, monitoring and tracking of various departments. Apart from that, the audit committee is also involved in establishing integrity of the financial statements, qualifications of the external auditor as well as maintaining performance of both independent auditor and internal audit functions (Jaguar, 2012). The major functions performed by the audit committee include setting clear policies with respect to recruitment, partners or former employees. The audit committee also offers oversight or recommendations regarding party transactions within the firm. Another regular task of the audit committee is to manage critical and sophisticated activities such as, Whistleblower programs (Kelly and Jones, 2013). Financial auditing: An essential corporate governance arrangement is financial reporting. Reporting and review of financial accounts is generally managed by the financial department. However, they are reviewed by the higher financial auditing committee and subsequently, the board of directors (Jaguar, 2012). The financial accounting is transparent and presented in compliance with the rules and policies. At present, common financial details are made available to the public and media through the annual report. Jaguar’s financial statements are a comprehensive report on the company’s annual revenues, profits and losses, growth patterns, financial strengths and capital resources. The financial auditing helps the management in discussing important issues with respect to accounting practices, principles, managerial judgements as well as improvements in the auditing committee (Pan and Chi, 1999). Alternative views of stakeholders Stakeholder engagement is a critical element of any organization’s strategic change initiatives. In general, stakeholder refers to those individuals or groups who are involved directly or indirectly with the organization. These individuals or groups have certain influence on overall activities, strategies and performance of the organization. Understanding and engaging stakeholders is important in order to ensure that the firm with its strategies is able to address issues relevant to these stakeholders, which in turn will improve sustainability of the corporate strategies (Peters and Pierre, 2006). The various stakeholders and their alternative views on corporate governance activities at Jaguar are explained below: Opinion formers: Opinion formers are usually individuals or groups with strong expertise or sound knowledge on particular subjects; they constitute consumer representatives, investors, sustainability experts and leaders of pressure groups. In general, these opinion formers exert a strong influence on their followers and subsequently, people at large. Opinion formers such as, sustainability experts, are stressing on issues such as, more aggressive corporate social responsibility implementation and more transparent reports including company’s expenditure for various environmental and social activities (Baker, Jones and Nichols, 1994). On the other hand, customer representatives form a liaison between company and its wide range of customers who are largely inaccessible. These representatives expect the firm to be more transparent regarding the customer’s share in Jaguar as well as future opportunities (Oruc and Sarikaya, 2011). Customers: Customer feedback sessions are effective and engaging platforms for understanding customer’s expectations, level of satisfaction and issues regarding products, services, corporate governance as well as corporate social activities. The sales and marketing operations are usually opportunities for the firm to interact with their customers such as, dealers and importers, for critical exchange of information and feedback (Wanyama, Burton and Helliar, 2013). Regular sessions with these stakeholders have revealed varying opinions. For instance, most of the dealers expect higher level of involvement from the firm. According to them, there should be greater transparency in terms of contracts and presence of other dealers in a particular area. Policy makers: The influence of policy makers is very strong in the automobile market, especially due to environmental pollution and wastages from factories, manufacturing sites as well as vehicle usage. Policy makers are expecting firms to not only engage, but also build a long-term and transparent relationship with them. Regular meetings with government departments, parliamentarians, ministers as well as different national commission help in establishing a two-way communication platform (Keane, 2006). In the view of the policy makers, firms like, Jaguar, need to be more responsible towards the current environmental and social degradation caused from their production process. In addition, they expect the firm to be more transparent in strategic revelations such as, names and qualifications of audit committee members, selection criteria for board of directors as well as proof of the financial reports published publicly. Another widespread view of policy makers is that of including one of their members in the financial and strategic audit committee of the firm; this is suggested with the objective of establishing more transparency (Foster and Jonker, 2005). Strategically informed adjustments to organisation’s existing value chain/network Since the major long-term objective of Jaguar is market expansion, understanding the pressure points across the globe is crucial for setting its priorities. A comprehensive analysis by Mckinsey (2010) has revealed that increasing customer demand and financial volatility in various forms, such as, higher inflation and current fluctuations, rising customer expectations regarding product and service quality, global competition, volatile commodity prices, complex supplier landscape, changing regulatory requirements and environmental concerns, are major value chain challenges faced by companies in the contemporary luxury car market. A view on the present value chain and network or distribution activities will help in evaluating the present competitive advantage as well as strategic adjustments needed for Jaguar. Primary Activities Inbound Logistics: Inbound logistics include procurement and transfer of raw materials to facilities or manufacturing sites. Jaguar’s inbound operation is lean and a mapping system is followed by the management for monitoring the flow of parts from their origin site to the plants. This helps in segregating and shipping the exact requirements (Christopher and Peck, 2004). In order to improve inbound logistics activities, the brand can engage in price reduction and offering reward to suppliers and raw material providers who are able to develop innovative cost saving concepts. In order to manage the overall price adjustments of raw materials, the company can involve in bulk purchase for materials that experience high demand. Also, partnerships and joint venture with raw material suppliers will help in risk mitigation, during raw material crisis (Johnston and Bate, 2003). Operations: Jaguar has been distributing more than 350000 vehicles every year and has market reach of 174 regions across the globe (Automotive Supply Chain, 2013). As a result, the volume of production has seen a sharp rise and facilities are operating in more than two shifts so as to meet increasing demands. At present, the brand has two different facilities at Halewood and Solihull and is planning to open a new one, especially for manufacturing diesel and four-cycle petrol engines. Apart from the above two facilities, assembling of manufactured vehicle parts also takes place in Pune, India (Automotive Supply Chain, 2013). Adjustments in the operations can be made in terms of working capacity. For instance, building newer and advanced facilities around regions of high brand demand will not only facilitate faster delivery of products, but will also provide feedback and critical information for local adjustments and improvements in products. Taking cue from the increasing volatility in global customer demand, Jaguar should secure stability and quality in its volume planning. For instance, the company can strategically study its nearest competitors in terms of their market penetration and volume increase in past five years. Through this analysis, Jaguar will be able to anticipate demand in territories with lesser or no penetration. Outbound Logistics: The manufactured vehicles of Jaguar Cars are shipped from its facilities to target regions through a complete knock down approach; this is a strategy that the luxury car market has been following since its inception. At present, the brand is in a deal with around 700 suppliers. 45 percent of them are in United Kingdom, 50 percent are based in Europe and a mere 5 percent across rest of the world (Automotive Supply Chain, 2013). Jaguar should involve in a multichannel approach for transportation of finished goods. For instance, partnering with local shipping authorities as well as contracts with shipping firms will ensure demand fulfilment and reduce risks associated with transportation (Ghemawat, 2011). Implementation of constant monitoring and tracking equipments in transportation vehicles will secure timely arrival and quick information on any delay, which can be rectified in real time subsequently. Marketing, Sales and services: In order to improve its relationship with customers, the brand can communicate across various channels such as, email, direct mails, point of sale materials and brochures. The brand can also leverage digital channels such as, video libraries. The after-sales service division of Jaguar manages more than 2000 stores and dealerships across the globe (Automotive Supply Chain, 2013). Since the volume is less compared to utility and economy vehicles, the company can maintain a personalised relationship with its customers. Services can also include sending emails to customers regarding service due or providing information on maintenance. Contemporary customers are looking for differentiation in terms of innovation, value for money, quality of service as well as overall enhancement of their status. In order grab this opportunity, Jaguar should involve in marketing and service activities directed at improving overall brand strength, improvising on its brands and product attributes as well as enhancing service and sales experiences (Economic Times, 2012). Customer experience in the showrooms can be made superior by making the ambience more tech-savvy and stylish. Secondary activities Human resource management, infrastructure and technology development: The company can engage in specific performance measurement indexes for assessing the commitment level of employees. Besides that, Jaguar can also introduce regular training along with development and customer feedback in order to improve overall work processes. The brand has planned to open a dual facility housing production as well as research and development for faster communication as well as to lessen the gap between supply and demand (Automotive Supply Chain, 2013). The company has been using advanced technology such as, speed drivers, robotic arms and light detectors, with the objective of enhancing efficiency and reducing waste (Jaguar, 2009). Networking/distribution activities The company has stretched its network to more than 170 countries across the globe. Even so, with increasing competition in developed economies such as, Europe, the brand is facing difficulty in establishing itself in developed markets. Also, Jaguar is a late entrant in nations that are dominated by luxury brands such as, BMW. As a result, Jaguar Cars should initiate market expansion towards emerging and developing markets as the company’s market reach is still at a nascent stage and there are huge opportunities for market development in these regions (Jaguar Land Rover, 2012). A cautious localisation strategy will involve production and manufacturing of vehicles across various emerging nations such as, China, while limiting the designing and R&D activities to home establishments. While pursuing market penetration strategy, Jaguar can seek joint venture with the tier-one suppliers of the target nation. The major advantage of this strategy is that transportation costs are least and quality in terms of design and technology is maintained (Coe, Dicken and Hess, 2008). Jaguar can implement the above strategy during the initial 3-5 years of market expansion. Aggressive localisation, on the contrary, can be followed by Jaguar after 5-10 years. After sufficient market development and understanding the requirements, the brand can establish joint ventures with firms and suppliers so as to set up engineering and design centres in the target market itself (Lessard, 1996; Direct marketing news, 2012). Strategic change through culture and leadership activities Training and development Strategic training and development activities do not solely comprise formal trainings or classes for skill enhancement. Rather, strategic firms with the objective of gaining sustainable competitive advantage in future, engage their employees in unique training and development activities. These include role modelling, building networks and action learning. Action learning: One of the most engaging and motivating method for training and development is to provide highly potential, challenging as well as meaningful assignments to employees, especially those related with key issues or challenges that their firms are presently facing. There is an active search for innovative and creative solutions, which enhances intensity of these competitive learning simulations (Sedikedes and Strube, 1997). These also help in bringing prospective leaders and managers out of their usual comfort zone. So, by engaging emerging and young leaders in solving real issues and challenges, the firm will be able to test and enhance their knowledge, commitment, creativity, insights and resilience (Kris and Chuah, 2004). This will also enable top management to access potential candidates for leading the organization in future (Grieves, 2000). Building Networks: Network building forms a pivotal element in any leadership development strategy. Competent leaders must be able to build contact and establish network with individuals and groups across various departments and functions. The objective behind this is to encourage managers and executives in making commitments outside their immediate influence spheres. Strong and meaningful ties will help in fortifying trust, loyalty, commitment, accountability and mutual respect, which are necessary for establishing effective and cooperative teams and subsequently, for better organisational performance (Kets, et al., 2010). Role modelling: Role modelling is a process where a leader or manager leads by providing examples of success stories. Both informal and formal role models are important for leadership development in any organization. These role models establish a path for others to follow. These individuals also assist by providing important information and challenging as well as supporting their followers; in this way, their self-development needs are satisfied. Subordinates are influenced by the unique leadership style of these leaders and strive to develop similar attributes. By reinforcing leadership in subordinates, role models inspire them to follow the guided path and lead the organization in future. Thus, in role modelling, leadership development occurs for both leaders and followers (Kets, Korotov and Florent-Treacy, 2007). Employee empowerment Employee empowerment is a critical process that ensures better engagement and loyalty from employees and workers. Jaguar should establish a strategic employee empowerment program with the objective of reducing hierarchal gap and enhancing communication across verticals and different functions. Firstly, Jaguar can involve employees in regular communication through plant and company newsletters, webcasts, magazines and intranet sites. Facilities such as, video podcasts, enable a company’s management to gather feedback from employees and workers without travelling. Another important strategy for employee empowerment is regular meetings between the employees and company management. This will boost confidence of ground level employees as well enhance their overall creative decision making power. The above activities provide an opportunity for strategic knowledge sharing among verticals and departments (Thompson and Rehder, 1996). Enhancing diversity and harmony in the organisation Employing candidates from wide ranging educational backgrounds, skill sets and experiences will help the luxury car brand in better understanding and evaluation of the aspirations and needs of customers. In order to incorporate diversity within the organisation, Jaguar should recruit more female employees as well as individuals from diverse race, ethnicity, age and religion. Jaguar should implement strict guidelines and policies against discrimination and encourage employees to challenge and report any such cases (Broughton and Strebler, 2008). Another creative and tactical manner of utilising diversity for achieving competitive advantage is through recruiting on-roll and off-roll local employees. For instance, the company has recently entered into China as a part of its expansion strategy. While in China, the company should include more Chinese employees on the basis of their understanding of local market. In addition, the company can also hire part-time field researchers, who would constantly engage in changes and trends across different customer segments. Strategic change through motivation Motivational activities to bring about strategic changes in an organisation can include actions of both intrinsic and extrinsic nature. Though Jaguar Cars is rapidly gaining popularity in emerging countries, their brand equity and overall market attractiveness in developed markets is still low compared to the competitors. As a result, it is very important for the luxury car brand to disseminate motivation among its employees. Jaguar can include intrinsic and extrinsic reward system for reinforcing employee behaviour and their affinity towards the organisation. For instance, Jaguar can administer extrinsic benefits such as, promotions, pay bonuses, flexible timing, office fixtures and awards for special categories as well as special assignments suiting the background and skill sets of employees (Adair, 1994). Nevertheless, extrinsic awards are temporary and can only help if provided continuously. A more strategic approach is that of intrinsic motivation. Intrinsic motivational activities can include competency management, improving decision making capabilities as well as personality development. This is a better motivation strategy with ability to transform employees into company’s brand ambassadors. Career growth plan and talent management A unique strategy implemented by organisations in the contemporary business environment is that of engaging employees in a prospective career growth plan. Companies such as, BMW and Toyota, have been engaging their employees through career and succession planning activities. Effective performance management system involving accurate feedback will yield improvement opportunities for employees. This can be strategically supplemented with a career planning, where employees can analyse their future growth plan, opportunities for promotion, possible roadblocks and improvement plans. Another leadership strategy that can enhance organisational performance is that of supporting and providing higher educational facilities to employees. Companies such as, Nestle, have tied up with universities and management institutes so that employees can opt for distant MBAs in their respective fields (Lawler, 2008; Sustainability Leadership Report, 1996). Limitations and strategic priorities 1. Distribution: Lack of proper distribution channel is one of the major limitations faced by Jaguar at present. Though the firm has been aggressively pursuing expansion strategy, yet these plans have slowed down because of unavailability of proper distribution channels. The suppliers and dealers are currently fragmented and the company has failed to establish a proper supplier or dealer relationship in emerging nations (Haberberg and Rieple, 2008). . 2. Threat to capital reserves and lack of funds: With resurgence of automotive manufacturing in US as well as emerging nations such as, China, the luxury car brand has involved in activities such as, plant expansion, sales incentives as well as overseas growth, thereby enhancing effectiveness of its value chain process at every stage (Jaguar, 2012). Jaguar has been spending huge capital on certain aspects such as, research, innovation and independent development. This can be a limitation as the firm might run out of capital and funds. 3. Lack of proper service channels: The company lacks proper and satisfactory services such as, that of after-sales, which can be a reason for low brand loyalty among customers. Although Jaguar has established its base in several emerging and developing nations, the business culture and brand advantage are not prominent enough to create a strategic influence in these international markets (Berkowitz and Rudellius, 2000). As a result, the brand will have to pursue more aggressive branding and advertising strategy, besides following its strategic market penetration and expansion plans (Marieke, 2004). 3. Human resource: Limitations might also occur with respect to competence and human resource. The company’s expansion in the luxury car market is quite late compared to its rivals like, BMW. As a late entrant, the firm’s level of knowledge and competencies is also limited (Strauss, 2006). While expanding into new markets, Jaguar will have to strategically take every step so that available resources and competencies are utilised to their maximum potential. The strategic priorities are described in brief: Priority 1: Completing the vehicle model line-up within 1-5 years. Priority 2: Increasing production capacity from 1 year onwards. Priority 3: Establishing new production facilities in international markets after 3 years. Time-scale implementation plan Activities/Timeline(Years) 1-2 4-5 6-9 10-12 13-15 16-20 Market penetration Market development Increasing production capacity Build relationships with the suppliers and dealers Human Resource Development Tie-ups and Joint ventures Establishment of facilities in the emerging markets Establishment of research and development facilities Strategic recommendations (Justification of the Gantt chart) 1. Volume increase and market expansion: Compared to its competitors such as, BMW, overall annual volume production of Jaguar is very low. The company currently produces only 60000 vehicles annually. So, the firm will have to introduce new sets of sports-saloon for achieving competitive advantage. According to critics, Jaguar’s volume enhancement will provide a huge boost to overall brand awareness and recognition. Also, on the long-term basis, the brand should involve research and development, which will help in developing designs and technology as those of its competitors (Barney, 2006). 2. Market development and increasing the production capacity: As explained above, the company’s low volume can be accounted for its low awareness and brand equity. Market development activities will include generating brand awareness through marketing and advertisement strategies. Once sufficient interest and awareness is generated, Jaguar can promote its sports saloon by offering attractive incentives and schemes such as, free trial. Another strategy for improving brand equity is leasing the car for diverse purposes such as, wedding, travel and business. This will help in understanding the customer base as well as demand patterns for the car brand (Bradley, 2002). After subsequent interest and demand generation, the company can start increasing production capacity. For instance, Jaguar has invested heavily within UK for increasing production capacity. However, this strategy can be considered as short-term because the company will require facilities in emerging nations such as, China, to lower the logistics and supply chain costs. As a result, Jaguar should aim at establishing new production facilities in different foreign markets within three years of market expansion. It is important for Jaguar to meet demands in the brand’s strongest and biggest global markets, which are China and Unites States. 3. Market entry strategies: Entering foreign markets can be tricky, especially when political and legal environment in those markets are different from the parent nations. In India, Jaguar is owned by the Tata brand, which provides huge knowledge as well as an established customer base. Similarly, the company can engage with local automobile firms in its target countries for better access to market, increasing visibility and enhancing brand recognition among customers (Anderson and Coughlan, 1997). For example, Jaguar Cars has recently teamed up with Chery Cars, a local automobile manufacturer in China, so as to build its production facility and enhance production volumes for meeting increasing demands. 4. Supplier and dealer relationships: Maintaining a superior supplier and dealer relationship is critical as these groups of individuals form a liaison or important touch point between customers and the company. As Jaguar is planning to increase its volume significantly, it is implied that maintaining personalised relationship with all customers will be extremely difficult. In such situations, transforming dealers and suppliers into brand ambassadors can be very fruitful in increasing the brand equity. Dealer relationships can be improved by establishing long-term contracts with them. Apart from that, the company can also implement incentive and bonus schemes for dealers with superior performances. Engaging them in activities outside work such as, vacation trips, education and child support as well as providing housing finance facilities will not only help in building relationships, but will also ensure that dealers are loyal and perform their tasks with maximum efficiency. 5. Establishing research design facilities: In the long-term process, Jaguar can establish research and development as well as design facilities in emerging nations and regions with high demand. This will help in various ways. Firstly, this will enable scientists and researchers to gain access to first-hand information regarding the market and environmental conditions, consumer demand and changing perspectives of consumers (Grant, 2013). This will reduce any error during development of hypothesis or new design. Secondly, building facilities will help in collaboration among design, manufacturing and production sites in minimum timeframe. As a result, information sharing between them can take place in a better manner and vehicles produced will be more competitive, technologically advanced and innovative (Bellin and Pham, 2007). Reference List Adair, J., 1994. Leadership and Motivation. In Stewart, D.M. (ed.) Handbook of Management, pp. 25-37. Aldershot: Gower. 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