The Factors Influencing Strategy Implementation Management Essay

The Factors Influencing Strategy Implementation Management Essay The aim of this module is to produce a 4000 word research proposal that would be capable for supporting the preparation of a Masters dissertation. The project report would include an introduction including a title, which would highlight the content of this business document providing a background, informing the reader of the problem / issue at hand and the context of the situation that would be discussed. The research issue would be provided highlighting the importance of the issue in todays ever-changing and competitive, cut-throat business environment. Adequate linkages would be provided to co-relate the research aims, research objectives, research questions and the hypothesis as such generated. A coherent and critical literature review would follow demonstrating the knowledge of the literature available and linking it to the situation which would be investigated. A research design and methodology would be adopted to investigate the concerned issue providing a rationale as to how the research objectives are to be accomplished explaining the selection of the research paradigm. The research design would include the methods of data capture, the data access issues, the analysis and the interpretation means that would be used to assess the situation and appropriate reasons would be provided for the choice of research tools used. Relevant ethical issues underpinning the research objectives would also be discussed along-with the resources required to complete the research proposal. The last part of this management report would include a timetable that would provide the time that it took to complete each part of the research proposal along-with a list of references utilized to complete the report. INTRODUCTION TITLE: FACTORS INFLUENCING STRATEGY IMPLEMENTATION BACKGROUND The title of this research proposal is factors influencing strategy implementation. Before we discuss the issue and highlight the importance of the issue in the context of the report it is of prime importance to understand the concept of strategy implementation itself. It is the process by which the business strategy formulated is put into action. It includes the design and management of organizational systems to achieve the best integration of people and structure, allocating resources, managing human resources and developing information and decision processes to achieve organizational objectives. Pierce and Robinson  note that to effectively direct and control the use of the firms resources, mechanisms such as organizational structure, information systems, leadership styles, assignment of key managers, budgeting, rewards, and control systems are essential strategy implementation ingredients. After the creative and analytical aspects of the corporate strategy have been formulated the priority of the management is to convert the strategy into operationally effective action. A strategy is never complete, until it gains a commitment of the firms resources and becomes embodied in its organizational structure. Strategy implementation is an iterative process of implementing strategies, policies, programs and action plans that allows a firm to utilize its resources to take advantage of opportunities in the competitive environment (Harrington, 2006). There is no one definition of strategy implementation as seen from the above citations but for the purpose of this report, taking into consideration the definitions above we can define strategy implementation as an iterative, dynamic and a complex process, which comprises of series of decisions and activities by the management and the administration those affected by many interrelated internal and external factors, to turn strategic plans into reality in order to achieve the objectives of the firm. RATIONALE FOR THE STUDY This part of the report would highlight the aim and the objectives of the research, discussing the issue chosen and its importance by proposing a research question and providing an answer to it in the literature review. Many studies have acknowledged that business strategies often fail not because of inadequate strategy formulation, but because of an inappropriate implementation strategy. This report would study the factors that enable or impede effective strategy implementation. This report would highlight how strategy implementation has been researched so far and how this field may be moved forward so as to help in effective execution of a business strategy. As a result of the literature review undertaken, the report has found nine critical factors for strategy implementation that will be discussed further in the literature. Formulation of an effective strategy, making the strategy work and implementing it throughout the company is a difficult task (Hrebiniak, 2006). Many factors potentially affect the process by which strategic plans are turned into organizational action. Unlike strategy formulation, strategy implementation is more of a craft, rather than a science. After successful formulation of the business strategy, difficulties usually arise during the subsequent implementation process. If the business strategy formulated is not applied correctly to all the aspects of the organisational structure the business model would fail, thus harming the organisation in many aspects, the major being the financial capability of the firm, which would take a huge blow. It is of prime importance to get the implementation right otherwise there would be huge losses for the firm. Noble (1999b) notes, the best-formulated strategies may fail to produce superior performance for the firm if they are not successfully implemented. This issue is of utmost importance in todays day and age because of the cut-throat competition in the ever-changing business world where each firm needs to keep re-modelling their policies and procedures to keep up with the change in the external and internal business environment. There are combination of issues that influence the success of strategy implementation, ranging from the people who communicate or implement the strategy to the systems or mechanisms in place for co-ordination and control. How can we better understand these issues and their importance for successful strategy implementation? In this report we try to respond to this question by the critical analysis of the existing research on the factors that influence strategy implementation. An analysis has been conducted of the most widely used literature databases to identify key factors influencing the process of strategy implementation, to surface current areas of agreement and disagreement on the topic. LITERATURE REVIEW In the following section, the report would review the study sources and assess their research context, theoretical bases, their main results and the research methods used as well as the analytical techniques which are employed for the study. The examined organizational levels and organizational types are the two elements of the research context. The core of the literature review, would concentrate on the nine factors identified through rigorous analysis of the study sources, that play a role in influencing strategy implementation success, as well as the frameworks or models that aggregate or relate the relevant factors to each other. This is followed by the discussion of the theoretical bases of the reviewed studies. Finally, the research methods and analytical techniques adopted will be reviewed to see which methods are still underutilized in the context of strategy implementation. By carrying out a literature review of the existing studies, the report found two types of strategy implementation studies: one that highlight the importance of the individual factors for strategy implementation and the second that emphasize the big pictureà ¢Ã¢â€š ¬Ã… ¸ of how the single factors interrelate and form a strategic implementation environment. The research would highlight nine recurring, individual factors that influence strategy implementation. They are namely the strategy formulation process, the strategy executors (managers, employees), the organizational structure, the communication activities, the level of commitment for the strategy, the consensus regarding the strategy, the relationships among different units/departments and different strategy levels, the employed implementation tactics, and the administrative system in place. THE NINE FACTORS THAT INFLUENCE STARTEGY IMPLEMENTATION 1. Strategy Formulation If the corporate strategy drafted by the business is a poor or a vague strategy, then it can limit the implementation efforts dramatically. Good execution cannot overcome the shortcomings of a bad strategy or a poor strategic planning effort (Hrebiniak, 2006). Several studies mention the fact that the kind of strategy that is developed (Alexander, 1985; Allio, 2005) and the actual process of strategy formulation, namely, how a strategy is developed (KimMauborgne, 1993; Singh, 1998) will influence the effect of implementation. Alexander (1985) believes that the need to start with a formulated strategy that involves a good idea or concept is the most crucial and critical factor which helps promoting its successful implementation. As Allio notes, good implementation naturally starts with good strategic input: the soup is only as good as the ingredients (Allio, 2005). 2. Relationships among different departments and different strategy levels Many studies in the concerned field have stressed that the institutional relationships among different units/departments and different strategy levels play a major role in the outcome of strategy implementation (Walker Ruekert, 1987; Gupta, 1987; Slater Olson, 2001; Chimhanzi, 2004; Chimhanzi Morgan, 2005). Walker Ruekert note that marketing policies, inter-functional structures and processes, corporate-business unit relationships and processes are a major influence on business strategy implementation. In addition, allocation of resources, functional competencies, inter-functional conflict, decision-making participation and influence, and coordination also have different effects on the implementation of various kinds of business strategies. Implementation effectiveness is negatively affected by conflict and positively affected by interpersonal communication and not written. Such interdepartmental dynamics are affected by senior management support informal integration and joint re ward systems. Other relationships that have received attention to a lesser extent include finance, manufacturing, engineering, quality, marketing, accounting, and sales. 3. Executors Executors comprise the top management, middle management, lower management and non-management. Effectiveness of strategy implementation is, at least in part, affected by the quality of people involved in the process (Govindarajan, 1989). The quality refers to the capabilities, experience, skills, attitudes, and other characteristics of people required by a specific position (Peng Litteljohn, 2001). Findings indicate that strategy implementation effectiveness, critically depends on the human or people side of project management, and less on organization and systems related factors. Top management refers to the senior-level leaders including presidents, owners, and other high ranking executives (CEO, CFO, COO etc.) and senior-level managers. Hrebiniak and Snow (1982) report that the level of interaction and participation among the top management team typically leads to greater commitment to the firms goals and strategies. This, in turn ensures the successful implementation of the strategy. Gupta and Govindarajan (1984) note that greater the marketing and sales experience of middle managers, the greater would be their willingness to take risk and successfully implement the strategy. Heracleous (2000) also finds that if middle management do not agree with the strategy, or do not feel that they have the skill set to implement it, then they would sabotage its implementation. Middle managers expect the direction from the top management but frequently feel that they are in a better position to start and evaluate alternative courses of action. Also, the lack of shared knowledge with lower-level management and non-management employees would create a barrier to successful strategy implementation. 4. Communication Many researchers have emphasized the importance of adequate communication channels for the process of strategy implementation. Alexander (1985) notes that communication is mentioned more frequently than any other single item that promotes successful strategy implementation. Communication includes explaining what new responsibilities, tasks, and duties need to be performed by the employees in order to implement the strategy. It answers the why behind the changed job activities, and explains the reasons why the new strategic decision was made. Rapert and Wren (1998) find that organizations where employees have easy access to management through open and supportive communication channels outperform those with more restrictive communication environments. Effective communication is a fundamental requirement for any effective strategy implementation. Organizational communication plays an important role in training, knowledge acquisition and applied learning during the process of implementation. In fact, communication is vital in every aspect of strategy implementation, as it relates in to the organizational context, organizing processes and the implementation objectives. 5. Implementation Tactics Nutt (1986) stipulates four types of implementation tactics used by managers in making planned changes: intervention, participation, persuasion, and edict. Intervention refers to strategy adjustments made during the implementation stage by introducing new practices and norms. Participation includes formulating strategic goals and nominating a task force that can develop and propose the corresponding implementation options. Persuasion is the tactic which uses involved parties to convince the employees about the desired course of actions. The issuing of directives is the main focus of the implementation tactic edict. Lehner (2004) considers the implementation tactics as genuine organizational behaviour based on the assumption that implementation in general is dependent on the environment, and various strategic and corporate variables. 6. Consensus Nielsen (1983) notes that firms must achieve consensus both within and outside their organization in order to successfully implement business strategies. The consensus about a firms strategy may differ across the operation channels within the company. If the employees of the company are not on the same information level or if information passes through many layers in the organization, a lower level of consensus would result. This lack of shared understanding may create obstacles to successful strategy implementation.(Noble, 1999b). Floyd and Wooldridge (1992a) label the gulf between strategies conceived by top management and awareness at lower levels as implementation gap. Strategic consensus is the agreement between the top, middle, and lower-level managers on the fundamental policies of the organization. Strategic decisions are initiated by a team of top managers and then mandated to the rest of the organization, overlooking the importance of securing consensus with and commitment to the organizational strategy with the lower level employees, which is a big barrier for effective strategy implementation. 7. Commitment Strategy implementation process may fail if the strategy does not achieve support and commitment by the majority of employees and the middle management. Shared understanding without commitment would result in counter effort and may negatively affect the organisational performance. The understanding between middle management and those at the operational level to that of the top management teams strategic goals is of prime importance to successful implementation. Noble Mokwa (1999) have put forward three dimensions of commitment that are central factors which directly influence strategic outcomes: organizational commitment, strategy commitment and role commitment. Organizational commitment is the extent to which a manager identifies with and works toward organization-related goals and values. Strategy commitment is the extent to which a manager comprehends and supports the goals and objectives of an implementation strategy. Role commitment is the extent to which a manager is determine d to perform his individual implementation responsibilities, regardless of his personal beliefs about the overall strategy. 8. Organisational Structure The type of strategy adopted could differ in many ways and have different requirements regarding an adequate organizational structure. Factors relating to the organizational structure are the second most important implementation barrier according to Heide Grà ¸nhaug Johannessens (2002) study. Drazin and Howard (1984) stipulate that a proper alignment of the strategy with the organisational structure is an important pre-requisite for successful implementation of a corporate business strategy (Noble, 1999b). They note that changes in the competitive environment require adjustments to the organizational structure. If an organisations realignment strategies are lacking, it may exhibit poor performance and be at a major competitive disadvantage. 9. Administrative Systems Roth, Schweiger Morrison (1991) study suggests that organisational business units make use of three administrative mechanisms which are formalization, integrating mechanisms, and centralization, to create operational capabilities of configuration, managerial philosophy and coordination, to support business strategy implementation. Some researchers have also focused on the control systems which are one of important ingredients of administrative systems (Drazin Howard, 1984; Nilsson Rapp, 1999). Drazin and Howard (1984) discuss about the role of formal control system in the process of strategy implementation, and suggest that the fluidity of control system contribute to strategy implementation (Noble, 1999b). RESEARCH DESIGN AND METHODOLOGY This part of the project report would focus on the research design and methodology adopted to carry out the research of the issue chosen which is the factors influencing strategy implementation. The following literature would highlight the components of the research paradigm chosen to accomplish the study. This section of the project report would provide a detailed rationale on how the study would achieve the research objective put forth in the title. This part would explain the methods of data capture used and the issues which would arise in gathering the required information along with the analysis and the interpretation techniques employed to achieve the research aim. Limitations would be included in the following report to make the reader aware of the shortcomings of the chosen methodology; the relevant ethical issues would also be discussed in the proposed research design along-with the resources required to complete the proposed research. The choice for the research methodology adopted is in congruence with the strategic issue chosen for the research proposal. The selection criteria to choose articles for inclusion in the research analysis: The articles which contain the keywords strategy implementation or strategy execution have been included in the literature .From this; further articles were identified using the references sections of the previously retrieved articles. In this way, the report also includes the articles which treat strategy implementation as one of the major subjects even if their title or keywords did not include the terms strategy implementation or strategy execution. As a final selection criterion it was checked whether the articles explicitly discuss factors impeding or enabling strategy implementation success. Data Collection Secondary Sources In order to identify the factors that enable or impede effective strategy implementation, the report has analysed relevant academic, peer reviewed journals such as the Strategic Management Journal, the Academy of Management Journal, the Journal of Management Studies, Long Range Planning, Journal of Management, Academy of Management Executive, Human Relations, Sloan Management Review, Journal of Marketing, etc. using the literature databases of EBSCO Host, ProQuest ABI, Science Direct, JSTOR and Wiley Interscience. Information has also been sourced from Google Scholar and books, newspapers, trade journals, industry portals, government agencies, trade associations, monitoring industry news and developments. The research data would be collected in different organisations or units of an organisation. The organisations were mainly professional service organisations, from both public and private sector. For example, finance, insurance and telecommunications companies, and government departments would be included. The size of the units under study would be 100 to 500 employees. The study would be qualitative in nature, main research method being semi-structured interviews. Primary Sources and Sampling In each organisation or unit, representatives would form three groups, namely the top management, middle management, and lower level personnel, would be interviewed using the questionnaire provided below. Altogether twenty-five interviewees per organisation would be randomly chosen: 2-5 persons representing the top management level, 4-13 persons the middle management level, and 8-17 persons from the lower level personnel. The interviewees would be chosen randomly, ensuring however that different tasks, work groups, and departments were represented equitably. The general topic of the interviews would be strategy implementation. During the interviews, the interviewees would fill out questionnaires, in which they would evaluate the various problem statements. The questionnaire has been given below: Q1. How do you define the concept of strategy implementation? Q2. What kind of issues would you associate strategy implementation with? Q3. How do you participate in the strategy implementation process? Q4. How are the policies pertaining to strategy implementation communicated within the different levels of the organization? Q5. Describe your own role in the process of strategy implementation. Q6. Evaluate the degree of the strategy implementation problems in your organisation. Data Access Issues Some data access issues might arise in the research journey, which could be the unwillingness of the employees to participate in the planned interviews hampering the information gathering capabilities of the subsequent research report along-with lack of co-operation from concerned companies which might not give permission to carry out interviews with its employees fearing a possible leak of its corporate strategy to its competitors. Also finances required for the successful completion of the information gathering process might not be adequate. Data Analysis The results of the questionnaires would be assessed, as well as the comments of the interviewees for the statements would be analysed. The main data analysis method employed would be content analysis of the interviews. The transcribed interviews would be coded accordingly to the central issues of the research. The analysis method would include historical trend analysis and linear regression analysis using software tools, judgmental forecasting, and conjoint analysis. Limitations of the Research Design The approach in conducting the literature review has shortcomings which should be acknowledged. The following are the limitations in the methodology adopted. Collection of articles has been carried out by relying on the databases of EBSCO Host, Science Direct, JSTOR, Wiley Inter Science and ProQuest ABI and the report thus may have overlooked some critical viewpoints on strategy implementation included in monographs or specialists books. Some selective articles in the review, however, rely heavily on concepts from advanced books on corporate strategy thus making up for the shortcoming to a certain extent. The articles have been located using the keywords strategy implementation and strategy execution. This procedure of gathering articles may omit some important articles. The report also excludes some very specific strategy implementation contexts, such as post-merger integration implementation. The research has discovered that most of the conducted studies in the subject focus on the influence of middle managers on strategy implementation. There is no special research relating to lower management and non-management, even if several authors have stated that it is important to consider their effects on strategy implementation as well. Another major research challenge incudes, a lack of understanding between the relationships among the nine reviewed factors, for example, there are major disagreements about the relationship between the variables of communication, commitment and consensus which the report fails to highlight. Also a limiting factor is that there are very few studies that systematically examine how different organizational units and strategy levels can influence strategy implementation, which the report has not included. Strategy implementation involves many theories including agency theory, social learning theory, expectancy theory, organization theory and social system theory. Because of the limited word count it was not feasible to include such theories in the text presented which is also a shortcoming. The lists of journal articles selected are not comprehensive enough, as many other issues could potentially affect strategy implementation. Such other factors, however, are less mentioned or not analysed in-depth, as many of them are also hard to control and modify. Research Ethics For research to be carried out successfully there are many ethical issues that need to be taken into consideration. It is very important to secure the permission and interests of all the people involved in the study. The people involved would be given assurance that any information obtained during the interview process would not be misused as this is the moral responsibility which would be maintained towards the participants. It is the duty of this research to protect the rights of the participants of the study as well as their privacy and sensitivity. The confidentiality of those involved in the observation would be maintained at all times, keeping their anonymity and privacy secure. Resources required for effective research The resources required to carry out the proposed research would require the support and co-operation of the supervisor in charge so as to provide guidance for submitting an effective research analysis report. Also would require permission from the industries chosen for the study of the research issue and the co-operation of its employees for conducting interviews. Adequate financial support would also be required to assist in the completion of the proposed research analysis report to cover the cost of commuting and resultant transportation fares. TIMETABLE TASK SELECTION OF INDUSTRIES FOR RESEARCH FOCUS DAYS 1-5 6-10 10-15 16-20 21-25 25-30 LITERATURE REVIEW/ CRITICAL ANALYSIS OF SECONDARY SOURCES OF DATA INTERVIEWING PROCESS INDEPTH STUDY OF VARIOUS SOURCES ASSESSING RESOURCE FOR CONCEPTUAL FRAMEWORK COLLECTION OF SECONDARY SOURCES OF DATA DEVELOPMENT OF RATIONALE FOR STUDY FINALLY FORMULATED RESEAERCH PROPOSAL REFRENCES Saunders, M., P. Lewis and A. Thornhill (2007) Research methods for business students, Harlow: FT, Prentice Hall (4th ed.) Blumberg, B., D.R.Cooper and Pamela S. Schindler (2008), Business Research Methods, London: McGraw Hill (second ed.) Wilson, J. 2010, Essentials of Business Research A Guide To Doing Your Research Project London: Sage Allio, M.K. (2005). A Short, Practical Guide to Implementing Strategy. Journal of Business Strategy, 26, 12-21. Beer, M., and Eisenstat, R.A(2000). The Silent Killers of Strategy Implementation and Learning Sloan Management Review, Summer, 29-42. Bourgeois à Ã‚ ¨, L. J., and Brodwin D.R. (1984). Strategic Implementation: Five Approaches to an Elusive Phenomenon. Strategic Management Journal, 5, 241-264 Govindarajan,V., and Fisher.J. (1990). Strategy, Control systems, and resource sharing: effects on business-Unit Performance. Academy of Management Journal, 33, 259-285. Heracleous, L. (2000). The Role of Strategy Implementation in Organization Development Organization Development Journal, 18, 75-86. Higgins, J.M. (2005). The Eight à ¢Ã¢â€š ¬Ã… ¾Sà ¢Ã¢â€š ¬Ã… ¸s of Successful Strategy Execution. Journal of Change Management, 5, 3-13. Lehner, J. (2004). Strategy Implementation Tactics as Response to Organizational, Strategic, and Environmental Imperatives. Management Revue, 15, 460-480 Noble, C.H. (1999a). Building the Strategy Implementation Network. Business Horizons, 19-27. Nutt, P.C. (1986). Tactics of Implementation. Academy of Management Journal. 29, 230-261. Nutt, P.C. (1989). Selecting Tactics to Implement Strategic Plans. Strategic Management

Lenovo’s Five Industry Forces Essay

In recent years, competition in the IT market economy has turned fierce. To survive competition, all organizations need to be fully aware of the prevailing business environment and industrial forces to ensure that their products conform to the customer’s expectations as the taste and choice of the customer changes rapidly over time. Lenovo has utilized unique competitive marketing strategy over the years to achieve rapidly increasing share of the market. Its products are reliable, durable and of high quality, but there is always a great deal of threat from leading competitors in the market. Recent weakening of the US economy, falling dollar value and fierce competition among rivals are some of the irritants to Lenovo’s growth. As a global leader in the PC market, Lenovo’s success rests on its ability to deliver consumer centric innovations in products that deliver a blend of mobility, performance and price. Analysis of marketing research data so collected indicate that all organizations need to be in touch with their business market environment and feel the pulse and ever changing expectations of customers. Lenovo is a business that is built on product innovation, a highly efficient global supply chain and strong strategic execution. Its products range from exceptionally engineered laptops, ultrabooks, tablets, desktops and servers. According to research, for businesses to understand adequately the nature of the competition and the industry forces that they face, they must define their market accurately by recognizing a broad base of its competitors. Major dominating competitors of Lenovo’s personal computers division are Apple Inc., Hewlett-Packard and Dell. Lenovo’s strategy is to develop latest PC’s that are efficient, light in weight with latest features and of course with low competing price as there is cut throat competition in the market. With innovativeness, entrepreneurial spirit and teamwork across various cultures, Lenovo has captured the global market and positioned itself within a short life span as a next generation global company of PC’s. The general state of national as well as international economies effect profoundly the performance and prosperity of a company as economies are rarely stable and ï ¬â€šuctuate quite often. Poor economic conditions make the environment more complex and managers’ jobs more difficult and demanding. The global recession that occurred in 2009 and the fall in global demand and the slow down in economic growth translated into a substantial reduction in global trade. As we already know, it affected the cross-border trade of virtually all countries and economic sectors and some industries are still battling with high inflation. Research shows that while Lenovo’s rivals are outsourcing, its in-house production has helped Lenovo stay upbeat with the competition by lowering their prices which is a key advantage to grow economically. Technology development impacts substantially on people’s lives and companies’ fortunes. In a highly competitive global marketplace all organizations need to be fully aware of the prevailing business environment and at the same time ensure that their products are upcoming conforming to the customer’s expectations that change rapidly over time. Lenovo has utilized unique competitive marketing strategy over the years to achieve rapidly increasing share of the IT market by introducing new and innovative products to its consumers including the state of the art portable lightweight notebooks, tablets and thinkpads. Customer behavior is influenced by sociocultural background such as use of language, use of colors, presentation styles and acceptance and trust inspired by the presented product. In addition, the earning capacity of the target customer group also determines their buying behavior. Lenovo have a strong foundation in place having established their products available worldwide exclusively for customers from different sociocultural and income level backgrounds Taking a cue from the demographic segmentation, manufacturers can design products that are relevant to a majority of the target market. The changing lifestyle trends require innovating or transforming the existing product to keep up with their needs. Changes in populations in terms of their size and characteristics are thus very important to managers as it helps to predict the size and growth rates of markets, and the need for specific products. Lenovo originated in China and has expanded its operations worldwide by focusing on the demographics of different countries by targeting younger generation for their latest X1 Carbon which is their latest light design ThinkPad. Lenovo’s growth also comes from small towns, not just big cities Political and legal environment inï ¬â€šuences the marketing decisions since business functions as per the set rules by the concerned government (s). China may be the second largest trading partner of the U.S., but the road to this increasingly close relationship has not been an easy one. Despite the differences in political systems in the two countries: centralized political system in China and a federalist political system in US, business interactions between the Lenovo and it US partners as well as customers has grown overtime. Lenovo has utilized this to its advantage to stay competitive in the IT market by utilizing cheap labor and other operational costs from China and relying on advanced technological from its US partners. Thereby, Lenovo is able to supply superior quality laptops, tablets to its customer’s world-wide a relatively lower price. Lenovo is one of the fastest growing PC companies today and it is an excellent choice of industry to enter in. According to research, as per its sale records in the market, it is considered the world’s second-largest PC vendor serving customers in more than 160 countries. Lenovo has built its business on product innovation, efficient global supply chain and strong strategic execution. Even in tough and highly competitive environment, the company is thriving well reaffirming that the company is executing its plans well and it continues to deliver excellent industrial growth. Lenovo excelled in their business since in the last year as they earned $8 billion in revenue and $141 million as net profit. This year company is progressing aggressively as Lenovo’s first quarter recorded highest market share of 15 percent and profits up by 30 percent. They are taking appropriate risks by introducing new products to the target market and it looks like they have adopted the business concept very well. Given Lenovo’s continued growth over the past several years, I do believe that it is a good industry to enter. In order to make right business decisions, Lenovo seems to have carried out extensive research and analysis on demographic segmentation in identifying the target population for it various products across the globe. As such Lenovo has in its cabinet a product matching with varied tastes, preferences, beliefs, temperaments, price etc. of different population groups. Depending upon the population strata targeted it has devised specific marketing strategies. References Fletcher, Owen. (October 13, 2011). Lenovo passes Dell to become world’s No 2 PC maker. MarketWatch, The Wall Street Journal. Retrieved on November 10, 2012, from http://www.marketwatch.com/story/lenovo-passes-dell-to-become-worlds-no-2-pc-maker-2011-10-13 Loretta Chao. (July 9, 2012). As Rivals Outsource, Lenovo Keeps Production In-House. The Wall Street Journal. Retrieved on November 10, 2012, from http://www.ecommercejobs.com/2012/07/lenovo.pdf Ling, Zhijun (2005). The Lenovo affair: the growth of China’s computer giant and its takeover of IBM-PC. Retrieved on November 10, 2012, from http://books.google.com/books?id=Mg7TdU9E3d0C&printsec=frontcover&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false Wang, et.al. The Strategic Marketing Management Analysis of Lenovo Group. The Journal of Global Business Management. Retrieved on November 10, 2012, from http://www.jgbm.org/page/19%20Wang%20Wen%20Cheng%20.pdf Jones, Gareth R. and George, Jennifer M. (2013). Essential of Contemporary Management. Pg 126-129. Lenovo. Retrieved on November 10, 2012, from http://www.lenovo.com The future is here – Lenovo. (July 1, 2010) Retrieved on November 10 2012, from http://www.lenovo.com/ww/lenovo/pdf/report/E_099220100628a.pdf

Martin Luther King Jr. Essay - 1553 Words

Martin Luther King Jr. From the Apostle Paul to Martin Buber: Martin Luther Kings use of Historical and Religious Figures in his Letter From Birmingham Jail In his Letter From Birmingham Jail, Dr. Martin Luther King Jr. is addressing his fellow clergymen in response to their accusations of his unwise and untimely activities. Like most other reformers, he finds his greatest rationalization and defense from the word of God. Considering the religious affiliation of his audience, King appeals to the clergymen by instituting examples from, and associates himself with historical and religious figures. Creatively, King is establishing a common ground between himself and the men of the cloth, which causes them to respect his actions and†¦show more content†¦Theres something else to be noted here though. Not only is King successful in relating himself to these figures, but also his ideas. When referring to his plea for social reform, he calls it the gospel of freedom. Kings diction is very profitable to hi s argument. Automatically when the word gospel is used, one associates it with God (and probably more so do the clergymen). By referring to his ideas of freedom as a gospel, he is adding religious connotations to them. Now, not only is King being associated with the word of God, but also so are his ideas. In doing this, he is alluding to the point that the toleration and acceptance of segregation and slavery etc, goes against the word of God. These things then make men less virtuous and pious. There has been a lot of research and analization of Kings writings by other scholars, who also recognize his tactful talents. From the article Martin Luther King, Jr., as Scholar: A Reexamination of His Theological Writings, Clayborne Carson (along with Peter Holloran, Ralph E. Luker, and Penny Russell) examine Kings method of eclectic composition. 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During his childhood, Martin Jr.’s father stronglyRead MoreMartin Luther King Jr1194 Words   |  5 Pagesï » ¿ Simmons 1 Gabrielle Simmons Mrs. Fitzgerald Social Studies 8A 4/27/10 Martin Luther King Jr. Martin Luther King Jr. is a well known and an inspiring man to all cultures of the world. King was and still is one of the most influential heroes. King s views and believes helped African Americans through the 50 s and 60 s to the rights and liberties that was their right. King faced many obstacles on his journey, things like jail and even assassination attempts. Despite these obstacles,Read MoreMartin Luther King Jr.1078 Words   |  5 PagesMartin Luther King, Jr., was a very strong person, constantly fighting for what he believed in, which was equality for African Americans. He was not scared to stand up and tell the world what he wanted for society. He was fearless and did everything in his power to prove a point. Martin Luther King, Jr., was the strongest individual of his time, for he fought until death, which proves how much he was willing to risk his life to make the world an equal place. Growing up, he had a very interestingRead MoreMartin Luther King, Jr Essay1153 Words   |  5 Pagesbe slaves, African-Americans saw a road trip to equality through the eyes of Martin Luther King, Jr. Even after being emancipated from slaves to citizens, African-Americans were not ready to wage the battle against segregation alone. The weight which African Americans carried on their back, was lightened when they began to see what Martin Luther King, Jr. brought to the table against segregation. Martin Luther King, Jr. was the single most important African-American leader of the Civil Rights MovementRead MoreBiography of Martin Luther King, Jr745 Words   |  3 PagesMartin Luther King, Jr. (January 15, 1929-April 4, 1968) was born on in his mothers parents large house on Auburn Avenue in Atlanta, Georgia. He was the second child, and was first named Michael, after his father. Both changed their names to Martin when the boy was still young. King JR was born into a financially secu re family middle class with that, They received better education in respect to most people of their race. King Jr, noticed this and this influenced him to live a life of social protestRead MoreEssay on Martin Luther King, Jr.591 Words   |  3 PagesMartin Luther King, Jr. Martin Luther King, Jr. was born at home on Tuesday, January 15, 1929 in Atlanta, Georgia. His parents were Martin Luther, Sr. and Alberta King. He was born into a world where segregation was the law. Where his boyhood best friend, who was white, wasnt allowed to play with him once they started school. Where black people went to separate bathrooms, drank from separate water fountains, couldnt eat in whites only restaurants, and had toRead MoreMartin Luther King Jr.1144 Words   |  5 PagesMartin Luther King Jr. (January 15 1929-April 4, 1968) Brief Summary (of who MLK Jr. is): Martin Luther King Jr. was a Baptist minister and an activist who led the civil rights movement in the 1950. He was a fundamental force behind the civil rights movement that ended legal segregation. He was awarded the Nobel Peace Prize in 1964. But he was sadly assassinated in 1968 on a second floor balcony of Lorraine Motel in Memphis, Tennessee†¦ Childhood: Martin Luther was never poor. He lived with a middleRead MoreMartin Luther King Jr.2405 Words   |  10 PagesMartin Luther King Jr. was a Baptist minister and social activist, who led the Civil Rights Movement in the United States from the mid-1950s until his death by assassination in 1968. IN THESE GROUPS NOBEL PEACE PRIZE WINNERS FAMOUS PEOPLE WHO DIED IN 1968 FAMOUS PEOPLE WHO WENT TO PRISON FAMOUS CAPRICORNS Show All Groups 1 of 19  «  » QUOTES â€Å"But we come here tonight to be saved from that patience that makes us patient with anything less than freedom and justice.† —Martin Luther King Jr. Read MoreMartin Luther King Jr. Essay1862 Words   |  8 Pagesbut the content of the character,† (Martin Luther King Jr,1963) Martin Luther King Jr. was a smart child and had a good childhood. He learned values from his parents, and Martin Luther King Jr was a man of much wisdom during his time. He was a major contributor to the civil rights movement, and those contributions have profound effect even today. Michael Luther King was Martin Luther King Jr’s name when was born. His parents changed his name to Martin Luther King when he was just a young boy. TheyRead More Martin Luther King Jr. Essay637 Words   |  3 Pages Martin Luther King, Jr. was perhaps one of the most influential person of our time. As the father of modern civil rights movement, Dr.Martin Luther king, Jr., is recognized around the world as a symbol of freedom and peace. Born January 15, 1929, King was the son of an Atlanta pastor. King accomplished many achievements during his life. He graduated from Morehouse as a minister in 1948 and went on to Crozer Theological seminary in Chester, Pa., where he earned a divinity degree. After that King

The Fudgery an analysis - Free Essay Example

Sample details Pages: 7 Words: 2004 Downloads: 8 Date added: 2017/06/26 Category Business Essay Type Argumentative essay Did you like this example? The company that I will be discussing is The Fudgery, The Fudgery is a performance arts fudge shop. Founded by A.C Marshall in 1980, the Fudgery started off as a humble fudge shop on the outer banks of North Carolina, Marshall came up with a very creative, innovative and original way to make and sell fudge that would make the competition scarce. (Competition, Ch. 4, pg. 60)A.C Marshall not only made making and selling fudge fun, but he made it entertaining. Marshall incorporated singing and comedy into the agenda of all of his â€Å"fudge makers† nationwide. This quaint, yet entertaining business has 32 locations in 20 states. To be a part of the fudge crew, you have to be quite the character; very outgoing, loud and at least somewhat of a comedian. Singing is also a requirement. You don’t necessarily have to be vocally talented but you must be willing to sing to work in this company as well as have a performance background. The performance backgroun d is important because as a crew member at the Fudgery you must perform â€Å"fudge shows† to customers. A fudge show is simply a fun way to show customers how the Fudgery makes their fudge. It includes singing, dancing and audience participation. Because most of the people that go to the Fudgery are tourists, the fudge shows give them an experience that they will never forget. The fudgery appeals to all ages, they serve something for everyone. (Market segmentation, ch.3 pg.79) Most of the company’s customers are tourists (Europeans and Canadians) the sales associates do their best to convey to the customer that their products are the best and the competition is irrelevant. When the customers ask questions, the sales associates must be able to provide a confident answer (customer satisfaction, ch.3, pg. 78). To ensure a sale they must be able to perform transactions smoothly so that the customer doesn’t get discouraged. (Customer Services, Ch. 3, pg.79) Fu dgery specializes in Fudge but they also serve ice cream, smoothies, pralines, shakes, candied apples and sundaes. Competitors like Marble Slab Creamery, Cold Stone and Ben and Jerry’s gives the Fudgery a run for their money but they always come up short. The competition doesn’t have that performance factor, they just serve ice cream. According to a survey in 2012, The Fudgery has set the standard for their innovative way of selling fudge and their specialty products. Another positive aspect is that the fudgery doesn’t have to worry about on-line competition, in food service online competition is almost slim to none. However, the fudgery has an active Facebook page that prompts customers to try their products (E-tailing, ch.4, pg.135). The Fudgery is quite intricate in its supply chain. Like any other food service company, The Fudgery has paper products such as napkins and cups with the company logo on them. Those paper products are provided by Solo, Inc. As I stated previously, the fudgery makes its own fudge, but the ingredients to make fudge are provided by Glazier food services. They supply the sugars, the cream, various nuts and flavorings. Blue bell supplies the company with their 24 flavors of ice cream, at least 3 of every flavor at a time. Pepsi provides the company with its fountain drinks and bottled waters. Fruit of the loom and Hanes combined, provides the staff with uniform t-shirts with the company’s logo on them. Glazier foods also provides this company with the apples for candied apples, and the lemons for the lemonade, as well as the bananas for the sundaes. When all of these materials are ordered, they go from the providing companies to either Fed-Ex or UPS directly to the various stores.(supply chain, ch.5, pg.179) A manager signs for these supplies and they are distributed as needed to the store for use by its employees. Little is wasted at the Fudgery, so bulk orders are usually made bi-annually. . The fudge ry is very unique in terms of the products that they sell, the way they make fudge is completely innovative and it separates them from their competition which is an advantage. Blue bell promotes its ice cream using commercials, but very few restaurants serve that brand of ice cream. That also sets that product as well as the fudgery apart from the rest. (Promotion in the Supply Chain, ch.11, pg.395) Despite the outside glamour of working in this company, The Fudgery has a long standing history of sexual assault in the work place. In 2012, a female employee in Nags Head was repeatedly, groped and touched for about a year and then stalked by her Manager. This went on for a little over a year until she reported her manager and she sued him and the company for 1.5 million dollars, and she won. Along the lines of this incident, the object of a job at the Fudgery is to be a comedian and tell sarcastic (corny) jokes. Most of the time they go over quite well with an audience but sometime s they don’t. They receive a lot of customer complaints as a result of these â€Å"corny† jokes. Of course the fudgery is a family place, so there is no cursing, nudity or smoking. Pricing is ethical as well, no one is participates in horizontal price fixing (horizontal prices, ch.6, 193) everything is true blue and fair and square. Some companies condone price discrimination but the Fudgery has been accused, but no evidence was proven. (Price discrimination, ch.6, pg.94) The Fudgery is in the market of food service or confection distribution, as well as entertainment. Usually Fudgery locations are either in a mall or in an outlet mall. Nevertheless, there is always either a cold stone or a Marble Slab in the vicinity. The fudgery does not supply fudge the demand density for the Fudgery’s products are also particularly. In the town or community that they are in, they are usually known for freshness and a lively atmosphere. (Demand density, ch.7, pg.233) As I researched the financial data for the 2013 fiscal year for the Fudgery, Inc., I only found information for one particular location. It was the North Myrtle Beach, SC location. Their annual revenue was about 350,000 dollars. Their net profit was about 500,000 dollars, their gross profit was about 200,000 and their residual income was about 375,000 during the 2013 fiscal year. Their annual revenue, or turnover consists of the amount of fudge, ice cream etc, that this particular location sold not including refunds. The gross profit is the minus the amount of fudge, shakes, lemonade etc. was sold which was estimated at about 200,000 dollars. Their residual income after they paid off any debts was 270,000 dollars. I also found the annual average for the slotting fee for Myrtle Beach’s location was about 15,000 dollars. They carried pepsi products as well as blue bell products. (Slotting fee, ch.6, pg.2013) Inventory is handled very diligently, in this company there is no room for error. Employees are not to use or consume any products unless paid for. They only use what they need at a time. Everything is accounted for, and inventory on the sales floor is kept neat so that none is wasted. Inventory is taken at least weekly, and orders are made as needed. As far as fudge goes, fudge inventory is taken at least hourly, to ensure freshness and to ensure that there is no employee theft. Any missing inventory is to be immediately reported to corporate and handled accordingly. The fudgery gets its paper products from Solo, Inc. once an order is made to Solo, Fed ex usually delivers it to the store, inventory is take at that point. Once the initial inventory is taken, the new materials are taken to the floor and used accordingly. The fudgery is very unique in terms of the products that they sell, the way they make fudge is completely innovative and it separates them from their competition which is an advantage. A certain level of inventory is available to b e given out or distributed at all times to ensure that the location does not simply run out of supplies (BSM, Ch.9, pg.317) As far as pricing goes, the fudgery prices by weight. Everything except for beverages and ice cream cones are placed on a scale and weighed. The fudge is sold by the half pound, it’s approximately $8.50 a pound and it may not be sold by the half slice only the half pound. And the more you buy, the more you get for free. The reason why the fudge is so expensive is because of the cost to make the fudge. It takes approximately $35.00 to make one loaf of fudge that is why the slices are so expensive. The ice cream is about $60.00 a tub and the scoops depending on whether it’s a single or double scoop, is to be measured precisely due to product cost. Prices for products not weighed at the time of purchase, are set by corporate. Fountain drinks are usually averaged at about $1.49 each, fresh-squeezed lemonade is $2.60 and bottled water is around $ 1.99 each. The fudgery promotes itself more commonly by using bold signage and billboards through the city, but they have a more original marketing strategy, a more innovative one, and that’s singing to draw in customers. Although, they don’t have traditional advertisements or much publicity, they excel in the area of personal selling. Personal selling is big at the fudgery, the sales associates must use charm and whit to sell as much product as they can.(Personal selling, ch.11, pg. 393) Most of the employees at the fudgery have the ability to sing, people like to hear good singing and as a result the workers use that talent to an advantage! They sing original fudge songs, they make up songs and they sing them very loudly and very proudly. Another way that they promote their business is to have their very best singer stand at the front of the store and sing fudge songs and announce to the bustling crowd â€Å"hot fudge free samples! Only on the inside, never on th e outside!† this marketing pitch almost always works and brings in dozens of customers at a time and not to mention the smell of the fresh fudge. Usually located at a mall or outlet mall where coupon books are available. The company often advertises on a couple of pages of a coupon book and offers coupons as well. The Fudgery is designed to look somewhat like a theatre or a stage. There is space allocated for every part of the Fudgery, such as the dining area, the performance area and preparation area. (Allocating Space, ch.13, pg.491) It has spot lights, microphones, curtains and wonderful acoustics. The area where the fudge is made is barricaded with a gate so that the audience can see how the fudge is made from a safe distance due to how hot it is. All 12 flavors of fudge are incased in a glass showcase that is kept very neat and clean. There is also a few tables set up for customers to sit down and enjoy their treats. Behind the safety gates are usually 4 Georgia marble tables used to mold the fudge. There are two ice cream refrigerators with 12 different flavors in each. There are two blenders and two waffle cone makers on the back counter along with a drink refrigerator and a glass case used to hold candied apples. There is also a fireplace that houses the gold cauldron that melts the fudge and cooks it as well. Last but not least there is the stock room, all extra product and inventory is stored there. Employee lockers and more ice cream freezers, extra stock and a sink as well as a larger refrigerator for the fruits and other dairy products. An employee restroom is also in the back. An office where all of the paper work is handled and a meeting area is adjacent to the manager’s office. The receiving dock is also in the stock room or â€Å"back room.† (Back room, ch.13 .pg.491) Don’t waste time! Our writers will create an original "The Fudgery an analysis" essay for you Create order