Business Objectives/ Ownership structure
The following assignment is about preparing a company competitive analysis to make clear the business strategies that should be adopted in the present scenario. A particular organization has to be chosen so that the primary business objectives and other important things that are related to the business industry can be discussed. In this scenario the organization ‘XYZ Company’ has been chosen to identify the various important aspects about the industry and discuss all the key factors. The main issue of the topic is an organization that provides accommodation for the foreign students who come to study to Australia. The kind of facilities they can provide to students and the other aspects also have to be discussed. The various aspects like business objectives, all the key capabilities that are associated with the business, major strengths of the business, key issues that the company face are going to be focused here very briefly. They provide jobs and job oriented certificate courses to the students who come for help.
The chosen company ‘XYZ Company’ is an Australia based organization that caters to providing jobs and they hold short certificate programs on various subjects that would help them to get jobs to the foreign students within the country. The primary business objective of this institution is to become the leading job providing agency and by 2020. The aspect of consulting is one of the major aspects that are a part of this organization. They have realized that the way of communicating with others, getting a proper job and engaging at work is constantly changing so the change has to be an inevitable part of their aim. They believe that digital disruption has become an important tool for progress in the modern era (McQuivey, 2013). XYZ has targeted to deliver excellence in the field of consulting agencies so they want to focus on getting profits from foreign students. Their students come from different countries to study there so they have to focus on the cross-cultural conflicts that may arise from the scenario. They are trying to focus on a very high-quality and a personalized approach to their working areas.
It is a public agency that is based in Melbourne. The founder of this university is an expert marketer Mr. ABC in the year 2016. The present Chancellor and the Vice-Chancellor are both very responsible persons. There are almost 30000 students currently studying in this country who are badly in need of jobs. Its main campus is situated in Melbourne, though another branch of this agency is situated in New Zealand. It has got good feedback at the beginning.
The performance of this institution has to be assessed to have a better understanding of the matter.
The 2016 annual report has showed that XYZ University has made a quite eye catching performance in the financial sector. All the important variables in the financial sector like the income statement, statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and all others have come into focus while evaluating the financial performance of the institution (Barnett & Salomon, 2012). All the assets in the financial sector have increased and this tells that the university has a very good financial performance.
Performance
The marketing performance of the university rests on how it has catered to the needs of the students. The students here are not only local but there are international students as well. They have different needs and the university should be able to fulfill their needs. The number of students has increased in the past years and this proves that the marketing strategies adopted by them have proved to be successful. They have been able in providing proper jobs to the students in the past one year.
The studies have found the key resources to be intangible assets and capabilities (Andrews & De Serres, 2013). This creates competitive advantage and superior performance of the institution. The key resources question on the fact that they hold value for the firm as well as they hold value for the customer. The resource based performance of the institution has been very good and it has indicated the growth of the institution in a steady rate.
XYZ Agency has been able to supply the needs of the clients and they have been praised by the students. It has taken up various new strategies in agency business that will help to teach the students in a more realistic and scientific ways. There are various key prospects or capabilities that lie in this business. They have recently started their online reviewing system that has benefitted numerous students across countries. The students can avail the online facilities and online short certificate courses. These courses will help them to lead their way in the business industry and their concerned field of studies. They have their course strengths in subjects like astronomy and physics, engineering, materials science, computer science and information technology (Schwalbe, 2015). It also has a good number of competitions in the market and it has to struggle its way up so that it can keep its sustainability.
XYZ agency has much strength that can cater to their global reputation and their growing impact on the consultancy sector as a whole. They have recorded an increase in their research based achievements in the industry and that has increased their reputation. The marketers and the service providers in the company have been accessed to fantastic resources that have been encouraging to them. Their innovations, creativities and product development approaches have added a new value to their achievements and have established them as a leading consultancy firm. A thorough study and understanding of the GE model will help to get the matter more promptly (Aad et al., 2015). They have to protect their assets and look to invest on more creative issue that will harvest them a compact business outcome.
The organization’s management system has taken different decisions in context of their welfare and that has added to increase their values through value chain management (Hollensen, 2015). The students must be enabled to develop the following skills in themselves so that their overall skills and capabilities will surely increase through the short term certificate courses. They have to be taught about the teamwork skills and the analytical skills that will enable them to learn things in new ways. The managerial skills should be developed in them so that they can manage the problems by problem solving method. They will be taught to learn and adapt different business model tools (Massa & Tucci, 2013). Their strategic management will also be developed so that they can think more rationally over a matter. They will also be taught about how to address the situations that are unfamiliar. Finally they will be engaged in critical discussion. These things would improve their skills.
Financial performance
In order to have a competitive edge over the rivals in the sector and achieving competitive success, the company must have to follow the McKinsey 7 framework that help assess the success of the company (Singh, 2013)
In this scenario, the XYZ Company has a well qualified set of professors who have catered to the welfare of the students. The style of learning like their online learning process has benefitted a large portion of students across the globe. Many students have in fact come to their premises for a practical experience with them. This has helped the students for their skill development. The administrative system has fulfilled the expectations of the foreign students and some of them even have come there to experience the practical learning experience. The business strategies adopted by them can take them to newer heights by achieving more success. These shared values will definitely provide the growth for the organization.
XYZ Company has some particular business strategies that help them to adjust with always changing business environment in the world. These strategies include- they are very much capable in managing their chosen areas of operation i.e. in providing jobs to the students (McGrath, 2012). They are very much effective in managing difficult situations. They maintain ethics that helps to maintain their reputation. The professional world is now ever changing and they can adapt to these changes very easily. They are always aware of the various socio-cultural, economic and natural conditions. This awareness helps them to adjust with the local and global environments (Benton & Redclift, 2013). They can develop an effective action plan whenever they need to tackle a situation and can implement that plan for organizational success. They maintain a good corporate governance and good behavior to their clients so that they get sustainable development in their field of action.
A look at the BCG matrix framework will help to understand the scenario better (Arline, 2015).
Source: (Arline, 2015).
As the four components of the BCG matrix suggest, the Stars, Question Marks, Cash Cows and Dogs, it is a very effective way to identify the business strategies of a company. When a company looks for high market growth rate and high market share it comes under the Stars. So as the case of XYZ Company that can be put under Stars. Their growing market has catered to high market share (Faria & Wellington, 2014).
Conclusion
In the concluding portion, it can be added that XYZ Company has a very good reputation in the overseas market as they have been accommodating local and international students for their studies. Their well experienced marketers have used the resources to their fullest and helped students to gather knowledge and get jobs in their desired areas. The students get benefits from the learning they experience. The business strategies they implemented have really been effective for the market needs.
References
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Andrews, D., & De Serres, A. (2012). Intangible assets, resource allocation and growth: A framework for analysis. OECD Economic Department Working Papers, (989), 0_1.
Arline, K. (2015). What is a BCG Matrix. Business News Daily.
Barnett, M. L., & Salomon, R. M. (2012). Does it pay to be really good? Addressing the shape of the relationship between social and financial performance. Strategic Management Journal, 33(11), 1304-1320.
Benton, T., & Redclift, M. (2013). Social theory and the global environment. Routledge.
Faria, A. J., & Wellington, W. J. (2014). Validating business simulations: does high market share lead to high profitability?. Developments in Business Simulation and Experiential Learning, 31.
Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
Kirby, M. M., & Crawford, E. O. (2012). The preparation of globally competent teachers: A comparison of American and Australian education policies and perspectives. Global Partners in Education Journal, 2(1), 12-24.
Massa, L., & Tucci, C. L. (2013). Business model innovation. The Oxford Handbook of Innovafion Management, 420-441.
McGrath, S. (2012). Vocational education and training for development: A policy in need of a theory?. International Journal of Educational Development, 32(5), 623-631.
McQuivey, J. (2013). Digital disruption: Unleashing the next wave of innovation.
Schwalbe, K. (2015). Information technology project management. Cengage Learning.
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