722 Strategic Management- International College of Auckland
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|LO3: Learners will be able to conduct environmental scanning and industry analysis for the purpose of successful project scoping.|
|Key elements: |
a) Analyse the aspects of an organisation’s environment that can influence its projects and long-term decisions.
b) Determine the aspects of an organisation’s environment that are most strategically significant for project scoping decisions.
c) Conduct a sample industry analysis to understand the competitive forces that influence the intensity of rivalry within any industry.
d) Construct strategic group maps to assess the competitive positions of firms in an industry.
e) Determine key success factors and develop an industry matrix.
Question 1 (LO3a):
For any business organisation in the automobile sector, critically analyse various aspects of its environment that can influence its projects and long-term decisions. Provide a minimum of four (4) aspects for your answer.
[8 Marks, 2 marks for each aspect]
Question 2 (LO3b):
For any business organisation in the automobile sector, critically determine various aspects of its environment (internal and external) that are most strategically significant for its decisions about its project scoping. Provide at least three (3) points for each aspect (internal and external).
[6 Marks, 3 x 1 mark for each point internal, 3 x 1 mark for each point external]
Question 3 (LO3c):
From your studies of the Toyota Motor Corporation and assisted by additional research, using Michael Porters Five Forces Analysis as your tool, conduct a simple industry analysis. You should critically analyse the competitive forces that influence the intensity of rivalry between Toyota and its competitors in the car industry.
Question 4 (LO3d):
Construct and describe two (2) strategic group maps to assess the competitive positions of at least ten (10) firms in the car industry.
[6 Marks, 3 marks for each strategic map]
Question 5a (LO3e):
Explain what is meant by key success factors for organisations. Critically determine four (4) key success factors for organisations in the car industry.
[4 Marks, 2 marks for explanation, 0.5 marks for each key success factor]
Question 5b (LO3e):
Develop an industry matrix for four (4) organisations in the car industry.
Question 6 (LO3b):
Critically evaluate how organisations can use publicly available information to conduct competitive intelligence to scope their projects.
|LO4: Learners will be able to demonstrate an understanding of strategy formulation to have informed decision making processes for project(s) and business.|
a) Demonstrate the use of environmental and organisational information using a Strengths, Weaknesses, Opportunities and Threats (SWOT) approach and the Strategic Factor Analysis Summary (SFAS) matrix.
b) Describe the competitive and cooperative strategies available to corporations to link and prioritise project initiatives.
c) Analyse the competitive tactics that would accompany competitive strategies to initiate projects.
d) Determine the different types of strategic alliances to benefit project(s).
e) Apply portfolio analysis to guide decisions in companies with multiple products and businesses.
Question 7a (LO4a):
From your studies of the Toyota Motor Corporation and assisted by additional research, undertake and critically analyse how the SWOT approach could be used for formulating strategy for projects and business for Toyota.
[8 Marks, 4×2 marks for each SWOT component]
Question 7b (LO4a):
- Table 1, shows a brief external factor analysis summary (EFAS) of some of the main opportunities and threats to the Toyota Motor Corporation. Apply the EFAS matrix technique to calculate all the individual weighted scores (for opportunities and threats) and overall weighted score for the data in Table 1. Based on your calculations, comment on how favourably or not Toyota is placed in terms of the external environment for formulating strategic projects and business growth.
Table 1 Sample EFAS Summary for The Toyota Motor Corporation
- Table 2, shows a brief internal factor analysis summary (IFAS) of some of the main strengths and weaknesses to the Toyota Motor Corporation. Use the IFAS matrix technique to calculate all the individual weighted scores (for strengths and weaknesses) and overall weighted score for the data in Table 2. Based on your calculations, comment on how favourably or not Toyota is placed in terms of the internal environment for formulating strategic projects and business growth.
Table 2 Sample IFAS Summary for the Toyota Motor Corporation
- Table 3, is a brief strategic factor analysis summary (SFAS) of some of the main opportunities, threats, strengths and weaknesses to the Toyota Motor Corporation. Use the SFAS matrix technique to calculate all the individual weighted scores (for opportunities, threats, strengths and weaknesses) and overall weighted score for the data in Table 3. Based on your calculations, comment on how favourably or not Toyota is placed in terms of the environment (internal and external) for formulating projects and business growth.
Table 3 Sample SFAS Summary for the Toyota Motor Corporation
Case Study 1: Toyota’s Generic & Growth Strategies
Toyota Motor Corporation’s generic strategy supports the company’s global growth. Founded in 1937, the organisation is now a global force in the car industry. This success is based on the effective implementation of Toyota’s generic strategy and its intensive growth strategies. This generic strategy represents the overall approach Toyota uses to compete in the global market. On the other hand, its intensive growth strategies define the types of actions that Toyota uses to ensure continued growth. It’s continued innovation and success is an indication of the fulfilment of these strategies. Toyota is effective in the simultaneous implementation of its generic strategy and intensive growth strategies.
Toyota’s Generic Strategy (Porter’s Model)
Toyota Motor Corporation’s generic strategy is a combination of a cost leadership generic strategy and a broad differentiation generic strategy. Cost leadership entails minimising its cost of operations and selling prices. Conversely, its broad differentiation generic strategy requires developing business and product uniqueness to ensure Toyota’s competitive advantage. The combination of these generic strategies supports Toyota’s global reach in all its market segments.
A strategic goal corresponding to Toyota’s generic strategy is to minimise production costs to attain cost leadership. The company does this through the just-in-time (JIT) manufacturing method, which is also known as the Toyota Production System (TPS). This method addresses Toyota’s generic strategy by minimizing waste, inventory costs and response time. As a result, the organisation achieves maximum business efficiency. Conversely, Toyota has a strategic goal of innovation to address the broad differentiation component of its generic strategy. Innovation leads to unique and attractive products for all its market segments. Thus, Toyota fulfils its generic strategy.
Toyota’s Intensive Strategies (Intensive Growth Strategies)
Market Penetration. Toyota’s main intensive growth strategy is market penetration. This intensive strategy supports business growth by reaching and attracting more customers in the organisations current markets. To fulfil this intensive growth strategy, Toyota ensures that it offers products for every one of its market segments. For example, it has sedans, trucks, SUVs, luxury vehicles and other product lines for all types of customers. This intensive growth strategy supports the cost leadership component of Toyota’s generic strategy by enabling Toyota to maximise sales volume, which ensures profits despite relatively low selling prices.
Product Development. Toyota uses product development as its secondary intensive growth strategy. This intensive strategy supports Toyota’s growth by attracting customers to its new products. It uses this intensive growth strategy in the form of rapid innovation. The company is known for its innovation processes. For example, through the Toyota Prius, this intensive growth strategy empowers Toyota to attract customers concerned about the environment. This intensive growth strategy supports Toyota’s broad differentiation generic strategy by using innovative products that are attractive on the basis of uniqueness or advanced features.
Market Development. Toyota already has a global presence. As such, market development is just a supporting intensive growth strategy for them. In this intensive strategy, Toyota grows by entering new markets or selling to new market segments. However, it already has presence in most markets around the world. Also, Toyota already sells its products to every market segment. This intensive growth strategy supports Toyota’s cost leadership generic strategy by maximising the company’s global market presence.
(Source: Toyota’s Generic Strategy & Intensive Growth Strategies – Panmore Institute. (2016). Panmore Institute. Retrieved 31 October 2016, from http://panmore.com/toyota-generic-strategy-intensive-growth-strategies)
Question 8 (LO4b):
Using Case Study 1 and assisted by additional research, critically describe one (1) competitive and one (1) cooperative strategy available to Toyota to link and prioritise some of its project initiatives.
[8 Marks, 2×4 marks for each strategy]