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Business Strategies Of Blackmores Limited

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Question:

Discuss about the Business Strategies of Blackmores Limited.
 
 

Answer:

Introduction

An organisation needs a business strategy for a smooth running of business. The policies can be based on the competition market, customer analysis, financial growth strategy, internal environmental analysis and so on. Moreover, strategic planning, as well as a strategic analysis, is very significant to take a holistic view of the potential and performance of the company within the business environment and establish a basis for the creation of regular performance development in a constantly changing set of business circumstances. It is the responsibility of the senior managers of the company to make a business strategy. A corporate strategy consists of five Ps such as a plan, a pattern of behaviour, a ploy, a perspective and a position concerning others. The factors which affect the strategic choice of the company are the business environments which consists of Porter's five force model and PESTEL Analysis. The organisation considered here is Blackmores Limited. It is an Australian health product manufacturer. The particular Australian health product manufacturer company needs to follow the strategic analysis of the business to identify better the business environments which includes politics, technical issues, competitive issues, social and legal issues and economic issues.

Internal Analysis: Value Chain Analysis

The above figure represents a figure of a value chain analysis. Value chain analysis is a strategic business, and it will be useful for Blackmores Limited if they apply this model to their business. It is a process where a business firm identifies its primary and support activities. These activities add value to its final product and then analyses these activities for the reduction of cost and increase in differentiation. The model consists of primary activities such as inbound logistics, operations, service, marketing and sales as well as outbound logistics (Managerial economics and business strategy, 2017). Moreover, the support activities of this business model consist of human resource management, technology, film infrastructure and procurement. Value chain analysis is significant for creating the cost advantage and differentiation advantage of the competitive edge types. In value chain analysis, inbound logistics are concerned with receiving, distributing, storing the inputs internally. The operations are the transformation activities that change inputs into the outputs that are sold to the clients. Besides that, value chain analysis helps Blackmores Limited to recruit experienced and competence employee and thus helps in strengthening the human resource department.

 

Quality of senior managers

The determination of the senior manager’s quality also falls in the category of internal business analysis. The original quality of the senior manager is that they are competitive in nature. Secondly, the top executives of companies like Blackmores Limited are dedicated to the continuous improvement. Moreover, these managers do not settle for good enough for their performance of their teams (Managerial economics and business strategy, 2017). The senior managers engage themselves in holding them accountable for improving, learning and growing. Besides that, they appreciate this behaviour in their team members. On the other hand, the senior managers of the company are concerned with making decisions with a limited number of resources and information. Additionally, the senior executives expect solutions and hate grumbling. The managers will maintain open channels of communication, and they love hearing from all level of workers and employees. Apart from it, one of the primary and significant qualities of senior managers is that they are the risk takers and they do not mind making mistakes. Aside from, the successful executives have no problem talking about their mistakes as well as the lessons learned from those mistakes.   

 

Evaluation of Resources and Capabilities of Blackmores Limited

Capabilities imply the ability of companies like Blackmores Limited to attempt its resources. Besides, they contain calendars and strategies that arrangement with the company among resources to change commitments to yields (Harvey, 2005). For example, a marketing capability of the organisation can be established on the business firm among its financial resources, marketing aces, as well as information, is based and is an inhabitant in a particular limit. As needs are there are marketing capabilities, manufacturing capabilities, and management capabilities of human resource. Perhaps the most dominant thought is that of resources. Moreover, tangible resources are the physical resources of a relationship, for instance, finance, plant and people. On the other hand, intangible resources are non-physical resources, for example, reputation, information and learning. Usually, the resources of the company can be considered under the going with classes;

  • Physical resources, for instance, the machines, structures or the creation furthest reaches of the enterprise.
  • Economic resources, for instance, capital, cash, borrowers and credit managers, and suppliers of money. For example, shareholders, lenders and so on.
  • Human resources: It joins the mix, for example, measurement profile, aptitudes and learning of specialists and different people in the framework of the company.
  • An intellectual capital resource: It is a subtle resource joins licenses, brands, business structures and customer databases. An indication of the estimations of these is that when business firms are sold, some part of the regard is helpfulness (Strohhecker and Größler, 2012).
  • In a learning based economy, insightful capital is most likely going to be an important asset of the various company.

From the above figure, it can be concluded that Blackmores have improved a lot from their profit side. Here, four years have been provided 2013, 2014, 2015 and 2016. From the year 2015, it has been found that Blackmores was starting to increase their revenue per month. From the graph, Blackmores operates in various parts to Bellamy’s (Strohhecker and Größler, 2012). BKL or Blackmores is the largest supplement and vitamin company of Australia. Similar to the case with Bellamy's, the Asian operation is sensibly little, representing fourteen percent of working income. In any case, the development of the organisation is stable. BKL exchanges on thirty-seven times, which is still high, yet less requesting than Bellamy's, in any case, given the focused scene that BKL exchanges and animosity that we see from Swisse (and their group of wearing stars), the markdown to Bellamy's is by all accounts legitimised. In fact, Blackmores or BKL appears to be like Bellamy's (in spite of the fact that month to month outline has been utilised above instead of week after week). Blackmore has encountered a thirty-four percent adjustment after a great rally from mid-2014.

 

External Analysis: Macro environmental analysis: PESTEL Analysis

Social factors: In Australia, the customers are more concerned about their health and safety issues. Therefore, it is beneficial for Blackmores to distribute and supply their products when required. On the other hand, the second social factor is the ageing population of Australia, and so the greater prevalence of different health conditions needs vitamins. The third social factor is the viability of online shopping. Here, the customers attempt to get the cheapest product available (Johnson, Whittington and Scholes, 2011).

Political factors: One of the primary political factors is the change to the liberal government. Traditionally, it stands for the lower taxes and deregulation for the business. It means that in the next three to four years, the issue will bring welcome changes in the political environment. Besides that, potential and improbability unknown change from the liberal government is the second factor. The potential changes may cause disapproving situations in the international market with high involvement of the government of Australia.

Legal factors: The pharmaceutical industry has various authoritative and legislative controls. Moreover, there is also a creating society of indictment in different countries (Johnson, Whittington and Scholes, 2011). The upgradations of the internet are also amplifying as far as possible with patient's asking for more rights in their social protection programs.

Technological factors: Technically, Blackmores Limited needs to upgrade and improve the technical department of the company. Today, online marketing has increased a lot, and consumers are inclined more towards online shopping. Blackmores should provide their customers with an online marketing experience. The decreasing and availability price of international shipping price is making online shopping or online marketing more worthwhile.

Environmental factors: There is a creating environmental arrangement, and the key accomplices are right now twisting up discernibly more aware of the prerequisite for business firms to be more proactive in this field. Pharma business firms need to see how their trade and marketing plans interface in with the environmental issues. There is moreover an opportunity to unite it inside their Corporate Social Responsibility programs. Marketing and new product headway should recognise eco opportunities to progress as well.

Economic factors: One of the primary economic factors is the depreciation of the Australian dollar. The reduction has made it cheaper for the customers coming from all over the world to buy the products. Therefore, the prices of products should be set in such a way so that Blackmores Limited can compensate the amount which is a grave concern to the country (Verbeke, 2013). A lower price can make the products of Blackmores more competitive, and the company can quickly accomplish competitive advantage.

 

Micro Analysis

Media: Blackmores can perform marketing by following social media marketing strategies. It is a very powerful tool for business of all sizes for reaching the customers and prospects. The activities of social media marketing consist of images updates and posting text. It also includes an update of videos and other marketing contents on the internet.

Customers: Customers are the one of the primary source of revenue in business and Blackmores should make strategies to retain them. The winning of customer loyalty and customer satisfaction should be their primary objective. The product sales mainly depend on the customers (Verbeke, 2013). The communication between the customers and the company should be strengthened.

Competitors: In business, the competitive environment includes basic things, and it should be remembered by each and every organisation. For the pharmaceutical industry, the competition is intense. Today, people are more conscious about their health, and there are lots of customers in this pharmaceutical industry. Blackmores needs to transform their name of the company to the name of a famous pharmaceutical brand.

Employees: Employees are the persons who work in the business. In a pharmaceutical company, the employees are the workers working in the back offices as well as the workers working for manufacturing the pharmaceutical products (Botten, 2006). It is the responsibility of the organisation to retain skilled employees for increasing the performance of the manufacturing unit as well as the overall business.

Suppliers: Providers of companies like Blackmores Limited are engaged in providing resources to the enterprise. The primary job of a business is that the managers should take the responsibility of finding a potential supplier who can offer the best mix of quality, credit, warranties, low cost and delivery reliability service.

Shareholders: The shareholders are the owners of the company. Shareholders are also the members of an organisation, and they agree to become a part of the business firm by taking a minimum number of shares in it. The shareholders are concerned with the decision-making process of the business firm. They are not involved in daily works in business (Botten, 2006).

Conclusion

Blackmores Limited shows great practice in each of these regions. Besides that, the organisation has clear business points and goals that are time-related. Moreover, it concentrates on creating upper hand through its systems for clients, development and its kin. Blackmores Limited guarantees that the general population working for the business have satisfactory chances to develop. Additionally, it meets any holes in the capacity of the workforce to convey its methodology via preparing and building up its current individuals. It holds their aptitudes and offers appealing vocation chances to select new ability.

 

References

Botten, N. (2006). Business strategy. 1st ed. Oxford: CIMA/Elsevier.

Harvey, A. (2005). Blackmores denies claim of prevention or treatment of AMD. Clinical and Experimental Optometry, 88(5), pp.352-353.

Johnson, G., Whittington, R. and Scholes, K. (2011). Exploring corporate strategy. 1st ed. Harlow: Financial Times Prentice Hall.

Managerial economics and business strategy. (2017). 1st ed. [Place of publication not identified]: Mcgraw-Hill.

Strohhecker, J. and Größler, A. (2012). Implementing Sustainable Business Strategies. Systems Research and Behavioral Science, 29(6), pp.547-570.

Verbeke, A. (2013). International Business Strategy. 1st ed. Cambridge: Cambridge University Press.

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