Get Instant Help From 5000+ Experts For
question

Writing: Get your essay and assignment written from scratch by PhD expert

Rewriting: Paraphrase or rewrite your friend's essay with similar meaning at reduced cost

Editing:Proofread your work by experts and improve grade at Lowest cost

And Improve Your Grades
myassignmenthelp.com
loader
Phone no. Missing!

Enter phone no. to receive critical updates and urgent messages !

Attach file

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Guaranteed Higher Grade!
Free Quote
wave

Challenges encountered by firms in today’s fast paced business environment

Discuss About The Customer Value New Paradigm For Marketing.

There are several challenges encountered by firms in today’s fast paced business environment, globally oriented markets of today’s world. In this connection it can be said that one of the major challenges as well as one of the hardest challenges to solve is necessarily the way to effectively handle varied functions of a specific business without micro managing and creating excessive delays else wise conflicts within the business environment of the corporation.  The current study intends to identify the management challenges with special orientation to the operations of the corporation Aurecon Singapore, problems and gaps, and the effect of organization structure, processes to attain alignment to specific visions as well as mission. In actual fact, Aurecon Group Pty Ltd is essentially a public corporation that is ranked number 422 out of 2000 corporations located in Australia.

Gaps: The gaps can be identified using PESTLE and SWOT analysis of the operations of the corporation.

Political Factors: In this particular case, the political risk encountered in Singapore is considerably low. In actual fact, Political and Economic Risk Consultancy (PERC) mentions that the nation enjoys low political risk in the entire continent. These days stability has transformed to peace and an improved standard of living. Furthermore, it has transformed into enhanced business opportunities of the firm (Armstrong et al. 2015)

Economic Factors: Aurecon Group operates in a vibrant free market that is developing at an extremely fast speed. Essentially, the nation’s per capita earning is considered to be the highest in particularly ASEAN. This is a corruption free environment that upholds the entire business sector and is said to be among the most competitive nations. Essentially, the educated as well as motivated employees can help in strengthening the same (Keller and Kotler 2016). Particularly, legal together with financial business structure also supports the business sector. However, there are certain constraints on economic performance of the nation Singapore, namely,

Increasing costs of labour

Decrease in overall productivity (Sheth and Sisodia 2015)

Socially, the nation Singapore is just like any other Eastern nation and this follows traditional family values. Essentially, it is true that the younger generation has the inclination to pursue western culture along with values. Particularly, the residents of this nation also work hard and satisfy materialism desire. Thus, it can be said that business sector such as Aurecon Group can expect greater purchasing power level. In addition to this, reports recommend that majority of Singaporeans abhor blue collar jobs such as construction (Chernev 2018). In essence, overall literacy rate in the nation is extremely high. This too aids to attract worldwide trade along with foreign investment.

The primary reasons behind transformation in lifestyle along with quality of life are essentially the technological development. Essentially, the internet primarily plays an important role in the process of advancement of Singapore. This in turn help in easing communication and enhanced overall connectivity. In actual fact, overall cost along with time of undertaking business also lessened and this augmented the entire social networking (Weinstein and Pohlman 2015). The IT infrastructure can be considered to be praiseworthy where the rate of penetration for specifically broadband internet connection for household is more than 70%. Again, e-commerce and eB2C models have thrived consequently. The widespread IT infrastructure has inspired multinational corporations to introduce regional operations in the nation Singapore (Hutchinson et al. 2015). Again, Singaporean government is also moving towards an electronic government area.

Identification of management challenges in Aurecon Singapore

The government of the nation is of the view that growth of electronic commerce that relies on transparent and market favourable legislation as well as regulation. Specific legal, regulatory as well as business settings are required for the purpose of supporting development of industry and growth of the economy (Foxall 2014). E-commerce program was necessarily instituted during the year 1996 with the aim of developing e-commerce services. Furthermore, Singapore has launched certain e-commerce initiatives. Also, there are cross border rules as well as regulations and some basic legal along with technical infrastructure to uphold secured e-commerce regulations and norms.

The Ministry of the Environment and the Anti-Pollution Unit operates relentlessly for maintaining quality of air as well as other environmental facets. Pollution generated from transportation can be considered to be the main issue in urban areas of Singapore. Essentially, there was a time when Singapore was necessarily among nations with the highest level of emissions of industrialized carbon dioxide (Miquel-Romero et al. 2014). In particular, Singapore lost approximately 40% of the area of mangrove. Diverse species are necessarily in danger of extinction. Also, the Water Pollution Control and Drainage Act also aids in controlling quality of water. One of the primary concerns for Singaporeans is that nation does not have adequate water to uphold their requirements. Pollution from particularly industrial byproducts such as oil enhances the issues (Kleinaltenkamp et al. 2016). As a way out, water can be recycled after particularly desalination. Since there is an inadequacy of resources such as water, the nation Singapore is essentially reliant on supplied water in Malaysia.  A regional brand known as NEWater also supplies sewage water even after purifying it and using dual-membrane. However, there are more solutions that are required for the identified problem.

Strength

-          The positive business environment of the firm enhances the operations of the firm that in turn help in development of business of the firm (Baker and Saren 2016). For instance, extraordinary rate of growth of economy, higher rate of disposable income and many others.

-          Political factors of the firm also boosts business growth. For example, reports regarding restriction of freedom of speech, specific laws for maintenance of stability that is political stability improves business opportunities (Homburg et al.  2017).

Weakness

-The firm has lower requirement for manual labour and higher need for individuals to work suing technologies

-With maturity and intensification of competition, the engineering as well as workforce for construction also alters (Tomczak et al. 2018)

- Aurecon operating as a world class engineering as well as construction corporation are positioned right in the centre of changes and they therefore need to think about the way management need to attain growth in the hyper active competitive business environment.

Opportunity

-          The company gains opportunity from  business practices, planning, surveying, scientific, project management services to company’s buildings, urban development practices as well as telecommunication markets.

-          The company has the opportunity of serving engineering services, management together with the specialist technical services for both public as well as private segment clients in diverse nations (Leonidou et al. 2017). The nations in which the company serves include Asia Pacific, New Zealand, Middle East, Africa as well as Americas.

-          The company also has formulated various projects that include airports, management of asset, developing sciences, development of building, building different services along with structures, bulk material operations, bulk water and proper infrastructure. This can help in development of business of the corporation. In addition to this, projects of the company also include land infrastructure, facilities of manufacturing, infrastructure of mining, generation of power, transmission of power and distribution, delivery of programs and projects, rail services, renewable energy, roads that can help the corporation in attaining enhanced business operations and higher level of profitability.

Threat

-          There is shortage of labour in this specific market

-          Increasing costs of labour also poses then threat to the business of the company

-          Decrease in overall productivity also poses a serious threat to the overall business operation of the corporation (Lambert and Enz 2017)

Theories that can be used for analysing management challenges faced by Aurecon

Analysis of the operations of the corporation reveal that the firm encounters Aurecon encounters the issue of stiffly increasing competition in the market. However, with maturity of the competition and intensification of competition, the workers of the engineering as well as construction companies have the need to modify their skills and change. As such, there is relatively less requirement for manual labour and higher need for people to operate alongside technologies namely AI and VR for facilitating advancement. In this case, it can be hereby mentioned that the management of the firm Aurecon faces the challenge of raising, training and sustaining a workforce that can help place the firm favourably in Singapore’s extremely cost-conscious surroundings. In addition to this, management of the firm also faces the challenge of developing appropriate business level perspective at the time of considering various solutions to detected challenges (Visconti 2017). In case if there is a single and simple solution to the recognized challenge then management might possibly have problem of examine across diverse management disciplines that are faced on the way through management degree and use all that knowledge for designing the solution.

As rightly indicated by Foroudi et al. (2017), blue ocean strategy can deliver a systematic tactic for making competition irrelevant. Particularly, blue ocean strategy normally indicates towards the creation by a company of a novel, uncontested market space that makes competitors irrelevant and this in turn generates novel customer value often whilst lessening costs. Blue ocean strategy delivers a novel perspective on formulation of strategy and implementation. In essence, blue ocean strategy can be regarded as a marketing theory in which corporations can succeed by generating blue oceans of uncontested market space as against red oceans in which competitors fight for attainment of dominance and analogy is that an ocean full of vicious competition becomes red with blood (Pasquier and Villeneuve 2017)

PESTLE and SWOT analysis of the operations of the corporation

The four different principles of ocean strategy involves understanding the way to generate uncontested market space by way of reconstructing several market boundaries, ways of concentrating on the larger picture, going beyond subsisting demand as well as supply in the newly identified market space and getting strategic sequences right. Again, the four different action frameworks comprises of raising questions that need to be raised within a specific industry in terms of establishment of strategy of product, strategy of pricing else wise standards of service (Keegan and Rowley 2017). In addition to this, the blue ocean strategy also involve examination of areas of a firm or else industry that need to be entirely eliminated for lessening specific costs and to generate a new market. Furthermore, actions of blue ocean strategy also include examination of specific areas where products as well as services of a firm are not completely obligatory although it plays a significant part in the industry. For instance, the manufacturing cost of a specific material of a product can be lessened. Thus, it can be decreased without completely eliminating the same (David and David 2017). In addition to this, the need for creation prompts companies to be innovative with the products of the company.

The blue ocean strategy can help management of the firm Aurecon to identify new and uncontested market space for the operations of the business (Sheth and Sisodia 2015). As per the declarations presented by the firm, Aurecon is globally operating firm with diversified business operations namely, aviation, construction, energy and manufacturing among many others. Therefore, it can be said that management of the firm thrives for novel and uncontested market space for expansion into new markets for development of growth potential of the firm. Likewise, currently the management too faces the challenge of identification of such kind of market space for attainment of stable growth rate. In addition to this, financial report of the firm replicates the fact that the firm has attained an average rate of growth of 7.9% during the period 2011 to 2016. So, in a bid to attain higher revenue growth it is important for the firm to identify the segment otherwise products/services that are necessary as per the Blue Ocean Strategy. The blue ocean strategy can hereby help in identification of management challenge properly detecting underperforming segments and products/services that are holding back the rate of growth of the firm (Visconti 2017).

7-S Framework: by McKinsey

As correctly indicated by Gupta (2017), the McKinsey Framework refers to a specific management model that is designed for development of a strategic vision for various groups and include business, different units of business along with teams. In actual fact, the 7s of this specific framework comprises of structure, strategy, shared values, skills, staff as well as systems. In particular, this model is generally utilized as a tool for organizational analysis for the purpose of assessment and monitoring of changes in specifically the internal situation of a corporation. As per the model, it is important for a corporation to perform well include seven components that need to be kept in line and mutually reinforcing. Therefore, the model can necessarily be utilized for identification of the needs that needs to be realigned for enhancement of performance, or else to maintain alignment during other categories of change (David and David 2017). Whatever might be the type of alteration whether be it restructuring, new procedures, organizational merger, leadership change, the model can be utilized can be utilized for comprehending the way the organizational components are interrelated.

Political factors

The McKinsey 7S Framework can help the management in analysing super ordinate objectives of evaluating strategy, skills, structure, systems, staff and style (Pasquier and Villeneuve 2017). Analysis of business environment of the firm reflects that a considerable amount of wealth is generated by means of construction as well as property segments. Therefore, administration of the firm encounters the challenge of selection of appropriate strategy for development of corporation that can also subsequently initiate various government sponsored infrastructure projects (Nation Building Projects). Additionally, management of the firm has increased the total number of employees to 6492 in 2016 from the recorded figure of 4276 in 2012. Adoption of this framework helps the management to analyse the need for workforce and thereby mitigate the challenge of deciding the required number of workers (Sheth and Sisodia 2015). Accordingly, adoption of this strategy can help management in analysis of organization assess and at the same time monitor transformations in the internal situational challenges.

VUCA is necessarily an acronym that is utilized for describing or else reflecting on particularly volatility, uncertainty, complexity as well as ambiguity of particularly general business conditions as well as circumstances. In this regard it can be said that the theme of VUCA can serve for the purpose of enhancement of strategic importance of VUCA foresight along with insight together with behaviour of different groups of a firm and individuals (Gupta 2017). Essentially, this helps in discussing the systemic failures along with behavioural failures that are necessarily characteristic of failure of corporation.

Essentially, V stands for volatility in VUCA model. Here volatility refers to overall nature as well as dynamics of change together with nature and pace of change forces and change catalysts. Again, U stands for uncertainty in the VUCA model (Gupta 2017). Here, uncertainty indicates towards lack of predictability, areas for surprise and development of sense of awareness and comprehension of issues along with events. Next, C stands for complexity in this specific model. However, this stands for the multiplex of various forces, confounding of different issues, no chain of cause and effect together with confusion related to cause and effect (Visconti 2017). Finally, the term A stands for Ambiguity in this theme. Ambiguity indicates towards indistinctness of reality, chances for misreads along with mixed meanings of diverse conditions together with cause and effect confusion (David and David 2017).

In actual fact, VUCA can help in development of capacity and potential of the organization Aurecon for the purpose of the following:

  • Anticipation of specific issues that develop
  • Comprehending various consequences of different issues along with actions
  • Appreciation of interdependence of different variables (David and David 2017).
  • Preparation for different alternative realities as well as challenges
  • Interpretation of pertinent opportunities

Conclusion

The above study helps in understanding diverse challenges encountered by the organization is a swiftly changing business environment. Analysis of operations of the corporation using SWOT as well as PESTLE helps in understanding the state of affairs of business of the firm. However, evaluation of business condition of the firm using audit tools such as SWOT and PESTLE helps in understanding effective structure of the corporation and way these structures can stay in line with company’s vision and mission. Particularly, analysis of business environment helps in comprehending varied functions of the business. Essentially, this company has a diversified firm that has different operational wings and this is said to augment overall performance of the corporation.

Economic factors

The previous assignment talks about the background of the corporation, presents analysis of external organizational environment and analysis of competitive position of the firm using Porter’s Five Forces. As per the analysis of the external business environment carried out by the firm, it can be hereby said that Building and Construction Authority has delivered specific schemes and Building and Construction Authority has delivered specific schemes and can gain advantages using tax deductions by means of incentive plans that are necessarily handled by Building and Construction Authority and Ireland Revenue Authority of Singapore. Essentially, it can thus hereby be stated that this delivers guidance along with advisory on different construction firms that in turn help in development of operations of the corporation. Thereafter, the economic factors that affect the business operations of the corporation include rates of interest, exchange rate, measurement of GDP for the purpose of growth of economy. Social alterations such as changes in culture as well as demographics might influence demand of the market as well as. In addition to this, introduction of new and advanced technology also exert impact on demand of the market as suggested by the figures mentioned therein the first assignment. The first assignment also helps in gaining comprehensive understanding regarding the legal facets that might affect operations of the corporation. For example, this explains actions and workings of the Singapore Government along with specific authority that explains the rules and regulations pertinent to the operations of the business concern. This in turn can help in understanding the nature of impact of laws on their operations. In addition to this, analysis of external business environment also reflects the fact that business operations of the corporation are hugely affected by the frequent climate changes. Again, analysis of competitive position of the firm also illustrates about degree of threats faced by the firm from new entrants, substitutes, buyers, suppliers and extent of rivalry existent among different competitors.

Reference:

Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.

Baker, M.J. and Saren, M. eds., 2016. Marketing theory: a student text. Sage.

Chernev, A., 2018. Strategic marketing management. Cerebellum Press.

David, F.R. and David, F.R., 2017. Strategic management: A competitive advantage approach. Pearson.

Foroudi, P., Gupta, S., Nazarian, A. and Duda, M., 2017. Digital technology and marketing management capability: achieving growth in SMEs. Qualitative Market Research: An International Journal, 20(2), pp.230-246.

Foxall, G., 2014. Strategic Marketing Management (RLE Marketing) (Vol. 3). Routledge.

Gupta, V.K., 2017. Marketing Strategy: A War to Win. Journal of Management Science, Operations & Strategies (e ISSN 2456-9305), 1(1), pp.21-24.

Homburg, C., Jozi?, D. and Kuehnl, C., 2017. Customer experience management: toward implementing an evolving marketing concept. Journal of the Academy of Marketing Science, 45(3), pp.377-401.

Hutchinson, K., Donnell, L.V., Gilmore, A. and Reid, A., 2015. Loyalty card adoption in SME retailers: the impact upon marketing management. European Journal of Marketing, 49(3/4), pp.467-490.

Keegan, B.J. and Rowley, J., 2017. Evaluation and decision making in social media marketing. Management Decision, 55(1), pp.15-31.

Keller, K.L. and Kotler, P., 2016. Marketing management. Pearson.

Kleinaltenkamp, M., Plinke, W. and Geiger, I., 2016. Business Relationship Management and Marketing. Springer-Verlag Berlin An.

Lambert, D.M. and Enz, M.G., 2017. Issues in supply chain management: Progress and potential. Industrial Marketing Management, 62, pp.1-16.

Leonidou, L.C., Katsikeas, C.S., Samiee, S. and Aykol, B. eds., 2017. Advances in Global Marketing: A Research Anthology. Springer.

Miquel-Romero, M.J., Caplliure-Giner, E.M. and Adame-Sánchez, C., 2014. Relationship marketing management: Its importance in private label extension. Journal of Business Research, 67(5), pp.667-672.

Pasquier, M. and Villeneuve, J.P., 2017. Marketing management and communications in the public sector. Routledge.

Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the future. Routledge.

Tomczak, T., Reinecke, S. and Kuss, A., 2018. Introduction. In Strategic Marketing (pp. 1-18). Springer Gabler, Wiesbaden.

Visconti, L.M., 2017. Creating Value: The Theory and Practice of Marketing Semiotics Research. European Journal of Marketing, 51(5/6), pp.846-849.

Weinstein, A. and Pohlman, R.A., 2015. Customer value: a new paradigm for marketing management. In Proceedings of the 1997 Academy of Marketing Science (AMS) Annual Conference (pp. 132-133). Springer, Cham.

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2019). Customer Value Paradigm In Aurecon Group Pty Ltd Essay.. Retrieved from https://myassignmenthelp.com/free-samples/customer-value-new-paradigm-for-marketing.

"Customer Value Paradigm In Aurecon Group Pty Ltd Essay.." My Assignment Help, 2019, https://myassignmenthelp.com/free-samples/customer-value-new-paradigm-for-marketing.

My Assignment Help (2019) Customer Value Paradigm In Aurecon Group Pty Ltd Essay. [Online]. Available from: https://myassignmenthelp.com/free-samples/customer-value-new-paradigm-for-marketing
[Accessed 29 February 2024].

My Assignment Help. 'Customer Value Paradigm In Aurecon Group Pty Ltd Essay.' (My Assignment Help, 2019) <https://myassignmenthelp.com/free-samples/customer-value-new-paradigm-for-marketing> accessed 29 February 2024.

My Assignment Help. Customer Value Paradigm In Aurecon Group Pty Ltd Essay. [Internet]. My Assignment Help. 2019 [cited 29 February 2024]. Available from: https://myassignmenthelp.com/free-samples/customer-value-new-paradigm-for-marketing.

Get instant help from 5000+ experts for
question

Writing: Get your essay and assignment written from scratch by PhD expert

Rewriting: Paraphrase or rewrite your friend's essay with similar meaning at reduced cost

Editing: Proofread your work by experts and improve grade at Lowest cost

loader
250 words
Phone no. Missing!

Enter phone no. to receive critical updates and urgent messages !

Attach file

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Other Similar Samples

support
Whatsapp
callback
sales
sales chat
Whatsapp
callback
sales chat
close