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Importance Of The Strategic Concepts

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Question:

Compare and Contrast Aristocrat Leisure Limited and Fortescue Metals Group.
 
 

Answer:

Introduction

Management can be referred to the implementation of various operations of the company and the maintenance of the practices and building strategies which aims for bringing a change in the organisation. According to Ali (2014), Management is getting the things done in the best possible way. It is how you deal with people and things. In this project, two organisations are taken into consideration i.e. Aristocrat Leisure Limited and Fortescue Metals Group for comparing their strategic management and the related concepts. Aristocrat Leisure Limited is the gaming company which has the main purpose of creating the best gaming experience for the people. The company was founded in 1953 and now operating in around 90 countries. Fortescue Metals Group is the company which is the global leader in the industry of iron ore.

The assignment will include the comparison between the two companies on the basis of their vision and mission statements, values, corporate social responsibilities and Sustainability activities. The stakeholders of both the companies will also be discussed. This will set up an understanding of the strategic elements of these companies

Company Overview

Aristocrat Leisure Limited

Fortescue Metals Group

This company is listed in the ASX 100 and a leader of the gaming solutions providers. The company established in 1953 and now works with the team of 3000 employees which works with innovation and creativity. The company offers a diverse range of gaming solutions which makes it committed to the world. The company works with the talented people and performs by taking its core values in consideration (Aristocrat, 2017).

 

The company is the leader of iron ore industry across the world. It was founded in 2003 and has worked on the world’s most significant mines. The company has also contributed to the China’s economic development and uses innovation as its tool to manage the economic growth and performance of the company (Fortescue, 2017).

 

Mission and Vision Statement

A mission statement shows the main purpose of the company for which it exists in the industry. It can be understood as an approach which helps in achieving the goals and objectives of the business.

The mission and vision statement of Aristocrat Leisure Limited is to build up the sustainable value for all of its stakeholders by providing the users with the excellent gaming solutions across the world (Aristocrat, 2017). On the other hand, the mission and vision statement of Fortescue Metals Group says that it has to be the safest and the most profitable iron ore producer which operates on the lowest cost (Fortescue, 2015).

 


On the comparison of both the companies, it can be said that Fortescue Metals Group focuses more on cost and profits while Aristocrat Leisure Limited focuses more on making people’s lives easier and more entertaining. Both the companies have different agendas and they are fulfilling them in different ways

SMART Objectives analysis

The SMART objectives of Aristocrat Leisure Limited and Fortescue Metals Group are given below:

Elements

Aristocrat Leisure Limited

Fortescue Metals Group

Specific

To provide excellent gaming solutions to customers.

To be the most profitable iron ore producer.

Measurable

To build sustainable value for stakeholders.

To reduce the costs of the operations.

Achievable

To increase the satisfaction of the customers.

To make lives of the population easier.

Realistic

To expand the business and its share in the market

To enhance the economic growth and productivity.

Timely

To adopt innovative techniques so that the customer base can be increased in the coming years.

To achieve growth and deliver sustainable business now and in future.

(Muogbo, 2013)

Values of the Organisation

The values of the organisation are the core elements which show the character of the organisation and these values help the organisation in being distinct from the other organisations. These can also be referred as to the guiding principles which show that how the company takes actions and also determine the culture of the company (David, 2011).

Aristocrat Leisure Limited

The core values of the company include Respect, Courage, Integrity and Passion on which it operates. These values of the company are considered in every function and operation of the company and these values are taken as inspiration for doing the business by the company. The company believes that these core values of the organisation supports their own people, business and the societies. The company value their employees and their talent so that they can be developed personally and professionally. The company provides them with the career opportunities and empower them to provide best solutions to the customers for creating best experience (Aristocrat, 2017).

 

Fortescue Metals Group

The company is based in West Australia and its core values includes maintaining relationship with eh key stakeholders of the company. Its core values include safety of employees and society, Integrity, Determination and empowerment of the employees. The company also provides enthusiasm to the employees so that they can work with motivation. The company works with these values so that it can provide unique culture to its employees to achieve its goals and objectives (Fortescue, 2017).

The values of both the companies are believable as the companies are working hard to achieve their objectives and fulfil the purpose of their business. The values are been taken into consideration for better and sustainable business. The businesses can add value by focusing on providing more satisfaction and values to the stakeholders. They can consider these values and achieve their missions and vision statements with better results and sustainability for the users

Corporate Social Responsibility and Sustainability

Corporate Social Responsibility (CSR) is the term which can be understood as the initiatives taken by the organisations for the growth and wellbeing of the societies and communities. Sustainability is the ability of the companies to manage their operations so as to maintain the ecological balance of the environment. It is also referred to the meeting the needs of present generations without compromising the needs of future generations (David, 2011).

 

Aristocrat Leisure Limited

The company manages its sustainability by increasing the recycling activities and reducing the costs of energy. The company also maintain a ban on the hazardous materials and strives to maintain the other costs like printing costs. The company has also taken initiatives for improving the fuel efficiency by 15% and 5% improvement was seen in the fleet emissions (Aristocrat, 2017). The company installed LED light bulbs so that the energy can be saved. The company not only comply with the environmental laws but also aims to achieve its sustainable objectives which reduced the unnecessary consumptions and managed the demands. The company adopted ethical practise so that Work Health and Safety can also be improved (Lynch, 2011).

Fortescue Metals Group

The company commits to deliver the positive social change in the communities and it also aims at delivering equality and diversity in the nation. The CSR strategies of the company also include the elements of climate change. The company understates its business by taking into consideration the moral and ethical values (Fortescue, 2017). The people have undertaken initiatives to promote the CSR activities. The group is focussing on the Pilbara region by employing the local people and paying the taxes and royalties on time. It is investing in communities and supporting them. It is providing the training and employment t its people to enhance their skills and to use those talents in the work of the company. This has changed the lives of many young people and also improved the standard of living of the societies (Rice & Schleimer, 2016).

Both the companies are working for changing the lives of people and focussing on improving the environment. The Aristocrat Leisure Limited is more focussed on reducing the costs and environmental problems while the Fortescue Metals Group is more focussed on training and empowering indigenous people (Freeman, 2010).

Figure 1: CSR and Sustainability

Stakeholders of the company

Stakeholders are those parties which affect the operation and actions of the organisation. Also, the actions of the company affect the stakeholders. The stakeholders of the companies include customers, employees, suppliers, government, societies and all others who are connected (Hill, Jones and Schilling, 2014).

Aristocrat Leisure Limited

As per the company’s corporate statements, the stakeholders of the company include:

  • Employees: The one who works in the organisation
  • Customers: the one who enjoys and experience the gaming solutions given by the company.
  • Community: The society which should be safeguarded.
  • Directors: The board of directors who takes business decisions
  • Shareholders: The ones who invest in the company
  • Government: The laws made by the government which have to be followed by the company (Ackermann and Eden, 2011).
 

Fortescue Metals Group

The company focuses on understanding the long term needs of the stakeholders which are:

  • Customers: The steel mills in other countries.
  • Employees: Those who work across different departments of the company
  • Local and Aboriginal Communities: It is the Western Australian community
  • Traditional owners: The land owners
  • Government and regulators: The federal, State and Local government
  • Suppliers and contractors: The local businessmen of Pilbara and Western Australia
  • Educational institutions: Local schools and universities
  • Non-government organisations: the organisations working for human rights, environment and sustainability (Fortescue, 2015).

Conclusion

It can be concluded that both the companies are the leading companies in their industries and achieving their goals and objectives b following their missions and vision statements.  The companies aim at providing the maxi value to its users and stakeholders. The comparison has been made between both the companies on the basis of their vision, mission, values, CSR, sustainability and stakeholders. It can be believed that both the companies are taking the best use of their resources and achieving their ultimate objectives

 

References

Ackermann, F. and Eden, C., 2011. ‘Strategic Management of Stakeholders: Theory and Practice’. Long Range Planning 44.

Ali, S. M. S. A., 2014. Management Theory And Practice. NMIMS.

Aristocrat, 2017. ‘About Us’. Available at: https://www.aristocrat.com/about [Accessed on 02.08.17]

David, F. R., 2011. Strategic management: Concepts and cases. Peaeson/Prentice Hall.

Fortescue, 2015. ‘2015 Annual Report’. Available at: https://fmgl.com.au/media/2590/fortescue-annual-report-fy15.pdf [Accessed on: 02.08.17].

Fortescue, 2017. ‘About Fortescue’. Available at: https://fmgl.com.au/about-fortescue/company-overview/ [Accessed on 02.08.17].

Freeman, R. E., 2010. Strategic management: A stakeholder approach. Cambridge university press.

Hill, C. W., Jones, G. R. and Schilling, M. A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.

Lynch, M. 2011. Introduction to management. Clinical Pain Management: A Practical Guide, pp.89-96.

Muogbo, U. S., 2013. ‘The Impact of Strategic Management on Organisational Growth and Development (A Study of Selected Manufacturing Firms in Anambra State)’. IOSR Journal of Business and Management, Volume 7, Issue 1.

Rice, J. & Schleimer, S., 2016. ‘Australian corporate social responsibility reports are little better than window dressing’, The conversation.

Thenmozhi, M., 2006. Management concepts and fundamentals.

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