Ryanairs Strategic Management Practices

Ryanairs Strategic Management Practices Introduction The aim of this assignment is to explore Ryanairs strategic management practices through the theory of core competencies developed by Prahalad and Hamel (1990). Ryanair operates in the low cost carriers (LCC) industry and experienced success since the launch of its operations. Ryanairs successful strategic management position is reflected in the optimisation of its internal processes offering value to customers whilst eliminating waste. By developing a set of core competencies, Ryanair has been able to develop a strong market position while transporting millions of customers every year. The first part of the essay provides a brief overview of the company and the industry in which it operates. This section outlines the key competing forces and argues for the companys cost leadership approach towards its strategy. The second section outlines the core competence theory developed by Prahalad and Hamel (1990). This section briefly summarises the theory and its assumptions. The third section discusses the application of the strategic theory to Ryanair. This section argues that Ryanairs core competencies concern not only the efficient utilisation of its tangible resources (e.g. aircraft, contract on destinations with airports), but also intangible resources (e.g. market share, reputation, customer loyalty). Brief overview of Ryanair Ryanair gained its reputation as a low cost carrier (LCC) throughout Europe by following the SouthWest business model (Strategic Direction, 2006) (see Appendix 1 for a comparison between the two models). This model included the delivery of a no- frill service whilst offering a point-to-point service and short haul routes to secondary and regional airports. By competing on cost, Ryanair was able to offer cheap tickets to a range of European destinations with the result of changing how customers perceived their travelling experience. Ryanair was able to offer competitive prices by reducing operational costs through the utilisation of its aircrafts. In particular, by avoiding a hub-and-spoke service, creating short haul journeys, scrapping the traditional system of ticket production and seat reservation and in-flight meals, the company was able to increase the number of journeys whilst reducing costs. Moreover, the use of secondary and regional airports offer less handling costs, fewer terminal delays, and greater airport access. According to Datamonitor (2010) as of June, 2009, the company offers over 1,200 scheduled short-haul flights per day serving 145 locations throughout Europe and Morocco, with an operating fleet of 196 aircrafts. The company operates through approximately 845 routes (p.6). The scale of the companys operations indicates its positive reception by consumers seeking to reduce travelling costs whilst increasing the frequency of trips to European destinations. Current trends in the Low Cost Carrier (LCC) Market 3.1 A different approach to airplane transportation Malighetti, et al (2010) argue that the growth behind the LCC market is underpinned by the consumers increasing interest in using airplanes not as a luxurious mode of transportation but as an opportunity for travelling to new destinations at a minimum cost. According to Huttinger (2006) many countries perceived the airlines as a state institution and their reason for existence as a fulfilment of public needs (p.229). The same idea is also expressed by Pitt and Brown (2001) who argue that the development of a differentiated strategy allowed the LCC firms to create a new niche. Dobruszkes (2009) argues that efforts towards deregulating the industry by the EU allowed airline firms to introduce changes in their way of operation. Lack of regulation meant fewer restrictions as to how the airlines needed to design and perform their operations (e.g. ticketing system, destinations, etc) (Dobruszkes, 2009) According to Strategic Direction (2007a, 2007b, 2007c) the emerging opportunities developing from deregulation were followed by the SouthWest business model in the USA. This model was not only copied but also extended by companies like Ryanair and Easy Jet in Europe (Barrett, 2004). As Figure 1 illustrates, a steady increase in the number of passengers carried between LCC firms can be noted. For example, whereas Virgin Atlantic achieved 28.9% growth, in contrast, Ryanair achieved 171.9% for the number of passengers carried. The difference in volume is evidence of the consumers growth and changing travel needs. Figure 1 Scheduled passengers carried, 2002-06 2002 2003 2004 2005 2006 % change m m m m m 2002-06 easyJet 11.4 20.3 24.3 29.6 33.7 +195.6 Ryanair 14.9 21.3 26.6 33.7 40.5 +171.8 Flybe 2.6 3.2 5.5 +111.5 bmibaby 0.7 2.8 3.3 3.6 4.1 +583.3 Monarch na na 2 2.6 3.2 na Virgin Atlantic 3.8 3.8 4.3 4.5 4.9 +28.9 BMI 7.5 9.4 10.5 10.5 10.5 +40 BA (est) 40 38 36.1 35.7 35.6 -11 Source: Company data/CAA UK airline statistics/Mintel A key trend in the LCC market has not only been the consumers attention on cost but also opportunity for travelling to new destinations within Europe (Malighetti, et. al. 2010). As Pitfield (2008) argues, following the recent economic credit crunch the new business model favoured the LCC. Cost became a differentiating factor in the way consumers made their purchasing choices on travel (Pitfield, 2008). Moreover, from Figure 2 it can be noted that the competition between the LCC remains fierce. Ryanair and Easy Jet are the largest competitors in Europe sharing the greatest volume of passengers travelling. According to Gillen and Lall (2004) such growth is attributed to a) the number of destinations already served by the airliners, b) the reputation on cost and c) the development of a strategy that allows them to utilise resources whilst minimising waste. Efficiency remains a key attribute to the development of competitive advantage in this market. This is because excessive costs contr ibute to the firms cost structure. This means that for a LCC firm to remain competitive such company needs to sustain its levels of efficiency whilst improving the value chain with which the service is delivered. Figure 2: Passengers carried in 2006 Source: Mintel/Company data (2007) 3.2 Ryanairs cost leadership strategy According to Porter (1980, 1985) there are three types of strategies companies can adopt in an industry. These are a) cost leadership, b) differentiation strategy, and c) focus strategy. A cost leadership remains effective depending on the volume of customers served. Such strategy focuses on achieving economies of scale by maximising its profit margins through the maximised over volume of sales. In contrast, a differentiation strategy is based on the specific attributes of a service and/or product that competitors are not able to offer (Porter, 1987). The distinctive features that are unique to such service/product differentiate the companys competitive power (Porter, 1996). A focus strategy concerns a firms concentration on a particular segment in the market (e.g. consumers, product, health-related products) with the result of creating new barriers of entry for other competitors to enter (Porter, 1987). Such barriers are created because of the tacit knowledge (e.g. methods of produc tion) that is needed in order to develop the product and/or service. Ryanair is adopting a cost leadership approach to strategy. As Figure 4 shows, when comparing the companys prices against competitors and for the same destinations the cost difference remains considerable. Mintel (2007) notes that the company aims to turn flights around within 25 minutes and routes are consistently the shortest of all the Low Cost Carriers (LCCs). Wood (2004) and Boru (2006) argue that even though this cost leadership strategy has proven effective, nevertheless, it has been difficult for Ryanair to maintain it without influencing the quality of service offered to customers. In particular, Boru (2006) argues that Ryanairs hard approach on cost has resulted in a hostile behaviour towards customers. Ryanairs couldnt-care-less approach to customer care also applies to refunds and baggage. Not only are refunds never paid out, even if a passengers travel plans are disrupted by the death of a grandparent, but the bereaved customer is told to à ¢Ã¢â€š ¬Ã‚ ¦ for having the temerity to ask (Boru, 2006, p.50). Datamonitor also reports various lawsuits, claims, and legal proceedings, arising in the ordinary course of its business. Some of these legal proceedings and claims seek damages, fines, or penalties in substantial amounts or remediation of environmental contamination (p.7). The implication of this argument is that even though cons umers continue to fly with Ryanair, they nevertheless remain weary of its behaviour to their changing travelling needs. Figure 4: Comparative fare levels (same booking date and approximate departure times Source: OHiggins in Johnson G, Scholes, K, Whittington, R. (2008, p.839) Mintel (2007) argues that in order for Ryanair to increase its revenues, it tends to engage in making incremental increases on costs that remain hidden to consumers. For example, consumers are being charged to pay for advance boarding to seat reservations, sports equipment to extra baggage and others. OHiggins (2008) mentions for example that a disabled man won a landmark case against Ryanair after it charged him  £18 for a wheelchair he needed at Stansted Airport to get from the check-in desk to the aircraft. The passenger was awarded  £1,336 in compensation from Ryanair, as the UK based Disability Commission said it may launch a class action against the airline on behalf of 35 other passengers (p.834). Such hidden costs generated a negative image for the companys low cost reputation. Donne (2004) and Groom (2004) argue that customers dislike extra charges and seek to withdraw their loyalty for carriers that are not committed to their quality of service on the grounds of reducing costs. Figure 5: Customer complaints Source: in Johnson G, Scholes, K, Whittington, R. (2008, p.842) The implication of this argument is that Ryanairs successful strategy remains contingent to the changing trends in the environment. As Figure 3 illustrates, the process of strategy formulation and evolution goes through a cycle where application needs to conform to the changing conditions of the environment. This means that Ryanair needs to develop a different approach to its cost leadership strategy by introducing modifications to its model. This can be done by placing greater importance on the customers perceptions of satisfaction rather than just promoting the selling of low cost tickets. Figure 3 Aspects of Strategy formulation and evolution Source: Chaharbaghi and Willis (1998:1022) Core Competencies Theory According to Johnson et al (2008) Chaharbaghi and Willis (1998) the study of strategic management is concerned with understanding how an organisation can realise its corporate goals through the manipulation of its tangible and intangible resources. According to Ansof (1984) strategic management can be defined as a systematic approach to a major and increasingly important responsibility of general management: to position and relate the firm to its environment in a way which will assure its continued success and make it secure from surprises. (p. xv) According to Raduan, et al. (2009) strategic management can be seen as a combination of strategy formulation, implementation and evaluation (p.406) According to Mintzberg et al (1998) there are two principle schools of thought that influenced the discourse on strategic management over time. These are characterised as the a) design school and the b) emergent school. The design school argues for the importance of careful planning. Lidtka (2000) for example argues that the orchestration of processes can lead to the achievement over the intended strategic corporate outcomes. The emergent school was influenced by the work of Mintzberg (1979, 1983) and argues for the managements inability to manage uncertainty in the course of realising its corporate goals. Mintzberg (1983) argues that the role of strategic management is to adjust a firms intentions according to the shifting conditions of the environment. Such conditions cannot be known a priori but only realised at the time of their development (Mintzberg, et al (1998). Cunah and Cunah (2006) also support this idea by arguing that firms developed their strategic positions by an emerg ent process resulting from managers and employees improvisations in response to the realities of the market (p.839). In the discourse between the two schools, Prahalad and Hamel (1990) developed the theory of core competencies. This theory argues for a firms ability to develop specific competencies which are intertwined with the employees tacit knowledge and expertise. Core competencies remain context-specific and are not easily transferable because of the specificity of the employees knowledge and skills that help maintain it. According to Grà ¶ÃƒÅ¸ler (2007) core competencies represent a firms capabilities created by the complex interaction of its resources combined with implicit or explicit knowledge about the effective combination of these resources (p.252). According to Prahalad and Hamel (1994) the implication of this argument is that the innovative capability of a firm remains closely located in its awareness of the employees skills and their continuing development. Hence, the process of fostering core competencies comprises the development of qualities which concern the advancement of products/services which are intertwined with a set of skills which are people-specific (Hamel, 1996). As Figure 4 illustrates, performance remains an outcome of the interaction between capabilities and resources. Such a process is dynamic and not static, which means that the firm is in a continuing process of identifying and strengthening its core competencies over time (Goold, 1996). Figure 4 Relationship between resources, capabilities and performance Performance Capabilities Resources Source: Adapted from Grà ¶ÃƒÅ¸ler (2007, p.253) Having outlined the theory of core competencies the following section will discuss its application on Ryanair. Assessing Ryanairs strategy through its core competencies 5.1 Waste minimisation and improvement making According to Lawton (1999) and Done (2004) Ryanairs core competencies are identified in its ability to discover and remove operations that do not add value to customers. Prices can be reduced when unnecessary processes are eradicated and/or improved. Pietfeld (2008) argues how the increase in efficiency is an activity that needs to move beyond the process of careful planning. Gillen and Lall (2004) argue that Ryanair has instilled an improvement-making strategy that resides in its corporate culture. This means, that employees can take real-time initiatives which are then evaluated and implemented by the management on the organisation as a whole (Leavy, 2003). Lawton (1999) argues that the management of the organisation remains unable to detect deficiencies as employees are the ones who have immediate contact with customers. Hence, the process of introducing quality improvements requires the necessary organisational structure to allow initiative-taking by employees whilst these are also supported by the management layer. According to OSullivan and Gunningle (2009) the literature on initiative-taking by employees remains subject to criticism. This is because employees can indicate areas of improvement but such suggestions may not be readily applicable. However, a core competency developed by Ryanair is the development of an organisational structure where the corporate culture allows them to take initiatives which are then institutionalised. The management is responsible for the development of the necessary regulations, policies and procedures that can accommodate initiatives (Barrett, 2004). The implication of this activity is that the firm is able to swiftly respond to the customers changing needs with little delay. This core competency remains difficult to copy by competitors because it resides within their existing work ethic and cultural values of employees that has matured over time. A criticism that is expressed against Ryanair, and in contrast to its effort to increase levels of efficiency, concerns the absence of unions that may exercise resistance to the managements growing demands. By increasing the array of responsibilities, employees are required to achieve performance targets, OSullivan and Gunningale (2009) argue that Ryanair has created excessive demands on employees that are not accounted for in their salary. 5.2 Utilisation of Resources A second core competence concerns Ryanairs ability to maximise the volume of customers travelling whilst increasing the number of routes offered. Barrett (2004) argues that the shorter turnaround times permit more journeys per day per plane which, coupled with the higher seat density of Ryanair planes, generate lower seat mile costs (p.92). Delays result to high maintenance costs in servicing aircrafts (Barrett, 2004). Such costs, in turn, can result in reducing the number of destinations offered in the first place. Gillen and Lall (2004) argue that a faster turn improves utilization of all factors of production such as aircraft, gates, ground equipment and labour (p.44). Ryanairs core competency concerns its capacity to maximise the utilisation of its aircrafts whilst also maximising the number of routes offered. However, such utilisation requires the management of the employees contribution for knowing how resources need to be managed. The exercise of knowledge and training remain task-specific. Employees understand how their contribution, at one segment in the business, can have a wider contribution on the companys performance as a whole. Ryanair demonstrates synergy in managing array of operations that include a) the management of its network routes, b) the punctuality with which aircrafts turnaround, and c) the employees capability to manage an increase in volume of passengers. Such understanding is embedded onto the employees. As Prahalad and Hamel (1990) argue, a competency remains difficult to replicate by competitors because it is context-specific, and subject to the tacit knowledge and skills produced in the first place. Ryanairs ability to utilise its resources whilst maintaining a cost leadership strategy results from the combination between the employees knowledge and the utilisation of its resources. Figure 5 illustrates the companys efforts to increase levels of efficiency between 2002 and 2003. A complementary dimension to the utilisation of resources is the creation of new destinations. Datamonitor (2010) argues that in January 2010, the company introduced 25 new routes to/from Alicante, Barcelona Reus, Barcelona Girona, Bratislava, Bristol, Cork, East Midlands, London Stansted, Milan Bergamo, and Pescara. In the following month, the company announced opening three new routes from Edinburgh to Faro, Marrakech, and Paris. It also launched six new routes to the Greek holiday destinations of Kos, Rhodes and Volos (p.6). The creation of new routes is subject to the companys core competencies for sustaining its cost-leadership strategy whilst expanding the destinations offered. This means that by attracting a larger volume of passengers travelling, Ryanair achieves economies of scales that help maximise its profit margins. By achieving a high seat-filling-capacity Ryanair can sustain its standard maintenance costs whilst improving on revenues. Moreover, such strategy can create barriers of entry to competitors (Dobruszkes, 2009). By gaining entry to the new network routes, other airline companies (e.g. Easy Jet, Air Lingus, etc) have greater difficulty in competing for the same destinations. Figure 5: Ryanair operating statistics between 2002 and 2003 Source: OHiggins in Johnson, et al. (2008, p.846). Conclusion The aim of this essay has been to explore Ryannairs strategic management practices. By making use of the theory of core competencies as developed by Prahalad and Hamel (1990) this essay argued for the companys cost-leadership strategy that is sustained through its efforts to minimise waste and improve efficiency. Even though Ryanairs business model has proved successful, at the same time, there is growing criticism regarding the evidence indicating the company undermining the quality of its customer service. Even though consumers continue to use Ryanair for its efficient service and low cost prices the company is struggling to avoid the mounting criticism concerning the introduction of hidden costs and lack of adequate customer service (Wood, 2004, Boru, 2006). This essay argued that the companys core competencies concentrate on improving levels of efficiency at the operational level. There are two areas in which this occurs. The first is by developing an organisational culture where employees are encouraged to take initiatives in order to reduce operations that do not add value to customers (OHiggins, 2009). The second area concerns Ryanairs ability to maximise the utilisation of resources whilst expanding on the number of destinations offered (Dobruszkes, 2009). According to Prahalad and Hamel (1990) it can be argued that Ryanairs business model remains difficult to copy by competitors because the synergies created are subject to the employees knowledge and experience. Such knowledge remains contextual and task specific.Such core competence is difficult to transfer by merely migrating the methods and tools used. However, this essay also argued that perceptions of value need to be reconsidered by Ryanair. This is because value is not only subject to the low cost prices offered but also to the quality of customer service which includes the companys attitude towards responding to complaints and avoiding the misrepresentation of information as well as hidden cost s. References Ansoff, H.I. (1984) Implanting Strategic Management. Englewood Cliffs NJ: Prentice Hall. Barrett, D. S. (2004) The sustainability of the Ryanair model, International Journal of Transport Management Vol.2, pp. 89-98 Boru, B. 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Marketing Analysis of Vinegar in Hengshun Company

The No. 3 of Arts building Zhejiang University City College 51 Huzhou Road 1 December 2011 Professor Min He Teacher of Consumer Behavior 51 Huzhou Road Dear Professor He Attached is the report you requested on 1 December analyzing the marketing situation of XIANGFEI vinegar in HENGSHUN Company. The report mainly includes market analysis, market strategy, SWOT analysis and recommendations of XIANGFEI Vinegar in HENGSHUN Company. Recommendations are made that, if implemented as soon as possible, should make it better. Preparing the report has been challenging and most worthwhile.I will be available if you have any queries or wish to discuss any part of the report in more detail. Yours sincerely Student in CB Class A REPORT OF THE MARKETING ANALYSIS OF VINEGAR IN HENGSHUN COMPANY AS AT DECEMBER 2011 Prepared for: Professor Min He Teacher of CB Zhejiang University City College Prepared by: Student in CB Class Date of submission: 12 December 2011 TABLE OF CONTENTS Item Summary iv 1. INTRO DUCTION 1. 1 Authorization†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 1 1. 2 Aim of Report†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 1 1. Scope†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 1 2. 0 BACKGROUND 2. 1 Company Background†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2 2. 2 Consumer Background†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢ € ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 3 2. 3 Competitor Background†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 3 2. 4 Condition Background†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4 3. 0 ANALYSIS 3. 1 SWOT Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 6 3. 2 4Ps Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7 4. 0 PLAN AND RECOMMENDATIONS 4. 1 Marketing Plan†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚ ¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 9 4. Recommendations†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 10 5. 0 CONCLUSIONS†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 11 List of References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦12 Summary This report was commissioned by Professor Min He to analyze the marketing situation of XIANGFEI vinegar in HENGSHUN Company. The report focuses on these aspects: market analysis, market strategy, SWOT analysis. By analyzing these, a market plan should be made. As financial crisis is going on, the companies in all aspects suffered a decrease in their busin ess. After analyzing the background of HENGSHUN, it is clearly to know the conditions of company.HENGSHUN Company registered capital is 127. 15 million Yuan. Stock price is $7. 1 per share. New total share capital is 127. 15 million shares. Annual sales are more than 1. 1 billion. By August 2011, the company's total assets are 3. 28 billion. What’s more, HENGSHUN become the first listed company in 2001, and this company developed much faster than before. From the selected information, its product sales grew over 20% between July and August in 2011, and the estimated growth rate of this year will more than 25%. In 2009, the operating income of HENGSHUN Company is 1. 74 billion Yuan, and the growth is over 68. 09%; the company earned 40,440,000 in the same period, and doubled compared to prior to listing performance. The company is committed to extending modern new spices and vinegar products research. At the same time, relying on the century brand, the company has implemented Trans – regional development at Chongqing, Shanxi, Anhui, Jiangsu and other places, where established the condiment production base. At present, HENGSHUN Vinegar has been developed from a traditional sauce vinegar manufacturer into the largest and most modern vinegar production enterprises.The company mainly produces vinegar, soy sauce, pickles, rice wine and other traditional and modern brewing condiment, deferred compound condiments, vinegar manufacture and sale of health products . And the company's new product development in line is based on the dominant market, orienting to consumer demand and the purpose is to improve the level of consumer health. The company also did the market segmentation and established development direction . It adheres to the † customer first â€Å"and implementing tracking services to speed up the popularization and application.What’s more, by the use of 4Ps analysis, it is easy to explain the present circumstance of HENGSHUN Compan y. So did the SWOT analysis. Then, making an advertisement video is for the aim to propagate the brand awareness of HENGSHUN Company. Recommendations have been made that, if implemented, should give HENGSHUN Company a better market plan and strategies. These include: build its own famous brand with the authority of government; using the statues of stars and experts, ask them to endorse the products of HENGSHUN Company; setting a goal as green brand. . 0 INTRODUCTION 1. 1 Authorisation Professor Min He, teacher of class CB, requested this report on 1 December 2011 1. 2 Aim of Report The purpose of this report is to provide an report of the marketing analysis of XIANGFEI Vinegar in HENGSHUN Company. It aims to suggest recommendations to promote the XIANGFEI Vinegar in a better way. 1. 3 Scope The report will introduce the background of HENGSHUN Company and the XIANGFEI Vinegar. And the next is analyzing the competitors to HENGSHUN Company, such as DONGHU vinegar Company and SHUITA Com pany.Also the following is to describe the market segment. Next, the positioning strategy and promotional mix and how they will be applied in the marketing will be mentioned. Finally, the advertisement plan and some recommendations for this vinegar will be demonstrated. 2. 0 BACKGROUND 2. 1 Company Background First comes the financial condition:The registered capital of HENGSHUN Company is 127. 15 million Yuan. Its stock price is $7. 1 per share. Annual sales are more than 1. 1 billion. By August 2011, the company's total assets are 3. 28 billion.Then following are the general managerial skills. The company is committed to extending modern new spices and vinegar products research. At the same time, relying on the century brand, the company has implemented Trans – regional development at Chongqing, Shanxi, Anhui, Jiangsu and other places, where established the condiment production base. Based on the inheritance of ancient brewing techniques, the company boldly introduced moder n high- tech and advanced management experience and invested in the new city of Dantu in â€Å"HENGSHUN industrial park â€Å".Following is the production capabilities. At present, HENGSHUN Vinegar has been developed from a traditional sauce vinegar manufacturer into the largest and most modern vinegar production enterprises. The company mainly product vinegar, soy sauce, pickles, rice wine and other traditional and modern brewing condiment ,deferred compound condiments, vinegar manufacture and sale of health products . Its investment involves biological health, real estate, packaging industry and commerce retail. At last follows something about its reputation.Jiangsu HENGSHUN Vinegar Industry Company was founded in 1840, the DAOGUANG of the Qing Dynasty as â€Å"old China† business. HENGSHUN product has won international gold medal for 5 times, also 3 times for national quality award, the national geographical indication products and the brand – name product in Chin a. 2. 2 Consumer Background According to our investigation, its current consumer is mainly housewives, and the potential consumers maybe are the husbands and the aged. As a condiment, housewives are the main consumers who usually do the cooking in the family.Since it is a kind of fruit vinegar, it has a lot of functions to prevent diseases and keep healthy. It can restrain and reduce the formation of the aging oxide in human body, so as to achieve anti-aging and make skin smooth. Another function: Promote the body's metabolism, remove fatigue, relieving alcoholism, lose weight clear bowel. Another function: Softening vessels, reducing blood fat and cholesterol. This is suitable for the aged. A specific questionnaire has been designed to understand the needs of the customers. Then depending on the research, it is lear to decide marketing contents. 2. 3 Competitor Background According to lan Gordon (2002): ‘a company should look two ways—at the individual customers it has chosen and the specific competitors it intends to beat. As to HENGSHUN, Vinegar business in Shanxi province is the biggest competitor. The old vinegar in Shanxi already has a more than 1000 years history. And among the four famous vinegar companies, it still is in the top. As the news reported, Shanxi old vinegar has occupied 10% of the marketing. DONGHU Vinegar Company is a major sale company of the Shanxi old vinegar group co. td. Because of the high brand awareness, DONGHU has become the main and strong competitor of HENGSHUN. But also because of being as the place of origin, DONGHU was treated as a going-down company, so it give more chances for HENGSHUN to reaching its goal. According to the news on the economics of Shanxi Daily, due to the depressiveness in the vinegar marketing, the shares of sale will not increase rapidly, but with the promotion of consumption, HENGSHUN has a high possibility to raise their sale occupation relying on its high brand awareness. (Shanxi vinega r: fighting for honor. http://www. aynews. com. cn/sxjjrb/122745. html) 4. Condition Background Firstly, the economic condition will be analyzed. In recent years, Chinese economic strength becomes stronger and people's living level improves, so people began to pursue the high-quality life. Of course, the average price of HENGSHUN’s vinegar is higher than competitors’, but the taste and quality is better than others. Because Chinese persons’ financial burden released, people prefer to use better vinegar which is more health and tasty. HENGSHUN became the first listed company in 2001, and this company developed very fast.Product sales grew over 20% between July and August in 2011, and the estimated growth rate of this year will more than 25%. HENGSHUN Company invested in real estate development, which brought their profit and challenge. Then is the political condition Zhenjiang HENGSHUN’s vinegar brewing techniques has been protected and appreciated by Chin ese government. According to China’s State Council announced in 2006, Zhenjiang HENGSHUN’s vinegar brewing techniques has been included in the first batch of national intangible cultural heritage, which s the food industry in Jiangsu Province, and it is also the only selected traditional craftsmanship. As for the culture condition, HENGSHUN’s vinegar is a famous and outstanding brand of Zhenjiang vinegar. HENGSHUN Company carries forward Chinese traditional food culture and revives national industry. In the same time, HENGSHUN absorbs the advanced science and technology to promote industrial updating. 3. 0 ANALYSIS 3. 1 SWOT Analysis ‘SWOT analysis is a strategic planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or in business venture.In involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective. ‘ ( Xing 2009,p. 50) 1. Strength: HENGSHUN Company is a listed company. It has a higher awareness of its brand, and because of its stocks, more and more people will pay attention to its trend of development. 2. Weakness: Because of its creation date, it is much later than the vinegar business in Shanxi Province. So many the aged prefer the long-history brand, such as DONGHU Company, SHUITA Company.And the price is higher than others, so some working class people would not choose this kind of vinegar. 3. Opportunity: As the development of IT and media, HENGSHUN will be known by more and more people. And, due to its use of high-technology, high and new quality of vinegar will be produced, like fruit vinegar, seafood vinegar. As Roininen, K (2001) points out, attitude scale that purely concentrate on its taste, and health in the food choices, 4. Threats: DONGHU Company has reproduced a new kind of vinegar.And lots of new vinegar company has founded recently. HENG SHUN will face more powerful company in the near future. And also because the instability of the stock markets, HENGSHUN’ stocks are in a embarrassed circumstance. 3. 2 4Ps Analysis As Kotler, P (2009, p. 48) points out, the marketing mix consists of everything the firms can do to influence the demand for its product. The many possibilities can be collected into four groups of variable known as the ‘ 4 Ps': product, price, place and promotion. And the 4Ps analysis is often used in the firm promotion period.As Glowa, T (2001) points out, understanding how consumers make complex choices is a critical component of market strategy. 1. Product: XIANGFEI vinegar is something like apple vinegar. Both of them are all used for the health or beauty reasons. As Garber, L & Starr, RG (2003, pp3-15) points out, the most important apple vinegar attributes for consumers are its taste and odour. So XIANGFEI vinegar in HENGSHUN Company just focuses on these two aspects. HENGSHUN Company is committed to extending modern new spices and vinegar products research.Based on the inheritance of ancient brewing techniques, the company boldly introduced modern high – tech and advanced management experience. The company mainly product vinegar, soy sauce, pickles, rice wine and other traditional and modern brewing condiment ,deferred compound condiments, vinegar manufacture and sale of health products. Its investment involves biological health, real estate, packaging industry and commerce retail. 2. Price: As far as we know, the vinegar prices of HENGSHUN Company are commonly acceptable. But in contrast to the other small brands, its price is a little higher.Especially, the XIANGFEI vinegar is much more expensive than others, due to its function in health protection and beauty. 3. Place: HENGSHUN Company was founded in Jiangsu Province, so its loyal consumers concentrate on the southern areas. Another reason is the northern people much more delighted with the old vineg ar in Shanxi Province. According to Don Hutson (2008): ‘As a salesperson, understand that the concept of place is complex. ’ So as for the sale area, it is an obvious significant problem waiting HENGSHUN to solve it. 4.Promotion: In terms of promotion, using a brief video is to do the advertisement for HENGSHUN Company. This video was separated into three parts. First is focusing on the function of health care. It can restrain and reduce the formation of the aging oxide in human body, so as to achieve anti-aging and make skin smooth. Second is to stress another function: Promote the body's metabolism, remove fatigue, relieving alcoholism, lose weight clear bowel. Lastly, the function of softening vessels, reducing blood fat and cholesterol have been mentioned. 4. 0 PLAN AND RECOMMENDATIONS 4. Marketing Plan Firstly, HENGSHUN Company should pay more attention on the product strategies. Develop the new technologies, as to the aspects of treatment, beauty, health, in order to change the vinegar image which is in consumers’ minds. As to the HENGSHUN’ image, it is also waiting to be changed. Second is the value pricing method, at the low level market with a low price but high quality products and services which is under the condition of reducing costs without sacrificing the quality. HENGSHUN should control its price at a acceptable range, so as to keep the loyal consumers.And this also can improve its brand loyalty. Thirdly, the company can do the promotion by carrying out all kinds of lectures to make consumers know the functions much better. And next is the sales strategies, nowadays, HENGSHUN must make full use of supermarkets. It must be sure that the products of HENGSHUN should be put at the conspicuous place. So it can attract more people and propagate its brand. 4. 2 Recommendations 1. Build its own famous brand with the authority of government. In the powerful government-decided society, the honor delivered by the government will give the sense of reliable.Relying on this, HENGSHUN Company can achieve much more than present. 2. Using the statues of stars and experts, ask them to endorse the products of HENGSHUN Company. It usually can work in a short time. 3. Setting a goal as green brand. Focus on the function of health and environment protection. Produce the new kind of vinegar so as to follow the trend of the modern society. 5. 0 CONCLUSIONS After analyzing all these aspects, the background of HENGSHUN Company has been know, included the financial condition, general managerial skills, production capabilities, reputation, and marketing skills. Similar essay: Reed Supermarkets: a New Wave of CompetitorsThen by using the 4Ps, its marketing circumstance in this environment has been investigated. Also relying on the SWOT analysis, it is helpful to discover the strengths, weaknesses, opportunity, and the threats which HENGSHUN Company will be faced in the near future. And at last, relying on a video, it is a useful skill to attract consumers. What’s more, some market plans and recommendations have been given to HENGSHUN Company for their better development. List of References Hawkins, Mothersbaugh, and Best , 2009, Consumer Behavior: Building Marketing strategy, 10th edition, china machine press, pp. 57 Philip Kotler & Gary Armstrong , 2009, Principles of Marketing, 11th edition, Qinghua press, pp. 48 YQ Xing, 2009, Management ,2nd edition, High Education press, pp 48 Shanxi vinegar fighting for honor. ,viewed in 1 December, 2011, http://www. daynews. com. cn/sxjjrb/122745. html Hutson,D 2008 Sell value, not price, Acant hus Publishing, Boston Garber, Lawrence & Starr, RG (2003), Measuring consumer response to food products, Food Quality and Preference, vol. 14, pp3-15 Lan, G 2002, Competitor targeting, J.Wiley& Sons, Etobicoke Glowa, T (2001), Understanding how consumers make complex choices, http://www. glowa. ca/Understanding_consumer_behaviour. pdf Finance and economics, viewed in 3 December, 2011, http://finance. sina. com. cn/realstock/company/sh600305/nc. shtml Roininen, K (2001), Evaluation of food choice behavior: development and validation of health and taste attitude scales, Academic Dissertation, University of Helsinki, Department of Food Technology, http://ethesis. helsinki. fi/julkaisut/maa/elint/vk/roininen/evaluati. pdf

The 10 Stages of a Criminal Case

If you have been arrested for a crime, you are at the beginning of what could become a long journey through the criminal justice system. Although the process may vary somewhat from state to state, these are the steps that most criminal cases follow until their case is resolved. Some cases end quickly with a guilty plea and paying a fine, while others can go on for decades through the appeals process. Stages of a Criminal Case ArrestA criminal case begins when you are arrested for a crime. Under what circumstances can you be arrested? What constitutes being under arrest? How can you tell if you have been arrested or detained? This article answers those questions and more. Booking ProcessAfter you are arrested you are then processed into police custody. Your fingerprints and photo are taken during the booking process, a background check is performed and you are placed in a cell. Bail or BondThe first thing you want to know after being placed in jail is how much its going to cost to get out. How is your bail amount set? What if you dont have the money? Is there anything that you can do that might influence the decision? ArraignmentUsually, your first appearance in court after you have been arrested is a hearing called the arraignment. Depending on your crime, you may have to wait until the arraignment to have your bail set. It is also the time that you will learn about your right to an attorney. Plea BargainingWith the criminal court system overwhelmed with cases, only 10 percent of cases go to trial. Most of them are resolved during a process known as plea bargaining. But you have to have something with which to bargain and both sides must agree on the agreement. Preliminary HearingAt the preliminary hearing, the prosecutor tries to convince the judge there is enough evidence to show that a crime was committed and you probably committed it. Some states use a grand jury system instead of preliminary hearings. It is also the time that your attorney tried to convince the judge that the evidence is not convincing enough. Pre-Trial MotionsYour attorney has the opportunity to exclude some of the evidence against you and try to establish some of the ground rules for your trial by making pre-trial motions. It is also the time when a change of venue is requested. Rulings made during this stage of the case can also be issues for appealing the case later. Criminal TrialIf you are truly innocent or if you are not satisfied with any plea deals offered to you, you have the option to allow a jury to decide your fate. The trial itself usually has six important stages before a verdict is reached. The final stage is right before the jury is sent to deliberate and decides on your guilt or innocence. Prior to that, the  judge explains what legal principles are involved with the case and  outlines the ground rules the jury must utilize during its deliberations. SentencingIf you plead guilty or you were found guilty by a jury, you will be sentenced for your crime. But there are many factors that can affect whether you get a minimum sentence or the maximum. In many states,  judges must also hear statements from the victims of the crime before sentencing. These  victim impact statements  can have a significant influence on the final sentence. Appeals ProcessIf you think a legal error caused you to be convicted and sentenced unfairly, you have the ability to appeal to a higher court. Successful appeals are very rare, however, and usually make headlines when they happen. In the United States, everyone accused of a crime is assumed innocent until proven guilty in a court of law and has the right to a fair trial, even if they cannot afford to hire their own attorney. The criminal justice system is there to protect the innocent and seek the truth. In criminal cases, an appeal asks a higher court to look at the record of the trial proceedings to determine if a legal error occurred that may have affected the outcome of the trial or the sentence imposed by the judge.

The Federal Reserve And Central Banking System - 1109 Words

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It now does much more for example it supervises and regu lates banks, maintains the stability of the financial system and provides financial services to depositoryRead MoreThe Federal Reserve System Is The United States Central Bank1339 Words   |  6 PagesHayden Hill Macroeconomics Professor Gislason 27 April 2017 The Federal Reserve System The Federal Reserve System, also called â€Å"the FED†, is the United States central bank, a national institution which governs the production and distribution of money. It was created to provide the United States with a more secure and more stable financial structure. The Federal Reserve System has many responsibilities today. First, the FED controls U.S. monetary policy by altering the supply and demand of the economyRead MoreComparison of Us and Uk Banking Systems825 Words   |  4 Pagescreating a central banking systems of their own. The United States is one of these nations. The two nations have many similar banking objective and strategies on how to best achieve the objectives. These nations also differ greatly in some aspects of their banking philosophies. The currencies of both nations are strongly held around the world. Their monetary policies and bank regulations differ in some aspects, but both nations banking systems are held to high esteem worldwide. The bankin g systems of theRead MoreFederal Reserve System and Monetary Policy1263 Words   |  6 PagesFederal Reserve System and Monetary policy Amir Jahangir Federal Reserve System and Monetary policy Introduction United States Federal Reserve system, also known as Federal Reserve or simply â€Å"Fed† is the United States central banking system. The Federal Reserve took inception in 1913, after the adoption of the Federal Reserve Act. The United States Congress has mandated three macroeconomic objectives to the Federal Reserve. These are minimum levels of unemployment, prices stability andRead MoreHistory Of Central Banks Of America1546 Words   |  7 Pages05/01/2015 History of Central banks in America Even though central banks can improve a nation’s economy and are beneficial to governments, the central banks of America had a very controversial history. Even before the establishment of the Federal Reserve, banks were used by the public just as we use them today. Bank notes were in use during this time and they were backed up by the guarantee that they can be traded for either gold or silver on demand. The history of central banking in America dates backRead MoreThe Federal Reserve System Essay1075 Words   |  5 PagesThe Federal Reserve System The Federal Reserve System was founded by Congress in 1913 to be the central bank of the United States. The Federal Reserve System was founded to be a safer, more flexible, and more stable monetary financial system. Over the years, the role of the Federal Reserve Board and its influence on banking and the economy has increased. Today, the Federal Reserve Systems duties fall into four general categories. Firstly, the FED conducts the nations monetary policy. The FED