Solutions to improve business strategy at akira education co , ltd a change in customer approach

FOREIGN TRADE UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION *** GRADUATION THESIS Major: International Business Management SOLUTIONS TO IMPROVE BUSINESS STRATEGY AT AKIRA EDUCATION CO., LTD: A CHANGE IN CUSTOMER APPROACH Student name: Vu Thu Trang Student ID: 1716280061 Class: English 01 – Advanced Program Batch: 56 Supervisor: Assoc Prof Dr Cao Dinh Kien Hanoi, July 2021 Table of Contents INTRODUCTION 1 The urgency of the topic Research Objectives Scope of study Research methodology 4.1 The method of data collection 4.2 Methods of data analysis The structure of the study CHAPTER 1: THEORETICAL BASIS ON BUSINESS STRATEGY 1.1 Strategic management 1.1.1 Concept of strategy 1.1.2 Concept of strategic management 2 1.2 Business strategy 1.2.1 Concept of business strategy 1.2.2 The role of business strategy 1.2.3 Classification of business strategy 1.2.4 Factors influencing business strategy 1.2.4.1 Macro-environment 1.2.4.2 Industry environment 11 1.2.4.3 Internal environment of the enterprise 13 1.3 Tools used to study strategic management 15 1.3.1 Basic model of strategic management 15 1.3.2 Two basic tools of strategic management 17 22 1.4 The Customer Focus Approach 1.4.1 Concepts of the Customer Focus Approach 22 1.4.2 Need for Customer Focused Strategy 23 1.4.3 Building Customer Focused Strategy 24 27 1.5 Business performance 1.5.1 Concepts of business performance 27 1.5.2 Financial indicators to evaluate business performance 28 CHAPTER 2: ANALYSIS OF CURRENT BUSINESS STRATEGY AT AKIRA EDUCATION CO., LTD 2.1 Introduction of Akira Education Co., Ltd 30 30 30 2.1.1 History and development I 2.1.2 The organization structure 30 2.1.3 Department functions 31 2.1.4 Business results in the period from 2018 to 2020 33 2.2 33 Industry Environmental Analysis 2.2.1 Macro environment 33 2.2.2 Competitive pressures in the industry 35 2.3 Internal Company Environmental Analysis 37 2.4 Analysis of the current situation of business strategy of Akira Co., Ltd 40 2.4.1 Strategic objectives 40 2.4.2 Mission and Vision of Akira Co., Ltd 40 2.4.3 Company-level strategy 44 2.4.4 Functional level strategy 47 2.4.5 Current Delta project model 48 2.4.6 Current strategic map 49 2.5 Evaluation of current business strategy of Akira Co., Ltd 50 2.5.1 Operational efficiency 50 2.5.2 Innovation and improvement 50 2.5.3 Determine to target customers 51 2.5.4 Intrinsically and Financially 51 2.5.5 Customers 52 2.5.6 The ability to learn and grow 52 CHAPTER 3: SOLUTIONS TO IMPROVE BUSINESS STRATEGY OF AKIRA EDUCATION CO., LTD 53 3.1 The development plan of Akira Education Co., Ltd 53 3.2 Proposed solutions 54 3.2.1 Propose solutions according to Delta project model 55 3.2.2 Propose solutions according to the strategy map 56 CONCLUSION 59 References 61 II LIST OF ABBREVIATIONS Term Abbreviation Company Limited Co., Ltd Research and Development R&D Chief Executive Officer CEO Customer Relationship Management CRM III LIST OF TABLES, CHARTS AND FIGURES - Figure 1.1 The basic model of strategic management 15 - Figure 1.2 Delta Project model 17 - Figure 1.3 Strategy Map 19 - Figure 2.1 The organizational structure of the company 30 - Figure 2.2 Current Delta project model of Akira company 48 - Table 2.1: Business results of Akira Co., Ltd in the period of 2018 – 2020 32 - Table 2.2: Current strategic map of Akira Co., Ltd 49 - Chart 2.1: Definition Mission and Vision of Company 40 - Chapter 2.2: Contents of strategic analysis 43 IV INTRODUCTION The urgency of the topic Vietnam's economy is integrating into the world economy The business environment of enterprises is expanding, but the competition is becoming more and more fierce This not only creates business opportunities, but also contains potential risks that threaten the development of enterprises Therefore, it is not enough for an enterprise to survive, but it needs continuous development and continuous development The problem of formulating business strategy for the company has become more important and urgent than ever, because it determines the survival and success of the company and provides vitality and flexibility for the company Have the ability to occupy and occupy domestic and foreign markets At present, Vietnamese enterprises, regardless of economic sector, are facing competitive pressure from domestic and foreign enterprises, substitutes, suppliers and customers Therefore, the strategic planning of enterprises is not only very important, but also meaningful to the existence and survival of enterprises in the market Because it enables enterprises to take the initiative to propose business solutions to cope with risks or seize opportunities to compete and win Modern strategic management helps enterprises to pay more attention to environmental analysis and planning the importance of strategies related to environmental conditions Vietnam is one of the countries that attach great importance to education Vietnam spent a total of $20 billion on education in 2018 The online education sector, with revenue of about $200 million, currently accounts for only 1% of the total market revenue In 2019, Vietnam was in the top 10 fastest growing global online education markets with a compound annual growth rate of 44.3% According to Ken Research, Vietnam's online education market can achieve a growth rate of about 20.2% in the period 2019-2023 In fact, during the outbreak of the Covid-19, the trend of digital transformation is being accelerated by many schools having to close due to social distancing According to a recent report by Do Ventures, EdTech is currently the 3rd most invested field in Vietnam in the past years in the technology sector The total venture capital investment in the EdTech sector in Vietnam is 103 million USD, second only to the payments sector ($462 million) and retail ($416 million) However, the field of EdTech and educational digital transformation in general in our country is still just beginning Therefore, Vietnam is an attractive market for investors, which creates a fierce competition environment among companies in the industry Companies that want to stand firmly in the market and keep their market share need to build a suitable business strategy for their business, Akira Co., Ltd is no exception Akira Co., Ltd is an enterprise engaged in toy production and retail, publishing books, newspapers, magazines and periodicals, so the research proposes some solutions to support the implementation of the proposed strategy As a result, the writer chose the topic “Solutions to improve business strategy at Akira Education Co., Ltd : A change in customer approach” as the graduation report Research Objectives - Explore the theories relating to strategic planning in companies - Analyze the changes of the Company's business strategy from 2019 to 2020 - Propose solutions to support the implementation of the proposed strategy Scope of study ⮚ Spatial scope: The topic focuses on researching business strategy of Akira Co., Ltd ⮚ Temporal scope: Secondary data of the study were collected by the author in the range from 2018 to 2020 Research methodology 4.1 The method of data collection Collecting secondary data: collecting available and relevant documents from departments at Akira Education Co., Ltd such as: Sales Department, Marketing Department, Accounting and Finance Department Moreover, other relevant information is collected from books, newspapers, and the internet Based on the research and collected data, this study use excel software to conduct statistics, process the data and then describe it with tables and charts to address research purposes 4.2 Methods of data analysis Comparative method Comparison is a commonly used method to evaluate results, determine the position and trend of fluctuations of analytical indicators In order to apply the comparison method, it is necessary to ensure that the conditions of the criteria are comparable, there must be at least quantities or indicators Indicators or quantities must agree on the content and method of calculation, in terms of time and units of measurement Comparative criteria, depending on the purpose of analysis, but mainly use the following criteria: Compare the actual achieved with the plan, the norm to evaluate the performance of the target, compare the actual data of this period with one or more previous period's reality to determine the trend or growth rate Comparative technique: absolute comparison is the determination of the difference between the value, between the indicator of the analysis period and the value of the base period, showing the change in the absolute number of the object Relative comparison is the determination of the percentage increase or decrease in the actual period compared to the base period or the proportion of a phenomenon in the overall scale, showing the growth rate or structure, prevalence of the phenomenon Relative, absolute and proportion comparison methods to analyze and evaluate the criteria of enterprises over the years and in the same year Form, chart method In economic analysis, one must use analytical forms and diagrams to visually evaluate the analytical data The analysis form is generally set up in columns to record indicators and data for analysis The forms for analysis often reflect the comparative relationship between related economic indicators: comparison between the number of implementations and the number of plans, compared with the same period last year or compare the individual target with the overall target The number of rows and columns depends on the purpose of the analysis Depending on the content of the analysis, the analysis table has different names and different units The diagrams and charts are used in the analysis to reflect the increase and decrease of economic indicators in different time periods The structure of the study In addition to the Introduction, Conclusion and References, this study is divided into three main chapters as follows: Chapter 1: Theoretical Basis on Business Strategy Chapter 2: Analysis of Current Business Strategy at Akira Co., Ltd Chapter 3: Solutions to Improve Business Strategy of Akira Co., Ltd CHAPTER 1: THEORETICAL BASIS ON BUSINESS STRATEGY 1.1 Strategic management 1.1.1 Concept of strategy Thompson, Strickland and Gamble (2007) define a strategy as "… a management action plan for running business and operations." They further pointed out that "the company's strategy includes the competitive dynamics and business methods used by managers to develop business, attract and satisfy customers, compete successfully, conduct business and achieve organizational target performance levels." Therefore, strategic management needs a process of reviewing the environment, formulating strategies, implementing strategies, and monitoring, evaluating and reviewing the implementation process to ensure the effective and efficient completion of the organization's long-term objectives Eden and Ackerman (1998) believe that the strategy is "a coherent set of individual discrete actions, supported by a target system, and supported by important self-sustaining or opinion driving forces in an organization as a portfolio." Mintzberg et al (1998) cited by Beckman and Rosenfield (2008) captures most of the key issues that organizations need to pay attention to when formulating and implementing strategies Strategies depend on the basic building blocks for attack, defense, and mobility The formulation of strategies depends on finding and executing new combinations of these blocks In all times, technology and social organization have limited integration After a period of time, these restrictions seem inevitable and therefore natural Strategists no longer question the wisdom they have acquired, and limit themselves to the variants of accepted themes Therefore, great commanders like Napoleon must update their strategies by recognizing and introducing new combinations Ackerman's set of piecemeal actions can be regarded as "competitive actions and business methods" by Thompson, Strickland and Gamble (2007) Table 2.2 Current strategic map of Akira Co., Ltd Current strategic map of Akira Co., Ltd needs to be analyzed in many aspects: in terms of finance, in terms of customers, in terms of internal company and in terms of ability to learn and grow All aspects are presented as shown in the model table above 2.5 Evaluation of current business strategy of Akira Co., Ltd The evaluation of the current business strategy of Akira Education Co., Ltd is done through the evaluation of the basic elements of the Delta Project model and the strategic map Through the process of document collection, qualitative and quantitative analysis of those documents, some general opinions can be summarized as follows: 2.5.1 Operational efficiency Akira Education Co., Ltd., whose main business is online education products such as online courses, e-books, audiobooks, and study abroad consulting activities Currently, the company is increasingly asserting its virtue in the market of educational products Currently, Akira Education Co., Ltd is promoting well in the field of publishing e-books, audiobooks and online courses, the main revenue is mainly from these two sources (namely revenue from audio books) 60% and online courses 40%) The field of business study abroad has just started to develop, so the operational efficiency is not high However, with the business strategy changing to a customer focused strategy, focusing on the value of customer experience and seriously implementing the identification of target customers for each product group, the company has succeed in maintaining and developing loyal customers, thereby improving business performance 2.5.2 Innovation and improvement 50 In order to improve business performance, and achieve the mission goal of becoming a company with a leading technology platform in the field of online education, the company has continuously invested in modern equipment for production and business activities Currently, with the business motto of taking customers as the focus and all activities of the business putting customers first, the company has invested in customer management technology Specifically equipped with customer management software CRM Viet The use of CRM brings the following benefits to the company: The company can track its customers including: the days customers contact the company, the change in customer attitudes towards the company with the products the company sells The sales staff will be reminded of daily work, and the list of customers who need to be consulted for the day is also displayed on the CRM CRM provides a database system where Akira Company can store customer information, from which the company can better maintain relationships with customers CRM software is user-friendly, so it can be used by any salesperson of the company In addition, the software has the ability to store customer information convenient for the company in its remarketing plans 2.5.3 Determine to target customers Due to the Company has set its business strategy to be customer focused, the task of identifying target customers is paid special attention by the company when launching new products This has contributed to reducing the risk for the company in releasing products that are not suitable for the target customer segment 2.5.4 Intrinsically and Financially The business performance management structure is still not centralized and inconsistent The company has taken seriously and rigorously in defining customer segments and identifying target customers 51 The company has also initially applied modern science and technology to production, business and customer management activities Akira Education Co., Ltd has created many jobs for the society and fulfilled social responsibilities to the state, environment and employees Financial capacity is still limited with the goals that businesses are pursuing because investing in modern technology will put financial pressure 2.5.5 Customers Akira Education Co., Ltd has implemented a customer focused business strategy, so the company's customers are increasingly diverse and each product group released is built by the company, forming a customer segment target customers, thereby helping to build effective marketing strategies and reach out to the target customer group On the other hand, customer culture is the focus that businesses focus on building and the main task is to enhance the value of customer experience with the company's products and services Since then, increasingly creating customers' trust in the company In addition, Akira Education Co., Ltd also pays special attention to building the company's brand image in the online education market 2.5.6 The ability to learn and grow With a business strategy that is determined to be customer focused, the company pays special attention to building a customer focused culture Specifically, the company regularly organizes professional development training, improves the quality of its staff to give customers the best experience when using the company's products/services The leadership team of Akira Education Co., Ltd all graduated from the master's program, with high competence and professional qualifications 52 Especially with over 10 years of experience in the field of education This has created a highly competitive advantage for the company in its core business However, there are still some limitations in the company's learning and development activities, that is, the ability to work in groups and interact with the company's staff is still quite weak 53 CHAPTER 3: SOLUTIONS TO IMPROVE BUSINESS STRATEGY OF AKIRA EDUCATION CO., LTD 3.1 The development plan of Akira Education Co., Ltd The company's business market plays an important role, it determines the existence and development of a company Therefore, researching to find out how to stabilize the traditional consumption market and expand into new markets is always the basic goal of each company Solutions to expand and stabilize the market are based on the strengths of the Company's internal environment and the opportunities that the external environment brings to the company - Expand markets About the market: Based on its current capabilities and advantages, the Company needs to focus on its key market segments, learn and forecast consumer trends in the coming time The company needs to good market research, create a wide distribution marketing network, react quickly to changes in competitors Regarding distribution: The company must take measures to improve the quality of operation of the distribution system, including the quality of pre-sales and after-sales services to suit the characteristics of the consumer market Diversify product consumption channels, but try to develop online product distribution channels, avoid depending on intermediaries Bringing e-commerce as a new and dynamic distribution channel, effectively, regularly conduct propaganda and promotion of its products through many different methods, perform technical service during sale and after sale so as to be convenient to better serve customers - Enhance product promotion Enhance product introduction, promote company image through building a strong brand On the basis of reviewing the existing product planning and strategy In the immediate future, it is necessary to prioritize investment in developing products with high competitiveness and large current output markets, then gradually switch to high-value products Constantly improving product quality, 53 improving design, prototyping, gradually shifting from low- and medium-quality products to high-quality, high-value products Widely advertise products on mass media To build a strong brand, it is necessary to make good commitments about the value brought to customers - Develop and develop many forms of payment Building convenient payment methods is also a factor that increases customer satisfaction and increases the Company's competitiveness compared to other competitors Therefore, the Company needs to build many suitable payment methods for customers For traditional customers, the company may have a policy of late collection - Strengthening production market research Currently, the Company does not have a separate Marketing department Market research and development is still weak Therefore, the Company needs to establish a specialized department and research groups to analyze and forecast for each market segment The market research department must be well versed in operations in order to have in-depth conditions to grasp the characteristics of the market In addition, this department also has the task of providing reliable data on the market, competitors, distribution channels to help the company have a good orientation in production This department will link with other departments such as production, finance and with the strategic planning department to set up production plans for each time 3.2 Proposed solutions The company's strategy is currently being implemented, and the framework of this paper is very limited, so all the author's suggestions will be aimed at adjusting some problems to make the company's implementation plan effective The result is higher or more feasible As mentioned in the evaluation in the second chapter, the strategic implementation plan is very effective in theory, but there are many shortcomings in practical application The author will focus on the weak 54 parts of the plan to propose solutions to enhance the feasibility of Akira's current business strategy 3.2.1 Propose solutions according to Delta project model ❖ Corporate governance issues The leaders and senior leaders of each department of the democratic management organization of the company only provide the direction of action, while individuals will directly choose how to take the initiative to implement it Share ideas with leaders to find the most reasonable solution However, when necessary, leaders will give specific solutions to help finish the work quickly and quickly ❖ Technology and Products The production and sale of educational publications are changing rapidly, so the life cycle of products needs to be changed to be compatible with printing equipment Therefore, it is extremely important to study the product life cycle for product improvement of new product design ❖ Human Resources Solution Make full use of the capabilities of existing personnel and limit the recruitment of more personnel At the same time, regular training and retraining of employees are carried out ❖ Market Research and Marketing Organize the marketing department to provide information about the market, customers and competitors to serve the company's business plan and support consumer activities Invest in research and testing new products in the market, so as to promote image enhancement and lay a foundation for the marketing department to collect customers' opinions on products Add more specific information to its website: company profile (functions, tasks, organizational structure), major business projects, products and equipment, comments section, some consultation and guidance answers Continue to maintain a flexible price policy based on market research 55 ❖ Timing and road map of the strategy The company's vision is long-term At present, the company's resources are limited The current plan is effective only when it is implemented as a whole, but it is not feasible Therefore, I suggest that the Company's target implementation roadmap be re-divided into two main stages, the first stage from 2016 to 2018, with the goal of expanding market share and promoting it in the Hanoi region After evaluating the effectiveness of the first stage, the second stage will make detailed plans to expand to the surrounding areas and even the southern areas (if favorable) This will reduce the workload and financial pressure 3.2.2 Propose solutions according to the strategy map ❖ Business management In the current development era, the fastest is the solution speed of the modern management system, so as to reduce the labor force and deal with the company quickly and accurately Akira Education Co., Ltd., whose main business is online education products such as online courses, e-books, audiobooks, and study abroad consulting activities Akira Co., Ltd is gradually developing solutions to gradually replace the original and simple management system, including the management software system In order to gradually meet the increasing work processing speed and fast and accurate information response, the company is developing and implementing management systems for each department ❖ Operational efficiency Akira Education Co., Ltd needs to maintain and further promote good promotion in e-book publishing, audiobooks and online courses, because this will be the mainstream revenue of the company's future development The field of study abroad business is just beginning to develop, so it needs to be further improved, recruited and trained to study abroad and study abroad consultant teams, so as to ensure the right and knowledge of studying abroad As the business strategy shifts to a customer focused strategy, focusing on customer experience 56 value and strictly implementing the target customer identification of each product group, the company must work harder to crack down on the loyalty market segment and the relationship between these customers, so as to improve business efficiency ❖ Innovation and improvement In order to improve business efficiency and achieve its mission of becoming a technology platform leader in online education, Akira's direct solution is to continue to promote equipment investment Modern equipment for production and commercial activities In line with the business philosophy of customer-centered and customer-oriented in all business activities, the company needs to upgrade and improve its necessary software and equipment for customer management technology, and compile its customer tracking list to facilitate tracking CRM software needs to be improved to make it more flexible and userfriendly, able to store customer information, and easy for enterprises to use in their re-marketing plans ❖ Determine to target customers Because the company's business strategy is customer-centered, the company needs to identify target customers, usually education-related customers, especially teachers, lecturers, students, learners, overseas students, etc., from where to formulate strategies to launch related products to serve suitable customers This will be the number of customers who bring regular income to the company ❖ Internal company The performance management structure of an enterprise should be centralized and unified according to the contents envisaged by the enterprise strategy, and the customer types and target customers should be carefully and strictly determined Science and technology are very important for application in production, business and customer management The company needs to improve and update the existing domestic and foreign technological achievements to ensure its operating performance 57 ❖ Financially Companies need to make financial plans so that they can actively participate in investment and business activities It is necessary to diversify financing channels, finance investment from outside and inside enterprises, and overcome the passivity of funds If possible, the company needs to use joint venture capital to increase its investment and development capacity The company needs to restructure its assets reasonably ❖ Customers First of all, Company needs to focus on building a customer culture, and the main task is to use the company's products and services to enhance the value of customer experience The culture of courtesy and thoughtful service, while educating customers and creating customers' reputation and trust in the company, is really urgent Secondly, companies need to build an increasingly friendly corporate brand image and create a sense of professionalism for customers in the online education market ❖ The ability to learn and grow Think of R&D investment as long-term investment and calculate investment projects Organize market research activities and coordinate well with the marketing team Clearly define the development direction, so as to clearly determine the company's demand for human resources in terms of quantity and quality In addition, companies should focus on building a customer-centered culture Organize regular professional development training to improve the quality of employees, so that customers can get the best experience when using the company's products/services 58 CONCLUSION Through research, I first found that strategic management is really crucial to enterprises It is not easy to skillfully use the management tools in this project, but it is very practical and of great value I also found that scientific methods and theories are needed to understand the general situation of an enterprise's business strategy, especially in evaluating the effectiveness and success ability of strategy, the scientific method of system management theory is needed After nearly years of operation, Akira Co., Ltd has gradually affirmed its position in the market In the coming years, the demand for Vietnamese people to use audio books and online educational videos will continue to increase increase The company's business strategy planning will help the company take advantage of opportunities and overcome challenges, continue to grow and develop At the end of this dissertation, I also have a deeper understanding of Akira's business strategy On the one hand, it increased my confidence in the company's leaders Although these leaders are young, they soon set a clear and scientific development direction On the other hand, I also found the defects in the company's current strategy, and then quickly put forward adjustment suggestions to the management department, which can help the company become stronger in the future From there, it shows the importance of building a business strategy because it helps companies clearly define their goals, map out reasonable paths and allocate resources optimally to ensure reach the specified goal within the allotted time Within the scope of this thesis, the author has boldly proposed a number of solutions that are not unexpected to help Akira Co., Ltd achieve important goals in the process of strategic planning for production and business, and at the same time improve the position of the Company With a subjective perspective, surely the author will not be able to cover and solve all practical problems arising in the production and business activities of Akira Co., Ltd The business environment is constantly changing, so the company's business strategy must also change from time to time to suit With those inevitable shortcomings, the author is looking 59 forward to receiving criticism from teachers, the Board of Directors of Akira Co., Ltd so that the topic can be applied in practice and more complete Due to the limited time and resources, the report 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International Journal of Operations & Production Management, 16, No 8, pp 44- 62 21 Wall, T D., Michie, J., Patterson, M., Wood, S J., Sheehan, M., Clegg, C W & West, M (2004) On the validity of subjective measures of company performance Personnel Psychology, 57(1): 95-118 22 Wood, E H (2006) The internal predictors of business performance in small firms Journal of Small Business and Enterprise Development, 13(3): 441452 23 Boundless, 2013 Strategic Management Process Available at https://www.boundless.com/management/strategic-management/creatingstrategy-commonapproaches/strategic-management-process-five-steps-tostrategy-an-overview/ (Accessed 12 December 2013) 24 Business reports of Akira Co., Ltd 63 ... 27 1.5.2 Financial indicators to evaluate business performance 28 CHAPTER 2: ANALYSIS OF CURRENT BUSINESS STRATEGY AT AKIRA EDUCATION CO., LTD 2.1 Introduction of Akira Education Co., Ltd 30 30... strategic plan Initially, strategic management was part of strategic planning, but now strategic planning is the main tool of strategic planning Combining strategic planning and strategic management,... competing with each other 35 including: Yellow Pages Education Consulting Co., Ltd, Dan Tri Education and Training Co., Ltd and Liberty Education and Training Co., Ltd and Akira Co Ltd But up to