9T5 solutions to improve business strategy at akira co , ltd a change in customer approach

FOREIGN TRADE UNIVERSITY INTERSHIP REPORT Major: International Business Administration SOLUTIONS TO IMPROVE BUSINESS STRATEGY AT AKIRA CO., LTD: A CHANGE IN CUSTOMER APPROACH Student name: Vu Thu Trang Student ID: 1716280061 Class: English 01 – Advanced Program Batch: 56 Supervisor: Associate Professor, PhD., Dean Le Thai Phong Hanoi, August 2020 Table of Contents INTRODUCTION .1 The urgency of the topic .1 Research Objectives Scope of study The structure of the study .1 CHAPTER 1: THEORITICAL BASIS ON BUSINESS STRATEGY 1.1 Strategic management 1.1.1 Concept of strategy 1.1.2 Concept of strategic management .4 1.2 Business strategy .5 1.2.1 Concept of business strategy 1.2.2 The role of business strategy .7 1.2.3 Classification of business strategy .8 1.2.4 Factors influencing business strategy .9 1.2.4.2 Industry environment .12 1.3 The customer focus approach in business strategy .15 1.3.1 Business Performance .15 1.3.2 Financial indicators to evaluate business performance 16 CHAPTER 2: ANALYSIS OF CURRENT BUSINESS STRATEGY AT AKIRA CO., LTD 19 2.1 Introduction of Akira Co., Ltd .19 2.1.1 History and development .19 2.1.2 The organization structure .19 2.1.3 Department functions .20 2.1.4 Business results in the period from 2018 to 2020 22 2.2 Current business strategy of Akira Co., Ltd .22 2.2.1 Current Delta project model 23 2.2.2 Current strategic map 24 2.3 External factors influencing business strategy of Akira Co., Ltd 25 2.3.1 Macro environment 25 2.3.2 Micro environment 28 2.5 Evaluation of current business strategy of Akira Co., Ltd 29 2.5.1 Coherence of Akira Co., Ltd.'s mission with business strategy 29 2.5.2 The effectiveness of the strategy in relation to the internal and external environment .30 2.5.3 Business performance achieved 31 2.5.4 Existing limitations 33 CHAPTER 3: SOLUTIONS TO IMPROVE BUSINESS STRATEGY OF AKIRA CO., LTD 34 3.1 The development plan of Akira Co., Ltd .34 3.2 Proposed solutions 35 3.2.1 Propose solutions according to Delta project model .35 3.2.2 Propose solutions according to the strategy map 36 CONCLUSION .38 References 39 INTRODUCTION The urgency of the topic Vietnam's economy is integrating with the world economy in the region and the world 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 Therefore, the strategic planning of enterprises is not only very important, but also has the significance of the survival 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 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 writter chose the topic “Solutions to improve business strategy at Akira Co., Ltd : A change in customer approach” as the graduation report Research Objectives - Study the foundation and strategic planning of the company - 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 Because the scope of business strategic planning is very wide In the limited scope of this paper, only the application of some analysis models is emphatically studied, in order to put forward the company's business strategy and the solution of this strategy to 2020 The structure of the study In addition to Introduction, Conclusion and References, the internship report consists of chapters: Chapter 1: Theoritical 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: THEORITICAL 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 Another common factor in these authors' definition of strategy is that its focus is to achieve the organization's target performance level sustainably 1.1.2 Concept of strategic management There are many authors who study strategy, so there are also many authors who write strategic management with different expressions In the early stage of the formation and development of strategic management theory, people once regarded strategy as a long-term plan and an integral part of the organizational planning system, so only the function of strategic plan needs to be emphasized At that time, when talking about strategic management, people often used the word "business strategy and policy" and defined strategic management as "a collection of decisions …", instead of focusing on the process, they fully implemented strategic management functions through a series of closed activities In Strategy and Business Policy, author Garry D Smith, Danny R Arnold and Bobby G Bizzell has systematically defined strategic management according to this trend: - Strategic management is a collection of management decisions and actions that determine the long-term success of a company - Strategic management is a collection of decisions and actions that lead to the planning and implementation of strategies to achieve organizational objectives By John Pearce and Richard B Robinson also gave a similar definition: "Strategic management is a decision-making and action system that formulates and implements plans to achieve business objectives." Later, the word "strategic management" was widely used, and people began to pay attention to other functions of management, such as organization, control and inspection From here on, the concept of "strategic management" was introduced more comprehensively and comprehensively Alfred Chandler said, "Strategic management is a process of determining the long-term basic goals of an enterprise, choosing the way of action and allocating the resources needed to achieve these objectives." Gary D Smith said, "Strategic management is a process of studying the current and future environment, planning the organization's goals, implementing and checking the implementation of decisions to achieve the goals in the current and future environment." According to Fred R David said, "Strategic management can be defined as an art and science, which can set, implement and evaluate decisions related to many functions, which will enable an organization to achieve its objectives." In this definition, strategic management focuses on integrating governance, marketing, finance and accounting, manufacturing, research and development, and information systems and business areas to achieve organizational success Therefore, strategic management is the process of planning/formulating, implementing and evaluating strategies Based on the above concepts, the concept of strategic management can be concluded as follows: "Strategic management is a combination of activities to plan, implement, check and adjust business strategies These activities are repeated within a time period or an off-cycle period to ensure that the business always makes full use of all opportunities and opportunities and to limit or eliminate threats and traps to achieve its objectives." During its development, the concept of strategic management has been greatly expanded If in the early stage, the strategic decision is made once for a long time and is the work of senior managers, then the strategic management process is now a regular and continuous process that requires the participation of all members of the organization 1.2 Business strategy 1.2.1 Concept of business strategy According to Hofer and Schendel, “the basic characteristics of the games played by enterprises in their business environment are called strategy.” Business strategy focuses on a certain business area and determines the correct method to establish a competitive advantage Another explanation for business strategy is that it focuses on a certain business sector and studies how to enhance its competitiveness, such as choosing more attractive market segments From the perspective of business operation, there are different levels of strategies Generally speaking, academia divides strategy into corporate strategy, business strategy and functional regional strategy The formulation of enterprise management strategy needs to consider enterprise management objectives, enterprise management capabilities, market opportunities and threats The goal of this study is to discuss the relationship among business environment, business strategy and people Porter divides business strategies into three categories: differentiation strategy, low-cost strategy and centralization strategy Hagedoorn and Gemünden et al It is found that enterprises tend to cooperate with their upstream and downstream partners in the process of product development Siksot and Langley suggest that data exchange and horizontal communication between departments can reduce the uncertainty in the development process and improve the development performance Maamar and Shen believe that as product design becomes more and more complex, designers must use knowledge to solve problems in the design process Therefore, collaboration between enterprises and partners is the key to achieve business objectives, and collaborative design can help design teams share knowledge, discuss and coordinate Lu and Yang pointed out in their research that today's industry is facing the reality that the life cycle of a product is getting shorter and shorter Therefore, enterprises must contract the product development process and speed up the introduction of products Therefore, the R&D department and the marketing department will have to cooperate more closely to solve any unexpected problems Joseph pointed out that managers must take different decisions, such as using high-precision research and development steps to create successful projects, and constantly observing and evaluating the research and development behaviors and capabilities of project members in order to achieve the business objectives when developing products Liu et al analyzed the strategies and methods of performance evaluation of Taiwan's high-tech industry through questionnaires Their research shows that product development strategies, such as those related to new product development direction, market and technical characteristics, have a profound impact on the performance of fully developed products This study reviews the above viewpoints, Summarized the product development strategies adopted by enterprises mainly include the following six aspects: shortening product development time, reducing design changes, reducing product development costs, sharing product design knowledge, participating in product development earlier, and enhancing the design capabilities of partner companies These strategies are used for analysis and comparative case studies 1.2.2 The role of business strategy Business strategy has the following important functions for enterprise:  The business activities of enterprises are always influenced by external and internal factors Therefore, business strategy helps enterprises guide their future operations by analyzing and predicting the business environment  Business strategy can help enterprises adapt to market fluctuations flexibly and actively, while ensuring that enterprises operate and develop in the right direction This can help enterprises strive to achieve their goal of improving their market position  Business strategy can help enterprises seize opportunities and the integrity and risks of resource development  Business strategy is helpful for enterprises to rationally develop and utilize human resources and enhance their strength  This strategy creates an operation track for enterprises, and helps enterprises to link individuals with other interests in order to achieve common goals and jointly develop enterprises  Business strategy establishes close ties between employees and between managers and employees So as to enhance and further improve the internal strength of the enterprise  Business strategy is an effective tool for enterprises to compete Under the background of globalization and economic integration, enterprises have established mutual influence and dependence This process has created fierce competition among enterprises in the market  In addition to competitive factors such as: price, quality, advertising and marketing, enterprises also use their business strategies as effective competitive tools 1.2.3 Classification of business strategy The business strategy of an enterprise determines the business activities of competing and allocating resources in the medium and long term in order to achieve its goals For example, centralized growth strategy (market penetration, market In addition, the complex development of inflation and interest rate will affect the ability to obtain loans, at the same time affect the company's raw material prices and production costs, and directly affect the company's production and operating efficiency After the current economic recession, Vietnam's economy is still in the recovery stage However, the impact of COVID-19 pandemic also has an impact on Vietnam's economy Therefore, the education market has more or less negative effects The economic transformation to meet online demand, that is, through the video demonstration in this strategy, will partially meet the current economic situation in 2020  Political and Legal Conditions: Vietnam is a country with a stable political situation, which is an important factor in creating confidence for businesses Peace of mind for investment development in all aspects of facilities as well as investment in developing the human factor of your own business Administrative reform has taken place effectively and has been supported by many domestic and foreign investors Customs procedures, tax collection, company inspection have been focused and reduced the burden of administrative procedures Anti-corruption work has also been promoted Studying the influences and impacts of government and political factors will help the company realize the legal corridor and allowable limits with autonomy in its production and business activities The State still has many policies to encourage enterprises to develop importexport business, transact with foreign countries, this is shown through the law on import-export tax, VAT Enterprises will have conditions for capital accumulation, increased reinvestment in production, expansion of scale, and training of the enterprise's own human resources in order to increase competitiveness in the current market At the same time, due to the characteristics of the industry, the Company's activities must also strictly comply with the provisions of the publishing law and intellectual property law Changes in regulations related to copyright and work protection activities will directly affect the Company's production activities 27  Technological factors In the current era, any industry or company must equip themselves with modern technological equipment to promote the production process to improve product quality, thereby enhancing competitiveness for each product category of the Company The State also always encourages enterprises to use modern technology with preferential tax policies With the growing technology trend, the company always needs to train itself a capable workforce to be able to respond promptly to the development of science and technology The company shifted to focus on producing Youtube video content with the aim of making money and attracting more people, so it also had to apply technology of editing, editing, assembling and dubbing videos to release the products 2.4 Internal factors influencing business strategy of Akira Co., Ltd No Internal factors Importance Class Critical level ifica fraction 0.40 Corporate reputation 0.10 tion Generalized target market 0.10 0.30 Location Advantage and Place of 0.05 0.10 Business Financial capacity and large amounts of 0.15 0.60 capital Good organizational structure 0.05 0.10 High-quality employees 0.06 0.18 Marketing activities are not high 0.15 0.30 Good infrastructure quality 0.10 0.30 Information systems remain weak 0.05 0.30 10 Human resources training costs 0.05 0.10 11 Human resources training methods 0.1 0.20 28 12 High product quality 0.05 Total: 1.00 0.10 2.98 * Comments: The critical fraction is 2.98, indicating that the internal strength of the enterprise is relatively good, but still not strong, or the enterprise has not made full use of its available resources, such as finance; Superior geographical position; Human resources training costs; Effective information systems; Infrastructure quality Therefore, in addition to improving their own advantages, they should also have the direction to overcome the unfavorable aspects, which have an important impact on the human resources training of their enterprise 2.3.2 Micro environment  Current competitor pressure The explosion in educational publications in Hanoi market in the past years has dragged on the boom of mobile accessory retail systems not only of corporations, large enterprises, but also small businesses or small and retail business households In 2014, when the company was established and trading in mobile technology equipment, Hanoi only had 05 enterprises directly competing with each other 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 now, 2020: Many companies, shops, individual business households have been born Contributing to the continued competition to the above companies, creating a very strong segment of customers and geographical and regional locations, in addition, 2019-2020 witnessed the massive development of "large enterprises" in the education sector in Hanoi  Supplier pressure + Foreign copyright suppliers: The value of publications by suppliers usually accounts for 40%-50% of the product's value, so it greatly affects the product's cost However, thanks to good relations with many publishers, the company has received timely technical and copyright support and stable pricing policy at very competitive prices The pressure to increase prices of suppliers is very little 29 + Domestic suppliers: Domestic suppliers are signed by the Company with longterm regular supply contracts, so they can provide the company with quality materials and services at a fairly stable price  Customer pressure + Organizational customers: accounted for 30% of the company's revenue The biggest pressure of the customer group is: Credit policy, reliability in quality and quantity of goods, on-time delivery, low offer price + Individual customers: accounted for 70% of the company's revenue The biggest pressure of the customer group is: Reliability in video quality, brand, price, interaction attitude  Alternative product pressure Because educational publications are a less volatile product than the technology industry, it is still possible to take advantage of technology to develop the demand for watching educational videos Therefore, products must always follow the times, grasp the trend of the current environment to business 2020 is the year of the outbreak of the COVID-19 pandemic, which is not favorable for English book publications sold outside of stores Therefore, switching to serving audio books and online videos is a good strategic product replacement  Potential competitor pressure Newly established educational enterprises abound in the current market, leading to stiff competition and falling prices It greatly affects the revenue situation of the business today Therefore, corporate policies must always follow the market 2.5 Evaluation of current business strategy of Akira Co., Ltd 2.5.1 Coherence of Akira Co., Ltd.'s mission with business strategy Through the literature analysis of business strategy, we can identify three knowledge strategies adopted by Akira Co., Ltd.: development (or discovery), sharing and use Suppose a company should implement all three strategies, based on the same importance of each strategy, but limited resources create trade-offs, requiring them to be balanced correctly As emphasized in the introduction, many authors insist that the business strategy must match the competitive environment and organizational environment 30 According to this strategic model, which is decomposed into three interactive elements, Akira Co., Ltd must conduct three macro analyses to formulate and implement its business strategy: Background (Vietnam business): Analyze the internal and external characteristics that affect the company's business development strategy The internal environment includes organizational factors that affect the transformation of enterprises, while the external environment refers to the competitive environment in which the organization operates Content (English Learning Book Online Strategy): Analyzes the main objectives of the company's strategic development, skills, participation records, business assets, and the financial, economic, organizational and human resources needed and available to correctly formulate knowledge strategies and create and maintain competitive advantages Process (using media social channels): Determine knowledge asset management policies to achieve the goals set in the substantive part; Specifically, the process defines the steps to be followed in the strategic process, decision-making process, business strategy process and organizational setup process 2.5.2 The effectiveness of the strategy in relation to the internal and external environment 2.5.2.1 Effectiveness of the strategy on the internal environment -First of all, the company has established a brand and reputation in the domestic market The company's products are spread all over the country and have extensive network communication channels This advantage is the premise of creating motivation to promote the company's sustainable development in the future -Secondly, the company has market share through distribution channel system and traditional customers In the field of providing educational products for more than years, the company has established an effective product distribution channel system Customers are companies specializing in packaging and printing, and are well-known major partners at home and abroad This is a very favorable factor and is the foundation and foundation of the company's development 31 -Thirdly, employees have many years of experience in ink production and trade This is an advantage to help the company respond to customer requirements in the best way 2.5.2.1 Effectiveness of the strategy to the external environment - First of all, Vietnam's economic-political integration and stable development Over the years, China's economy and politics have always maintained stability and development In particular, the process of effective integration into the regional and world economy has created conditions and a level playing field for domestic enterprises to enter foreign markets This is an extremely favorable factor for the development of enterprises In recent years, the company itself has effectively used this factor to implement its business strategy -Secondly, domestic and foreign market demand shows signs of sustained recovery and growth After the world economic crisis, the global economy is gradually recovering and growing The demand for industrial ink products will definitely increase, which will be another positive factor in the company's production and sales activities Thirdly, the development of science and technology is very strong Assist the company to access and modernize production technology according to international standards and practices 2.5.3 Business performance achieved 2.5.3.1 The evaluation indicators of profitability For example, ROE ratio analysis: Table 2.3 Analysis Table of Return on Equity Indicator Average equity Pre-tax profit and 2018 140,481,501,041 220,655,678 2019 204,818,766,875 162,821,565 2020 200,499,413,265 6,530,977,179 interest Interest expense Profit after tax Return on equity Ability to pay 159,605,184 0.11 162,821,565 0.079 6,139,079,900 343,305,898 0.17 1.064 0.37 0.23 7.34 interest Economic rate of 32 return on assets Self-financing ratio Return on assets Return on income Size of financial 99.87 0.37 1093.89 1,00 99.89 0.23 459.24 1.00 56.41 0.44 6.82 16.66 leverage (Source: Financial Statements of the Company in 2020) The above analysis shows that the return on equity tends to increase over the years, but the ratio is very low If in 2018, every 100 dong of equity generates a profit of 0.11 dong; By 2020, every 100 dong of equity will generate a profit of 0.4 VND for every 100 VND In 2018 and 2019, the corporate income tax rate was 28%, and from 2020, the corporate income tax rate was 25% Therefore, during the period of 20018-2019, companies must pay corporate income tax for higher profits than in 2020 2.5.3.2 Indicators of solvency Indicator Net sales Income from 2018 20,171,570 225,000,000 2019 35,454,545 165,330,000 2020 5,748,608,956 6,179,069,353 financial activities Other income Average total 140,662,491,453 205,042,429,815 131,818,182 355,420,807,849 assets Average labor 58,977,808,367 70,914,207,224 88,945,035,543 capital Asset Utilization 67,880,269,075 112,996,057,627 250,117,093,326 Rate Utilization rate of 0.0017 0.0010 0.0039 fixed assets Turnover of labor 0.0003 0.0005 0.0646 funds Working capital 0.0003 0.0003 0.0230 1,211,452 1,147,345 15,663 turnover days at a time Average asset utilization Average utilization 0.0089 33 rate of fixed assets Average labor 0.0201 capital utilization rate Net sales 0.0117 (Source: Financial Statements of the Company in 2020) Through the actual review at the Company, from 2009 to 2011 the Company invested in many new means of transport and management equipment to serve the business process of the company With this investment, the company's net revenue from 2009 to 2011 increased But the increase in net revenue is still smaller than the increase in asset investment, so the efficiency of asset use decreased from 2009 to 2010 but then in 2011 the efficiency of asset use started to increase It proves that in 2011 the company has a more effective equity-to-assets ratio than previous years, but the efficiency is not high, reaching only 0.4 times Debt-to-equity ratio remains worrisome 2.5.4 Existing limitations The level of competition is becoming more and more fierce More and more enterprises in domestic and foreign markets are participating in it The competitive pressure of company operation is increasing This is the challenge that the company needs to face in the process of operation The supply of educational publications is always unpredictable The impact of the COVID-19 pandemic has also reduced customers' interest in offline shopping services, so they are more interested in online channels, and the company has not really invested a lot of money Strong products and export channels Customers have higher and higher requirements for product quality (safety and environmental protection) This is the inevitable trend of market mechanism With the development of social economy, the quality standard has also been improved Especially the taste of online video products 34 CHAPTER 3: SOLUTIONS TO IMPROVE BUSINESS STRATEGY OF AKIRA CO., LTD 3.1 The development plan of Akira 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 aftersales 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, improving design, prototyping, gradually shifting from low- and medium-quality products to highquality, high-value products Widely advertise products on mass media To build a 35 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 strategic planning department to set up production plans for each time 3.2 Proposed solutions 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 an extremely important work to study the product life cycle for product improvement of new product design 36  Financial planning Company needs 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 3.2.2 Propose solutions according to the strategy map  Enterprise system management In the current development era, the fastest is the solution speed of modern management system, so as to reduce the labor force and deal with the hospital quickly and accurately 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  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  R&D investment 37 Think of R&D investment as long-term investment and calculate investment projects Organize market research activities and coordinate well with 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 38 CONCLUSION 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 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 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 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 cannot avoid errors The writer is looking forward to the advice of the readers 39 References Bafoutsou, G and Mentzas, G., 2002, “Review of functional classification of collaborative systems,” International Journal of Information Management, Vol 22, pp 281-305 Covin, J G and Slevin, D P., 1989, “Strategic management of small firms in hostile and benign Environments,” Strategic Management Journal, Vol 10, pp 75-87 Gemünden, H G., Ritter, T and Hetdebreck, P., 1996, “Network configuration and innovation success: An empirical analysis in German high-tech industries,” International Journal of Research in Marketing, Vol 13, No 5, pp 49-62 Hagedoorn, J., 1993, “Understanding the rationale of strategic technology partnering: Interorganizational modes of cooperation and sectoral differences,” Strategic Management Journal, Vol 14, No 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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 now, 2020: Many companies, shops, individual business households... 2: Analysis of Current Business Strategy at Akira Co. , Ltd Chapter 3: Solutions to Improve Business Strategy of Akira Co. , Ltd CHAPTER 1: THEORITICAL BASIS ON BUSINESS STRATEGY 1.1 Strategic management... definition, strategic management focuses on integrating governance, marketing, finance and accounting, manufacturing, research and development, and information systems and business areas to achieve