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Strategic management INTRODUCTION PART As participating in the market economy enterprise needs to define its specific objectives and strategies to be able to survive long and strong growth As mentioned by Fredr.David in "Strategic management concepts - Statistical Publishing House, 2006" then "Strategy is the means to achieve long-term goals Business strategy may include the geographical development, diversification of activities, ownership, product development, market penetration, spending cutting, liquidation and joint venture " and "Targets according the defination are defined achievements that an organization seeks to achieve in pursuit of itss duties " To survive and grow, the businesses need to identify the policies and business strategies to fully take advantage of the opportunities to increase profits and limit at the lowest level of risks, from that to improve production efficiency in business and competitiveness of enterprises Identifing strategy or otherwise forming strategy is first job to of every business, this work includes what new business decision to participate? What business industry should be drawn? how is the distribution of resources, whether or not develop or expand operations? participate in the world market or not? affiliate or joint venture and how to avoid a power of control of competitor Existing and development problems of a business not only depends on the activities of the enterprise itself but also is influenced much by environmental factors Today, information technology and global unitary are environment changes which are changing business model and human society The world we are living is becoming borderless with global citizens, global suppliers and distribution agents The world is changing and businesses must adapt to that change, otherwise they will perish before the face The frequent changes of business environment, the demands of consumption are opportunities of these enterprises but also can be tremendous challenges for other businesses which make them always must set out the matter of survival and growth To want survival and development, the enterprises need to map out the policies and business strategies in order to fully take advantage of business Strategic management opportunities and limit at the lowest level of risks from which to improve efficiency and competitiveness and efficiency of production and business activities of enterprises Thus, business strategy is indispensable has especially important sense for the development of current and future businesses Vietnam Australia Refrigeration Electrical Engineering Group Joint Stock Company formerly known as Vietnam Australia Refrigeration Electrical Engineering Co., Ltd established since 2000 has created a strong foothold in the market of appliances, refrigeration & electrical engineering in the country In 2003, to promote its strengths and to continue to grow, Thanh Do company deployed additional services of event organization and combining with activities, to launch a new product "Household, Refrigeration, electrical engineering combined professional event organization"and by 2006, a major change when Thanh Do successfully organized operating model of Team Building, the company was officially renamed into VIETNAM AUSTRALIA REFRIGERATION ELECTRICAL ENGINEERING GROUP JOINT STOCK COMPANY Since then, this breakthrough product has gained the attentions of the customer, becoming one of the development strategy of VIETNAM AUSTRALIA REFRIGERATION ELECTRICAL ENGINEERING GROUP JOINT STOCK COMPANY In 2009, the company went one more step as putting into operation "TRAINING ACADEMY OF VIETNAM AUSTRALIA REFRIGERATION ELECTRICAL ENGINEERING GROUP JOINT STOCK COMPANY." This academy was built on the campus of entertainment V'star located in Hoa Binh, Hoa Binh province, both a resort combined with the game system for its customers Today, VIETNAM AUSTRALIA REFRIGERATION ELECTRICAL ENGINEERING GROUP JOINT STOCK COMPANY has nearly 100 lines of other refrigeration and household products such as meat grinders, blenders, food detoxify ozone jacuzzi, steam fan, rice cooker In which, appliances are considered the most special products, as the long-term development strategy of the company Through its business and development process, VIETNAM AUSTRALIA REFRIGERATION ELECTRICAL Strategic management ENGINEERING GROUP JOINT STOCK COMPANY has achieved many successes, the company's revenue is increasing the income of staff members is increasingly improved , the company ahs also contributed many household products with high quality to serve consumer demands for the whole society and believed and selected by domestic and foreign consumers During development, the demand for product quality as well as the demand for product supply service to the society is increasingly demanding, the company has been growing over its scale and diversity of products However, in a straight angle in the actual operations of the business, the company still exists some defects which have not high competition to catch up the flow of the enterprise such as product price for the same products of the businesses at the same industry is still high, customer care is not enough to attract employees and customers to come to the business which is mainly due to the prestige and brand of the company Based on the needs of domestic and foreign markets, based on the strengths of the company should promote and overcome some weaknesses which are faulty, not strong enough to compete with businesses in the same industry, the corporate business strategy construction for the period of 20122016 is set out as a matter of urgency The thesis "Building corporate business strategy for Vietnam Australia Refrigeration Electrical Engineering Group Joint Stock Company in the period of 2012 - 2016" is carried out by the student group of the MBA class at the company with the help of Associate Prof Dr Vu Thanh Hung along with the team of staff within the company, combined with the knowledge learned in the class, we have learnt, studied and completed the graduation capstone with the thesis: Study objective of the thesis - Systematization of the theoretical issues on strategic management - Analysis and evaluation of the internal and external situation of the enterprise, from which to evaluate the strengths, weaknesses, opportunities and challenges for the enterprise Strategic management - Propose some strategic complete solutions of the company in the period of 2012-2016 Scope of study General theoretical basis and foundation toform the business strategy - Scope of study does not include building materials industry, safety deposit boxes, mobile phones, solar energy - Analysis & evaluation of the internal and external situation of the enterprise, evaluation of strengths, weaknesses, opportunities and challenges for the enterprise - Determination of some strategic complete solutions of Vietnam Australia in the period of 2012-2016 Research method - Use of the available documents (secondary data) to consider the size, structure and trend of the market - Research, investigation and survey to collect primary data which is mainly qualitative method - Interview method Structure of the thesis: In addition to the introduction and conclusion, the thesis is divided into three chapters: - Chapter 1: Theoretical basis - Chapter 2: Business strategy construction for KANGAROO - Chapter 3: Selection of strategic implementation Strategic management CHAPTER I THEORETICAL BASIS International trends along with the scarcity of resources is increasing, the rushing development of technology, especially the explosion of global information technology and beside is the needs of the domestic and foreign market which require more rigorous for the commodities products with quality, design and type of more diversity Survive and thrive in the business environment is constantly fluctuating and increasingly fierce competition between peers today requiring every business must have a strategy for survival and development of his own business and also to contribute to the survival and development of the industry in which business enterprises to participate For each enterprise, the construction of proper business strategy is indispensable, to form the right strategy will create the ability to seize opportunities, ability of success, and avoiding the threats and risks, ensuring the stable and sustainable development of the business Since the '60s, the twentieth century, the strategy was applied to the business field and the term of "Business Strategy" was born The concept of business strategy developsover time and we approach it in different ways In 1962, Chandler defined strategy as "the identification of long-term fundamental goal, purpose of the enterprise and the application of the sequence of actions as well as the allocation of necessary resources to implement this goal "(Chandler, A (1962) Strategy and Structure Cambridge Massacchusettes MIT Press) By the 1980s, Quinn gave definition which was more general "strategy is the pattern or plan to integrate the major goals, policies, and action sequences into a tight cohesive whole"(Quinn, JB1980 Strategies Incrementalisn Homewood, Illinois, Irwin) for Change: Logical Strategic management Later, Johnson and Scholes re-defined strategy in environmental conditions which had a lot of rapid change: "Strategy is the direction and scope of an organization for long term to gain competitive advantage for the organization through format of its sources in the changing environment, to meet market demand and satisfy the expectations of stakeholders "(Johnson, G., Scholes, K (1999), Exploring Corporate Strategy , 5th Ed Prentice Hall Europe) 1.1 Concept 1.1.1 Concept of business strategy 1.1.1.1 Traditional approach "Strategy" is a term derived from the Greek "Strategos" used in military Modern time military theorist Clawzevit also said that: Military strategy is the art of commanding in advantageous position A publication of the Larous dictionary considered: strategy is commanding art of the means to win Scholar Dao Duy Anh, in the Vietnamese Dictionary wrote: strategy is plans set to win on one or more fronts Thus, in the field of military, the term of strategy in general has been considered as a commanding art to win a war 1.1.1.2 Approach in the new concept In addition to the traditional approach as above, many business organizations approach strategy in the new ways: Business strategy is a plan to control and use human resources, finance, assets with the aim to improve and ensure its vital interests Kenneth Andrews is the first one to make this prominent idea in classic book "The Cencept of Corporate Strategy", he said, strategy is what an organization should based on its strengths and weaknesses in the context of opportunities and threats Brace Henderson, strategist and the founder of Boston Consulting Group has connected with the strategic concept with competitive advantage Competitive advantage is the placement of a company in a better position than competitors to create economic value for its customers "The strategy is a careful search for a plan Strategic management of action to combine and develop competitive advantage of the organization The difference between you and your competitor is basis for your advantage." He believes that it can not coexist two competitors if their business method is identical New differences should be made then it can exist Michael Porter also agreed the identification of Henderson: "Competitive strategy is related to the difference It is careful selection of a different series of activities to create a set of unique values " Despite any approach, the nature of the business strategy is outline of future image of the enterprise in the field of operation and exploiting ability In this understanding, the term of business strategy is used by three most common senses: - Determination of long-term goals of the business - Recommendation of general action programs - Selection of the action plans, deployment of the allocation of resources to implement that goal 1.1.2 Characteristics of strategic management The strategy clearly identifies the basic objectives, business direction to achieve in each period and thoroughly complete in the areas of administrative activities of the business Orientation of the strategy aims at ensuring the business to develop continuously and firmly in the business environment which often volates Business strategy only draws operation directions of the business in the long term, operation frame of the business in the future Strategy is orientation and in business practice requires combining strategic objectives with economic objectives, consider the reasonableness and adjusted to suit the environment and business conditions to ensure business efficiency and overcome the bias due to the strategic orientation of the cause Business strategy is built on the basis of the competitive advantage of the business to ensure maximum mobilization and combine well with the exploitation and use of resources (human resources, both tangible and invisible assets), core Strategic management competencies of the business now and in future to promote the advantages, seize the opportunity to gain competitive advantage Business strategy is reflected in a constant process from construction to implementation, evaluation, inspection and adjustment of the strategy Business strategy always has offensive thought to win in the competition Business strategy is formed and implemented on the basis of detection and taking advantage of business opportunities, the comparative advantages of the business to achieve high business performance All important strategy decisions in the process of strategic building, implementation, evaluation and adjustment are focused on senior management group To ensure the accuracy of long-term decisions, the confidentiality of competitive information 1.1.3 Role of business strategy: With those characteristics, it can be said that in the market mechanism, construction and implementation of the business strategy has an important role for the survival and development of the enterprise Business strategy helps the business identify its purpose direction in the future as the guideline for all activities of the business Business strategy play a orientation role in long-term operation of the business, it is a solid basis for the deployment of the operations The absence of strategy or unclearly established strategy or no solid argument will make the operations of the business lose its way, there are many ahead arising problems that not associated with long-term or found only locally but not seeing the local in the whole activities of the enterprise Business strategy helps the firm understand and take advantage of business opportunities, and simultaneoulsy have active measures to deal with the threats on the business market Strategic management Business strategy contributes to improve the use effectiveness of resources, strengthening the position of the firm to ensure it to develop continuously and sustainaby Business strategy creates solid bases for the business to make decisions in accordance with market fluctuations It creates a solid basis for research and development, investment, training and development of personnel, product development and expansion operations In fact, most of the mistakes in investment, technology, markets comes from strategic construction or having difference in determining strategic goals 1.2 Construction of business strategy 1.2.1 Selection of the targets, visions, missions and strategies 1.2.1.1 Vision A vision or that is idea about the image of your company should be reached out Normally, it reflects the dream of the founders or leaders of the company A vision should be clear and concise so that everyone in the company understands and has confidence to buy shares of the company Vision suggests a orientation for the future, a desire of a brand about what it wants to achieve When referring to an strategic intention, a purpose, we usually imagine it with an image of the future Vision covers the meaning of an excellent standard, an ideal It is optional for one one great values of a brand The vision is also unique, it refers to the creation of something special Vision is a brief message and through long-distance orientation activities for a brand The role of vision likes a converge lens of all the power of a brand into a common point Enterprises through vision should orient what to and what not to of a brand 1.2.1.2 Mission A mission statement Strategic management The company's mission is a concept used to determine the purposes of the company, the reasons that company was founded and the basis of its existence, development Company's mission is the proclamation of the company to society, this statement proves the usefulness and meaning in the existence of the company on society In essence, the mission statement of the company focuses on clarifying a very important issue, "what is the business of the company aimed?" The scope of the mission statement is often related to product, market, customers technology and other philosophies which the company pursues Thus it can be said, the mission statement means that the existence of an organization, what they want to become, the customers they want to serve, the ways they operate The content of a mission • Customers: Who are the consumers of products and services of the company? • Product or core service: what is the company's main service or product? • Market: Which market does company compete? • Technology: Is technology a leading concern of the company? • The attention to other important issues: such as the survival and development, profitability and the company is bound to target any other business or not? • Philosophy: What are the basic beliefs, values, aspirations and philosophical priorities of the company? • Self-assessment: what are primarily special powers or competitive advantages of the company? • Concern for public image: Is the image of the community primary concern of the company? • Concern for employees: How is the company's attitude for its staff? 1.2.1.3 Core values (There are definations about core values mentioned) Definition 1: 10 Strategic management Give the products of the company to participate in the Gameshow program • on TV • Enhance participation in trade promotion activities, particularly participate in textile fairs, fashion performance activities Pay attention to the quality for customer before and after sale • The person in charge of the implementation of measures Marketing Dept is responsible for implementation Budget for marketing campaign 2012 No Activity 2013 2016 Myanmar & Thailand Indonesia & Malaysia Implement the brand identity of Richard Moore in the internal Group & customers Deploy the brand identity of Richard 2016 Laos & Cambodia Expected budget for nest years 2014 Viet Nam 2.000.000 USD Moore nationwide Vietnam Adjust some of the content in the brand identity to suit the tastes & culture of the people in other countries in Southeast Asia and deploy - Put large & best panos in primary locations in the big cities (for example, in HCM City will place large panos in the area of Ben Thanh Market, in Hue will place at Invest outdoor advertising (large advertising panels / Trang Tien Bridge, in Da Nang will place at Han River Bridge ) 3.000.000 USD Pano) - Place Pano at Highways with the large car density such as Highway 1, Highway (in the north), East-West Highway (south) Place large panels & Panos in prime and best locations in the capital of the countries in Southeast Asia Choose the forms of the most modern Outdoor Advertising Invest image for the largest customers (Distributors - Agencies - Electric Invest image for large customer & important points of sale Design & implement 1.000.000 USD 100.000 USD Supermarket ) according to standards & regulations in the above table Invest image for the largest customers in the regional countries in standards & regulations which are consistent with the host country Catalogue should be designed in parallel rows and all industry sectors Catalogue of sales items: each row Catalogue, Using the Brand Ambassador in print advertising 76 Strategic management -Should design English – Chinese Catalogue to promote when entering the regional advertising leaf, user countries and Catalogue for each nation manual - Use celebrities in the countries that are going to enter to select Brand Ambassador Design & implement display cabinets, shelves and other 3.000.000 USD items POSM at point Use leading reputable vendors of Vietnam or the nations that Kangaroo will be entering the market to design & implement POSM at the point of sale of sale Period of measure implementation: • In June, 2011 advertising on television • Advertising on Internet continuously • Customer conference held in January every year Expected results after implementing the measure: • After performing advertisement on VTV3, Kangaroo immediately created a fever in the market as well as on the mass media • More and more people know the brand of Kangaroo 77 Strategic management Kangaroo’s 5'' advertising image which is impressive on television in the C1 Cup Final on 29-5-2011 Economic efficiency of the measure: The company's revenue boomed after a month of advertising on television Conclusion: This measure has a negative effect toKangaroo brand at first but later more promoting its effectiveness Kangaroo consider advertisement as a strength of the company and continuously developing it Second solution: Open more the sale points or retail agents Measure name: Open more dealers and showrooms and product sale stores in the North, Central and South provinces Reason for proposing the measure: The domestic market of the company is quite potential compared to the production scale of the company Evaluation and comparison of quality, design, price of the company's product is comparable with the competitors, along with the assessment of consumer demand of garments is increasing more and more, it may find that the market expansion of the company is necessary in order to increase sold product quantity, increase profits for the company Works should be done to implement the measure: - Step 1: Appoint officials of the business department to the provinces for market research and survey + Selecting the region will research, deploy and open stores, hiring agents is cities or towns as the center of the province + Find out how many sales stores and dealers are there of which companies and makers + Find out the consumption situation of the same products with the products of the company of each store + Find out the price of the same products with the company's products - Step 2: After studying the situation, the officers gather at the corporate office, summarize and evaluate the situation and make the decisions: 78 Strategic management + For the provinces in the central region, in the short term will only find the dealers After some time, will study and adjust to organize the particular sales system of the enterprise Will the same for the areas which have had many stores selling the products of other manufacturers Agents are expected to find in the central provinces and in the northern provinces To find an agent for the company, the staff will come to the agents of building materials which has introduced on the company, product, price, form of business cooperation, discounts and other incentives of the company for agents + In the remaining areas, to open stores, the company will choose the area to focus on many stores of building materials, rent the plan, lease sales staff It’s planned to open seven stores, of which five stores in Hanoi area - Step 3: Return to the locality, search, negotiate, sign the contract of opening Agent, find places to open stores, hire managers and sales The person in charge of implementing the measure: Business director assigns responsibility for the sales department and each employee group Time of implementing the measures: total months + Step 1: Research and surveys: 12 people, each group of persons is in charge of four provinces, each province needs weeks Total time is weeks + Step 2: Summarize, report the situation, analyze, decide to implement: concentrating weeks at the corporate office + Step 3: Return the location, group of persons for each province, each province needs the average as a week The total time required is three weeks Thus, the total time required is months, starting from January 2009, expected to end in March of the same year Conclusion: Measures of expanding markets, increasing production output and consumption of products that bring high economic efficiency, even recalling all the investment capitak by additional profit in the first year Third solution: organize promotions to increase sold output 79 Strategic management Measure name: Open the promotions at the current sales areas and new market areas Reason for proposing measures: The company currently has hundreds of agents and stores in the provinces, cities and according to the expansion plan of the market which is presented above, the company will have a total of 600 agents and product showrooms throughout North, Central and South provinces Promotional expansion solution not only attracts more customers to come to the products at the time of promotion, but also creates opportunities for customers to be aware of the advantages of product such as quality, price, type design, leading to create impression about product for consumers Works should be done to implement the measure: - Choose the time to open promotional campaign in April of each year - Make big banners at each store during the promotion period - Promotion in the forms of presenting with valuable products when customers buy a number of products with any amount The person in charge of directing the implementation of measures: - The person in charge of assigning coordination and direction as deputy business director and chief business of the company Time of measure implementation: implementing continuity in the year Expected results after implementing the measure: The company expects each customer who comes to the store to buy a promotional product will directly (or introduce to his relatives, friends) buy more product after studying about the company's products in the future Expecting through the promotional measures, the company will sell more 40,000 more products in the year was and expected to increase 10% every year thereafter Conclusion: This measure brings highly economical effectiveness and significancy in promoting the corporate image and products to consumers in the market 80 Strategic management 3.7.1.2 Second solution: Develop new products and improve existing products to implement product strategy Measure name: Research, produce and consume the product The reason of measure implementation: At present, people's living standards increases markedly, consumption of high-end electronic refrigeration products are concerned very much by the families as well as the young people Shopping needs of these items keep growing Each product offerred is to erve all customers that the company’s products aim at Works should be done to implement the measure: + Buy the new technology, patents + Combine with major groups around the world to find out the differential technology and product + Develop, create products that support on the existing product background of the company Person in charge of directing the implementation of measure: Head of planning dept and head of business dept assign the responsibility to employees Period of measure implementation: Continuous from 2011 to 2015 Conclusion: This measure gives a high economic efficiency, even recalling all the investment in additional profit in the first year 3.8 Positioning product: With over 100 models divided into categories: filter and water heater coated artificial diamonds, kitchen equipment, appliances, Kangaroo has a high position in the Vietnam market of electronics, refrigeration 81 Strategic management Quality To maintain this position, the Kangaroo brand will be: Develop strategies MKT mix (of which 360 Degree Plan is the most important) Develop strategic picture Price Kangaroo Group was honored to get the cup and certificate of "Vietnam famous brand 2011" 82 Strategic management 3.9 Solution on human Attracting talent is not completely easy The talent attraction from competitors will have to rely heavily on the mechanism of attractive salary, bonus, the ability to gather talent people of the head in business industry The development and positioning of the business brand, professional workplace is important not only for business operation, customer awareness, but also creates confidence, the inspiration for good employers in the market as wanting to participate in the company The company's HR department has to have survey for all officials and employees of the company about work environment, advancement opportunity to adjust how to be most reasonable to retain good employees in the company and create good working environment for everyone to grow with the company The corporate leaders will give them attractive offers about income, and be committed to create opportunities for career development of present individuals and will hold management positions in each development stage of the company A number of talented people with professional experience, and are ones who are able to stick together and develop lasting with VIETNAM AUSTRALIA REFRIGERATION, ELECTRICAL ENGINEERING GROUP JOINT STOCK COMPANY, the management is willing to let them participate in contribution and management of the company, facilitating change position of staff from employee to employer, then they will their best work and results will be good, quality, more effective To improve the quality of professional capacity for the sales team the company builds Kangaroo Academy Monthly - quarterly - year training courses & regular training will improve the behavior, appearance, professionalism, communication arts, handling of the situation quickly capture and information update from the market correctly Kangaroo Academy also invites marketing professionals, financial professionals associated with good sales managers to train professional for officers & employees of departments and divisions under the direct & indirect blocks in the company 83 Strategic management Structure of employees in the enterprise Criteria Quantity Rate I By qualification 950 100% PhD & Master 17 1.7% Undergraduate 423 44.5% College, Intermediate 140 14.7% Technical & warranty staff 370 40% II By the nature of labor contracts 950 100% Non-term contract 340 35.7% The labor contract for a period of 1-3 515 54% years Labor has not signed labor contract 95 10% 3.10 Financial strategy 3.10.1 Financial source Financial resources play a very important role in business planning A good plan table, the actual budget plan must be close to the plan table àBudgeting also helps the company concretize the idea of business plan to achieve desired objectives The company’ s financial sources is equity, long-term loan Policy of the company is using long-term source (long-term loans, added equity and cash) for long term use, the use of short-term sources for short term use to ensure high liquidity For short-term source, the company will raise additional capital or use the short-term loans from banks for additional funds for project The company will establish operations budget and liquidity budget to balance revenues and expenditures 3.10.2 Debt payment policy: Vietnam Australia performing with normal customers is immediate payment, for the channel of electric and machinery supermarket is applied payment and debt within 30 to 45 days 84 Strategic management For well sold goods, the company often collects debts before the deadline or due date to ensure financial resources which are always flexible and efficient as well as ensuring its payment ability which is often high 3.10.3 Capital source: Corporate capital using includes equity, long-term loans and short-term loans - Equity accounts for about 33% - Long-term loans account for around 22% - Short-term loans account for about 45% 3.10.4 Use of capital: Vietnam Australia uses the capital source of years based on the following factors: Accounts receivable: includes largely credits of purchases for customers The company will note for customers who are often deferred and necessary measures to deal with them Inventory: Expected inventory accounts for nearly 60% of the existing assets of the company With initial capital plus more short-term loan in the fund, the inventory over the years is reasonable Main accounts payable are credits that providers for the company are inheritted With the ability of finance and estimated budget flow, the company ensures high solvency Loans payable include loans from banks: expected short-term loans Due charges and taxes include salary pay, interest for the bills, insurance premiums 3.10.5 Provision for losses from exchange rates & inflation: Because most Vietnam Australia products are imported the fluctuations in exchange rates will affect partly the company’s profitability Also, the effects of inflation also affect the revenues of the business àThus, Vietnam Australia will set out assuming of a minimum level of inflation & maximum of 12 -24% expected As well as assuming a nominal frame 85 Strategic management rate around the expected rate of future equipvalent to the inflation for both local currency and foreign currencies Estimated revenue of Vietnam Australia in the period of 2012-2016 No Goods industry - branch 5-year expected revenue 2012 2013 2014 2015 2016 North 9.060.000.000.000 1.365.000.000.000 1.620.000.000.000 1.925.000.000.000 2.100.000.000.000 2.050.000.000.000 Existing products 8.154.000.000.000 1.228.500.000.000 1.458.000.000.000 1.732.500.000.000 1.890.000.000.000 1.845.000.000.000 * Water purifiers R.O 3.624.000.000.000 546.000.000.000 648.000.000.000 770.000.000.000 840.000.000.000 820.000.000.000 * Hot and cold plant 1.359.000.000.000 204.750.000.000 243.000.000.000 288.750.000.000 315.000.000.000 307.500.000.000 * Steam fan 906.000.000.000 136.500.000.000 162.000.000.000 192.500.000.000 210.000.000.000 205.000.000.000 * Water heater 906.000.000.000 136.500.000.000 162.000.000.000 192.500.000.000 210.000.000.000 205.000.000.000 * Kitchen equipment 1.359.000.000.000 204.750.000.000 243.000.000.000 288.750.000.000 315.000.000.000 307.500.000.000 New Products 906.000.000.000 136.500.000.000 162.000.000.000 192.500.000.000 210.000.000.000 205.000.000.000 Central 2.173.000.000.000 210.000.000.000 297.000.000.000 420.000.000.000 546.000.000.000 700.000.000.000 Existing products 1.738.400.000.000 168.000.000.000 237.600.000.000 336.000.000.000 436.800.000.000 560.000.000.000 * Water purifiers R.O 651.900.000.000 63.000.000.000 89.100.000.000 126.000.000.000 163.800.000.000 210.000.000.000 * Hot and cold plant 325.950.000.000 31.500.000.000 44.550.000.000 63.000.000.000 81.900.000.000 105.000.000.000 * Steam Fan 325.950.000.000 31.500.000.000 44.550.000.000 63.000.000.000 81.900.000.000 105.000.000.000 * Water heater 217.300.000.000 21.000.000.000 29.700.000.000 42.000.000.000 54.600.000.000 70.000.000.000 * Kitchen equipment 217.300.000.000 21.000.000.000 29.700.000.000 42.000.000.000 54.600.000.000 70.000.000.000 New Products 434.600.000.000 42.000.000.000 59.400.000.000 84.000.000.000 109.200.000.000 140.000.000.000 Southern 4.550.000.000.000 420.000.000.000 621.000.000.000 875.000.000.000 1.134.000.000.000 1.500.000.000.000 Existing products 4.095.000.000.000 378.000.000.000 558.900.000.000 787.500.000.000 1.020.600.000.000 1.350.000.000.000 * Water purifiers R.O 1.137.500.000.000 105.000.000.000 155.250.000.000 218.750.000.000 283.500.000.000 375.000.000.000 * Hot and cold plant 910.000.000.000 84.000.000.000 124.200.000.000 175.000.000.000 226.800.000.000 300.000.000.000 * Steam Fan 1.137.500.000.000 105.000.000.000 155.250.000.000 218.750.000.000 283.500.000.000 375.000.000.000 * Water heater 455.000.000.000 42.000.000.000 62.100.000.000 87.500.000.000 113.400.000.000 150.000.000.000 * Kitchen equipment 455.000.000.000 42.000.000.000 62.100.000.000 87.500.000.000 113.400.000.000 150.000.000.000 New Products 455.000.000.000 42.000.000.000 62.100.000.000 87.500.000.000 113.400.000.000 150.000.000.000 Export 1.717.000.000.000 105.000.000.000 162.000.000.000 280.000.000.000 420.000.000.000 750.000.000.000 Existing products 1.545.300.000.000 94.500.000.000 145.800.000.000 252.000.000.000 378.000.000.000 675.000.000.000 * Water purifiers R.O 343.400.000.000 21.000.000.000 32.400.000.000 56.000.000.000 84.000.000.000 150.000.000.000 * Hot and cold plant 343.400.000.000 21.000.000.000 32.400.000.000 56.000.000.000 84.000.000.000 150.000.000.000 86 Strategic management * Steam Fan 343.400.000.000 21.000.000.000 32.400.000.000 56.000.000.000 84.000.000.000 150.000.000.000 * Water heater 257.550.000.000 15.750.000.000 24.300.000.000 42.000.000.000 63.000.000.000 112.500.000.000 * Kitchen equipment 257.550.000.000 15.750.000.000 24.300.000.000 42.000.000.000 63.000.000.000 112.500.000.000 New Products 171.700.000.000 10.500.000.000 16.200.000.000 28.000.000.000 42.000.000.000 75.000.000.000 Total Vietnam Australia 17.500.000.000.000 2.100.000.000.000 2.700.000.000.000 3.500.000.000.000 4.200.000.000.000 5.000.000.000.000 Existing products 15.532.700.000.000 1.869.000.000.000 2.400.300.000.000 3.108.000.000.000 3.725.400.000.000 4.430.000.000.000 * Water purifiers R.O 5.756.800.000.000 735.000.000.000 924.750.000.000 1.170.750.000.000 1.371.300.000.000 1.555.000.000.000 * Hot and cold plant 2.938.350.000.000 341.250.000.000 444.150.000.000 582.750.000.000 707.700.000.000 862.500.000.000 * Steam Fan 2.712.850.000.000 294.000.000.000 394.200.000.000 530.250.000.000 659.400.000.000 835.000.000.000 * Water heater 1.835.850.000.000 215.250.000.000 278.100.000.000 364.000.000.000 441.000.000.000 537.500.000.000 * Kitchen equipment 2.288.850.000.000 283.500.000.000 359.100.000.000 460.250.000.000 546.000.000.000 640.000.000.000 New Products 1.967.300.000.000 231.000.000.000 299.700.000.000 392.000.000.000 474.600.000.000 570.000.000.000 CONCLUSION The first objective of VIETNAM AUSTRALIA REFRIGERATION, ELECTRICAL ENGINEERING GROUP JOINT STOCK COMPANY is striving to become one of the leading enterprises in the business sector in Vietnam & South East Asia To implement this goal requires a feasible and efficient business strategy More than ever, the business strategy planning is one of the urgent needs, which is indispensable to ensure the success of the business activities of VIETNAM AUSTRALIA REFRIGERATION, ELECTRICAL ENGINEERING GROUP JOINT STOCK COMPANY Selecting the appropriate strategy, selecting the correct target is a competitive advantage as well as creating a difference with other firms in the industry Therefore, with the sense as a member of the company, the group of MBA students proposes additional strategy for the period of 2012-2016 to develop the company according to the direction set out The thesis also hopes that with the issues presented will be theoretical basis for companies in the industry for reference, as a basis for improving the quality of their business Although this is a matter which the group of students fully agree and work very hard, due to time limitations, the thesis is not avoidable for the errors Do hope 87 Strategic management to get the opinions of teachers and colleagues, friends for help to complete this thesis Sincere thanks! References Textbook of Strategic Management Information sources on the websites: vnexpress.net, kangaroo.vn Annual financial statement of the company APPENDIX INTRODUCTION PART 1 Study objective of the thesis Scope of study .4 Research method 4 Structure of the thesis: CHAPTER I THEORETICAL BASIS 88 Strategic management 1.1 Concept 1.1.1 Concept of business strategy 1.1.1.1 Traditional approach 1.1.1.2 Approach in the new concept 1.1.2 Characteristics of strategic management 1.1.3 Role of business strategy: .8 1.2 Construction of business strategy 1.2.1 Selection of the targets, visions, missions and strategies .9 1.2.1.1 Vision 1.2.1.2 Mission 1.2.1.3 Core values (There are definations about core values mentioned) .10 1.2.2 External evaluation .12 1.2.2.1 General environment 12 1.2.2.1.1 Economic environment 12 1.2.2.1.2 Political conditions 13 1.2.2.1.3 Law and policy .13 1.2.2.1.4 Culture and society 14 1.2.2.1.5 Science - technique - technology 17 1.2.2.2 Five factors of competitive model .17 1.2.2.2.1 Level of competition among rivals 17 1.2.2.2.2 Bargaining power of buyers 20 1.2.2.2.3 Bargaining power of suppliers 21 1.2.2.2.4 Threat of new entrants 22 1.2.2.2.5 Threat of new substitute products 26 1.2.2.3 External factor evaluation matrix 26 1.2.2.4 Competitive Profile Matrix .27 1.2.3 Internal evaluation 27 1.2.3.1 Analysis of production capacity 28 1.2.3.2 Analysis of the technological level 29 1.2.3.3 Analysis of financial capacity for innovation and development 30 1.2.3.4 Analysis of management ability 31 1.2.3.5 Internal factor evaluation matrix .31 1.3 Tools used in business strategy 32 1.3.1 TOWS matrix .32 1.3.2 Strategic position and action evaluation matrix (SPACE) 33 1.3.3 Consulting group matrix (BCG) 35 1.3.4 Quantitative strategic planning matrix (QSPM) 37 2.1.2 Mission and strategic objectives of the company 45 2.2 Analysis of external environment 45 89 Strategic management 2.2.1 Industry environment 45 2.2.2 Five factors of competitive environment 49 2.2.3 External factor evaluation matrix 50 2.3 Analysis of internal environment: 54 2.3.1 Managing resource factors 55 2.3.2 Factors of financial accounting and management of goods & materials 56 2.3.3 Product development and research factor 57 2.3.4 Marketing and sales factors 57 3.2 TOWS matrix analysis .62 3.3 BCG matrix analysis .68 3.4 SPACE matrix analysis 69 3.5 Analysis of QSPM matrix 70 3.6 Determination of the business strategy for the company 72 3.6.1 Product development strategy 72 3.6.2 Market development strategy .73 3.6.2.1 Foreign market 73 3.7 Selection of the steps of the business strategy implementation 74 3.7.1 Marketing solutions 74 3.7.1.1 First solution: .74 3.7.1.2 Second solution: Develop new products and improve existing products to implement product strategy 81 3.8 Positioning product: 81 3.9 Solution on human 83 3.10 Financial strategy 84 3.10.1 Financial source 84 3.10.2 Debt payment policy: 84 3.10.3 Capital source: 85 3.10.4 Use of capital: .85 3.10.5 Provision for losses from exchange rates & inflation: .85 CONCLUSION .87 References .88 APPENDIX 88 90 ... Group Joint Stock Company in the period of 2012 - 2016" is carried out by the student group of the MBA class at the company with the help of Associate Prof Dr Vu Thanh Hung along with the team of
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