Improving risk management at highlands to increase corporate performance

Proceedings the 10th students scientific research conference Improving risk management at highlands to increase corporate performance Group sciences: Lê Ngọc Oanh Khương Thu Trang Trịnh Thuỳ Trang Phạm Kiều Anh Class: AC2015C Science advisor: Dr Nguyễn Phú Hưng 776 Proceedings the 10th students scientific research conference CHAPTER INTRODUCTION OF RESEARCH 1.1 Rationale of the research The ongoing development of F & B chains has attracted more and more domestic and foreign investors So the war for the market in the chain in this industry is becoming more intense than ever So in order to be successful in this area, companies have to overcome a lot of holy trials and risks, including the change in consumer behavior, effective employee management, competition with companies It is true that only few companies can overcome these challenges, such as Trung Nguyen, Cong coffee, Highlands coffee because they know the tastes of Vietnamese people, provide quality products and services For customers, they also know how to highlight the company in the market is fierce competition The research below will highlight the challenges and risks that businesses may face when they want to join the F & B market The appropriate solutions and solutions can then be set 1.2 Objectives of study The ultimate objective of this study is to explore challenges and risk a beverage firm in general and Highlands in particular has to face and the ways successful companies have used to overcome these factors 1.3 Questions of study ● What are the risks and challenges the Highland is facing from the views of managers and staffs? ● What are the factors affecting business performance of a firm? ● What are potential risks that can be inferred from the customer assessment on quality of Highlands coffee’s products, services? ● How to enhance the business performance of HL through? 1.4 Scope of the study Due to limits on financial, time, and human, the research will limit to study in the Hanoi city only 777 Proceedings the 10th students scientific research conference 1.5 Methodologies and Data We first conduct a Literature review, then we conduct a survey to investigate the current situation The questionnaire will be use to summerize opinions from sources of customers, employees and managers The research will be implemented by the following stages, including problem definition, (ii) planning, (iii) surveying, (iv) analyzing results, and (v) discussing findings and recommendations to Highlands 1.5.1 Research method The thesis is going to use Data Collection, Comparison, Qualitative, and Quantitative Analysis ● Information are collected to have background; literature review to support analysis ● Qualitative analysis: Based on the results of the survey survey, which gives a high score on the strengths of the highlands, face to face interviews were also conducted to gain insights from clients, staff, and management on how to work in Highlands coffee ● Quantitative analysis: refers to the process of gathering, analyzing and presenting the information from raw data in any phenomenal issues of the research that mainly related to numbers The quantitative inquiry is based mainly on the theories which can be demonstrated in practice and by subjective aspect because of the principle in numbers In this case, the quantitative research amplified mostly to the closed questionnaire in the survey The statistical result is used to test the truly hypothesizes through table, chart, and graph indications 1.5.2 Data source 1.5.2.1 Primary data Primary data is original research data in its raw form, without any analysis or processing which provides the most useful of information for the specific purpose of researchers Beside, the targeted surveyees are peoples living in Hanoi and city Data can be collected via ways: 778 Proceedings the 10th students scientific research conference ● In-depth interviews with customers to identify customer demands and customer impressions on the quality of Highlands coffee ● Direct interview with internal employees to get overall picture on the match of current capacity with current and future requirements to Highlands coffee ● Survey by questionnaire: Use the electronic form sent to a large number of targeted customers to gather their assessment to Highlands coffee 1.5.2.2 Secondary data Secondary data which have been processed and gathered in other reports will provide further knowledge of the market and competitions They are cheaper and more quickly reachable than the primary data and also may be available when primary data cannot be obtained at all 1.5.3 Data Collection of the survey The data was collected by two main channels: (1) Direct: this channel was used with people in Hanoi which is easy for the printing question papers and doing the interview as well (2) Indirect: The paper was on the cloud; part of the question can be conducted online through Google Doc for the people who are prefer to answer online For the primary data, this paper shall emphasis on doing survey including questionnaire and interviews survey With the secondary data, undoubtedly, searching on the internet by using searching machine is the fastest way for collected secondary data The survey will fulfill by surveyees in Hanoi and Ho Chi Minh cities 1.5.4 Data analysis Thesis uses Google tool/MS Excel to analyze data collection from investigation 1.6 Chapter Conclusion Based on this fact of excellent F&B development, Highlands coffee not only faces competitive pressures from its major competitors, but also has its place in Vietnam, but also in the recruitment process So the following article will outline the risks that companies in the F & B industry may face in general or Highlands coffee in particular 779 Proceedings the 10th students scientific research conference CHAPTER HIGHLANDS BUSINESS ANALYSIS 2.1 Introduction In this chapter, we are going talk about a well-known coffee in Hanoi, Highlands coffee which was born out of the pure passion for Vietnamese coffee We will take a deep look at several prospective, things like the development of Highlands coffee chain, markets and customers target, the structure of organization and some highlightenned performance 2.2 Overview of Highlands Company In the late 1980s and early 1990s, David Thai witnessed the rise of the Starbucks coffee chain from a small company in his hometown of Seattle to a multinational corporation This made him had the inspiration behind the founding of Highlands Coffee, which first began operation in Hanoi in 1998 The company's initial registration marked the first time an Overseas Vietnamese was able to register a private company of any kind in Vietnam In 2000, two years later, the company was registered as a joint stock company Highlands limited itself to produce packaged coffee and be sold through supermarkets, hotels, restaurants, and cafés in the time of its foundation In 2002, the first Highlands Coffee shop was established across from Notre-Dame Cathedral in Ho Chi Minh City As of 2009, the company had a strong development, they operated 80 coffee shops in six cities and provinces across Vietnam: Hanoi, Ho Chi Minh City, Hai Phong, Da Nang, Vung Tau and Dong Nai As of May 2010 the company offered blended roast and ground and whole bean coffees included Heritage Blend, Traditional Blend, Gourmet Blend, Moka Blend, Culi Supreme, and espressos in ground and whole bean: Full City Roast, Arabica Supreme, a water-process DeCaf espresso produced at their in-house water process decaffeination facility, and Cinnamon Roast espresso The espresso line also included ESE-compatible 45mm espresso pods packaged in Malaysia In December 2009 the company introduced a Ready-To-Drink (RTD) "Iced Coffee" in an 8-ounce can, in two versions, one labeled "with Milk" and the other labeled "Black" By May 2010 the 780 Proceedings the 10th students scientific research conference company stated that the RTD product had been distributed to more than 17 Asian countries and the USA In 2011, Highlands Coffee purchased the chain Pho 24 from Ly Qui Trung for an estimated 20 million USD The next year, Highlands sold 50% of its shares to Jollibee Worldwide for 25 million USD In this affair, Jollibee said, they will add products of Highlands Coffee in the other systems of the Jollibee restaurants in Asia, besides continuing to develop this coffee chain in Vietnam Because Vietnamese coffee has gained worldwide recognition for top quality, it will help to be a significant added value for Jollibee In March 2012, under a partnership with Philippine Internet café company Digital Paradise, the first hybrid Highlands/Netopia internet café and coffee shop was opened in the Philippines Beside traditional coffee products, Highlands coffee researched and developed new products such as GreeKe products in 2014 and Tea-Milktea products in 2015 (wikipedia, 2017), (Website, Highlands, 2014), (Lộc, n.d.) 2.3 Organizational structure The overal organizational structure of the Highlands corporation is presented in the figure below 781 Proceedings the 10th students scientific research conference Figure 2-1: Organizational structure of the Highlands corporation Figure 2-2: Structure of a local Highlands division 2.4 Performance highlights After more than 15 years’ operation, Highlands coffee supply chain have been developing rapidly in recent years with 180 chain stores in Vietnam The growth of Highland coffee is proved by a strategic success with stores in key retail locations (Trần, "Bình dân hóa" - Chiến lược phát triển Highlands , 2017) Spending $25 million to buy Highlands Coffee from a Vietnamese boss, Jollibee Group of the Philippines has taken steps to be considered very in developing this brand in Vietnam Besides continuing to develop this coffee chain in Vietnam, they will add 782 Proceedings the 10th students scientific research conference products of Highlands Coffee in the other systems of the Jollibee restaurants in Asia This will be a significant added value for Jollibee, because Vietnamese coffee has gained worldwide recognition for top quality The evidence is that after buying Highlands Coffee, Jollibee also add this coffee brand in its restaurant chain outside Vietnam Moreover, Highlands Coffee has taken big steps in the Philippines After opening a new shop at Eton Emerald Lofts in Ortigas, more Highlands Coffee shops will soon be put into operation at Timog and Katipunan Avenues in Quezon City and Pioneer Road, Shaw Boulevard in Mandaluyong (Nam, 2013) The Superfoods Group, a joint venture between a subsidiary of the Jollibee Foods Corporation (JFC), JSF Investments Pte Ltd, and the Viet Thai International Joint Stock Company (VTI), plans to conduct an IPO and list on Vietnam’s stock exchange “We look forward to making Highlands Coffee and Pho 24 true national champion brands of Vietnam,” Mr Thai Phi Diep, CEO of Superfoods Group and Highlands Coffee was quoted as saying (Doanh, 2016) 2.5 Business Analysis This section is going to analyze the business environment of Highlands to identify challenges and opportunities facing Highlands 2.5.1 The environment and competitive forces This section uses the frameworks below to analyse the environment and competitive forces of Highlands 783 Proceedings the 10th students scientific research conference Figure 2-3: Analytical framework (Kaplan Group, 2015 , p 22) 2.5.1.1 Macroenvironment analysis This section is going to use the PESTEL framework to analyze the macro environment • Political: The political environment includes taxation policy, government stability and foreign trade regulations • Economic The economic environment includes interest rates, inflation, business cycles, income and energy availability and cost • Social The social/cultural environment includes lifestyle changes, attitudes to work and leisure, levels of education and consumerism • Technological The technological environment is influenced by government spending on research, speed of technological transfer and rates of obsolescence 2.5.1.2 Industry analysis This section is going to use the Five-force model to analyze industry in which Highlands is doing business Domestic market (Website, Highlands, 2014) ● Large Cities: Highlands coffee chain coverage is quite wide in many cities, so it's easier to buy than competitors 784 Proceedings the 10th students scientific research conference o Ha Noi: 41 locations include Hoan Kien district, Hai Ba Trung district, Cau Giay district, Ba Dinh district, Hoang Mai district, etc… o Ho Chi Minh: 72 locations include 1,2,3,5,8,9,10,11 district, Tan Binh district, Go Vap district, Binh Thanh district, Phu Thuan district, etc… o Da Nang: 13 locations include Hai Chau district, Thanh Khe district, Hai Chau district, Hoi An, Son Tra district o Hai Phong: locations include Ngo Quyen district, Hong Bang district, etc o Other cities: Binh Duong, Dong Nai, Can Tho, Vung Tau, Nha Trang, Vinh, Hue, Ha Long, Thanh Hoa, etc… Work in café industry: In 2006, Highlands Coffee reaching 25 cafeshop nationwide This period is also the time to mark change of Highlands Coffee both of brand identity and theme space In 2011, Highlands Coffee expands rapidly with 50 shops By 2014, this number has raised to 75 shops By progressive and pioneering steps, Highlands Coffee has expanded their market share, proud of Vietnamese brands From the numbers are shops in 2002, after 15 years of development, Highland has 180 stores in Vietnam, far away from Starbuck with 34 stores This numbers show that Highlands Coffee gradually dominate the market (style, 2016) Competitors ● Growing number of competitors between Viet Nam companies o Small household café: There are unique spaces to toward specific customer segmentation such as nostalgia style store, pets coffee store, o vintage coffee store, etc… Trung Nguyen: Besides delicious drinks, the space is cozy rather than other high-class coffee Trung Nguyen has a great advantage that has a factory located at Buon Ma Thuat, the transportation is not a problem Moreover, Trung Nguyen owns a coffee farm to supply raw materials Therefore, they ensure transportation costs and purchase costs are the o possible lowest (Report, 2013) Cong: Price and quality of this coffee is not really special, but Cong coffee is still selected by many people, because of the unique style unique style memorize the old years by the ways use "đồng nát" 785 Proceedings the 10th students scientific research conference to let people know Highlands coffee not only provides coffee but also many stuffs like cake, bread, etc By doing that, hopefully Highlands coffee could retain the vistors and catch newers Factors Benefit Uni format Raise awareness Risk Control risk brand Make boring for Change the ways customers in long decorations every 2term months but still keep identity of Highlands such as change the type of ornamental change arrangement plants, the ways of tables and chairs, pictures Slogan Familiar customers with Do not cover fully Additional product lines key words into slogan to describe completeness and accuracy of product lines 5.4.5 Establish the Enterprise Risk Management to control risks Enterprise Risk Management (ERM) is a comprehensive risk management program that addresses all risks faced by the corporation-pure risks, speculative financial risks, strategic risks, operational risks, and other risks ● Strategic risk refers to uncertainty regarding an organization’s goals and objectives 856 Proceedings the 10th students scientific research conference ● Operational risks develop out of business operations, such as manufacturing ● As long as risks are not positively correlated, the combination of these risks in a single program reduces overall risk This ERM would help Highlands to get ● ● ● ● ● ● ● ● Improved risk assessment Increased risk awareness An integrated response to the full range of risks Alignment of the organization’s risk tolerance with its strategies and practices Fewer operational surprises and losses Increased competitive advantage Reduced earnings volatility Better compliance with corporate governance guidelines However, Highlands would encounter a number of barriers in doing so, including: ● ● ● ● ● ● ● Rigid organizational culture Lack of committed leadership Turf battles between departments over responsibilities Lack of a formal process Lack of information sharing and transparency Technological deficiencies Lack of commitment to the design and implementation of the program This ERM Process has certain advantage versus the Traditional Risk Management Process, such as (i) Risk identification is broader under an ERM program because additional risks are considered, and (ii) Risk analysis may involve additional analysis tools, e.g., catastrophe modeling, (iii) Given the wider range of risks considered, a wider range of treatment measures can be controlled, (iv) Implementation requires a commitment to the program and a fundamental change in how the employees view risk, and (v) The process is continuous and dynamic 5.4.6 Consider additional Risk Management Tools to enhance risk management competency Other risk management tools may include: ● A risk management information system (RMIS) is a computerized database that permits the risk manager to store, update, and analyze risk management data ● A risk management intranet is a web site with search capabilities designed for a limited, internal audience 857 Proceedings the 10th students scientific research conference ● Predictive analytics is the analysis of data to generate information that will help make more informed decisions o Insurers’ use of credit scoring is an example of predictive analytics ● A risk map is a grid detailing the potential frequency and severity of risks faced by the organization o Each risk must be analyzed before placing it on the map: ● Value at risk (VAR) analysis involves calculating the worst probable loss likely to occur in a given time period under regular market conditions at some level of confidence o The VAR is determined using historical data or running a computer simulation o Often applied to a portfolio of assets o Can be used to evaluate the solvency of insurers ● Catastrophe modeling is a computer-assisted method of estimating losses that could occur as a result of a catastrophic event o Model inputs include seismic data, historical losses, and values exposed to losses (e.g., building characteristics) o Models are used by insurers, brokers, and large companies with exposure to catastrophic loss 5.4.7 Establish a unit in the Sales Department specialized at monitoring and controlling risk This unit would centralize all efforts to monitor and control the risk The risk manager can predict losses using several different techniques, such as (I) Probability analysis, (ii) Regression analysis, and (iii) Forecasting based on loss distribution Probability is a good risk indicator In Probability analysis, the risk 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Mason (OH): South Western College Publishing 863 Proceedings the 10th students scientific research conference APPENDIX 864 Proceedings the 10th students scientific research conference 865 Proceedings the 10th students scientific research conference 866 Proceedings the 10th students scientific research conference 867 Proceedings the 10th students scientific research conference 868 Proceedings the 10th students scientific research conference 869 ... a corporate organization (Merna, Management and Corporate Risk, Appraisal, Risk and Uncertainty, 2003) 3.2 Risk Management tools One of the biggest challenges that organizations have to confront... strategic management There are various definitions of the word ? ?corporate risk management? ?? by numerous researchers and writers The establishment of corporate risk management in management strategy... is that risk management is relevant to risks, and the second is that the management? ??s process and management is for evaluating and managing the risks faced by the enterprise Levels within a corporate