In this paper, I will analyze the macroeconomic impact and impact of an organization and its business strategies, and moreover, I will evaluate and apply the results of an organization analyzing using the Porters Five Forces model for a given market area. More specifically, in order to do this research, I will apply the Bao Viet company to do the requirements in this exercise 1.
ASSIGNMENT FRONT SHEET Qualification BTEC Level HND Diploma in Business Unit number and title Unit 32: Business Strategy (574) Submission date Date received (1st submission) Re-submission date Date received (2nd submission) Student name Student ID Class Assessor name Student declaration I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism I understand that making a false declaration is a form of malpractice Student’s signature: Grading grid P2 M2 Summative Feedbacks: Resubmission Feedbacks: Grade: Assessor Signature: Internal Verifier’s Comments: Signature & Date: Contents Date: I Introduction Is a business consultant at Deloitte LLP Your company provides consulting services ranging from conducting internal and external analysis, planning strategy, executing strategy and evaluating strategy to companies in many different disciplines Currently, your company has an order from company A that operates in a specific field The CEO of company A wants your company to help them perform a comprehensive assessment of the organization including assessments of both the internal and external environments of the company Based on these analyzes, they also want some strategic recommendations that they should pursue in the future More specifically, in the selection of companies, I will apply Bao Viet as the company to this research II Assess an organization’s internal environment and capabilities 2.1 Analyze the internal environment and capabilities of a given organization using appropriate frameworks 2.1.1 Information Bao Viet (universal Fund - exchange Protections title is: Gather Baoviet Property) may be a Vietnamese Back Protections gather operating in numerous diverse businesses, in which the most areas are protections protections, managing an account, budgetary speculation and securities Founded on January 15, 1965, Bao Viet has presently created into the No Back - Protections Bunch in Vietnam and is one of the 25 biggest Vietnamese endeavors certified and positioned by the State class Up to presently, Bao Viet Bunch is headquartered in Hanoi with more than 200 branches and part units spread over 63 areas and cities nationwide At the 50th commemoration celebration in January 2015, Bao Viet is glad to be granted the Primary Course Labor Award by the Party and State Bao Viet Bunch was allowed the Certificate of Quality Administration by BVQI (UK) concurring to ISO 9001: 2000 in Admirable 2001 and ISO 9001: 2008 in 2009.With a network of 67 member companies and more than 300 sales departments serving customers nationwide, more than 3,000 staff members with high professional qualifications, strong financial potential, diversified products and superiority, good governance - business, risk management and claims settlement, Bao Viet Insurance is confident in its consulting ability and requirements meeting of both all insurance individual and corporate customers Karma In recent years, Bao Viet Insurance has been one of the pioneers in implementing managementoriented diversifying products centralized business and models, distribution channels, and promoting management risk and build advanced information technology systems to provide customers with perfect services and lasting values 2.1.2 Value chain application in Bao Viet Inbound Logistics Receiving and storing raw materials and input products from manufacturers for businesses Ensure that the inputs for the manufacture of products are delivered at the most fair value, time, and expense This displacement flow must be specifically and meticulously controlled In order to ensure that manufacturing runs seamlessly and at the lowest possible expense Around the same time, it can be as risk-free and effective as possible Bao Viet Group is a publicly traded company with a large market capitalization; BVH shares play a leading role in the financial insurance industry, have high liquidity, and are frequently included in the portfolios of foreign ETFs Vietnam is a country in Asia Was the first SOE to find a successful international strategic shareholder Suppliers are foreign shareholders and consumers who use goods and services in Bao Viet, resulting in a plethora of highvalue product lines that would entice buyers to return Manufacturing Bao Viet prioritizes demand in order to provide goods and services to consumers Bao Viet, in particular, owns a digital information management that easily can infrastructure access consumer information, as well as a large-scale logistics chain around the country to compete with many brands Other firms' service offerings, a 24/7 call-center system that is recruited and highly educated will run with high capacity and is ready to serve clients, the biggest hospital fee guarantee system Vietnam gives loyalty to customers and is the chosen alternative for healthcare facilities, and the company owns a huge land bank in prime locations Outbound Logistics Bao Viet is currently the the appeal of product lines to consumers by improving the prestige of the Bao Viet brand by prestigious awards, boosting customer trust, and researching to launch many brands Items combining policy, investment, and financial management, call-center system activity 24 hours a day, seven days a week, maximizing the efficiency of the team of consultants / insurance investment managers brokers and constructing a building on the basis of a financial store in convenient places, unifying modern brand values, and targeting customers This builds confidence, and consumers can quickly identify and choose the best items for their needs Marketing and Sales Report from Bao Viet Life Finance Department, after months of using Marketing Automation and Hubspot CRM services of Repu Digital, the department has recorded remarkable business growth results The response speed has been improved to meet the increasing expectations of customers, expanding the list of happy and satisfied customers Marketing Automation service also excelled at promoting its use, earning 30% more potential customers through Digital channels In particular, Bao Viet Life has made the most of the traffic coming from the website and through Repu's Conversion Rate Optimization (CRO), the number of potential customers has increased through the website impressive number - 400% compared to the previous time The conversion rate from potential customers to subscribers to insurance seminars and deep participation in sales stages is 3-5 times higher than potential customers from other advertising channels such as Facebook According to internal calculations and reports, after applying HubSpot system and conversion optimization consulting Marketing Automation, revenue is expected to increase by about 10 billion, equivalent to $ 400,000 More importantly, the cost of marketing staff and online customer support is almost unchanged Even the unification and synchronization of the workspace also help improve work efficiency among departments In the early stages there was a 40% reduction thanks to automation throughout Sales Automation As a result, Internet salespeople of Bao Viet Life can invest more time in consulting and caring for their customers This leads to an increase in the percentage of interested customers and deeper participation in the next steps of the buying journey Service As an enterprise that provides products and services to millions of Vietnamese people, Bao Viet determines that an enterprise can only implement a sustainable development strategy when it combines growth targets, economic profits with implement social development, environmental protection Staff As the leading Finance - Insurance Group in Vietnam, Bao Viet has a long history with more than half a century of development, a leading prestigious brand in the market, and the most experienced staff in the financial market main insurance with more than 70,000 officers, agents and consultants The infrastructure The large-scale distribution network, including 168 branches and more than 700 insurance transaction offices, covers all provinces and cities of Vietnam that no other financial-insurance corporation in Vietnam can compare 2.1.3 Application Benchmarking in Bao Viet Life insurance in Vietnam is open to integrate according to the world trend since Vietnam has an open door policy Along with that is the establishment of insurance companies in the Vietnamese market In the Vietnamese market, Bao Viet has existed for many years and is still on the rise Besides, Manulife with a history of formation and development is also close to Bao Viet Comparing the size of the company up to now, Bao Viet has owned more than 50 product lines to customers, with more than 75 member companies, 300 transaction points, 200 branches nationwide Vietnamese territory The company owns more than 2000 highly qualified staff members and 100000 professional service advisors About Manulife with more than 18 companies and 61 offices in 45 provinces and cities nationwide When evaluating the size of the two companies on a 10-point scale, most of Bao Viet has a higher distribution scale in terms of infrastructure as well as customer service staff, rated Bao Viet 100 points, Manulife get 60 points Comparison of revenue by year, specifically in the first quarter of 2019 There is a slight difference in revenue between the two companies Bao Viet and Manulife In the first quarter of 2019, Manulife's revenue reached 1141 billion VND and Bao Viet reached 1101 billion VND Judging on a 100point scale, Manulife 100 points and Bao Viet gets 94 points Comparing customer service quality by 2020, Bao Viet has served more than 15.2 million customers and Manulife has served 800,000 customers Judging on a 100-point scale, Bao Viet scored 100 and Manulife got points 2.1.4 Application VRIO in Bao Viet Valuable Bao Viet's VRIO model is a resource that increases business value, by allowing the company to exploit opportunities or defend against threats The company's valuable resource is its workforce Highly specialized trained resources will be very valuable to help the company increase the perceived value of customers This is done by increasing the difference in training for quality human resources in a new age Resources that conditions to cannot meet convince demand in the the globalization stage will lead to a competitive disadvantage It is essential to continuously consider the value of potential human resources because when the internal or external conditions constantly change, it can make the workforce in the company lose value or in vain Rareness A fully trained human resource with skills and knowledge only found in one or a few companies is considered rare The rare and valuable human resource is what makes a temporary difference for Bao Viet enterprises On the other hand, a situation where there are more than one firm with the same human resources or using competencies in a similar way leads to competition This is because businesses can use identical resources to execute similar plans, and no organization can deliver outstanding performance Even though equal competition is not a desirable position, Bao Viet enterprise still does not ignore valuable but popular resources Losing valuable human resources and capabilities will hurt a unit because they are so important to survive in the market Imitable A human resource is considered to be very costly to imitate if other organizations not have it, cannot imitate it, cannot buy or replace it at a reasonable price A business has the valuable, rare, and expensive resources to mimic achieving a sustainable competitive enterprise advantage with high At Bao quality Viet human resources trained in both knowledge and skills, it takes a great amount of financial resources for other businesses to imitate to invite highly trained human resources specialists as Bao Viet did Because the historical condition of Bao Viet's formation is somewhat ahead of other businesses in the same industry, other businesses have to spend a long time imitating Human resources in Bao Viet will be an advantage to compete in the future Organization Resources themselves not create any advantage for a business if it is not organized to capture value from them Bao Viet has organized management, systems processes, for its policies, organizational structure and culture to be able to fully discover the potential of valuable potential and capacity resources , rare and expensive to imitate With a wellknown brand name in the market and continuous innovation bringing in many positives both internally and externally, Bao Viet enterprises in the future will achieve sustainable development values 2.1.5 Application SWOT in Bao Viet Strength Strengths are positive or beneficial factors in the business that help achieve your goals Here the strong point of Bao Viet insurance is that real estate sources such as offices and headquarters of BAO Viet in the provinces have quite favorable locations The brand has a history of 25 years Network spanning provinces It is a special SOE and the state backing behind the corporation Projects using state budget funds will use Bao Viet's insurance products Strong financial strength 18% share is for state revenue.(BaoViet,2020) Weakness Weaknesses are negative factors in the business or make it difficult to achieve your goals Here, the business results are not too impressive compared to other companies in the same industry There is no outstanding talent in human resources Mr Binh was sent down by the government The predecessor, who is very knowledgeable about the Vietnamese insurance market, is Mr Truong Moc Lam, who has been building for many years and has passed away The operating apparatus below is also not dynamic enough as the other joint stock venture companies like Mr Duc of BMI Low salary mechanism makes many employees go to foreign insurance companies Wide network and multi-sector operation if the staff is not well managed will be a real difficulty to smoothly operate the system The financial investment segment is still quite weak (BaoViet,2020) III Conclusion With a vision to 2025 is Maintain its position as the leading Financial - Insurance Group in Vietnam, enhance international competitiveness, strong financial potential, sustainable and efficient growth, Bao Viet aims to maintain the No position in the market in the field of life insurance and nonlife insurance; is a leading enterprise in the field of domestic fund management, financial international services; standard providing has foundation an and infrastructure for information technology, meeting the requirements of administration and business throughout the system IV References Bảo Việt Nhân Thọ trì đà hợp tác với dịch vụ Marketing Automation Repu Digital - Repu Digital - Digital Marketing Agency (2020) Available at: https://repu.vn/bao-viet-nhan-tho-duy-trida-hop-tac-voidich-vu-marketingautomation-cua-repu-digital/ (Accessed: 14 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