Xây dựng chiến lược phát triển kinh doanh cho công ty cổ phần PJICO

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Luận văn Xây dựng chiến lược phát triển kinh doanh cho công ty cổ phần PJICO Xây dựng chiến lược phát triển kinh doanh cho công ty cổ phần PJICO Xây dựng chiến lược phát triển kinh doanh cho công ty cổ phần PJICO Xây dựng chiến lược phát triển kinh doanh cho công ty cổ phần PJICO Luận văn Xây Dựng chiến lược phát triển kinh doanh cho công ty Cổ phần PJICO THESIS BUILDING THE BUSINESS DEVELOPMENT STRATEGY OF PETROLIMEX JOINT STOCK INSURANCE COMPANY (PJICO) FROM 2015 TO 2020 Hanoi, date January, 2010 COMMITMENT Our group would like to commit: - This theme is the research result of our group, not of any individual in the group Analyses in the theme of our group base on theory learned at class GaMBA01.M05 together with materials provided by the school and other references Data mentioned in the research are true and have clear origin - After being consulted by Subject Group of the school, our group has acquired and supplemented and amended the report in conformability to the requirements of the program, and ensure objective independence in our own research APPENDIX No CONTENT PAGE BOOK COVER COMMITMENT APPENDIX LIST OF TABLES LIST OF FIGURES, GRAPHS INTRODUCTION PART I: REASONING BASIS FOR STRATEGY BUILDING I./ STRATEGY ADMINISTRATION Definition of strategy administration Implications of strategy administration Basic competition strategies in each business field II/ PROCESS OF BUILDING STRATEGY Determining business field Strategy targets Analyzing macro environment Strategy analysis technique Choosing business strategy Organizing strategy implementation Check, evaluate the implementation result and adjust PART II: ANALYZING BASIS FOR STRATEGY BUILDING Introducing the Company Analyzing macro environment Analyzing business environment Analyzing with SWOT matrix PART III: CHOOSING AND ORGANIZING THE 20 48 DEVELOPMENT STRATEGY IMPLEMENTATION Strategic plans Choosing strategy, strategy basic content Strategy solutions Complaints Implementation roadmap 10 CONCLUSION 71 11 REFERENCES 72 LIST OF TABLES Table 1: Origin of competition advantage and basic competition strategies Table 2: Business production situation of the company Table 3: Business production result of the company in 2007 Table 4: Original insurance business result of each unit in 2007 Table 5: Business production result of the company in 2008 Table 6: Original insurance business of each unit in 2008 Table 7: Business production result of the company in 2009 Table 8: Original insurance business result of each unit in 2009 Table 9: Original insurance revenue in 2007 Table 10: Original insurance revenue in 2008 Table 11: Original insurance revenue in the first months of 2009 Table 12: SWOT matrix LIST OF FIGURES, GRAPHS Figure 1: Process of making strategy Figure 2: Business operation result of the company (2007 – 2009) Figure 3: Market share in 2007 Figure 4: Market share in 2008 Figure 5: Market share of months in 2009 Figure 6: Current organizational outline of the company Figure 7: Operation market of service marketing Figure 8: Current organizational outline of the company Figure 9: Organizational model outline according to development strategy INTRODUCTION The urgency of the theme In the market economy towards integration, business production of product, service is not completely decided by the company but the market In which international market, regional market controls local market which has to rely on the international market – That is the world market unifies but it often changes due to changes of factor groups such as international economic, financial-currency, political, social, culture environment For that reason, if the company does not accurately forecast changes of factors in regional, international environment affecting market scale, it will meet risk in business production, as goods production is not conformable to market demands in terms of quality, appearance, price, taste, etc, thus, it cannot compete in the market To avoid risk in business production, the Company is compulsory to build strategy Only with strategy, it can avoid risk in business in an integrated world In a world with global economy, competition is becoming more and more severe, thus, strategy becomes more valuable to the company Insurance is a very important field to nations in general including Vietnam Insurance is not only a risk removing method but also an effective capital-mobilizing channel for the economy Practical insurance business activity in the last time shows continual growth of insurance sector Insurance market in Vietnam in recent time is very active, various and is becoming more and more professional Number of insurance dealing companies becomes increasing Diversified possession forms in both life and non-life insurance and three fields of human, asset and civil responsibility insurance Companies operating in insurance sector have gradually satisfied demands of customers Of all many insurance companies, PJICO is evaluated as one of the companies with fastest development speed in the market and at present PJICO is one of the four leading insurance companies in Vietnam’s non-life insurance market Right from beginning days of establishment and during its development process, PJICO did determine its mission and was always patient to fulfill this mission That is: Providing synchronous, various and high-quality insurance service orienting customers; creating a professional, transparent, active and friendly working environment for staff to uphold their competence and creativity; effectively cooperating with partners to contribute and develop the community; Sustainably developing to increase value for shareholders through diversification of insurance activity and financial investment Upcoming time is seen as the difficult period of the economy In the insurance market, there appears more competition from newly established insurance companies as well as market newly joining foreign ones Thus, to promote the leading position in Vietnam’s electric cable market as well as ensure sustainable development in next time, the Company needs to build competition strategy in current environment as well as development orientation in upcoming time Research aims Based on researching general reasoning on business strategy and overview of the insurance market in Vietnam; The theme goes deeply to analyze the business environment, real state of insurance business operation and development tendency of this market, from that to build a sustainable development strategy at Petrolimex Insurance Joint Stock Company Research object and scale The object is Petrolimex Joint Stock Insurance Company, hereinafter called PJICO COMPANY Research scale: The theme focuses on studying, analyzing the real state of the company, competitive factors inside the company Analyzing the state of competition environment to the development of the market, domestic and foreign insurance businesspersons (competitors) hereinafter called COMPETITORS From that propose investment strategy to develop the company and competition strategies to ensure sustainable development of the company Scientific implication of the theme Systematize reasoning on building business strategy of a medium and small enterprise A common form of enterprise of Vietnamese economy, especially joint stock company – a form showing important role in the integration process of the country to the world and region economy Analyzing business environment in insurance sector, risking business sector, sharing loss with customers, insurance products are services with unique, abstract but more extremely specific, practical features than all other products in the market once provisions in the insurance contract are implemented timely, effectively From that draw strong and weak points of the Company in this sector to build competition strategy in the increasingly severe competition environment That is likely to a model for medium and small companies in different sectors of the economy which are based on medium and small enterprises of the country Research methods Main research methods used in the process of making this dissertation are analysis, reasoning, comparison, generalization, forecast, etc based on practical data, situation of the Company and market investigative documents of prestigious competence evaluating organizations to find out specific solutions for the company in a specific circumstance Theme structure Theme: “BUILDING THE BUSINESS DEVELOPMENT STRATEGY OF PETROLIMEX JOINT STOCK INSURANCE COMPANY (PJICO) FROM 2010 TO 2015”, apart from introduction and conclusion parts, is divided into three main parts as follow: - Part I: Reasoning basis for building strategy for Petrolimex Joint Stock Insurance Company - Part II: Analyzing basis for building strategy for Petrolimex Joint Stock Insurance Company - Part III: Choosing and organizing the implementation of development strategy of Petrolimex Joint Stock Insurance Company PART I: THEORY BASIS OF STRATEGIC CONSTRUCTION FOR ENTERPRISE I./ STRATEGIC ADMINISTRATION Definition on strategic administration Strategic administration is an issue paid attention to by many economists as well as administrators Because the content of strategic administration is very wide on research range and rich in actual application; at each sight angle, people present different point of view and definition on strategic administration Although each point of view is not completely adequate and comprehensive, on overall these points of view have had big contribution to cognizing and carryng out the administrative mission in enterprises The followings are some definitions on strategic administration - Strategic administration is the collection of administrative decisions and actions deciding the long success of the enterprise - Strategic administration is the collection of decisions and action measures leading to the planning and implementation of strategies in order to reach the target of the organization - Strategic administration is process of researching current environments as well as future environments, forming targets of the organization; formulate to implement and check the decision implementation aiming at reach the target in current environments as well as future environments Finally we would like to introduce a definition on strategic administration widely used in intensive training courses on business administration in England, United States…and accepted by many economists - Strategic administration is the art and science of the construction, implementation and evaluation on synthetic decision, helping each organization can reach its target According to this definition way, strategic administration pays attention to coordinating fields of administration, marketing, finance/accounting, products/operation, research and development as well as information system in order to reach the success for the enterprise The meaning of strategic administration In fluctuation condition of business environment now, above all others, only one thing that enterprises know surely is the change Strategic administration process is a trend to help these organizations overcome troubles in business world by their own capacity and effort This is the scientific research result basing on the trading realtity of many companies It is really a product of managerial science because if oganizations establish good administration process, they will have a good support to go on ahead However, the level of success depends on the implementation capacity mentioned in part of strategic application, showing the arts in administration Strategic administration process basing on the attitude which the company continuosly investigates events happening inside and outside the company as well as trends impacting strongly on the company has rapidly increased in these days In order to exist, all organizations force to have changeable and adaptable ability to the fluctuations Strategic administration process is stablished to help the company concentrate on the best adaptation to changes in long term Strategic administration helps the organization to be more active instead of passive in planning clearly their future; it allows the organization to pioneer and make the influence on its activity environment (instead of reacting weakly) Therefore, applying out of its ability to control and manage the enterprise; from chairman of board of directors, general managers to board of manager of many trading organizations or non-profit activities recover and cognize the strategic administration On history, basic meaning of strategic administration is helping organizations make the better strategies via handling more suitably and methodly to strategic choices However, recent researches show that the contribution of strategic administration to implementation process is much more important than the contribution to making sinle decisions or documents Strategic administration creates for each person the very important cognitions The main target of this process is reaching the understanding and committing to implement both in board of manager and labors Thus, the most important benefit from the strategic administration is the understanding and committing to implement Once people in the enterprise understand what ad why they have been doing, they will feel that they are a part of the enterprise They commit to support it themselves Labors and board of manager will become more active, they understand and support works, the mission, targets and strategies of the enterprise; helping people to have more strength and promote their own quality and ability, contribute to the development of the enterprise Benefits from the strategic administration that we can see here an be divided into two types: benefit can be counted to money and benefit can’t be couinted to money Benefit can be counted to money The application of strategic administration made companies more successful and have futher vision in future, which is foreseeing the trends; it also helps these companies implement tarets in short term better The achievement is figures about revenues on profit, market share and increase level on the stock value of the company on stock market Benefit can’t be couinted to money The figures, achievements gained from finance are not the all results from applying strategic administration effectively The benefits gained are invisible benefits, uncounted in money; but it is very important, having desisive characteristics for the company such as the sensitiveness to changes of environment, the more understanding on strategies of competitors, improving the capacity of labors, reducing the shyness to changes, understanding more about carrying out the treatment Strategic administration makes the ability to prevent risks of enterprises increase because it encourages the exchange among managers in every parts and functional levels The exchange helps people be aware of their right in developing products and services, and acknowledge their contributios The awareness of labors in work will make the unexpected results, the labor capacity reaches to 200% according to investigation data of Tom Peter Strategic administration makes the following benefits: - Help identify and arrange the priority and make the best of opportunities - Bring out the facual outlook on difficulities of administrative mission - Bring out a draff for comprehensive development of actions and control - Minimize risks - Help key decisions serve the proposal of targets better - Help arrange better time and resources for defined chances better 10 Group12 - GaMBA 01.M05 Strategic Management distribution channel as having to pay expense for training, commission, but it is an important distribution channel to new insurance markets where awareness of people is not high - Combined distribution network: This is distribution system based on distribution channel of other business fields such as banking, post office, retail shop system Thanks to taking advantage of human, technical infrastructure, customer source of these fields, it is evaluated to be quite an economic and effective distribution channel - Insurance selling offices: This is a distribution system in which paid staff will directly come to sell product at the headquarters of the company or regional insurance office, branches - Breaker: This is an immediacy organization representing customers to seek suitable insurance products Breaker receives commission from insurance company Breakers increase prestige of the company but are also limited in direct contact between company and customers - Other distribution systems: Apart from above distribution channels, we can use distribution channels such as through telephone, computer, direct mailing, etc + Choosing appropriate distribution system: Factors affecting distribution system choice: - Characteristics of customers in the target market: This is the basic factor deciding the choice of distribution system, as main purpose of distribution is transferring product from the company to buyers, to meet demands of buyers Important factors need to be considered in terms of characteristics of customers are scale, structure, density and behavior of customers - Characteristics of the product: Simplicity or complexity of the product will affect the use distribution channel system If insurances products (SPBH) are quite simple, they can be distributed through direct response channel, and complex insurance products are only distributed through individual sale force - Characteristic of the company is the important basis, deciding choice of distribution channel Scale of the company will decide market scale and affect ability of the company to find appropriate commercial breakers Resources of the company will decide implementation capacity of distribution channel functions 67 Group12 - GaMBA 01.M05 Strategic Management Product line has influences on channel type, for example, the more product line is consistent, and the more homogeneous distribution channel is To further enhance business efficiency, strengthen competition in the market, in distribution policy, the company needs to focus on following points: - A fact which is existing in Vietnam’s insurance market is that most of agents consider insurance exploitation as a left-hand job or extra job And obviously, most of insurance companies seem to follow that thought Thus, they narrow their efforts in lifting agents to professional ones Is it the reason why to now, most of insurance companies just focus on attracting more and more agents and then training them carelessly, even not training and going into insurance sale? For that thought and action, agent job is not acknowledged as a “job”, leading to ineffectiveness in the operation of agents and inefficiency in business of insurance companies Arising from that practice, the Company needs to have a strategy attracting, recruiting and training agents more strongly both in terms of width and depth To implement that, the company needs to determine budget suitably for the development of agent system, promote professional agents, and train professional knowledge and ethics Commonly, commission rate of agents and breakers is controlled at a fixed rate according to regulation of Ministry of Finance On that basis, the company needs to calculate, change flexibly to give an attractive commission to agents, and have preferential policies, care for interests of agents, breakers in the best way For example, implementing occupation subsidization mechanism for agents suitably, having more other awards and rewards systems for agents with high exploitation turnover, etc In addition, it needs to promote management role of Department of agent management to ensure operation of agents to be really satisfied by customers - Further promoting sale through breakers, strengthening existing relationships with breaker companies and expanding other relations so that they can become an effective product distribution channel - Continuing to focus on direct sale network as it is considered as the one creating conditions for customers to contact directly and ensure them when there is any problem Thus, needs to focus on staff, continually seeking opportunities to 68 Group12 - GaMBA 01.M05 Strategic Management improving competence for staff through short or long courses, depending on budget allocation to be inside or outside the country Inviting specialists to instruct staff about communication and customer attraction art, giving priority to staff who are competent, enthusiastic, have many relations, especially to big clues - At present, tendency of shaking hands between insurance and banks is one of the cooperation tendencies achieving a lot of successes that have been proved by countries in the world This tendency is becoming a “hot” point in Vietnam’s insurance market and has been mentioned a lot on mass media in recent time However, this tendency mainly occurs in the field of life insurance Thus, PJICO needs to quickly catch opportunities, joint with banking institutes to implement strategy of expanding, diversifying distribution channels, improving sale efficiency of the company - Nowadays, information technology develops greatly and ecommerce is not an alien problem for each citizen Thus, PJICO Company needs to have reasonable investment plan in constructing and expanding sales network via the Internet Besides, it is necessary to combine with other sales forms, for example through the post office, through the telephone, facilitating the best condition for customers to take part in with the most flexible forms a Solution in developing the market i Marketing Market research, assess the market demand, offer the system of solutions in order to best meet the demand is the prime content and very important of Marketing in insurance business of the Company The market is a very complicated concept, have many ways to express it In service marketing, it is usually paid attention to kinds of market that have organic relationship with one another which can be described by the following diagram: Figure 7: The operational market of service MARKETING Internal market Transfer market Supply market Customer market Recruitme nt market Prestige market 69 Group12 - GaMBA 01.M05 Strategic Management Customer market: The Company has to primarily concentrate on the customer market That is the demand of the buyer towards some product or service The lowest affecting level of Marketing into this market is to build long-term relationship with customers and attract new customers In service marketing, it is necessary to pay a lot of attention to maintaining customers and repeated business This trend will bring about economic results and higher marketing effect Transfer market: is also called the intermediary market, the multidimensional choice market …) This is the market formed internally between component services, supplementary services of the service system with many supply participants For example, towards insurance, the transfer market will be banks, other financial markets, law companies… Supply market: Increase the marketing operation in this market is to organize supplying resources That is the formation of some important intermediaries in developing the relationship with resources both at present and in the future Employment market (additional): It is necessary to have policies to supplement professional, skilled labor source As it is always necessary, this is a rare resource towards service business organization and other business organizations The employment market bears the control of many factors, in which include non-economic element such as people, society and nature … Prestige market: This is a suitable market for relational Marketing With solution, marketing strategies, the company concentrates the resources to establish its relationships with prestigious groups of the service market in order to facilitate the business operation of the Company The prestigious corporations in the market are: the financial-banking corporation, the prestigious and powerful business corporations, the political forces, the market forces (the consumer association, the commercial association, and the environmental protection association) The internal market: That is the internal market within the company includes the whole staff, the suppliers and internal customers Internal customers also have a demand and wish to demand the Company to satisfy them Researchers 70 Group12 - GaMBA 01.M05 Strategic Management recognize that, only when satisfying well the demand of internal customers can they be liberated and develop their originality, the intelligence to supply high quality service to customers with external market Consider customers as the market of the businessmen will open up the capability to exploit the market for the company, meeting the demand to ensure the safety in life of all civilian levels The market is always in the state of movement and development The ability to develop the customers will decide the market development of the enterprise ii Create good business environment: The movement of the insurance market bears the influence of many factors of the macro market: * Economic environment The economic environment has direct relation to the insurance business operation The economic development trend connects with insurance demand The purchasing power depend on the growth rate of the economy, the current income level, the trend of prices or inflation, the economy or consumption of individuals or families… the economic depression, high unemployment rate, increased credit interest rate… all affect the purchasing power of insurance products The distribution of income in our country as well as many countries so far is not harmonious The customers of high income class although there are events or chaos in the economy, they are the main insurance product consumption market Thus PJICO needs to pay attention to the income distribution characteristic * Political, legal environment The stable political environment, strict law will facilitate the insurance business operation develops and vice versa The intervention of the state, the improvement of the State management role towards insurance is an objective certainty in order to guide the insurance operation to develop in the right direction * Social environment This factor affects the formation of demand in insurance market The social environment relates to human, social policy in which the human factor is the most important Thus studying social environment is mainly to study the population environment: the population development speed, population density, population 71 Group12 - GaMBA 01.M05 Strategic Management structure as per age, sex … The demand for insurance also depends on the qualifications, cultural tradition, consumption habit of the population or the development or change of life style, demand on house or travel, entertainment, medical care, social security policy… iii Study and analyze carefully the competitors: Competition in insurance is made on the basis of comprehensive knowledge the target and strategy and operation of competitors If so, the company has to firstly define which competitor is in its competitive zone Next, it has to investigate the characteristics about the structure of the competitor such as its position in the market, the organizational model, the professional business results … The development strategy of target customer, about the market, product, fee chart, organizing distribution channel is also the content that the enterprise needs to take care and study It is necessary to find out the strengths, weaknesses of each competitor The study of each competitor only allows the enterprise to build and re-evaluate its optimal strategies but to avoid the errors that they have made From which to help the company builds up tight defensive and effective attack plans 3.3.4 Investigate well of the customers: The liquidity is one in the two factors deciding the purchasing behavior of the consumers The demand for consuming the insurance products can only on the basis of ensuring suitable to the solvency to become a real demand Thus the study on income and liquidity of the population allows the company to define suitable business strategy and is able to exploit the customers most effectively The attitude of the customers expresses their degree of wish in the relationship with the company From which the enterprise can learn how the customer will deal with each specific insurance product The attitude of the customers reveals in many different degrees; thus, the degree of consumption of customers is also very different 3.3.5 Customer care: The customer service is a highlighted advantage; helps create distinction between the company and other companies The Company considers customers not only the people being insured but also the people who bring about revenue and service to the company The business establishment, technology, training program, the products, 72 Group12 - GaMBA 01.M05 Strategic Management business philosophy and the staff of the company all reveals the target of serving customers with the best quality The exploitation staff will maintain the special relationship with the people being insured Thus the company concentrates on the exploitation staff to ensure that these people have necessary tools to serve their customers The company will facilitate so that the sales staff frequently and directly talk with the company and to apply material and mental encouragement measures to improve the business effect For the people being insured, the customer services of the company includes the selection of the method of how to pay the insurance fee that is suitable to the procedure to claim for compensation conveniently and simply, dealing with compensation fast and fair The customer service center through the free telephone number and online investigates the information about the products and the solution of compensation Keep hold of good customers is an advantage to the business operation and the company wants the customers to know about that through the perfect customer service of the company The staff of the company needs to be equipped with modern communication system to deal with incoming calls of the customers fast, being trained about the products and request for service of the customers The Company hopes that the employees will put themselves in the position of the customers to behave with the customers in the way they deserve to receive 3.4 The solution about developing human resources: 3.4.1 Building the suitable organizational model in order to improve the efficiency of business operations + Build up a high qualification, highly skilled staff in order to meet the ever increasing demand of the customers and changes of the market Build the structure to organize and operate in the form of delegating revenue, cost effectively; hierarchical, authorizing totally so that the Directors of units actively operate This mechanism create dynamism for units in developing business, increase revenue, increase efficiency, save cost and labor As well as improve the disadvantage of loosing the general imbalance in the system, difference in wages, and income of the staff in the units due to the business results not even 73 Group12 - GaMBA 01.M05 Strategic Management + Establish the association to split the retail business function in Hanoi from the management machinery, move the verification-compensation function into the professional management department, establishes the internal auditing department … to increase the management, directive works of the units during the business operation process (Figure of the organizational chart) 3.4.2 Training the staff and leaders to develop at most the internal force + Improve the qualification and experience of the leadership Increase strongly the retraining of the human resources; training to build a staff of the company with high qualifications compared with the industry, be able to attain advanced technology So that the customers will trust and choose and support, PJICO needs to have professional staff, united to contribute strength to build PJICO grow more and more + Organize basic staff training classes, professional training classes, training courses of verifier-compensator, auditor, and send staff to take part in training sessions held by Vietnam insurance association Every year continue to build the plan to send staff to take part in training classes held by Vietnam insurance association for the positions of branch director, insurance manager, and professional staff Combine with domestic and foreign universities, Griggs University; organize classes to train leadership skills and effective execution for directors and staff of the company Organize English training program of the insurance profession, technical asset insurance professions, responsibility insurance, insurance corporate finance Figure 9: THE ORGANIGRAM OF PJICO AS PER CHOICE STRATEGY 74 Group12 - GaMBA 01.M05 Strategic Management GENERAL CONGRESS ADMIN BOARD CONTROL BOARD CORP CEO CORP VICE CEO MANAGEMENT PROFESSIONAL DEPT INSURANCE PROFESSIONAL DEPT BELONGING COMPANIES JOINT-VENTURE DEPARTMENT REPRESENTATIV E OFFICES AGENTS 3.5 Other solutions: 3.5.1 Strengthening the internal inspection and control Manage the Management Board, Chief Executive Officer with responsibilities and powers specified more clearly 3.5.2 Closely cooperate with partners, the domestic and foreign reinsurance business man to exchange experiences and dispersing risk, increase productivity, revenue from this function Complete, sign and implement the assignment contract and receive the fixed reinsurance with partners Guidelines promulgated officially announced reinsurance negotiations based on the results achieved Strengthen and maintain, expand relationships to develop activities receiving reinsurance and exchanging services 75 Group12 - GaMBA 01.M05 Strategic Management 3.5.3 Develop the brand, build the corporate culture Develop market, brand, service quality and sales network, reputation, position in the insurance market of PJICO increasing more and more for customers, partners, insurance brokers, and the re - insurance More importantly, PJICO have created the momentum for long-term and sustainable development, recognized by the market, acknowledged by competitor, is one of the strongest competitiveness enterprises in Vietnam The Company need to strengthen the advertisement under the professional direction, and has plans to gradually make the difference on the company’s service in the market The concept of building brand of PJICO not just stop at the advertising programs but prioritize reforms to improve the quality of inspectioncompensation services and focus on the "customer orientation" and improve "added value" in all business activities and be fully consistent to each staff Building a brand is a crucial factor because the PJICO product is "invisible" so it should be concentrated to make famous brand, maintaining long-term Implementation roadmap Basing on SWOT matrix, through analyzing the situation of the company and external environment, basing on the development strategy of the company we have the following route: 4.1 In 2010: - Concentrating on the resource to develop the product to create different products, maintain and develop prestigious products and the products that the company is having a competitive advantage that is the main product groups: maritime insurance, automobile insurance, and property insurance, in which taking automobile insurance as strategic product that Pjico is having many advantages in the market - Supply synchronous, various and high quality, customer-oriented insurance services Create a professional, transparent, dynamic and friendly environment so that the employees develop their capabilities and originality - Maintain and develop ISO quality management system, continuously improve the system to be suitable to the development of the company in order to best satisfy customers’ demand 76 Group12 - GaMBA 01.M05 Strategic Management - Strive original insurance revenue to reach 1,600 billion VND Profit attains 100 billion VND Become Vietnam leading insurance company 4.2 From 2011 to 2014 Develop the markets through marketing, product distribution operations mainly through agents, belonging companies, and representative offices … to have a wide nationwide product sales network Develop the advantages, assessing the industry development planning information, make use the opportunities of new scientific and technological achievements to invest suitably to continue develop new products with difference, occupy and develop the market in 2011 and the following years - Develop human resources, organize suitable with the model of the Corporation to ensure all operations go through that well meet the development of the enterprise - Mobilize the resources including intelligent resources, material resources, talent resources, improve the financial capability and competitive capability of the enterprise to ensure implementing effectively the business strategy - Ensure the annual sustainable growth revenue over 20%/year 4.2 In 2015 - Cooperate effectively with counterparts to co-develop and contribute to build the community Develop sustainably to increase value for shareholders through diversifying insurance and financial investment operations Keep prestige in the market, develop the trademark - Strive by 2014, the original insurance revenue reaches over 25% - Ensure the agreement in the enterprise Create good basis to mobilize the resources including intelligent resource, material resource, and talent resource, improve financial capability and competitive capability of the enterprise to ensure implementing effectively the business strategy Recommendations to all levels and the state 77 Group12 - GaMBA 01.M05 Strategic Management To minimize the weaknesses, increase the strengths, the company itself must build its owned strategy and its implementation measures to ensure the successful implementation of the strategy of the company However, to ensure the success of the strategy, the company also has several recommendations as follows: 5.1 Proposals for State: - For the State management agency on insurance is the Ministry of Finance, Department of Insurance, must continue to improve the normative law Insurance policy must be clear, transparent, and ensure equality between economic sectors In addition, the state management agencies and enterprises have established the close relationships with each other to get the information At the same time, strengthen the monitoring, enforcement action by management agencies for insurance operations They should coordinate with the Association of Insurance to execute the professional ethics rules, train human resources The press agencies, mass media, media propaganda extensively provide to help the people fully aware of the type of insurance, improve the quality of life - Additionally, modify certain provisions to increase financial supervision of insurance companies including legal capital, liquidity, financial activities of insurance enterprises with target to select the investors who have financial capacity, long-standing commitment to the development of the insurance market of Vietnam, especially when Vietnam joins the WTO These regulations help businesses to improve the quality of management, early detection of risks while support the management supervision of the agency functions - Continue to complete the mechanisms and policies to ensure the health of the market, including regulations to protect consumers, such as completing the regulation which prescribed content and methods of insurance contract in order to ensure security of transactions for both buyers and insurance companies and related objects (agents, insurance brokers) There should be specific regulations and characteristics than adjusting activities to ensure competition and fair competitive health in the insurance market, because this is a very specific and sensitive industry 5.2 Recommendations for associations: 78 Group12 - GaMBA 01.M05 Strategic Management Association should be keen, quick and propose more rules for insurance operations For the insurance business sector, the issue arises as how to improve financial capability and competitiveness The insurance market has had some big corporate capital, but also small businesses, low financial potential Requirements at this time are to have plans to increase financial capability in all its forms, including joint ventures, combined company There are many things need to be further strengthened in the future such as inspection, internal control, risk control, monitoring the independence of the boards, minority shareholders, public information, make official, transparent financial accounting However, there are still some potential risks; it is also to make more consideration For human issues, businesses need to raise the level of the staff For life insurance business, the most important issue is managing cash flow; it requires experts of calculating the charge and develops this specialist Otherwise, for non-life insurance businesses, the most interested problem is the transparency in accounting management; the financial problems to pay compensation, commissions need to be closely controlled Development issues of information technology in insurance operations are extremely important Currently, the investment in information technology of the insurance enterprise has not been uniform 79 Group12 - GaMBA 01.M05 Strategic Management CONCLUSION Vietnamese insurance market is not really meeting the requirements of the process of socio-economic development Operational capacity of insurance enterprises and insurance brokerage still limited However, the contribution of the insurance company for its services in the socio-economic development is undeniable For consumers, premiums are used to buy the peace in their mind at work, share concerns about the risk that can happen in their life For the community, the insurance plays an important role in the regulating the balance of income, adjust the benefits and social stability Through the process of practical research and development strategy proposed by Insurance Corporation Petrolimex, the group 12 found that they have made it clear over the basic issues are: - The basic theory about business strategy, analyzing the environmental factors, internal factors and construct and manage the business development strategy for an insurance company on a large scale in the market - Make clear the basic theory and practical development in order to improve the operation of Petrolimex joint stock insurance company to achieve the objectives in the short and long term - Plan to build short-term market development The opening of markets in general and opening of insurance markets in particular will have created opportunities and challenges for the development of Vietnam's insurance industry and Petrolimex insurance companies Besides, allowing insurance companies invested abroad are provided the compulsory insurance Meanwhile, the insurance enterprises in the country will be subject to greater competitive pressure, while the participation of foreign investors in Vietnam insurance market is more and deeper Through the analysis, we offers some recommendations to the State some policies of economic management, business management and tax policy of the State with the purpose of ensuring a healthy competitive environment to help companies equally creating favorable business environment for development, help the economy of the country to sustainably develop in the integration with world economy 80 Group12 - GaMBA 01.M05 Strategic Management REFERENCES Dr Ngo Kim Thanh (2009), the strategic management textbook – National Economics University, the National Economic University Publishing House Dr Phan Thi Ngoc Thuan, Business strategy and planning of internal enterprises, scientific and technical publishers Dr Pham Thuy Hong, Competitive strategies for small and medium enterprises in Vietnam today, the National Political Publishing House Bettina Büchel; Gillbert Probst; Christiane Prange; Charler Ruling Clemens, translator Minh Duc, My Hanh, venture and venture management : STUDY TO COOPERATE & COOPERATE TO STUDY, Young Publishing House Dr Pham Lan Anh, Strategic Management, Science & Technology Publishing House Dr Dao Duy Huan, Business strategy in economic globalization, Statistical Publishing House Dao Cong Binh, Deploying Business Strategy, Young Publishing House Author: Avinash K Dixit Bary J Nalebuff, translator: Le Ngoc Lien Nguyen Tien Dung, Strategic Thinking (Practical Game Theory), Knowledge Publishing House Author: John C Maxwell - translator: Thinh Phat, Excellent Leadership Publisher: Labor and Social Affairs Publishing House 10 Author: John C Maxwell - Translator: Le Duy Hieu, Develop the Leadership Skills, Publisher: Labor and Social Affairs Publishing House 11 PJICO Insurance JSC, Report on years of PJICO Insurance JSC 12 www.pjico.com.vn 81 [...]... Individual ability Manufacture and material management Research and development, sale and marketing Any individual ability type Product differentiation Strategic administration textbook – National Economics University – Ass Prof Dr Ngo Kim Thanh 11 3.1 Leading strategy on expenditure The purpose of the company in pursuing the leading on expenditure or low expenditure strategy and better activity (having... strategies are basic strategies of all enterprises or all sectors Each of three basically competitive strategies is the result of consistent choices of the company on products, market and individual ability- these choices consolidated each other Table 6.4 summerizes the suitable choice for each general strategy of the company Table 1: Origin of competitive advantage and basically competitive strategies Leading... decrease in the quality of products and services which they provide Thereby, the profit-making capacity of enterprise is decrease On a certain aspect, the threats that creates some dependence for enterprise - Customer analysis: This is the force generated bargaining ability of the buyer The buyer can be considered as a competitive threat when forced enterprise to sell off or require high quality and better... Hanoi Electronics Company, Vietnam Railway Union, AT Safety Company On June 21 st, 1995, PJICO was officially established in the warm welcome of domestic and foreign customers With the function of dealing with non-life insurance products, initially, PJICO Company only had 35 officers, after 14 years of establishment and development, at present, PJICO develops throughout the country with 51 branches,... suitably to different periods of the strategy + Ensure flexibility + Ensure the provision + Concentrate on key and important points and contents Check and evaluation standards: + Qualitative standards: are standards which can’t measure by physical measure, currency Qualitative standards must ensure the consistence, suitability and feasibility + Quantitative standards: are standards which can quantify,... strategic result compared with the estimate 21 PART II: ANALYSING BASIS FOR BUILDING STRATEGY FOR PETROLIMEX JOINT STOCK INSURANCE COMPANY (PJICO) 1 Introducing Petrolimex Joint Stock Insurance Company (PJICO) 1.1 Company history PETROLIMEX Joint Stock Insurance Company (PJICO) is the first insurance joint stock company being established in Vietnam by big economic groups such as Petrol Vietnam, Vietcombank,... competing, leader on expenditure will have ability to stand stably in competition better than other companies due to its lower expenditure 3.2 Differentiation strategy The purpose of this differentiation strategy is reaching the competitive advantage by making the products – commodity or services- acknowledged the best by the consumers due to their remark The ability of differentiation strategy to satisfy... day, not only meet living demands of each family but they also pay attention to society, community For that reason, to avoid, restrict unlucky risks in the process of living, producing and business and ensure firm financial source for each family, organization and enterprise, demand for insurance for the whole community in the country and region is very urgent For developed countries such as European... productivity, enhancing the quality of products and service Market opportunities: The Company can get access to bigger markets to expand business production Both in theory and practice, the role of market was asserted clearly in regulating every production, business clue, stimulating the strength of purchasing power, diversifying and differentiating demands for creating high attraction for the ability of... strength of purchasing power, diversifying and differentiating demands for creating high attraction for the ability of supplying service of the company, life quality of people is being clearly improved both in terms of quantity and quality, economies have evident consumption feature Globalization, free trade expansion can create market opportunities for every enterprise form Joining the process of
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