The business of strategy VITECHCO company limited e

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The business of Strategy VITECHCO Company Limited TABLE OF CONTENT TABLE OF CONTENT INTRODUCTION RESEARCH OF CONTENT Introduction overview of VITECH Company Limited .5 1.1 The process of formation and development VITECH Company Limited 1.2 Structure of apparatus of VITECH limited company 1.3 Functions and duties of the VITECH Company Limited Analysis of PEST model 2.1 The impact of the economic environment 2.2 Effect of the elements of culture, society, geography and demography 2.3 Impact of government legislation, politics 2.4 The impact of technology 2.5 Effect of natural Analysis of the competitive factors 3.1 Competitors 3.2 Customers 3.3 Supplier 3.4 Potential new rival 3.5 Substitutes The Strategic vision, business mission of the VITECH Company Limited 10 4.1 Identify business SBU 10 4.2 Identify strategic business objectives of the VITECH Company Limited 11 Evaluate the success and limitations of the VITECH limited company 11 5.1 Success in business strategy of the VITECH limited company 11 5.2 The shortcomings in the business strategy of the VITECH limited company 12 5.3 The causes of the current problems in the business strategy of the VITECH limited company 12 Trends perfect the business strategy of the VITECH Ltd company in the near future .13 CONCLUSION 15 15 INTRODUCTION Strategic management is the science and art of the strategy to develop the direction and business objectives, implement, implement the short-term plan and longterm on the basis of available resources to help the each organization can achieve its long term goals An effective business strategy together with excellent performance is the best guarantee for the success of every organization A business exists in a changing environment including changes in: technology, social values, consumer habits and economic conditions, policies and even in pollution norms Environmentalists may face risks and challenges as well as great opportunities Senior leaders and researchers can give reasons why businesses and other agencies should conduct business strategy The conditions of most of the business changing so fast that strategic planning is only one way to counter the difficulties and opportunities in the future Strategic planning provides every member of the business objectives and the specific direction of the business in the future Strategic planning as a basis for control and evaluation of the management Organizations and individuals that strategic planning will be successful and effective than no plan RESEARCH OF CONTENT Introduction overview of VITECH Company Limited 1.1 The process of formation and development VITECH Company Limited - The VITECH Company Limited was established in July 2009 - Tax code: 0104076437 - Email: Vitechpro@gmail.com - Phone: 04 66536592 - Fax: 04 66536592 Previously, the predecessor of the company is a shop specializing in providing advertising services Then, jointly developed with the market mechanism, has promoted the establishment of the company The company is headquartered at: No 6, lane 31/2, Phan Dinh Giot, Phuong Liet, Thanh Xuan District, Hanoi; Transaction office: No 62, Phan Dinh Giot, Thanh Xuan District, Hanoi The company now is still a small company with the initial charter capital is billion VND When first put into operation now primarily active in the field of printing products such as: billboards, calendars, cardvisite, flyers,etc, , have not paid attention to advertising and service sectors other commercial services However, as demand for printing and advertising market, particularly businesses, stores rising up from 2010 to present the company to focus on key areas as print advertising 1.2 Structure of apparatus of VITECH limited company The organizational structure of the company vertically, simple, compact, creating unity in command now Chart compact structure that allows businesses to save cost management 1.3 Functions and duties of the VITECH Company Limited The main function of the company is: Organize business production and supply of printing services and advertising business registration and incorporation purposes The company's mission is: Provide printing services and advertising in order to best serve the needs of customers, undergoing renovation repair works of outdoor advertising, restored edition kinds rental equipment used for advertising, printing, unceasing care and improve the material and spiritual life, fostering and improving education level, professional skills for staff members within the company Analysis of PEST model 2.1 The impact of the economic environment Economic factors are often primarily interested businesses is the bank interest rate, stage of economic cycle Since early in March 2014 to the present, deposit rates of commercial banks has decreased significantly, musty deep backward 7%/year maturities less than months and less than 8%/year terms from - 12 months,etc, Raise interest rates further decrease is also a condition to contribute can further reduce lending rates In 2014, leaders of the State Bank estimated in favorable conditions, lending rates may fall further VND from 1-2% /year This will help businesses reduce cost of capital for production and business Another factor to consider is the economic cycle Economic cycle makes business plans of the private sector and economic plan of the state in trouble Economic cycle, non-volatile rule, often iterate over the period from nine to ten years Currently, we are in the period of economic recession, so this is difficult requiring businesses must have the appropriate business strategy to step through this period 2.2 Effect of the elements of culture, society, geography and demography Like other Eastern countries, most Vietnamese people enjoyed the bold colors, bright and red as the color of good luck So businesses need special attention to color when printing advertising design Currently, the exchange between the cultural domain extension is increasingly leading to a change in color preference of some Vietnamese people, especially the youth This is what requires businesses to capture the preferences of different customers Another encouraging factor for businesses is present, Vietnam's population increased, up to 90 million people (according to the General Department of the population) This will make all businesses generally as well as print advertising business in particular will have the opportunity to sell more products 2.3 Impact of government legislation, politics Vietnam is a country with a stable political regime it very favorable for all enterprise production and business activities on the territory of Vietnam Before the advent advertising rules, Vietnam has many circulars, decree laws regulate the advertisement as: 116/2005/ND-CP on September 15, 2005, 20/2005/ND-CP, on September 30,2005,21/2006/ND-CP, Circular 78/2008/TT- Ministry of Culture, Sports and Tourism, Advertisement Ordinance 2001 Ordinance on Consumer Protection 1999 Trade Act 1997,etc,… However, on June 21, 2012 the new parliament formally enacted legislation to regulate advertising of the business scope of activities related to advertising Advertising Law is applicable since January 1, 2013 This requires businesses related to promotional activities must fully comply, or they would be punished An important element in the law have direct influence on any particular business is tax policy Currently, we are the government policies stimulate development enterprise with tax rates According to Clause of Article of Act No 32/2013 / QH13, the income tax rate is 22% of its business from January 1, 2014 and only 20% on January 1, 2016 In addition, for those enterprises with total revenue in the preceding does not exceed 20 billion will be subject to 20% tax This is an advantage for the VITECH Company Limited for now the company is a small business 2.4 The impact of technology Currently, the progress of science and technology, the technology transfer that allows the introduction of modern printing technologies such as laser printing technology, dot matrix, inkjet printing, 3D printing increasingly better meet demand consumer 3D printing technology which is new printing technology has been launched not long, but has received a lot of enthusiastic responses from consumers However, their prices are very expensive so overall it has virtually no advertising printing enterprises of Vietnam has been the technology The improvements in printing technology in the world in general and Vietnam in particular has shaped many methods in increasing productivity and better quality: typo printing method, flexo printing, gravure printing, screen printing, offset Offset printing method is a method of printing businesses in Vietnam used the most because it gives the yield and quality than other printing methods The printing technology and methods in increasingly improved, this requires VITECH limited company quick to grasp market trends and updated methods and technologies in a timely manner so that in order to not be left behind compared to other businesses 2.5 Effect of natural The tropical climate countries like Vietnam are characteristic of high air humidity, creating favorable conditions for mold growth can therefore negatively affect the preservation and display of printed products an advertisement In addition, Vietnam is also one of frequent storms, floods,etc, Annual collapsed, faded many billboards This requires the advertising printing business must have products that can stand in good climatic and natural conditions in Vietnam The impact of natural conditions to the decision of the print ad business has long been recognized The majority of printed products and advertising, the quality and reliability of it depends on the climate and weather Therefore, theVITECH limited company well as enterprises in the sector have studied the effects of nature, especially the weather to have the initiative in business Analysis of the competitive factors 3.1 Competitors Currently, due to the demand for printing products increasing advertising has led to many companies involved in this business sector According to the association in Vietnam, only less than 10 years after the law is now in force and the provisions on the establishment of printing houses are easing, the printing company in Vietnam has increased times, up to 3000 enterprises Currently, intensive direct competitors of the company is the printing business advertising on the city of Hanoi as: Travel - Commerce - Advertising Ha Viet Corporate, Advertising agency Young Hanoi, Advertising Capital company, commercials Hanoi Capital printing Limited company, Tan Viet An Development Joint Stock Company,etc, Consequently, competition among companies dealing in printing products increasingly fierce advertising affect sales of other businesses as well as VITECH limited company 3.2 Customers Regular customers of the company's stores VITECH Limited company, companies such as: Duc Phuong production and commercial company, Vietnam JapFacomFeed company, North Cotton joint-stock company,etc, Each client has a need different needs and characteristics require advertising printing enterprises should grasp this need to attract customers Moreover, today, customers are increasingly demanding and have more information about the market Consequently, only those companies that have the ability to meet customer demand, the new best stand in the market 3.3 Supplier The main suppliers are very lontoi affect business operations of enterprises There are good relationships with suppliers will help businesses reduce purchase costs, ordering costs and actively in business If no good supplier will be able to make business fell into disruption of production and business activities Therefore, to ensure that the manufacturing process is happening stable, ongoing businesses need to have a good relationship with suppliers and selected reputable suppliers When a new vendor offerings, enterprises have researched the possibility of financing, availability of materials,etc, Before signing the contract The main suppliers of VITECH limited company is: Table 1: The main supplier for VITECH limited company No Provider name The Southern printing ink trade investment joint-stock company, The Vietnam ink trade and export joint-stock company,etc, Minh Chau paper Trading and Producing Joint Stock Company, Hoang Ha Counseling and Producing paper Company Limited,etc, LALA building and commercial Limited Company, Dong Phuong Manufacturing and commercial construction limited company,etc, Xuan Thuy Dai Duong Joint Stock Company Items supplied The printing inks Printing papers Supplying steel frame types Supply tarpaulin hiflex (Source: Business Department) 3.4 Potential new rival New competitors to enter the business in the business of advertising printed products are factors that reduce industry profits Therefore the research to protect the competitive position of enterprises in this industry include maintaining legal barriers prevent intrusion from outside is important 3.5 Substitutes The strong development of electronic communication with the explosion of the internet and digital media for many diverse advertising methods without resorting to printing technology, such as: Electronic billboards, advertising through web pages, through radio, television,etc, is becoming a threat to print advertising industry Many businesses now use this new form of advertising revenue thereby printing advertising industry affected Therefore, businesses in the print industry as advertising supply the VITECH Company Limited need continuous research, monitoring of potential substitutes and improved printing technology as well as design The Strategic vision, business mission of the VITECH Company Limited According to a survey interviewed senior executives in the company, the only existing company business strategy for the company that's best business print on canvas Hiflex billboard for Beach tents are a form of advertising is most commonly used today, many businesses, shops selected by the advantages of cost saving, printing simple, quick Material suitable for advertising promotions on many small areas from the sign company, shop, showroom by the ability to print on large areas, after the print image quality is guaranteed, no blurry pictures, cracks form durable and can withstand sun and rain, good elasticity Through interviews with company executives in the strategic vision of the company is "always eager muontro a leading company in printing advertising industry by offering products beautifully designed, affordable reasonable, good quality to satisfy the needs of customers' business and mission of the company is: "Focus on the most advantageous areas to improve the position in the industry" When investigators tested 10 employees in the company about the level of awareness strategic vision and business mission of the company, found that 70% of staff in the company is not aware of a strategic goal comb This is because the company leaders clearly not common to all staff This may be the reason that companies not achieve the desired results in strategic planning 4.1 Identify business SBU Currently, the company has five product business groups are: billboards, brochue, visde cards, calendars, books circulated internally These products are consumed in the Hanoi market and customers are small and medium enterprises The competitive advantage of the company's products are uniquely designed, beautifully 10 This is because the company focused on product design, the design staff in the company are good employees, trained in the arts field Among the products, the products tarpaulin billboards hiflex received greater attention since it is the company's main product Because of this, the proportion of product revenue tarpaulin billboards hiflex majority of business revenue, approximately 60% of total revenue 4.2 Identify strategic business objectives of the VITECH Company Limited As a result of the current survey interviewed only company business strategy for key commodities are hiflex tarpaulin billboards and major objectives of the strategic business promotional items is necessary to sea beautiful and eye-catching design, the next secondary objective is to provide products with good quality, cheap, fast From this goal, the company focused research, design beautiful products and introduce preferential policies for patrons to encourage customer loyalty The goal is to bring profit to approximately 12% of total revenue and accounted for 6% share of the billboard on the Hanoi market This strategy will be implemented over three years, starting from 2015 and 2017 Evaluate the success and limitations of the VITECH limited company 5.1 Success in business strategy of the VITECH limited company First success must mention that the company has identified strategic objectives of achieving profitability on approximately 12% of total revenue and accounted for 6% of the market for the commodities business of his own billboard by Hiflex canvas simultaneously determine current target markets and target orientation for the future The company also has planned initially in human resources and finances to prepare for the upcoming business strategy Business strategic planning of the company has been focusing attention The company defines this as an important step startup, specify the path, is necessary to base the stage after performing the tasks and objectives set When conducting the strategic planning company was based on the actual situation of the external environmental factors associated with the ability, resources at their disposal Companies are aware of the strengths, weaknesses, opportunities and challenges so that business strategy more effectively Self noticed was a small company, so the company focused on a major production business to make up the strength to be able to compete with large companies - with strategic competitive 11 differentiation in the product product, focusing on product design work was initially brought to the company of loyal customers This could help to position the company to be more advanced 5.2 The shortcomings in the business strategy of the VITECH limited company Besides these encouraging results, the company also has a few shortcomings in strategic planning The VITECH limited company also build business strategy but in fact the building is not a specific strategy, obviously, but also in general in the form of orientation, lack of clear analytical information on the economic situation clearly clear of branches Regarding the analysis of the external environment: Currently, the analysis of external environment has not really been the investment company and attention Business and acquiring information from the external environment of enterprises have only been collected through secondary data but the company does not go directly to find out the external environment, market research to obtain primary data Environmental analysis inside: The analysis of the internal environment of the company and can only be measured through subjective judgment of administrators, and not use analytics tools to analyze On the use of strategic tools: Currently, the company has not used the tool to analyze the strategy as: TOWS, BCG, EFAs, IFAS Regarding the construction of the strategic plan: Strategic decisions made are not really thorough, still superficial, simplistic Strategic plans made based primarily on experience and the operational forecast accuracy is not high Regarding resource allocation plan: current workforce of companies not have much experience In the future, the company will provide training to improve the quality of human resources But the company plans to offer concrete is not clear Financial resources have been identified as the company mobilized mainly from the banks, but companies not have the detailed allocation of funding for each specific year 5.3 The causes of the current problems in the business strategy of the VITECH limited company 5.3.1 Objective reasons 12 - The fiercely competitive market of business, science and technology also developed strongly - The business environment changes constantly and complicated, surprisingly, been dominated by macroeconomic factors such as inflation, interest rates This company may encounter unforeseen events - The state has no clear mechanism for management and operations consistent with the Company's business in general and for the planning and implementation of business strategies in particular - The economic policy of the State to accede to the WTO has also been in the process of both building just finishing up also many shortcomings and inadequacies - Information systems to support business strategies are weak, companies have to seek to forecast the company usually does not exactly affect no less to the feasibility of the strategy 5.3.2 Subjective reasons - Due to the analysis of environmental assessment under the provisions trinhkhoa study based on sensory analysis of the administrator - Because of workforce in companies without much work experience - Due to the company's financial resources are limited, raising capital from outside the bank loan cost of capital so high Trends perfect the business strategy of the VITECH Ltd company in the near future For strategic planning can achieve good results should research thoroughly analyze the factors and trends have important implications - Development Trends customer needs: Demand tastes and social development intertwined Government needs to promote production and upward social development and economic growth will influence the society to demand Social needs shift from basic to higher demand Nowadays quality elements and services have a major role to ensure success of the company As society grows more factors, the price factor plays a more important role for product quality and service It is increasingly concerned about the time factor and future sales services, the selling method, will promote its great role 13 - The development of technologies and modes of service: Technology today is considered to be the result of four component synthesis equipment, people, organizations and information Among them is the core equipment, the human role in the decision Technological factors, techniques affect all activities of the company so you want to survive and development companies are not integral factors engineering technology Want to information system works well need the means and tools analytical processing, exchange information effectively Want effective leadership strategy requires increased management devices and means to exchange information through the management apparatus and equipment management leadership 14 CONCLUSION Strategy is the direction and scope of an organization to act on long-term aim to achieve business advantage through the identification of existing resources can be used in the business environment to ensure our determination market demand and ensure benefits for all the stakeholders In view of the consulting firm and strategic support Win-Win, profound goal of strategic management is enterprises set in the best position on the target market, to maximize the long term value of the business Industry A more specific strategies are to: - Achieve the target of the business in the long term (business & corporate social responsibility) in a sustainable way (Sustainable) - Market or market segment that the company will business, business strategies will be applied - Business how to dominate from the competition in those markets with specific customers? - We need to use what resources (people, skills, assets, financial, trade secret) in order to achieve that objective - The potential risks from outside may affect the implementation strategy: environment, competition, politics, resources, both risk prevention plan? - The enterprises value that will give owners and society that enterprises is a member In terms of process, strategic management is seen as a management process including the formation of a strategic vision, setting goals, draft a strategy and implement that strategy , and over time to adjust strategies to suit the circumstances 15 ... the business strategy of the VITECH limited company 12 5.3 The causes of the current problems in the business strategy of the VITECH limited company 12 Trends perfect the. .. printed products and advertising, the quality and reliability of it depends on the climate and weather Therefore, theVITECH limited company well as enterprises in the sector have studied the effects... have the detailed allocation of funding for each specific year 5.3 The causes of the current problems in the business strategy of the VITECH limited company 5.3.1 Objective reasons 12 - The fiercely
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