Lightcon is a business startup originated in Australia and has combined both the technology and aesthetic designing of products for delivering the environment friendly lighting solutions to the customers. The company will be marketing different eco-friendly lighting products including the Low glare LEDs, solar chargers, power saving lights and flame lighting keeping in mind the optimum value is delivered to the consumers. The targeted market segments comprise of green consumers whose buying attitudes and behaviors are dependent on the green products, green labels and based on their personal green interests (Prajogo, 2016). The customers, who are more aware of preserving the ecological balance in nature and keeping the environment safe, are also the targeted customers of the organization. Few others include outdoor enthusiasts and health fanatics.
The mission of the organization is to deliver eco-friendly lights by implementing cost and energy saving strategies for controlling harmful gases’ emissions and create a positive environmental impact (Botha, Kourie &Snyman, 2014). This is done not only for saving money and energy, but also for conserving the most important natural resources present in the world.
The situational analysis if done for conducting a detailed market analysis and assess the entire environment to understand the resources and capabilities of the organization.
By conducting the external analysis, the strategic opportunities and threats are identified while operating within the business environment.
As Lightcon is a startup business, it needs to adopt the local cultural values and social behaviors to penetrate the different market segments. The growth in population, age distribution, consumer lifestyle and behaviors, education and size of family are major social factors that shape the consumer buying behaviors (Epstein, 2018). The company should be inspired with the social changes and become more concerned over people pertaining to health issues and negative environmental impact.
The level of income is good for most of the people living in Australia, and due to this, it has strengthened the economy of the country too. With its great economic growth, better income level and education, it will be easy for Lightcon to understand the needs of customers and deliver products accordingly.
The growth of the startup may get affected by economic instability and due to the presence huge numbers of well known lighting companies. The downfall of consumer market can also sometimes lead to lack of sales and deterioration of economic growth too (Hill, Jones & Schilling, 2014).
With the advancement of newer technologies, the environmental impact has been kept in mind for making sure that the lights are manufactured to encourage environmentally safe, energy efficient and can save costs too.
The Lighting council in Australia already has announced the importance of energy saving and low environment impact creating lighting products (Wheelenet al., 2017). Lightcon in Australia has consulted with the policy makers and other key stakeholders to ensure that the Australian standards are met and promotion of electrically safe lighting is done.
The rivalry among existing competitors is high, because Lightcon is a startup business and may face issues to compete with the established business organizations within the electrical industry. The high competition level can also affect the long term profitability of the organization and hinder the successful accomplishment of business goals and objectives (Sakas, Vlachos &Nasiopoulos, 2014).
The bargaining power of buyers is high because, smaller the consumer base, the higher is their buying behavior and greater bargaining power of the customers. The business startup needs to provide something unique so that the buyers get influenced and make purchases consistently.
With the new competitors emerging, there will be threats of new entrants in the market, which can result in lack of ability to bring out the new products. When the other companies will bring new products that include some unique components, then the products delivered by Lightcon might not gain exposure and the sales would decrease as well (Saeidiet al., 2015).
When the new products of the business startup meet the similar kinds of products made available by other companies in the marketplace, then the profit level can be reduced. The threat of substitute products is high as it provides value proposition that has been different from the present products marketed by Lightcon, Australia (Klettner, Clarke &Boersma, 2014). The substitutes to the company could be the similar kinds of lighting solutions provided by LedEco lightings, Philips, etc.
The strategic groups are associated with the management of strategies and can also be the major stakeholders in business such as shareholders or investors, employees, clients, managers, Government and the entire community too (Buckley, Burton & Mirza, 2014).
Introduction- The business organization named Lightcon is a new startup and thus it is currently at the introduction stage. The company has been delivering good quality lighting solutions and the products are eco-friendly, which has created lesser harmful impact on the environment and kept the customers satisfied as well.
Growth- Growth will be experienced by Lightcon once the marketing efforts bring fruitful results and the products can sustain in the long run (Castellani et al., 2018). The products are to be delivered to different market segments for ensuring that the clients are influenced and the sales level increase constantly, which can improve the cash flow through generation of income and covering the expenses.
Maturity- With some effective sources of income, the company should learn to make further expansion or rather exit the business. It is important to understand whether the business can sustain future growth or not and then undertake approaches to make the attempt of expansion successful, otherwise manage proper exit procedures to prevent any further losses that might be faced (Bentley-Goode, Newton & Thompson, 2017).
Decline- Though the products of Lightcon are innovative and are manufactured keeping the environmental and health related aspects in mind, still after a certain period of time, innovation of products should be done to keep pace with other competing products and try not to become obsolete (McAdam, Bititci & Galbraith, 2017). Mergers and acquisition could be an effective solution for remaining competitive and obtain success through product diversification and acquisition slowly.
The company will face huge competition due to the presence of well known brands that provide extensive lighting solutions for a long time. The major competitors are LedEcoLighting, Light Project and Australian Lighting solutions in Australia. All these companies hold a string positive due to their value proposition achieved through delivery of great quality LEDs and availability at lower prices. The weaknesses are that most of these companies have not prioritized much on the environmental impact and did not even consider the safety and health issues that may be generated (Olson et al., 2018). There is scope for Lightcon, Australia to make sure that environment friendly lighting solutions are delivered to create positive mindsets among the customers, influence their buying behaviors and create lesser harmful impact on the environment too.
The analysis of market is done with the use of 4 Ps of marketing that demonstrates the four major principles of marketing including the product, price, place and promotions (Hansen et al., 2017).
Product market- The products that are delivered in the market include lighting solutions for both exterior and interior as well as smart lighting eco friendly lighting solutions. There are environment friendly LED spot lamps, induction lighting, LED light globes, LED Gen X and commercial lightings for both internal and exterior purposes (Jaworski, 2018). The products are targeted and marketed to the health conscious customers and those who focus on protecting the environment and keeping it safe and healthy for human beings to live.
Market characteristics- Based on the market conditions, the economic conditions are stable and thus Lightcon can outsource to local business and create a sustainable and healthy small business as a startup sector. As most of the lighting solutions companies deliver normal lights, there can be better scope and opportunities for Lightcon as the company will be marketing environment friendly lighting solutions to create positive impacts both environmentally and economically (Hunt, 2018).
Distribution and pricing trends- Mapping the customer’s ecosystem is essential for distributing the products and services both online and offline; furthermore make sure to promote the products through advertisements and promotions of newspapers, magazines, televisions and also through social media involvement. The pricing trends are managed by evaluating the prices of similar kinds of products provided by the competitors, which can help in assessing the armlet conditions and check whether they will be kept satisfied or not (Song et al., 2018). The prices of products are kept lowered at first to enter the market segments easily.
Target market behavior- The consumers in the different market segments have been looking for good quality eco-friendly solutions of lighting and thus the Australian lighting industry will definitely get benefited with the introduction of new eco-friendly products made available by Lightcon in Australia. The consumers always look for something new and innovative and the new products will create positive impacts on their mindsets and influence their buying behaviors too (Davcik & Sharma, 2016).
Physical resources- The physical resources include the organizational infrastructure components, its products and also the various components used for the manufacturing and production of the lighting products and services delivered to the customers. The physical resources thus include conventional lights and tubes, LEDs, eco friendly lighting solutions and lighting control accessories too (Galeazzo, Furlan &Vinelli, 2017). The offices, logistics and operations department and manufacturing rooms, distribution facilities, storage facilities and inventories are the other physical resources.
Financial resources- The corporate capital means the amount of money that has been invested in the assets including equity capital and liability. Business funding in the form of cash, deposits with financial institutions and cash equivalents including the security deposits are other financial resources associated with the business functioning (Smith et al., 2014).
Intangible resources- The intangible resources are the intellectual property, brand image and brand logo that are maintained properly to build the brand image and reputation and at the same time, prevent any kinds of violation of copyrights and patents.
Human resources- The employees who work for the company are considered as human resources who shall be trained for carrying out their roles and responsibilities properly (Martín-de Castro, 2015).
The organizational capabilities and skills that are required to manage the sources, i.e., technical, human and financial resources including the finance, employees and various equipments and machineries required to ensure successful business functioning and gain competitive advantage.
The corporate management capabilities also include focusing on the other areas where changes are needed to be done for meeting the customers’ demands and expectations; furthermore manage the business properly at Lightcon in Australia (Bailey et al., 2018).
The competitive abilities are also considered as corporate management capabilities that include using the Internet of Things with the entirely new IoT platform for developing the portfolio of the data enabled services. This will create a secure and flexible cloud based interact platform that can help in managing data and information and enhance the data processing capabilities to deliver data enabled services to the customers beyond just illumination. The technological advancements have enabled using advanced technologies to deliver the best quality eco-friendly products for creating a positive impact on the environment (Martin, 2014). The designs are made to ensure that the eco LED lights deliver exceptional long life and can save energy, reduce electricity consumption as well as decrease the formation of lesser wastes in the rubbish depots. This will not only preserve the natural resources, but can also improve the effectiveness of creating positive environmental impact too.
The research and development activities could also help in identifying the gaps and make any necessary changes to the products and services required to fulfill the preferences of customers and keep them satisfied. With the research conducted, the startup has introduced new technologies to scan and track the product related information all throughout the supply chain (Bolman & Deal, 2017). As the company is focused on delivering eco-friendly products and keeping the environment safe, the lean management approaches have helped in removing any unnecessary components and make sure to avoid wastes for increase the efficiency of machineries and equipments utilization and reduced the lead time too (Zietlow et al., 2018). The low price at which the products are offered and the environmental safe aspects are combined together to manage effective supply chains and gain a competitive edge over its competitors.
The operations management includes designing the system that begins with the development and production of a product or service. The designing of products facilitate proper planning and communication routines to meet the customers’ demands and preferences. The scale economy will include applying various mechanisms by a flexible production system to meet the changing customers’ demands (Langfield-Smith et al., 2017). The planning and forecasting are considered as operations’ management capabilities too where the time horizon for long term planning is dependent on the proposed changes and complexity of tasks.
Lightcon, being a business startup needs to possess good marketing skills and capabilities for ensuring that the products and services are properly delivered to the customers and the distribution of those is done properly too. The sales level is dependent on the ways the products are placed in the different market segments and this can help to attract the customers as well as influence their buying behaviors for increasing the sales revenue and profit level to be achieved by the organization (Etzkowitz & Etzkowitz, 2017). The research and development activities have helped in calculating the ROI of the marketing capabilities to strengthen the investments required for top line growth.
The logistics operations are managed by managing a storage facilities where the stocks are kept and the warehouses will be managed keeping in mind the products are handled properly so that it does not break or get destroyed. The company aims to manage 5 trucks for transporting the products in various locations all over Australia and also control the inventories properly to ensure that the supply meets demands in the market and an effective logistics network design is formed (Frey & Kerl, 2015).
The company at present has recruited 100 workers, as it is a new company, but soon it is expected that more workers will be recruited for strengthening the human resource efficiency and manage the business operations properly too. The employees have been trained properly to make sure that they are well aware of the components that shall be used for developing the eco friendly lights and manage sustainability too. Benefits and rewards provided to the employees can keep them motivated and this will promote a healthy culture where they can work in coordination and as a team to accomplish the business goals and objectives with much ease and effectiveness (Brazier et al., 2017).
The distinctive competency is the prioritization on environment friendly products that create very lesser harmful impact on the environment, reduce pollution, save energy and keep people safe and healthy. The designing is also considered as distinctive competency because of the focus on environment friendly design to reduce power and energy consumption along with decrease in greenhouse gases emissions (Tomczak, Reinecke & Kuss, 2018).
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Strengths
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Weaknesses
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Opportunities
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Threats
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The organization, being a startup business has managed the resources properly to pursue greater opportunities and emerge as a successful and noteworthy brand within the lighting solutions industry. With its extensive approach to deliver eco friendly products, there are scopes to grab the attention of customers and create a positive mindset among them regarding protection of environment through reduced greenhouse gases’ emissions and energy consumption as well. With its focus on greener approaches, the company can promote the brand through various advertisements shown on televisions stating about the benefits of using eco friendly lighting solutions (Robson, 2015). This can influence the customers and make sure to form a large customer base that can increase the sales for the organization gradually. It will also enable Lightcon to deal with the threats and gain a competitive edge over its competitors too.
The resources mainly include the financial, technological and human resources essential for overcoming the weaknesses and pursue the opportunities to counter the threats. The financial resources are managed through proper allocation of budget, capital and assessing the expenses incurred during the management of business operations. The technological resources include use of advanced machineries and equipments along with the use of internet while the human resources, i.e., the employees will be managed through proper training and development sessions (Popkova et al., 2015). It will improve their skills, knowledge and expertise and make them handle their roles and responsibilities properly to benefit the company as a whole.
Lightcon does not have a massive corporate structure unlike other businesses though the stifling bureaucracy in the multi level organisational structure can create benefits in the form of economies of scale. Due to the greener approaches, the costs of operations are lower, which has allowed the firm to establish competitive advantage in business and for exploiting the scales of production along with the production of high standardized products to influence the consumer buying behaviors. The prices are kept lowered due to the lower cost of operations, which has eased down the ways of surviving in the competition and attract more customers. The product differentiation strategies are helpful for differentiating the products delivered by Lightcon from the other company products by targeting the different market segments (Chofreh et al., 2016). The product differentiation strategy in the form of promotions done on green LED lights and eco friendly lighting solutions can develop trust and loyalty among the customer. The strategy is also useful for gaining higher market share through perceived quality and save costs to stay ahead of the competitors too. The fostering of a positive culture has been possible with the compensation programs arranged to keep the workers motivated and encouraged (Altamony et al., 2016). They will also be trained to enhance their skills and expertise and form good relationships with the purchasers and suppliers to deal with the production and delivery of products consistently too.
The targeted market segments include customers with varying needs, where some are more concerned about quality while few are more concerned about the price. The targeted market segments are environmentally cautious clients and those who want to save their electricity bills and reduce emissions of harmful substances in the air too with the use of eco friendly products (Altamony et al., 2016).
The positioning should be done by considering the needs of customers in different market segments at first. The value proposition of customers ensures that the customers are provided with the best quality products that are cost effective, high on quality and are both safe and healthy for consumption with very little impact that may be created on the environment.
Product- The environment friendly LED spot lamps, induction lighting, LED light globes, LED Gen X and other eco friendly lighting solutions
Price- The price range for the products available at Lightcon start from as low as AUS$30 depending upon the products’ characteristics. The cost leadership strategy has allowed the startup business to set lower prices at first without compromising on the quality to attract customers and influence their buying behaviors (Wolf & Floyd, 2017).
Place- The distribution and differentiation strategy will help in placing the products in various locations all over Australia, furthermore enter new market segments to attract new and existing customers.
Promotion- The promotions will be done through advertisements on televisions, newspapers, magazines and an internet website will be managed too for making people aware of the new green lighting solutions available (Kapp, Latham & Ford-Latham, 2016). The involvement of social media can also benefit the promotional approaches to attract more customers.
Forecast sales- Sales forecast will enable understanding the needs of people in different market segments and heck whether the supply can meet the demands or not.
The business startup will require new technologies integrated with the machineries and equipments along with the IT hardware components to manage the marketing techniques through use of internet. The trucks and transportation vehicles will manage stocks from warehouses and ensure that the products are safely stored prior to delivery to the customers. The infrastructure maintenance cost is huge and it also will include rent of building, office equipments and costs associated with the warehouse management (Simon, Fischbach & Schoder, 2014). The costs of incurring all these will be nearly $500000.
The major issues of procurement could be the lack of CSR strategies, lack of brand exposure, which should deteriorate the brand image and reputation along with inability to engage the stakeholders like shareholders, employees, clients, managers, etc. properly. Indirect procurement often creates complexity and hinders the sustainable practices in business management. Inventory management issues could be dead stocks, i.e., the products stored may be out of style because of the presence of other similar products in the market and the storage costs also could be higher due to constant fluctuations in warehousing expenses (Ha & Ahn, 2014). TQM approaches are followed to maintain quality and the scheduling has helped in the optimization of work to facilitate the production process. All these could be managed with a projected cost of more than $120000.
To promote innovation, technological implementations are necessary, which can be possible by using various new machineries and equipments along with the use of internet technology. The organizational knowledge will improved through training programs arranged for the workers and by conducting research and development to improve the human resource efficiency and assess market conditions to create a sustainable position in Australia (Haines, 2016). The intellectual property could be protected by managing patents, trademarks and working with an attorney to file. All these can ensure legal protection, improve knowledge management and prevent violation of copyrights and trademarks too.
The human resources re the employees who will be assigned for different kinds of tasks within the organization. The management of human resources is essential for making sure that the production level increase and the company generates more revenue in business. The workers should be trained for improving their skills, knowledge an expertise and make them handle any tasks with ease, thereby result in enhancing the production and revenue generation for Lightcon (Ptak & Schragenheim, 2016). The HR manager and employer are responsible for managing the recruitment, selection, training and allocation of roles. The minimum salary will start from $300.
Though it depended on size, mission and values, the market and its customers, still the horizontal organizational structure is suitable because of fewer levels of management.
The team first corporate culture will be beneficial to make the employees feel valued and enjoy some freedom to perform to their potential. To shape a good culture, employees are allowed to communicate and ensure that they are clear about the roles and responsibilities along with necessary rewards, both monetary and non-monetary benefits should be provided to them.
The democratic leadership style is suitable because the leader shall consider the views and opinions of employees and them make a business decision. The employees’ needs are also to be taken care of with this kind of leadership (Shenet al., 2016).
Projected salary for top management team would be around $600.
Ways of managing financial obligations:
The suppliers who provide the raw materials and resources required for the production should be paid timely and even the staffs to ensure smooth and steady business functioning. Timely management of records for the funds from customers in the form of payments along with the identification of KPIs are also essential aspects of financial management (Papke-Shields & Boyer-Wright, 2017). The sales level achieved, profit and number of visits in the website and stores are key performance indicators that can show the growth and success of Lightcon.
The amount of capital needed is $500000 and it has been derived from debt, equity, leasing activities and by assessing short and long term objectives.
Figure: Optimal capital mix
WACC is the cost of capital and here the capital has been proportionately weighed considering the stocks, bonds and long term debts too.
The economic evaluation will be possible by planning for assumptions and measuring the performances of the business in terms of profit level achieved and competitive advantage slowly gaining over time. The forecasting of sales and assessment of cash flow and profitability are other aspects that determine the economic evaluation. The economic evaluation is done by determining the breakeven analysis, sensitivity analysis, evaluating the payback period, NPV and IRR.
Breakeven point in units= Fixed cost/ (Sales price per unit- Variable cost per unit)
The sensitivity analysis is used to determine the dependence on one or more input variables such as understanding the effects on bond price due to fluctuations in rates of interest (Kerzner & Kerzner, 2017).
Payback period = cost of investments made/ Annual net cash flow
Initial investments are $10000.
NPV= $11338.77-$10000 = $1338.77
The value 17.974 % means that the NPV is zero at the current rate.
Action plans
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Actions |
Individuals responsible |
Timeframe |
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Managing the licenses and governance structure |
Manager, shareholders |
30 days |
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Manufacturing and production |
Employees, suppliers |
40 days |
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Marketing |
Marketing team, IT facility |
10 days |
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Distribution and delivery of products |
Customers, wholesalers, retailers |
10 days |
The implementation of green technologies to produce eco friendly products and control mechanisms include managing the inventories, stocks and implement the right procurement strategies too.
The Health and Safety Act, Equal Pay Act and Wages Act should be implemented to make sure that the workers are kept safe and healthy and the organizational standards are maintained too. The Wages Act will ensure that the workers, whether male or female are treated and paid equally. The investments are done by shareholders and so they must be provided with information about the expected rate of return on investments (Saade &Nijher, 2016). The major steps to ensure compliance with the organizational policies and procedure are:
By incorporating the governance techniques, the organizational performance will improve and the ethical standards shall be maintained by managing risks and enabling corporate compliance with the objectives through better internal control. This would promote communication between the business and its stakeholders, furthermore present appropriate financial reports to analyze the corporate performance. Breaches may result due to the presence of competitors, though the standard operating procedures are inclined with the corporate goals and objectives (Rezvani, Dong & Khosravi, 2017). The legislations and laws are implemented to ensure that the organization is aware of the environmental standards and social responsibilities, i.e., towards protection of the environment and creating a sustainable and healthy environment where people can live in. The company aims to manage the business operations sustainably and implement greener approaches to deliver the best quality eco friendly products.
The corporate social responsibility and sustainability are integral aspects of the business required to maintain proper values and ethics. The company has been socially responsible, because of which, it has focused on greener approaches and delivery of eco friendly products to create lesser harmful impact on the environment. To ensure that the green house gases are reduced along with decreased power consumption, Lightcon has prioritized on switching to green LED lights to preserve the natural resources and save money too (SUHAIMI et al., 2016).
The internal stakeholders are staffs, board members, managers, employers, etc. who are communicated it with the help of sending emails and by engaging in chat sessions while the external stakeholders like shareholders, community partners are communicated with via emails, chat sessions and also by conducting face to face interviews to influence them and even make them understand the significance of making investments on the startup business.
The key areas of risks are markets and competition, because the company is new to the local market conditions and the immense competition can pose serious threats to the company and decline the profit level. Being unable to assess the market conditions can also result in lack of customer satisfaction and face loss in business (Pan, Sivo & Goldsmith, 2016). The major approaches of managing risks are:
Conclusion
The report proposed the various aspects of strategic planning for the business startup named Lightcon that aimed to deliver eco friendly lighting solutions to customers and for creating a positive environmental impact. All the major aspects like situational analysis and assessment of factors associated with business functioning, culture, organizational infrastructure and financial aspects were managed to ensure that the startup could be successful while operating in Australia.
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