The competition between corporations has increased in today’s competitive business world, and they implement business strategies to gain and generate a competitive advantage in the industry. There is a wide range of environmental factors which result in affecting the profitability of a company in both positive and negative manner. The senior-level executives in corporations have to evaluate these environmental factors during strategic decision making to ensure that they are able to exploit business opportunities and prepare themselves for threats which negatively affect their business (Hilton & Platt, 2013). There are various tools and frameworks which are used by companies to assess the environmental factors which affect their operations. This data is crucial for corporations when they form their business strategies because they allow them to generate a competitive advantage over their competitors.
The objective of this report is to evaluate the case of Telstra Corporation Limited which is an Australia based company to understand the external factors which resulted in leading to the loss suffered by the company. This report will conduct an analysis of Telstra to understand its nature of work and its operations. This report will conduct an external analysis of Telstra by using PESTEL and Porter’s five forces framework to understand the key factors which affect the business of the company. The loss suffered by the company will be analysed in this report along with evaluation of specific events which led to the loss based on the external analysis of the company. Lastly, this report will evaluate potential growth opportunities for the company and provide recommendations for its management based on external environmental factors which can assist the company to overcoming its future losses and sustain its future growth.
Telstra is the leading telecommunication and technology corporation in Australia which offers a full range of communication-related services to its customers. The corporation competes in all telecommunications markets in Australia with more than 17.7 million retail mobile services (Telstra, 2018a). In Australia, the company provide 4.9 million retail fixed voice services and 3.6 million retail fixed broadband services to its customers. The company was founded in 1975, and its headquarters is situated in Melbourne, Australia. Although the company mainly offers its services in Australia, however, it also offers selected products across the globe. The products of the corporation include fixed line and mobile services, internet, network, and data services and Pay TV facilities. The key managerial personnel in the company include Andy Penn (CEO), Warwick Bray (CFO) and John Mullen (Chairman) (Telstra, 2018b).
It is a fully privatised company which become customer focused entity in the leadership of its previous CEO, David Thodey. The company has more than 32 thousand employees who manage its operations (IBIS World, 2018). Currently, the organisation is struggling due to a substantial decline in its market value. In the leadership of the current CEO of the company, Andy Penn, the corporation is facing challenges due to reducing in its market valuation with drastic decline in its share prices. The corporation is also criticised for the salary received by Andy Penn along with some other executives. There is an issue of continued departures of senior executives in the company as well which makes it difficult for it to sustain its growth in the market (Duke & McDuling, 2018). Even after being one of the biggest telecommunication enterprises in Australia, the company is facing challenges which hinder its profitability and result in creating challenges for the organisation.
External environment analysis is referred to the study and analysis of macro-environmental factors, competitor analysis and industry analysis which enable the management in getting a preview of the growth of the organisation. There is a wide range of macro-environmental forces which influence the companies operating within the environment. This evaluation assists the company in focusing on future probabilities of event which affect the operations of a company in positive and negative manner (Gupta, 2013). These factors influence the profitability of the company and stop it from achieving its organisational goals. Thus, evaluation of these factors is important for companies to ensure that they are able to formulate policies which are relevant for maintaining a competitive advantage over their competitors while ensuring that any future event or trend did not hinder the profitability of the company. It enables the senior level executives in assessing the relevant information and interpreting it to use the data in strategic decision making in order to formulate business strategies which provide the company a competitive advantage. Various tools can be used by corporations to evaluate their external environmental factors which include PESTEL analysis and Porter’s five forces framework.
PESTEL analysis is a tool which assists marketers in evaluating and monitoring the external environment of a company which has an impact on its operations. PESTEL stands for political, economic, social, technological, environmental and legal factors.
Political factors play a crucial role in determining key macro elements which impact the operations of Telstra. Although the Australian political environment mainly affects the operations of Telstra, however, there are around a dozen other nations in which Telstra offers its services and their political environment also provide opportunities and threats for Telstra. The political stability in Australia is beneficial for the company because it did not have to face any drastic political changes which result in increasing challenges for the organisation (The Global Economy, 2018). The level of corruption in the telecommunication service sector is a key issue for Telstra since its management also has to deal with it while engaging with political authorities.
Recently, the corporation faced a scandal because it shortlisted a Chinese company called ZTE in order to build Telstra’s next superfast mobile network system in Australia, however, ZTE is facing US criminal penalties from sanctions-busting and bribing foreign officials (Duke & Koziol, 2018). It shows that the management of the company did not effectively deal with corruption issues in the company which adversely affects its brand reputation. The corporation also deals with trade regulations and tariffs which reduce its profits along with compliance with anti-trust laws which are implemented by the government to regulate the telecommunication sector.
The economic factors include elements such as savings rate, foreign exchange rates, inflation rate, economic cycle and others. These factors determine the demand and aggregated investment in the economy of the country which creates new opportunities and threats for businesses. Currently, the GDP of Australia is subdued due to falling commodity prices which poses various challenges for Telstra. The GDP growth rate of Australia is 3.4 percent which provides future growth opportunities to Telstra in the telecommunication sector (Trading Economics, 2018). However, it also means that the number of competitors is likely to increase in the future as well because companies wanted to exploit the opportunities exist in the Australian telecommunication sector. The stability in Australian dollars also attracts foreign investors to invest in Australian markets which mean that Telstra can attract foreign investors to expand its operations in the country. It also provides an option to competitors of Telstra through which they can collect foreign investment to give strong competition to the company which poses many threats.
Society’s cultural factors have an impact on the culture of the organisation. The shared beliefs and attitudes of the population affect the sales of products and services of Telstra. It is important for the government to evaluate these social factors to ensure that it is able to correctly understand the demand of customers to provide them relevant services which provides it a competitive advantage over its competitors. The growth in expatriate population in Australia assist in driving the growth of the telecommunication sector, and it provides various opportunities to Telstra. The literacy rate is high in Australia, and most customers use telecommunication services based on which Telstra has a large customer base. The population growth rate of the country is 1.6 percent which is higher than compared to other developed nations such as the United States and Canada (Randall, Zikens, Duke & Boyd, 2016).
It provides future growth opportunities to Telstra. Due to a favourable social environment in the telecommunication sector, the number of domestic and international competitors of Telstra has increased substantially. People prefer to get access to cheaper and high-speed internet connects, and they easily change their carrier if they did not prefer the services of current telecommunication carrier. Recently, the brand image of the company was adversely affected because the Reserve Bank of Australia provided that the chief executives of the corporation are overpaid (Kruger & Duke, 2018). Therefore, Telstra is facing pressure to ensure that it is offering quality services to its customers in order to maintain customer loyalty.
Technological advancements are quickly disrupting various industries which also include telecommunication sector. The popularity of smartphones, computers and other devices which easily connects to the internet has increased substantially in the past few decades which have also increased the customer base for Telstra. The technological advancements have influenced the product offering of telecommunication companies as they focus on offering data focused plan because the internet usage of people has increased (Klein & Jakopin, 2014). Telstra is forced to make investment in digitalisation to enhance service offering and customer experience which is crucial for the company to maintain its customer base. The government is also leasing the telecommunication infrastructure and network to increase the investment in this sector to improve the quality of customer services which increases competition for Telstra. The technologies used by the company also changes rapidly which resulted in increasing the operating costs of the enterprise (Harvey, 2018). The value chain structure of Telstra also is affected by the rapid change in technologies. The company has to continuously change its procedures and make appropriate changes to ensure that it is able to keep up with changes in technologies. For example, after implementing a 4G based infrastructure across Australia, Telstra is required to made investment in 5G based infrastructure which increases the cost of the company.
Different countries have different policies regarding environmental policies which companies have to comply with while managing their operations. They have to maintain a high standard while conducting their operations to ensure that they reduce their carbon footprint. The government usually imposes penalty on corporations for violating environmental related policies which adversely affect the brand image and profitability of the organisation. In the case of Telstra, the Australian government has implemented various environmental related policies which enforce corporations to adopt environmental solutions for sustainability. Telstra has adopted a sustainable approach in which it has made changes in its business strategies to reduce its carbon footprint and positively influence the environment. Telstra’s Environment Strategy is focused on reducing its carbon emissions by 50 percent till 2020. The company is recycling or reducing 60 tonnes of old mobile phones, and it is increasing waste recycling to 42 percent by 2020 (Telstra, 2018c). The corporation is also enabling its customers to reduce their carbon emissions. The Environment Protection and Biodiversity Conservation Act 1999 also provide various provisions regarding use of hazardous materials and improvement in production procedure which are necessary to comply by Telstra which increases its operating costs.
The legal system implemented by the Australian government is robust enough to promote customer rights and Intellectual property rights. The companies are expected to maintain a high standard while operating their business in Australia by complying with relevant legal policies. Telstra has to comply with employment laws, health and safety laws, data protection laws, discrimination laws, consumer protection laws and various other regulations. The change brought by the Australian Competition and Consumer Commission (ACCC) also affects the operations of Telstra. It had to pay penalty of $102,000 following infringement notice given by ACCC (ACCC, 2014). The anti-trust laws implemented by the government in managing competition in the telecommunication sector resulted in affecting the prices of products and services offered by Telstra. The profits of the company have suffered due to these strict legal compliances. Currently, 94 percent of Australians have access to 4G mobile networks in which Telstra, Optus and Vodafone are the three main providers.
In the case of mobile handset, Telstra dominates the market by 45 percent of shares in the market. Therefore, the company has to continuously comply with relevant laws in order to avoid legal penalties. A penalty of $10 million has been imposed on Telstra for misleading billing charges which show that corporations have to pay substantial fines in case they breach any law (Duke, 2018). Moreover, the telecommunication regulatory compliances are complex in Australia which creates challenges for Telstra. Recently, the company faced legal challenges because it stops third parties provides to charge customer bill for services such as movies, eBooks, music and applications.
Five forces framework is a strategic management tool which was developed by Michael Porter which assists corporations to understand the underlying levels of profitability in an industry. The use of this framework assists corporations in evaluating the attractiveness of the industry in which they operate or the sector in which they wanted to expand their operations (Dobbs, 2014). The five forces include competitor rivalry, bargaining power of suppliers, bargaining power of customers, the threat of new entrants and the threat of subsidiaries. Effective evaluation of these forces assists corporations in collecting relevant data regarding the industry in which they operate to form business strategies in order to avoid legal changes and sustain profitability in the industry.
The intensity of competition is one of the biggest determinants in the telecommunication industry of Australia which affects the operations of companies operating in this sector. The competition for Telstra is stiff due to high investment in advertisement, favourable business environment, competition through innovation, and powerful competitors (Lu, Lin, Lu & Zhang, 2014). Although Telstra is the biggest telecommunication enterprise in Australia, however, the number of competitors is increasing which creates new challenges for the company. Vodafone, TPG Telecom, Optus, Virgin Mobile and others are some of the major corporations which have exploited the Australian telecommunication market resulted in reducing the number of customers for Telstra. These corporations rely on high-quality services, heavy advertising and cheaper services to expand their customer base in the country. The negative brand image of Telstra also affected the competition in the industry which allowed small corporations to increase their customer base (Amin, Khan, Ali & Anwar, 2014). The number of competitors is high, and they offer same kind of products to customers which make it difficult for Telstra to sustain its position in the market.
The bargaining power of suppliers is referred to the ability of suppliers to influence the prices of products and services offered by the corporation. There are a wide range of suppliers in Australia based on which their bargaining power is low because telecommunication companies can easily change between them if they raise their prices (Khan, 2012). However, this is not the case for suppliers that offer the latest technology and devices to organisations. Telstra focuses on maintaining its competitive advantage by ensuring that it always has access to the latest technologies in the telecommunication sector. For instance, the company wanted to introduce 5G technology in the country for which it has to comply with the guidelines issued by its suppliers that can raise the prices of their services if they wanted to because their number is low (Telstra, 2018d). These suppliers hold more power based on which they can raise their prices which increase the operating cost of Telstra, and the company will not be able to offer affordable services to its customers.
The bargaining power of suppliers is considerable high in the telecommunication sector of Australia. The buyers have the ability to affect the prices of products and services offered by Telstra. The bargaining power of buyers is considerably high due to the ease of switching to the products or services of another corporation. The customers did not have to pay any additional changes when it comes to changing their telecom provider (Schaarschmidt & Kilian, 2014). Since the products and services of all corporations along with their pricing strategy are almost same, the customers can easily switch between them if they did not prefer the services of their current service provider. The customers are not loyal to a specific brand, and they are more likely to choose a service provider which offers affordable and high-quality connection in their area. It increases the pressure in telecommunication companies in Australia because they are continuously under threat to ensure that they maintain their customers.
Continuous technological advancements and developments have reduced the profit margin of telecommunication companies in Australia. Most of the products and services have substitutes available in the market which customers can choose without incurring any additional costs. For example, customers can choose internet calls over telephones to connect with others. They can also send instant messages rather than using emails. It shows that there are various substitutes available in the market which customers can easily switch too; however, most customers prefer the existing products and services because of their reliability (Aksoy, Buoye, Akosy, Lariviere & Keiningham, 2013). The network area of telephones is considerably wider and stronger than compared to internet connections, therefore, customers prefer to pay extra to make phone calls without the internet. It creates challenges for Telstra because customers have options available and advancement in technologies will continue to improve these alternatives options which will result in creating more challenges for Telstra.
Although the telecommunication sector in Australia is one of the most profitable industries with high yields of profits that attract new customers, however, the initial investment to start the operations is considerably high. The barriers faced by corporations relating to entry in the market are considerable high based on which it stops new entrants from establishing their operations in the market. The new business players that wanted to enter the industry have to deal with complex legislative framework, patent rights, branding customer loyalty, and capital requirements (Islam et al., 2016). They also have to ensure that they have access to distribution, probability, retaliation, difference in products, scale of economics, and competition in the market. Moreover, the already established telecommunication enterprises such as Telstra, Optus and Vodafone weakened the market entry of new business which makes it hard for them to stay in the market. In case a corporation invests less capital in the market and enter while taking a long time is more likely to fail due to the intensity of competition in the market.
In 2017, Telstra reported a substantial decrease in its earning. The company is considered as a ‘dividend darling’ of the Australian Securities Exchange (ASX) because it distributes high rate of dividend to its shareholders. The earning of the company was stable in the past few decades and it continues to expand its operations in the country. However, the changes in the Australian telecommunication infrastructure resulted in destroying the former advantage which Telstra had over its rivals. The customer base of Telstra has reduced with the introduction of new players in the market which rely on innovations and technologies to offer affordable products and services to their customers. In 2017, the profits of the company reduced by 8.9 percent after paying taxes on the total income (Crozier, 2018). The CEO of the company is criticised for his leadership skills because he is unable to avoid the losses of the company. Another key factor which resulted in hindering the profitability of Telstra is its bad reputation among customers. The company was involved in scandals relating to paying high salary to its executive officers and not removing ZTE from its shortlist even after imposition of bribing changes on the corporation (Richards, 2018). The combination of negative market image and increasing competition from new companies resulted in diminishing the revenue of Telstra. Moreover, the sustained losses in revenues of Telstra enforced the management of the company to reduce the amount of dividend distributed to its shareholders.
The stock of Telstra plummeted drastically since 2015 by reducing 47 percent in this period. This is one of the biggest declines reported in the history of Telstra (Turner, 2018). Along with reduction in the dividend amount and stock price of the company, Telstra has been involved in various controversies. The senior level management of the company has failed to ensure that they effectively comply with corporate governance policies while conducting their operations which resulted in increasing challenges for Telstra. A large number of customers are shifting to other telecom service provides because of negative market image of Telstra. After the statement of the Reserve Bank of Australia regarding overpaid executives of the company, the number of customers of Telstra reduced substantially (Letts, 2018). Moreover, the customer service experience of the company has suffered as well after some drastic changes suggested by its management to improve its procedure. The company decided to simplify its mobile phone plans for its customers and improve its customer service experience, however, to achieve this goal the company has fired roughly a quarter of its entire workforce (Dunn, 2018). These layoffs affected the market reputation of Telstra and made it difficult for the organisation to sustain its customers. All these factors resulted in adversely affecting the market reputation and profitability of Telstra which created various challenges for the organisation. The loss suffered by the company might continue for new few years if the corporation is not able to address these challenges in the future.
There are various factors which attributed to reduction in the stock price of Telstra which include intense competition from both fixed and mobile marketplaces and an exponential rate of change in connectivity and technologies used by telecommunication providers. Due to the increased competition in the market, it has become difficult for Telstra to ensure that it retains its customer base. The customer base of Telstra is exploited by new players that use innovations and technologies to provide high quality and affordable products and service to their customers. There are various political, social, technological and legal factors due to which the profits of Telstra reduced in 2017 (Crozier, 2018). One of the major reasons is a rapid acceleration in the rollout of the National Broadband Network (NBN) by the government. It is a national wholesale open-access data network project which is introduced by the government in Australia. This project includes wired and radio communication components which are rolled out and operated by NBN Co Limited. Telstra has generated a competitive advantage in the industry due to its access over NBN based on which it was one of the major broadband service providers in the country (Chirgwin, 2018).
However, the NBN program resulted in destroying this competitive advantage of Telstra because other telecommunication will be able to use this program to provide broadband services in Australia. This will ultimately cost Telstra around $3 billion in EBITDA (Earnings before interest, tax, depreciation and amortisation) (Chanticleer, 2018). It is also announced that a fourth mobile network will shortly be launched in Australia. TPG will become fourth Australia mobile network in order to compete with Telstra, Optus and Vodafone. This decision is focused on reducing the dominance of telecom providers in Australia. This event will have a negative impact on the profitability of Telstra in the future by reducing its customer base. The intensity of competition is already substantially high in telecom sector of Australia, and this decision will also increase challenges for companies (Shafei & Tabaa, 2016). This decision is a result of political factors which affect the operations of Telstra. The decision making by the government has substantial impact on the profitability of the company, and it resulted in creating challenges for the organisation as well. The decision taken by the government to build NBN system breached the competitive advantage which Telstra had over its competitors. It shows how substantial the impact of political changes faced by corporations while operating in a business environment.
There are various social factors which contributed to the loss suffered by Telstra as well. The public image of the company has been adversely affected due to various events; for instance, the statement made by the Reserve Bank of Australia regarding the fact that the executives of Telstra are grossly overpaid resulted in affecting its market reputation. The customers started shifting from the services of Telstra which reduced the customer base of Telstra (Letts, 2018). The top-level management of Telstra has failed to ensure that they comply with appropriate corporate governance principles while taking business decisions which have a negative social impact on the company. For instance, the management of Telstra decided to keep ZTE in its shortlist in order to build the next super-fast mobile network in Australia even after knowing that the company is facing US criminal penalties for bribing foreign officials and sanctions busting. It shows that the management of Telstra is promoting these illegal activities which hinder its public image. Moreover, Telstra has ordered by the court to pay $10 million after indulging in misleading billing charges (Young, 2018). It shows that failure of the management of the company to evaluate the business environmental factors resulted in contributing to the loss suffered by Telstra.
Although Telstra has suffered loss in the financial year 2017 and it is facing various threats due to intense competition in the market, however, there are various potential growth opportunities which are available for the company to ensure that it is able to sustain its growth in the future. One of the biggest growth opportunities for Telstra is related to expansion of its business in Asia and other markets. The company did not offer its telecommunication services in countries such as Indonesia, China and India which have a large number of customers (Penn, 2014). The corporation is required to evaluate the business environment of these countries to find which the most suitable market for it is in order to expand its operations in the country. The expansion in the market will assist the company in increasing its customer base which will increase its profitability as well.
The Australian government has positive relationships with these nations which will make the process of expansion easier for Telstra. For example, Australia has entered into a free trade agreement which China titled China–Australia Free Trade Agreement (ChAFTA) in which the government has reduced taxes, tariffs and duties from many products and services which will allow Telstra to expand its operations without incurring huge expenses (Kotlowitz & Voon, 2016). Moreover, the company has potential growth opportunity in the enterprise mobility sector which is fast growing market in Australia. Enterprise mobility corporations provide services relating to managing the supply of apps, mobile services and content of enterprises. The management of Telstra has started to enter into this market by acquiring a company called MSC Mobility. However, the corporation should not wait any longer, and it should expand its operations in this market to generate a competitive advantage of its competitors in the telecommunication sector (Foye, 2016). The corporation can also improve its customer relationships by improving its services to ensure that it built customer loyalty. Effective relationship with customers will enable the corporation in ensuring that it is able to retain its customers which will assist it in maintaining a competitive advantage over its competitors.
Following recommendations can assist the management of Telstra in effectively evaluating its business environmental factors to form business strategies which are based on potential growth opportunities available for the enterprise.
Since the competition in the telecommunication sector has increased significantly, Telstra should focus on generating a competitive advantage over its competitors. It can gain a competitive advantage by improving its customer services. Other telecommunication corporations are focused on offering affordable services to their customers, however, they lack in the area of customer services. Telstra should focus on improving its customer services to provide a better experience to customers that will enable to increase customer loyalty and retain its customer base. Most customers have access to reliable connection in Australia, especially in the case of major cities. However, they did not have access effective customer services; therefore, Telstra should focus on this section to ensure that it generates a competitive advantage in the industry. The public image of the company has suffered because it has been involved in various scandals; therefore, effective customer relationship will assist the company in ensuring that it is able to maintain strong relationship with the company.
The management of Telstra has been involved in various scandals due to lack of compliance with corporate governance policies. In order to improve its public image and conduct its operations in ethical manner, the company should adopt a CSR framework (Aguinis & Glavas, 2012). A CSR framework is a type of self-regulation model which is assists companies in being socially accountable towards itself, its stakeholders and the public. This model will assist the company in improving transparency in its operation based on which the board will be able to conduct its operations in an ethical manner. The company should also issue a statement in which it should mention actions taken by the board towards protecting the right of stakeholders. This framework requires the management to evaluate external factors which influence the business of the company which will allow it to avoid potential threats and exploit opportunities in the market. The factors such as penalties for misleading customers, overpaying executives and other issues will not be able to affect the operations of Telstra if the management continues to comply with corporate governance principles. Therefore, the company should adopt this structure to ensure that it is able to exploit potential opportunities in the market.
The senior level management in Telstra should form business strategy to expand its operations in other markets. Since the competition in the Australian telecommunication sector has increased, the company will able to expand its customer base through launching its products and services in new markets. Before launching its products and services, the senior level executives should use strategic evaluation tools such as PESTEL and Porter’s Five Forces Framework to understand various factors which influence the business of the company in the market. Use of these tools will assist the enterprise in avoiding any ambiguity in its business strategy, and it will be able to use its strengths to expand its operations in the country. Based on the environmental analysis, the corporation will be able to determine key factors which affect its operations in a negative manner to ensure that it sustains its future growth in the market.
Conclusion
Based on the above observations, it can be concluded that evaluation of business environment is important for companies to ensure that they are able to keep themselves prepared for future challenges and opportunities. Telstra is a leading Australia based telecommunication companies which operate in the telecommunication sector. The corporation has suffered a significant loss due to reduction in its corporate earning which also adversely affected its stock prices. The public image of the company has been adversely affected because it has been involved in various scandals relating to misleading of customers, paying high salaries to senior executives and others. The management of the company has been unable to address these issues because they did not collect data from analysis of the business environment by using relevant tools such as PESTEL analysis and five forces framework. Both these tools are used in this report to understand the challenges faced by Telstra along with potential opportunities.
There are various political, social and legal events which contributed to the loss of the company due to which it lost its competitive advantage in the industry. However, there are various potential growth opportunities available for the enterprise which it can exploit in order to increase its customer base and sustain its future profitability. In order to exploit these opportunities, various recommendations are given in this report. The company should improve its customer services in order to meet the demand of its customers which will allow is to generate a competitive advantage and retain its customers. The management should adopt a CSR structure which will direct them to promote transparency in the operations and avoid unethical practices which will improve the public image of the company. The corporation can also expand its operations in other nations to exploit their opportunities which will increase its customer base. These recommendations will assist the company in generating a competitive advantage and sustain its future growth in the industry.
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