The main aim of this partnership was to increase the sustainability of titi harvest in Southern New Zealand.
After reading the case study, a few issues have been raised regarding the ineffective decision making, Distrust between TEK and Rakiura Maori, lack of effective communication and such others. These issues need to be resolved through the following approaches to integrate bicultural partnership between the two communities.
The first approach will be aimed at improving the trust between the two communities.
Objective: To improve the level of trust between the two communities
Strategy: Enhancing the engagement of the community in a participatory process (Regents of the University of Minnesota, 2018). This will include the participation of the leaders of the other community or clients or customers in the process of strategy and decision making as well as telling them every possible step they are taking for the benefit of the organization. They can also be asked to participate and give suggestions regarding them.
Implementation: to implement it, I will start inviting the popular or influential members of the other community to take part in the meetings and clear them all the objectives and the steps required to fulfil them. I will also ask them to give suggestions about the measures which can be taken to achieve the goals of business, keeping both the sentiments of society and accuracy in mind.
Resources: The required resources will include a meeting room, visual aids to present the idea to them and relevant documents to present evidences of research.
Evaluation: The response of the stakeholders can be evaluated by their opinions which will be collected at the end of the meeting. The number of affirmations and rejections can be calculated. The feedback can also be collected to know the same.
This approach will deal with improving the effective communication between the two parties.
Objective: To improve the effective communication between the two parties
Strategy: to improve the communication channels and know when and how to use them. In today’s business environment it is very important to communicate the objectives of the business to the people, associated with it. Technology is the most effective way for the same in the today’s business environment. The stakeholders can be easily communicated using the emails, presentations, videos and such other aids to keep them in loop before adopting any activity and remove conflicts mentioned in the case study.
Implementation: for implementing this strategy, the notices can be placed on the notice Board about the people who can be contacted in times of a particular situation. The mode of communication can also be mentioned so that the stakeholders feel free to communicate their doubts and avoid future conflicts.
Resources: communication equipments like computers, mobiles, projectors and such others.
Evaluation: The result of improvement in effective communication can be measured by keeping a track of the number and frequency of conflicts between the stakeholders and company leaders. Also, the feedback may be collected from stakeholders inviting the areas which need further improvement.
This method will focus on promoting equitable decision making responsibility
Objective: To promote equitable decision making responsibility between the two parties
Strategy: To incorporate the members of the other party of interest in the decision making team. This will also provide equal rights to the other party to present their opinion and protect the interests of their community. Their votes will make sure that the decision taken by the company is in the benefits of both the parties (RAND Corporation, 2017).
Implementation: to implement this strategy, the influential stakeholders must be incorporated in the team of decision makers and their votes must be given equal weightage. For instance, in the case study of TEK had included Maori community people in decision making; the conflicts could have been resolved to a great extent.
Resources: accurate information data; reports from respective departments
Evaluation: the results of the equitable decision making can be measured with the decreasing number of conflicts and increase in productivity. If the number of conflicts will be less, the productivity will be more and thus, the company will be able to achieve its objectives well. The company performance can be the best measure to evaluate the success of equitable decision making.
Moana New Zealand is the largest Maori owned fisheries organization undertaking its business in New Zealand. Fishing industry is a part of the primary industry of the country which plays a significant role in the economic growth of the country. Following is the Porter’s five force analysis of the fishing industry and Moana New Zealand:
Bargaining power of suppliers
Suppliers play an important role in the fishing industry as they bring the required raw material that can be sold to the final consumer by the organizations. In case of Moana the organization itself fish and harvest in the coastal waters of the country (Moana, 2018). This means that the bargaining power of the supplier is low as the organization does not require any additional supplier to meet their raw material needs. As Moana is planning to introduce new canned fish product in the market, it can be said that the bargaining power of supplier in this case is low which leaves scope for high return margin to the company.
Bargaining power of buyers
Buyers or consumers are an important aspect of any business. The main aim of the buyers is to purchase best products at minimum prices. Hence, it can be said that the smaller the buyers base the higher the bargaining power of the customers as they can demand for more discounts and other offers. As Moana is the largest fishing company in the region it can be said that the company has a large number of customers. Moana claims that it offers quality products to its customers and this is the main reason behind the customer’s trust and believes in the company (Moana, 2017). Hence, the new product of the company will have a low bargaining power from the buyers.
Threats to new entrants
The threat of new entrant is always there in a business as they bring new innovative ideas and ways to undertake business activities (Fern Fort University, 2018). In case of Moana New Zealand it can be said that the company has established itself properly in the market and is the largest fishing company. Hence, the risk of new entrant is very less for Moana. Also by introducing new canned fish product the company will challenge other competitors in the market on the grounds of innovation. Apart from this the company offers world class processing facilities and emphasizes on food safety (Moana, 2018). Because of this reason the customers prefer Moana over other products.
Threats to substitutes
When a new product is able to meet the needs and requirements of the consumer than, there are chances that the profitability of the already existing products will suffer. Threat of substitutes is always existent in the fishing industry. This is so because the end product offered by the organizations is similar and hence, if the customers find that different organization is offering same product at lower prices than there are chances that the customers will move to competitors. Hence, threat to substitute is higher in fishing industry. As Moana is planning to introduce new canned fish product in the market it is important to make sure that the organization is offering some uniqueness in its product.
Rivalry among existing competitors
The major competitors of Moana are Sanford, New Zealand Fishing, United Fisheries Ltd, etc. Though the organization has captured a wider market but the rivalry still remains intense. Hence, it can be said that the rivalry among the existing competitors is always high in the fishing industry of New Zealand. As Moana is planning to introduce new product in the market there are very high chances that the new product will face tough competition from the competitors. The only method through which the organization can mark its importance is by adopting sustainable means and by developing its abilities to compete better in the market.
The fishing industry of New Zealand is fourth largest across the globe and hence, it is an important industry for the country even from its geographical point of view.
Social
The social factors of the company support the organization. This is so because the weekly consumption of fish is very high and it also promotes the Maori’s culture. Also the increased export brings high revenue in the country that can be used for the development of the company (Seafood New Zealand, 2017). Hence, the new product will be welcomed in the market.
Technological
Technologically the fishing industry of the country is growing very fast. One of the examples of this is the Precision Seafood Harvesting technology (Sherson, 2014) that protects the fish against any damage. This is considered as one of the major step in fishing industry.
Economic
From economic point of view the external environment of the country’s fishing industry is very supportive. A large number of the fishing products are exported by the country and hence, it offers a great opportunity to the fishing corporations to earn a great deal of profits. According to statistics in the year 2017 nearly 127,760 tonnes of fishes like finfish, shellfish, lobsters, etc. were exported (Seafood New Zealand, 2017). Hence, it can be said that the economic factor of the industry supports the launch of new product of Moana New Zealand.
Legal
The legal factors like the Treaty of Waitangi (Fisheries Claims) Settlement Act 1992; Maori Commercial Aquaculture Claims Settlement Act 2004; Maori Fisheries Act 2004, (New Zealand Government, 2018) guides and support the legal working of the Maori fishing industry.
Financial objectives that can be adopted by Moana New Zealand are as follows:
Key Performance Indicators (KPIs) to measure financial success of the business
Gross Profit Margin – Will help in analyzing whether the price of the products being offered is appropriate or not
Net Profit Margin- Will help in analyzing what percentage of the revenue of the company is actual profit
Current Ratio – Will help in analyzing the ability of the business to pay bills ( Intuit, 2018).
Non Financial Objectives that can be adopted by Moana New Zealand are as follows:
KPIs to measure the non financial success of the organization are as follows:
Employee Employer relationship- Good employee employer relationship will ensure that the welfare of the employees are being achieved
Operations quality and management – the quality of the management and other operations can be gauged to ensure non financial success
Supply chain of the organization – the relationship of the organization with the suppliers will help in analyzing the non financial success of the company (CGMA, 2013)
References:
Intuit. (2018). 5 Financial Key Performance Indicators To Gauge Your Business’ Health. Retrieved from quickbooks.intuit.com: https://quickbooks.intuit.com/r/financial-management/5-financial-kpis-gauge-business-health/
AFMA. (2018). Objectives, functions and powers. Retrieved from www.afma.gov.au: https://www.afma.gov.au/about/objectives-functions-powers
CGMA. (2013). KPIs – financial and non-financial. Retrieved from www.cgma.org: https://www.cgma.org/resources/tools/essential-tools/kpis.html
Fern Fort University. (2018). Air New Zealand Limited Porter Five Forces Analysis. Retrieved from fernfortuniversity.com: https://fernfortuniversity.com/term-papers/porter5/asx/2167-air-new-zealand-limited.php
Moana. (2017). Integrated Annual Report 2017. Retrieved from moana.co.nz: https://moana.co.nz/wp-content/uploads/2018/03/Moana-Annual-Report-2017_web.pdf
Moana. (2018). About Us. Retrieved from moana.co.nz: https://moana.co.nz/about-us/
Moana. (2018). Trade Customers. Retrieved from moana.co.nz: https://moana.co.nz/trade-customers/
New Zealand Government. (2018). Fisheries. Retrieved from www.mpi.govt.nz: https://www.mpi.govt.nz/law-and-policy/legal-overviews/fisheries/
RAND Corporation. (2017). Understanding how organisations ensure that their decision making is fair. RAND Corporation.
Regents of the University of Minnesota. (2018). Building trust in communities. Retrieved from extension.umn.edu: https://extension.umn.edu/vital-connections/building-trust-communities
Seafood New Zealand. (2017). Seafood New Zealand. Retrieved from www.seafoodnewzealand.org.nz: https://www.seafoodnewzealand.org.nz/industry/key-facts/
Sherson, T. (2014). Precision Seafood Harvesting. Retrieved from www.precisionseafoodharvesting.co.nz: https://www.precisionseafoodharvesting.co.nz/
Viona. (2012). Non-financial objectives of a firm. Retrieved from www.kenyaplex.com: https://www.kenyaplex.com/resources/4820-non-financial-objectives-of-a-firm.aspx
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