CSL Limited is a biotechnology company based in Melbourne, Australia. Their major functions are to research, manufacture and develop products and medicines in relation to protect the severe human medical conditions. Their major products are blood plasma, vaccines, derivatives, and antivenom and cell culture reagents. These are majorly used in genetic research and various medical manufacturing applications. The company was founded in 1916 and its headquarters are situated in Parkville, Melbourne, Australia. Company’s current CEO is Paul Perreault and company has made their presence in the overseas market through delivering effective products and vaccinations. In order to increase their global presence, qualitative and quantitative analysis will be executed with the view to examine the value of the organization in the target market along with determining their capacity with the volume and size of the market. Their products and vaccinations are the strong evidence of their goodwill and this has helped the organization to increase their effectiveness along with gaining adequate competitive advantage in the global biotechnological industry. Their products are their speciality and these specialised products have made the significant image of the organization in the Australian as well as in the global market. In 2016, their revenues were $6.923 billion under which their net income was recorded at $ 1,769 million in the same year. In order to expand the organization’s functionalities in the overseas market, human resource aspect, strategic planning overview of the company and the value chain analysis will be executed with the view to analyse the strengths of the company in order to match up with the challenges which will be raised during expansion of the organization (CSL, 2017).
Initially CSL Limited was operating in the name of Commonwealth Serum Laboratories. It was founded in 1916 by Australian Government and their primary activities are to cure the human’s severe diseases. In order to perform this function in an appropriate manner, they had invented few advanced types of machinery and vaccination through which various severe diseases of humans could easily be cured. Some of the effective devices and vaccination invented by Commonwealth Serum Laboratories are blood plasma, derivatives, cell reagents, etc. With the help of its biotechnological vaccinations and medicines, company has developed an effective image in the global market. In Australia and in other parts of the globe, several institutes, colleges, and hospitals are dependent upon the products produced and manufactured by CSL Limited. Their qualitative and effective products, medicines and other related products have helped them to attain their desired goals along with curing the humans of severe diseases. Along with these activities, CSL Limited also focuses on preventing the environment and its related factors. Some of the environmental factors which are prevented by the organization are restoring rainwater, utilisation of natural resources in an appropriate manner along with preventing other natural resources such as land, air, etc. This has helped them to develop their positive image in the target market (CSL, 2017).
Company operates with the consideration of legal, political and other factors and on the basis of necessary policies and regulations in relevance with avoiding the errors in their functionalities. With the help of these procedures, organization is being able to enhance its performance in the target along with providing them qualitative medicines and vaccinations. Company’s major activities are concerned towards the public, thus, the prices of their products and services are also affordable through which it has gained the leading position in the biotechnology industry. Two major competitors of CSL Limited are Baxter and Grifols and both of these perform the same functionalities as of CSL in the Australian pharmaceutical industry (Armstrong, et. al., 2015).
(Source: CSL Limited Annual Report, 2017).
(Source: CSL Limited Annual Report, 2017).
Under strategic planning procedure, organization arranges its activities in an appropriate manner on the basis of their significance. Apart from these, major factors which are considered in the planning procedure are company’s strengths and weaknesses. This helps the company to operate its activities appropriately in relevance with accomplishment of their targets. In the global market context, it is required to arrange the organizational activities in an appropriate manner through which desired goals could be attained (Barea, 2015). CSL Limited has put the research and development functionality at the top in relation to fulfilling their primary objective i.e. curing human’s severe diseases. While performing the strategic planning activity, organization consider following points in order to attain better and effective outcomes:
Patient: They are the obligatory responsibility of the organization. CSL Limited’s major concern is to serve the patients in an appropriate manner and providing them medicines and other vaccinations which could help them to cure of severe diseases (Bueno, Merino & Murcia, 2016).
Rich Performance: For accomplishing the goals, management always tries to increase their performance with the help of adopting unique and advanced strategies. Their unique products have become their identity and these have helped them to develop an effective position in the global pharmaceutical industry.
Innovation: Organizational primary activities lead to the development of certain effective and efficient products which could help them to attain their objectives. Thus, they had invested a huge amount in the research and development process to innovate new technologies so that customer satisfaction level could be enhanced. This will also help the organization to develop their image as the innovative brand and it will help to gain the competitive advantage along with acquiring the adequate market share (Clarysse, et. al., 2014).
Integrity: This is a most crucial factor through which organization could make its positive image in the market. CSL has adopted this facto in their functionalities in order to produce qualitative and effective medications and vaccinations.
Team Work: It is another factor through which organization could uplift its performance along with acquiring the desired targets. This plays crucial role in order to accomplish the tasks as well as to gain the effective outcomes.
Along with these factors, CSL Limited’s vision and mission are developed in order to attain the unique image in the biotechnological and pharmaceutical industry. Their major vision is to provide the all relevant devices and medications through which people could be able to serve themselves in relation to the initial stage of the diseases. Apart from this, company also manufacture various products which are effective enough to help the people in curing the severe diseases such as cancer. Their secondary objective is to save the environment and natural resources and for the same, they had adopted the approaches such as holistic and eco-friendly. These approaches are adopted with the view to use the eco-friendly packaging for the produced goods along with utilising the natural resources in an effective manner. This shows the company’s responsibilities towards the people as well as towards the environment and society which has become the crucial factors in relevance with gaining the competitive advantage in the target market. With the help of these strategies, organization has been capable enough to develop an effective position in relevance with the dynamic business conditions as well as on customer satisfaction (CSL, 2017).
Adequate quality measures have also been adopted by the company in relevance with increasing the effectiveness of their products and medication. In the biotechnological and pharmaceutical industry, companies need to pass certain quality tests before introducing their products and the services in the physical market. Thus, to pass those quality tests as well as to fulfil the motive of producing qualitative products and services, company has adopted various measures in relevance to fulfilling the industry’s requirements. Providing qualitative products and the services helps the organization to develop unique image, as well as their planning related objectives, could also be attained subsequently (Grajales, et. al., 2014)
Human Resource Management is an essential part of every organization as these are the person who makes the assumptions of the top level management into reality. Thus, it is required that the management needs to adopt certain effective strategies through which these crucial resources could be managed in an effective manner. CSL Limited’s management has adopted significant strategies through which they had accomplished the goal of managing human resources in an appropriate manner. The very first step they had implemented in their workplace is allocation of duties in an appropriate manner. Allocation of the tasks on the basis of employees’ ability and capability leads to accomplishment of the particular task in an effective manner.
In order to attain more positive outcomes, organization has implemented the strategy under which a large amount of the company’s profits will be invested towards the research and development department (Lainez, et. al., 2014). This will be done for increasing the effectiveness of the organization along with determining the various other ways for the purpose of fulfilment of the organizational objectives and to serve the public in an effective manner as well. With the help of new techniques and innovations, organization would easily be able to uplift its performance over the competitors. Organizational management has also adopted certain effective strategies through which team work, cooperation, and related factors could be implemented within the workplace with the view to gain the adequate success and growth related factors (Pagell & Shevchenko, 2014).
Apart from the above strategies, organization has also focused on the training and development programs for improving the efficiency of the employees. This has increased the opportunities in relation to gaining desired goals and objectives. With the effective training and development programs, organization will be able to enhance its employees’ efficiency. With the help of these strategies, organization is able to develop an effective image in the industry along with developing significant image in the industry. Further, organization has implemented the strategies in relevance to providing safe and secure workplace. This increases the efficiency of employees along with developing positive image in their perceptions. For motivating them, company has adopted the strategy for fulfilling employees’ needs. Fulfilment of employees’ basic needs is the real determinant factor for motivating towards the work. Along with this, reward management has also been implemented by the organization in their workplace for managing the human resources appropriately (Quintana-García & Benavides-Velasco, 2016)
In order to attain desired goals and objectives for enhancing the organizational performance, it is required to implement unique and effective strategies. This is necessary in order to stand out from its competitors along with differentiating its products and services from them. CSL Limited has a global leadership group which is responsible for developing leadership styles and strategies for accomplishing the tasks in relevance with acquiring the positive outcomes. The leadership group of the company is responsible for developing effective strategies in order to enhance their functionalities. Leadership style implemented within the workplace is democratic leadership style. This style has the potential to extract the positive outcomes as it invites the employees in the decision making process of the organization. Other than the decision making process, employees are involved in every process of the organization which leads to development of relationship amongst the management as well as amongst the employees (Schaltegger & Burritt, 2014).
Organization also gets advantage with this leadership style as it generates various ideas to accomplish the certain tasks and on the basis of organizational requirement, an appropriate decision could be adopted and implemented. This leads to development of an effective image in the employees’ perception along with increasing their effectiveness. Democratic leadership style is appropriate enough to implement certain required attributes for gaining the desired outcomes such as team work, integrity, communication management, interaction, and the like (Short, Toffel & Hugill, 2016).
In order to provide effective and efficient products, it is required by the management to implement certain controlling and evaluation measures through which the functionalities could be performed on the basis of management’s expectations. This also leads to the development of effective control over organizational activities through which the appropriate outcomes could be originated. CSL Limited is engaged in the production of crucial devices and products which are effective enough to fulfil the desired objectives (Witcomb, 2015). Their products are meant to be manufactured for curing the severe diseases to humans. Thus, it is required to adopt and implement certain effective controlling measures through which quality of the products and services will not be compromised and the purpose of manufacturing lifesaving medications could be fulfilled appropriately (Strand, 2014).
In order to increase the effectiveness of the organization in the target market along with ascertaining the opportunities for organization to improve its performance, it is necessary to implement the change in the management and the functionalities as well. This leads the organization to increase their efficiency and the effectiveness along with delivering qualitative products. Implementing the control management also plays crucial role in order maintain the goodwill of the company and it also leads to attainment of adequate competitive advantage in the target market (Tseng, Lim & Wong, 2015).
Following are certain crucial strategies for improving the organizational performance:
Product Strategy: In order to enhance the effectiveness of their products, CSL Limited should adopt product differentiation (Hoberg & Phillips, 2016). This strategy is capable enough to differentiate the company’s products from its competitors as well as it is also effective in improvisation in customer satisfaction level as well as it is essential to acquire competitive advantage (De Loecker, 2011). Company’s primary products are:
Pricing Strategy: Organization needs to focus on their pricing strategy in order to attract large number of customers. The most appropriate strategy as per the organizational functionalities is cost leadership pricing strategy. This helps the organization to reduce unnecessary and irrelevant costs which reduces cost of production. Ultimately it leads to reduction in the final prices of the products which could be treated as the effective factor for attracting large number of customers in relevance with acquiring the market share (Banker, Mashruwala & Tripathy, 2014).
Promotional Strategy: This strategy plays crucial role in order to enhance the organizational effectiveness in the target market. With the help of promotional strategy, organization could spread awareness amongst the target audience in relevance with their products and services. At one time, large number of audience could be covered in relation to developing effective image in the target market (Datta, 2010).
Recommendations & Conclusion
Organization has been recommended that for maintaining the same sort of goodwill in the Australian market, change management, appropriate pricing strategies, product differentiation and the like strategies needs to be adopted. Along with ascertaining the opportunities for the organization to expand their business in the overseas market, it is required to uplift their performance and for the same, adaptation of advanced and trending strategies is necessary.
From the aforesaid information and in the limelight of above analysis, it can be concluded that CSL Limited is performing quite well in order to uplift their performance and to fulfil their desired objectives. This report includes the analyses in relation to determining the sustainable management and marketing related factors for the organization.
References
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015, Marketing: an introduction, Pearson Education.
Banker, D.R., Mashruwala, R. and Tripathy, A., 2014. Does a differentiation strategy lead to more sustainable financial performance than a cost leadership strategy?. Management Decision, 52(5), pp.872-896.
Barea, J.M., 2015, Future challenges and perspectives for applying microbial biotechnology in sustainable agriculture based on a better understanding of plant-microbiome interactions, Journal of soil science and plant nutrition, 15(2), pp.261-282.
Bueno, E., Merino, C. and Murcia, C., 2016, Intellectual Capital as a Strategic Model to Create Innovation in New Technology Based Firms, In Competitive Strategies for Small and Medium Enterprises (pp. 93-105). Springer International Publishing.
Clarysse, B., Wright, M., Bruneel, J. and Mahajan, A., 2014, Creating value in ecosystems: Crossing the chasm between knowledge and business ecosystems, Research Policy, 43(7), pp.1164-1176.
CSL, 2017, Board & Management, retrieved from https://www.csl.com.au/about/board-management.htm.
CSL, 2017, CSL Behring Acquires Biotech Company Calimmune and its Proprietary Stem Cell Gene Therapy Platform, retrieved from https://www.csl.com.au/investors/CSL-Behring-Acquires-Biotech-Company-Calimmune-and-its-Proprietary-Stem-Cell-Gene-Therapy-Platform.
CSL, 2017, Our products areas, retrieved from https://www.csl.com.au/products.
Datta, Y., 2010. A critique of Porter’s cost leadership and differentiation strategies. Chinese Business Review, 9(4), p.37.
De Loecker, J., 2011. Product differentiation, multiproduct firms, and estimating the impact of trade liberalization on productivity. Econometrica, 79(5), pp.1407-1451.
Grajales III, F.J., Sheps, S., Ho, K., Novak-Lauscher, H. and Eysenbach, G., 2014, Social media: a review and tutorial of applications in medicine and health care, Journal of medical Internet research, 16(2).
Hoberg, G. and Phillips, G., 2016. Text-based network industries and endogenous product differentiation. Journal of Political Economy, 124(5), pp.1423-1465.
Lainez, M., González, J.M., Aguilar, A. and Vela, C., 2017, Spanish strategy on bioeconomy: towards a knowledge based sustainable innovation, New Biotechnology.
Pagell, M. and Shevchenko, A., 2014, Why research in sustainable supply chain management should have no future, Journal of supply chain management, 50(1), pp.44-55.
Quintana-García, C. and Benavides-Velasco, C.A., 2016, Gender diversity in top management teams and innovation capabilities: The initial public offerings of biotechnology firms, Long Range Planning, 49(4), pp.507-518.
Schaltegger, S. and Burritt, R., 2014, Measuring and managing sustainability performance of supply chains: Review and sustainability supply chain management framework, Supply Chain Management: An International Journal, 19(3), pp.232-241.
Short, J.L., Toffel, M.W. and Hugill, A.R., 2016, Monitoring global supply chains, Strategic Management Journal, 37(9), pp.1878-1897.
Strand, R., 2014, Strategic leadership of corporate sustainability, Journal of Business Ethics, 123(4), pp.687-706.
Tseng, M., Lim, M. and Wong, W.P., 2015, Sustainable supply chain management: A closed-loop network hierarchical approach, Industrial Management & Data Systems, 115(3), pp.436-461.
Witcomb, G, 2015, CSl growth to slow as competition rises, retrieved from https://www.intelligentinvestor.com.au/CSLs-growth-to-slow-as-competition-rise
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