Formulating Strategic Objectives For Dhiraagu Of Maldives

Internal Analysis

Strategic management defines the formulation and implementation of major organizational goals and objectives based on the consideration internal and external environment of an organization (Bettis et al. 2016). This study will choose Dhiraagu of Maldives and formulate some key objectives to be fulfilled over the next 3 years. Dhiraagu is the leading telecommunication organization in Maldives (Dhiraagu.com.mv 2017). The study will assess the internal and external market for the organization for assesses some factors, which can have huge impact on the business process of the organization. The study will also perform corporate portfolio analysis of the organization through BCG matrix and Mckinsey GE model. Based on such situation analysis, the study will set some specific objectives of the organization, to be fulfilled over next 3 years. Apart from that, the study will develop and implement generic strategies and grand strategies for meeting the planned objectives of the organization. Furthermore, some monitoring and controlling mechanism with also be provided in this study for evaluating the success level of planned strategies.

Strength

According to Payne and Frow (2014), Dhiraagu is the largest and leading telecommunication operator in Maldives. Strong brand reputation of the organization has increased the customer base of the organization. Furthermore, high quality uninterrupted network and internet service has increased the customer loyalty of the customers. On the other hand, Schaarschmidt and Kilian (2014) opined that wide range of telecommunication service has met the needs of different kinds of people. It has actually increased the sales volume of the organization. Online bill payment options encourage huge customers to take the network service of this organization. Apart from that, highly talented and skilled employees has built the foundation of the organization and led to its success.  Strong promotional activities and discounts provided to the customers have increased the sales volume of the services of this organization.

Weakness

Musacchio, Lazzarini and Aguilera (2015) pointed out that strong brand image can be highly vulnerable to breakthrough even for any small reason. Moreover, the organization has lack of international expansion with across the internal market. It can limit the profit volume of the organization with limited access to the customers. On the other hand, Sakas, Vlachos and Nasiopoulos (2014) opined that Dhiraagu is facing tough price competition from its direct competitors.  Moreover, they are constantly fighting with keeping their market share up against the competitors.

Opportunities

As per Mirabeau and Maguire (2014), Dhiraagu has huge opportunities to enter into internal market individually apart from partnership with some other partners. Moreover, high brand reputation will enhance the acceptability of the network and internet service of Dhiraagu in international market. On the other hand, Chen, Delmas and Lieberman (2015) opined that partnership with the bigger telecom companies in international market can boost the performance level of the organization. Furthermore, the adoption of latest and advanced technology can further improve the quality of telecom services.

Threats

Hardy and Thomas (2014) stated that Dhiraagu faces extreme competitive pressure from the direct competitors like Raajjé Online and Ooredoo Maldives. Such telecommunication companies are also providing almost same quality telecommunication services to the customers with affordable prices. On the other hand, Battistella (2014) opined that the organization has reached its saturation point in getting access to new customers.

SWOT Analysis of Dhiraagu
Strength	·         Strong brand image attracts huge customers ·         High quality and uninterrupted network and services of  internet data and fixed line services ·         Strong financial stability ·         Standard package provided to the customers ·         Wide range of services meets the needs of various types of customers ·         Talented and skilled workforce ·         400 operators in 150 countries as international roaming partners ·         Strong promotional activities ·         Online bill payment system ·         Higher growth rate across the country ·         Strong  distribution and sales network
Weakness	·         Strong brand image can be vulnerable to breakthrough even for any little mistake ·         Lack of international expansion ·         Constantly fighting for the market  share with the competitors ·         Tough price competition
Opportunities	·         Scope for international expansion ·         Partnership with bigger telecom brands can boost the business profitability of the organization ·         Advanced and latest technological adoption
Threats	·         Tough competition from the direct competitors like Raajjé Online and Ooredoo Maldives ·         Saturation point in getting new customer base

SWOT

Table 1: SWOT Analysis of Dhiraagu

(Source: Frow et al. 2015)

Political Factor

According to Dhiraagu.com.mv (2017), Government of Maldives itself has hold 41.8% share in Dhiraagu and rest have held by BTC Islands Limited and general public. Therefore, government personally takes interest in the business progress of this company. Therefore, huge government support has facilitated the organization in their business development. On the other hand, Bettis et al. (2014) opined that instable political condition Maldives hampers the business progress of the organization. Furthermore, increasing corruption rate in the country severely affect the business practices of the organization.

Economic Factor

The economic condition of Maldives is gradually increasing. Carroll, Primo and Richter (2016) pointed out that growing economic condition of the country has increased the scope of enhanced return on investment. Moreover, the developing economic condition has actually increases the profit potentiality of the organization. Furthermore, stable growth of the industry has explored several new business opportunities for the organization. On the other hand, Trigeorgis and Reuer (2017) opined that rising inflation rate in Maldives affects the price structure of the internet and other telecom services. It leads to fluctuation is the prices of internet services of the organization. Therefore, it has huge impact on the profit level of the organization.

Social Factor

Mitchell and Leiponen (2016) pointed out that developing economic condition of Maldives has enhanced the spending power of the people. Therefore, they can now confidently spend their money in choosing the best quality telecom services. Furthermore, Vogel and Güttel (2013) opined that large numbers of students and working people in Maldives uses internet services. Therefore, increasing numbers of such people has actually increased the sales volume of the organization. On the other hand, Simon, Fischbach and Schoder (2014) opined that changing customer preferences and expectation in the field of telecom services has hindered the success level of the organization.

Technological Factor

According to Gans and Ryall (2017), Dhiraagu uses most modern and advanced technology in their business process. Moreover, such advanced technologies have increased the manufacturing process of the organization. Moreover, with the advent in the technological development of Maldives, the organization is now much more capable of launching innovative telecom services. On the other hand, Williams, Chen and Agarwal (2017) opined that advanced technological development has also fostered innovative business decision towards high level of business success of the organization. Furthermore, developed digitalization of Maldives has increases the promotional effectiveness of the organization. Moreover, the organization is now much more capable of reaching wide customer base.

PEST Analysis of Dhiraagu
Political Factor	·         Huge government support from Maldives Government ·         Government itself is a stakeholder of the Dhiraagu ·         Reduced tax rate of Maldives can reduce the operational cost of the organization ·         Instable political condition of Maldives can hamper the business progress of the organization ·         Increasing corruption rate in Maldives hampers the success of the business ·         Changing government rules and regulations also affect the business practices
Economic Factor	·         Developing economic condition of Maldives has enhanced the profit earning capability of the organization ·         Stable growth of the industry is leading to new business opportunities for the organization ·         Rising inflation rate is high affecting the price structure of the telecommunication services
Social Factor	·         Growing economic condition has increasing the spending confidence of the customers ·         Technically advanced lifestyle of the people has increased the demand for telecommunication service ·         Large number of student and working population use internet and they have increased the demand for internet services ·         Changes in customer preferences can hinder business success
Technological Factor	·         Dhiraagu uses modern technology in their business process ·         Uses available technology in innovative internet services ·         Advanced technology leads to promotional effectiveness

Table 2: PEST Analysis of Dhiraagu

(Source: Popkova et al. 2015)

BCG Matrix 

 

 Figure 1: BCH Matrix of Dhiraagu

(Source: Shen and Gentry 2014)

Dog

According to Zietsma, Greenwood and Langley (2014), the products in dog quadrant have low growth rate as well as low marker share in the market. Moreover, such products are neither capable of generating cash nor it consumers cash. Greco, Cricelli and Grimaldi, (2013) pointed out that the fixed landline offered by Dhiraagu has saturated its market. The future growth of landline is quite limited with extremely low market share in the market.

Question Marks

External Analysis

As per, Larrañeta, Zahra and Galán González (2014) the products in the question marks are rapidly growing in the market and it consumes large amount of cash. However, Tassabehji and Isherwood (2014) opined that the products under question marks have low market share and these products have less capability towards generating cash. While looking at the products of Dhiraagu, it has been found that IDD and Mobile Roaming are highly growing the market. The organization provides best rate in the IDD rate. Therefore, huge numbers of customers are subscribing in such service, which is actually increasing its growth rate in the market. The organization also provides attractive offerings in the mobile roaming services. However, the market share of such services is quite low, which is limiting their capability to generate large amount of money. However, such products have potentiality to generate huge cash in future and gain sustainable revenue for the organization.

Stars

According to Shepherd, Mcmullen and Ocasio (2017), the products in Stars has strong relative marker share in the market. However, such products also consume huge cash with its high growth rate in the market. In this way, the cash in each direction approximately nets out. Such products also have the potentiality to reach at cash cow quadrants, if it can enhance its market share. Newbert, David and Han (2014) opined that 3G/GSM Mobile Services, High-Speed Fixed Broadband Internet of Dhiraagu has relatively higher market share in the market. Therefore, such services are more likely generate cash for the business. On the other hand, such services are still growing in the market. Therefore, it needs to invest adequate resources for maintaining the growth in the market. Therefore, such services also consume adequate cash. However, such services can ensure huge cash generation in future if it is maintained properly.

Cash Cow

According to Bromiley et al. (2015), the products under cash cow quadrant are the market leader. Such products return on asset, which is greater than the market growth rate. In this way, such products generate more cash than they consume. Moreover, Kim, H., Hoskisson and Lee (2015) opined that such products are also capable of generating as more cash as possible by consuming cash as little as possible. While assessing the services of Dhiraagu, it can be said that 3G HSDPA Mobile Broadband, Web hosting and Data Center Services are the market leader in the telecommunication industry of Maldives. Such services generate highest cash even for little investment. Moreover, such products generate a relatively stable cash flow.

 Mckinsey GE Model

Figure 2: GE Matrix of Dhiraagu

(Source: Created by Author)

Grow

According to Venkat et al. (2015), the business units under grow quadrant have high business unit strength against high market attractiveness. Such business units have higher growth in the business. On the other hand, Barros, Hernangómez and Martin-Cruz (2016) opined that the business units under grow quadrants can provide better business profit with high level of business unit strength associated with high level of market attractiveness. While comparing the products of Dhiraagu, it can be seen that Mobile Broadband, 3G Mobile service, High Speed Broadband and web hosting are highly attractive in the market. Moreover, they are the market leaders in the telecommunication industry of Maldives. Such products have high business unit strength associated with high market attractiveness. Therefore, the organization can invest more resources in such products for getting high level of organizational success.

Hold

PEST

Johnsen (2015) pointed out that the business units under hold quadrants have average business unit strength against average market attractiveness. The business units under this quadrant are dropping the market value. Moreover, such business units face extreme competition from other business units of competitor companies. Billings and Buslepp (2016) stated that the business units are incapable of giving optimum amount of return, even if adequate resources are invested. In such situation, organizations mostly hold wait and hold business units for observing any changes in the market. While evaluating the products of Dhiraagu, it can be seen that IDD and Mobile Roaming have average business unit strength associated with average market strength. Moreover, such products of the organization are gradually dropping their value in the market. Furthermore, such products are also facing tough competition from the competitor telecommunication companies of Maldives. Dhiraagu is facing it very hard to beat such competition in the market. These products might not give adequate return on investment. Therefore, the organization is likely to hold such products and observe for any changes in the marker environment. The organization can also look for the importance of such products in the market over the competitor companies.

Harvest

According to Szymaniec-Mlicka (2014), the business units under harvest quadrants are having low business unit strengths associated with low market attractiveness. Moreover, such business units are mostly unattractive in the market. The business unit strength is quite low and market has started to lose it attractiveness. In such situation, the organizations either sell or liquidate these business units for avoiding any losses in the market. On the other hand, organizations can also hold such business units for observing any residual vale associated with them. While evaluating the business units of Dhiraagu, it can be seen that fixed land has lost its market attractiveness. Moreover, such products are gradually being unattractive in the market. Therefore, the organization is going to sell this business unit and reinvest money into the business unit, which are high attractive in the market.

Goals and Objectives for Next 3 Years

SMART OBJECTIVES OF DHIRAAGU FOR NEXT 3 YEARS
SPECIFIC	1. Enhance market share by 20% within the next 3 years 2. Expand in various international markets 3.  Increase the profit level by 25% 4.  Enhance sales volume by 30%
MEASURABLE	1.  Market share can be calculated accurately over a specific period of time. Therefore, the organization can easily track the progress over this specific objective. 2.  Dhiraagu can also easily track the progress over the objective of international expansion 3.  The organization can easily measure the profit level of the business annually 4.  The sales of volume of the organization can also be calculated easily after some specific period
AGGRESSIVENESS	1.  Organizational performance needs strongest performance, as the business objectives are challenging but they are attainable. 2.  Enhancing market share by 20% can be challenging, but it can be achieved 3.  Expansion in various international market may need great organization effort, but it is attainable 4.  Increasing profit level by 25% can be very hard for the organization, but it can be achieved 5.  Enhancing sales volume by 30% may require aggressive effort by Dhiraagu, but the objectives can reached
REALISTIC	1.  The objectives are realistic with the dedicated effort from the employees 2.  Dhiraagu can invest more financial resources for effective promotion in international market for achieving international market expansion 3.  Enhancing sales volume can also be realistic by effective teamwork in sales team
TIME BOUND	1.  The organization will achieve such business objectives within next 3 years

Table 3: Smart Objectives of Dhiraagu for Next 3 Years

(Source: Created by Author)

Generic Strategy

GENERIC STRATEGY FOR DHIRAAGU
COST LEADERSHIP	1.  Reduce the cost of the telecommunication services for increasing sales volume 2.  Dhiraagu will reduce cost of services for getting enhanced market share over the competitors
DIFFERENTIATION	1.  Dhiraagu will enhance the quality of the telecommunication services for gaining high level of customer loyalty 2.  The strategy of adding  unique product quality will promote this brand even in international market 3.  Enhanced customer loyalty would in turn enhance overall sales volume of the organization
FOCUS	1.  Dhiraagu will focus on customers having high trends of  internet usage 2.  Within this segment, the organization will use cost leadership strategy for increased sales volume and market share

Table 4: Generic Strategy for Dhiraagu

(Source: Created by Author)

Grand Strategy

GRAND STRATEGY FOR DHIRAAGU
STABILITY STRATEGY	1.  Dhiraagu will try to maintain its status-quo with existing level of effort for the services like 3G HSDPA Mobile Broadband, Web hosting and Data Center Services. 2.  The organization is satisfied with the incremental growth of such services with adequate level of competitive advantage
GROWTH STRATEGY	1.  Dhiraagu will apply growth strategy for the services like 3G/GSM Mobile Services, High-Speed Fixed Broadband Internet, IDD and Mobile Roaming 2.  The organization will reduce the production cost for increased market share 3.  It will also apply higher degree of specialization in such services for entering in international market
RETRENCHMENT STRATEGY	1.  Dhiraagu will take initiative for liquidating the fixed landline services 2.  It will replace the obsolete machinery

Table 5: Grand Strategy for DHIRAAGU

(Source: Created by Author)

Implementation of Generic Strategies

Cost Leadership

According to Stead and Stead (2013), cost leadership strategy suggests for being the low cost producer in the industry for a specific and given quality of products or services. Organizations can sell their products or services either at the average industry prices for gaining high profit than the competitors or sell it at below the average industry prices for gaining higher marker share. On the other hand, Favoreu, Carassus and Maurel (2016) opined that cost leadership strategy facilitates organizations in maintaining some profitability in the price war within the industry. Therefore, Dhiraagu should follow cost leadership strategy in their business and provide low cost telecommunication services to the customers.  It will enhance the market share of the organization with increasing sales volume. Moreover, the organization should be low cost producer within the industry for enhancing market share. Furthermore, the organization should employ high level of expertise in the manufacturing process engineering for performing low cost production.

Differentiation

According to Bromiley et al. (2015), differentiation strategy suggests for the development of products and services, which have some unique attributes. Moreover, such products and services will have the capability to provide unique value to the customers. On the other hand, Tassabehji and Isherwood (2014) opined that value added to the products and services allow them to charge higher prices. In this way, the organization can earn enhanced profit. Likewise, Dhiraagu should add some value to their telecommunication services for providing unique value to the customers. It will allow the organization to set premium prices for some high quality services. In this way, the organization will be able to earn enhanced profit towards achieving organizational objectives. However, the organization should employ highly skilled and creative products and service development team for developing high quality products and services. Furthermore, the organization must have access to leading scientific research for developing innovative and high quality telecommunication services. The sales team of the organization should also have the ability to successfully communicate the unique product attributes among the customers. It will ultimately lead to enhanced sales volume for the organization.

Focus

Gans and Ryall (2017) pointed out that focus strategy mainly concentrates on narrow segment within the customer group and applying either cost leadership or differentiation for leading business success. In case of Dhiraagu, the organization should focus on the people, who are highly associated with internet usage in their daily life. Within this narrow segment, the organization should follow cost leadership strategy for enhancing the market share within the industry. Moreover, such cost leadership strategy within the narrow segment would enhance the customer loyalty and encourage them towards enhanced purchase of the services. In this way, the organization will be able to enhance the sales volume, which will in turn enhance its market share. Moreover, such strategies will lead the organization towards achieving the desired organizational objectives.

Grand Strategy

Stable Strategy

According to Mitchell and Leiponen (2016), stability strategy attempts to maintain the status quo of the organization, when the organization is quite satisfied with the incremental growth of the existing products. On the other, Zietsma, Greenwood and Langley (2014) opined that stable strategy is focused on maintaining the market share of the existing products or service through using the competitive advantage associated with them. In case of Dhiraagu, the organization should maintain the existing status quo for the services like 3G HSDPA Mobile Broadband, Web hosting and Data Center Services. Moreover, the organization is quite satisfied with the incremental growth and market share of such services. Therefore, the organization will maintain such market share of the services through using the existing competitive advantage associated with them. 

Growth Strategy

According to Tassabehji and Isherwood (2014), growth strategies are intended to achieve increased level of objectives, which is much higher than past achievement level. Moreover, in such strategy, the organization is intended to add some more unique value to the existing products or services for gaining enhanced competitive advantage. On the other hand, Newbert, David and Han (2014) opined that growth strategies are intended to increase the performance objectives of the existing products or services for enhancing overall business growth of an organization. While looking at the products and services of Dhiraagu, it can be seen that 3G/GSM Mobile Services, High-Speed Fixed Broadband Internet and IDD and Mobile Roaming are still in growing stage. Moreover, the organization should be intended to reduce the cost of these telecommunication services for leading the market within telecommunication industry. In this way, the organization will be able to enhance the market share of the organization in the market. Furthermore, reducing the cost of production per unit will enhance the profit potentiality of the organization.

Retrenchment Strategy

According to Barros, Hernangómez and Martin-Cruz (2016), retrenchment strategy is the defensive strategy, which an organization adopts during declination of their performance. The organization can reduce the scope of its business by total or partially withdraw from present business. While looking at the telecommunication services of Dhiraagu, it can be seen that fixed landline is becoming unattractive in the market. Moreover, the market share of these services is quickly declining in the market. Therefore, the organization should liquidate these services and reduce any investment in such services for better business profit.

Premise Control

Every strategy is based on certain planning predictions and premises. Therefore, premise control is specifically designed for constantly and methodically checking the validity of the premises on which the strategies are grounded (Kim, Hoskisson and Lee 2015). Dhiraagu will also use such monitoring control strategy for checking the desired success of the organizational strategies. Moreover, the organization will change the set strategies, when the premises will no longer be valid. As soon as the organization will be able to reject an invalid premise, the strategies will be adjusted and reflected on reality.

Implementation control

Implementation control is designed for checking the effectiveness of strategic implementation of an organization (Szymaniec-Mlicka 2014). Dhiraagu will use both strategic projects and milestone review for checking the implementation effectiveness of planned strategies. Strategic project control strategy will provide information regarding whether the overall strategy is shaping up as planned earlier. On the other hand, Milestone reviews will monitor the progress of the strategies at various milestones or intervals. Based on such monitoring and reviewing, the organization will take controlling strategies for marinating the effectiveness of the strategies.

Strategic Surveillance

Strategic Surveillance is designed for checking the wide range of activities inside and outside of the organization, which can affect the effectiveness of the strategies (Shen and Gentry 2014). Dhiraagu will use such strategy for uncovering the unanticipated information from various information sources, which can impact of the success of the planned strategies. In this way, the organization can take better control strategies for getting the success of the strategies.

Conclusion

While concluding the study, it can be said that Dhiraagu is the leading and largest telecommunication operator in Maldives. The organization has strong brand reputation, which attracts the customers to take its telecommunication services. However, the organization has lack of international expansion outside of the country. The organization has scope of international expansion with high level of brand reputation. Furthermore, the organization faces tough competition from the direct competitors like Raajjé Online and Ooredoo Maldives. The government of Maldives itself has 41.8% share in this organization. Therefore, the government personally takes interest in the business progress of this organization. Moreover, the growing economic condition of the organization has increased the profit potentiality of this organization. The analysis of corporate portfolio suggests that 3G HSDPA Mobile Broadband, Web hosting and Data Center Services of Dhiraagu are generating huge cash without consuming much money. Apart from that, the GE matrix of the organization suggests that Mobile Broadband, 3G Mobile service, High Speed Broadband and web hosting of the organization have the highest growth rate in the market. Therefore, the organization is more likely to invest in such products. Over the next three years, Dhiraagu is intended to increase its market share by 20%, sales volume by 30% and profit level by 25%. Therefore, the organization will adopt cost leadership strategy for increasing the sales volume and marker share within the industry.

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