Strategic Management refers to the process of continuous planning and monitoring which is important for an organization that can help it in meeting the goals along with objectives. The fast-paced innovations along with emerging technologies of the present age force the organizations for making strategic decisions that can help them in remaining successful. The process of strategic management helps the leaders of companies to assess the present situation of the company and chalking out the strategies that can help it in surviving within the competitive environment (Hill 2017). It can help in analysing effectiveness of strategies of a company. Strategic Management analyses the cross-functional business decision before they are implemented in a company. Webster Limited is an agribusiness company in Australia that has a diverse history that spans over a long period of 180 years (Websterltd.com.au 2018). At the initial stage, Webster was involved in different kinds of activities but they have been successful in maintaining a strong connection with the land. Implementation refers to the process that can turn the strategies into actions that can help in accomplishing the strategic objectives of a company. The critical actions can move strategic plan from the document to the actions that can drive the growth of a company. This report discusses about the implementation plan of business strategy of Webster Limited. It also evaluates the business level strategy of Webster Limited that can help in assessing whether the strategies of the company will be successful in the long run.
Low cost leadership strategy was made use of by Webster Limited that helped the organization in developing standardized products of large volume at that of a low cost. The business strategy can be implemented by possessing massive market share that can help them in ensuring profits. The business strategies can be implemented by employing the right people who have in-depth knowledge regarding the agro-industry. Technology is pivotal in the modern age even in the traditional role of agriculture and the employees having technical skills can be a boon for an organization (Hill, Jones and Schilling 2014). The employees were selected on the basis of communication skills that can act as a competitive advantage for Webster Limited. Communication skill along with customer focus is the main area of focus of an agro-business company and the strategic plan was be implemented by hiring the right workers.
The business strategy of Webster Limited was implemented by lowering the cost of the operations. The management of Webster Limited made use of economy of scale that can help them in making profit in the long run. The cost of production will fall in the event of increase in the output. This dynamic was made use of by Webster Limited in the process of manufacturing. The benefit of the size will be able to increase the purchasing power of the company (Wheelen et al. 2017). It helped them in having dominance over the supplier and ensure their sustainability in the industry. The cost advantage was provided to Webster Limited by taking recourse to technological innovation that were protected with the help of patents. Automation can be of great help for the agriculture industry and large scale micro-robots was made use of that helped them in maintaining crops at plant level. Synthetic biology was used by Webster Limited that allowed the efficient reprogramming of the unicellular life which they can use for making fuels.
Webster Limited implemented the air along with soil sensor that can enable the aspect of real-time understanding pertaining to the current farm. Equipment telematics were used by the company that allowed the mechanical device like the tractors for warning the mechanics that a failure can occur soon. Inter-tractor communication was made use of like a “farm swarm” platform. Webster Limited made use of high-resolution crop sensor that can inform the application equipment regarding the correct amount that will be needed. The optical sensor were used by Webster Limited that helped in the aspect of identification of crop health. An effective strategy that was implemented by Webster Limited pertains to the using of infrastructural health sensor that were used for monitoring vibration by Webster Limited (Meyer, Neck and Meeks 2017). The intelligent network were used by Webster Limited that can help in feeding important information back into the maintenance crew.
Webster Limited was instrumental in collecting the biophysical, social along with the environmental metrics in a reliable manner for assessing the various technology options and evaluating the performance over a period of time. Webster Limited made use of better seeds along with efficient irrigation practice that helped them in the aspect of sustainable agriculture. Webster Limited is putting equal weight to the solution at farm level and to that of post-harvest improvement throughout the food chain to that of the customer (Rothaermel 2015). Webster Limited has taken effective steps for ensuring that the engineering skills are processed in an effective manner. The labour of Webster Limited is closely supervised that helps in ensuring the fact that the organizational processes are of the modern standard. Webster Limited works closely with the farmers for producing high quality food that can minimize the footprint of the environment. The company scientists of Webster Limited selects and breeds the desirable traits with the help of natural methods that can help in the creation of next generation seed for that of the farmers (Ethiraj, Gambardella and Helfat 2018). The seeds are tasted on annual basis and the agronomists have made use of the best practices that can minimize the aspect of pesticide use. Integrated pest management process was made use of by Webster Limited and the efficient irrigation system helped in improving the quality of the yield of the company. Webster Limited is working closely with other agricultural companies in Australia that can help them in the aspect of funding of collaborative research (Subaeva and Zamaidinov 2015). It helps Webster Limited in develop the varieties that have improved nutrition and are resistant to droughts.
The implementation plan of Webster Limited can be assessed by the measurement of economic performance pertaining to the management of the company. It can be carried out in a direct manner from that of regular service of obligation of the farms. The input or the entries of the company should be compared to the outputs which can be made use of for assessing the performance of the company. FESLM approach can be made use of that can act as a participatory approach in relation to field data collection. The farmer should be made a partner within the research team and structured interviews can be made use of for the evaluation of the processes and procedures of Webster Limited (Panigrahi and Anjani 2014). The aggregate indicator ratings can be made use of that can help in assessing the sustainability of the company. A measure of productivity of Webster Limited can be understood with the help of Total Factor Productivity that can help in the measurement of the biological sustainability pertaining to the agricultural system. The finances of Webster Limited can be used as an evaluating measure that can help in understanding whether the implementing measures of the company have been successful (Porchezhiyan, Devi and Mathialagan 2014). The operating profit of the company can serve to highlight the success of the strategies adopted by the company. Operating profit can help in giving a clear picture regarding the performance of the company against that of the business goals. The yield of the stock can also act as a measure that can help in assessing the success of the measures of Webster Limited (Cummings and Worley 2014). The profitability pertaining to each department can act as a measure that can help in the calculation of the profit that has been made by each sector of the farm.
External benchmarking can be made use of by Webster Limited that shall compare the performance of Webster Limited with that of other agro-business companies in Australia. It can help in assessing the success of the endeavours of Webster Limited (Otache 2017). The benchmark can be collected by averaging the data collected on the basis of farm performance from the surveys conducted. Data collected can be averaged out and the standardised data can be made use of for the purpose of comparison. Farm management data can be collected that can help in judging the effectiveness of the strategies employed by Webster Limited. Economic efficiency can be employed by Webster Limited that can help in ascertaining the profitability of the business of Webster Limited. Economic efficiency helps in measuring financial returns on that of the resources used (Felin, Foss and Ployhart 2015). Technical indicators can be made use of by the company that can help in the comparison of performance and in the identification of the difference. The differences can help in suggesting the weakness in the farming system along with the parts. The differences can help in suggesting the strength of the company and it can help in suggesting opportunities in relation to improvement. Performance comparison can help in understanding the problems in the right light that can prove to be useful in the aspect of finding solutions (Venable, Pries-Heje and Baskerville 2016).
References:
Cummings, T.G. and Worley, C.G., 2014. Organization development and change. Cengage learning.
Ethiraj, S.K., Gambardella, A. and Helfat, C.E., 2018. Theory in strategic management. Strategic Management Journal, 39(6), pp.1529-1529.
Felin, T., Foss, N.J. and Ployhart, R.E., 2015. The microfoundations movement in strategy and organization theory. The Academy of Management Annals, 9(1), pp.575-632.
Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.
Hill, T., 2017. Manufacturing strategy: the strategic management of the manufacturing function. Macmillan International Higher Education.
Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship?strategic management interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.
Otache, I., 2017. Agripreneurship development: a strategy for revamping Nigeria’s economy from recession. African Journal of Economic and Management Studies, 8(4), pp.474-483.
Panigrahi, R. and Anjani, S., 2014. Re-Engineering Rural Retail: A Study of Various Innovative Agricultural Retail Models in India. IPE Journal of Management, 4(1).
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Rothaermel, F.T., 2015. Strategic management. McGraw-Hill Education.
Subaeva, A.K. and Zamaidinov, A.A., 2015. Methods of agricultural machinery market regulation. International Business Management, 9(7), pp.1780-1784.
Venable, J., Pries-Heje, J. and Baskerville, R., 2016. FEDS: a framework for evaluation in design science research. European Journal of Information Systems, 25(1), pp.77-89.
Websterltd.com.au (2018). Welcome. [online] Webster Limited. Available at: https://www.websterltd.com.au/ [Accessed 12 Sep. 2018].
Wheelen, T.L., Hunger, J.D., Hoffman, A.N. and Bamford, C.E., 2017. Strategic management and business policy. pearson.
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