Strategic Management Reflective And Learning Log

In this level, is inspecting the tactical position of WRSX Group. By using the PESTEL framework we can analyse the many different facets in a firm's macro environment. PESTEL evaluation is a good tool for understanding the "big picture" of the surroundings, in which you are working, and the opportunities and dangers that lay within it. By understanding the surroundings where you operate (external to your organization or team), you may take benefit of the opportunities and decrease the threats. (Ghemawat, 2008). The Five Force frameworks will reaction to the industry evaluation. Five Makes is a construction for industry research and business strategy development. It is contains five key factors; admittance barriers, buyer electric power, supplier power, substitute competitions and industry rival. (Johnson and Scholes, 2009) The SWOT is useful whenever we are analyzing the internal environment of WRSX Group. It is a tactical planning method used to judge the Strengths, Weaknesses, Opportunities, and Threats. (Strengths: characteristics of the business enterprise or team that provide it an advantage over others in the industry. Weaknesses: are characteristics that place the firm at a downside in accordance with others. Opportunities: external chances to make better sales or profits in the surroundings. Threats: external elements in the environment that could cause trouble for the business). (David, 1995)

For the existing situation of entire industry of advertising, it is under higher level competition. A considerable numbers of firms live in this industry. The range of their scale is quite extensively, it protects large international agencies to small local business organization even only two different people involved. Meanwhile, plenty of work at home opportunities in advertising. Beneath the whole world economical is increasing track record, firms are comfortable to place budget on advertise part. Generally speaking, the advertising industry is trend to maturely and prosperously. However, a lot of elements could be influence advertising industry. The industry styles to mature, then the situation turn out, which is market shrink. New advertising develops. Because of the outstanding features of it, complete advertising industry must move the main to new advertising filed.

Competitive advantages in advertising industry mainly deriving from creative & innovative potential, range and breadth of services or products. The creative & innovate capability is the most crucial for any organization in advertising industry scheduled to it's the key thing to clarify differentiation of products what they are resource. At the same time, this is also a key point to catch the attention of clients.

The key stakeholders in the WRSX Group, expects an extended - term global brand improvements and accomplishments. In somewhere, issues may exist different stakeholder groupings. (Johnson and Scholes, 2009, p. 106 )

Currently performance of WRSX Group is relatively successful. However, some aspects should be improved. The fascination & Retention: WRSX Group results highly on its market research capability and its own knowledge of market sections and programs, also scores highly in terms of its imagination and innovation, but not in USA. The breadth of services matches the industry average. The Authority Potential: some offices succeed but others perform terribly in conditions of Management of Functions, Information Management and Administration. This is why for why its score of this below industry average. Management of Risk: the WRSX Group has performed well in management of Financial Risk, but it offers dropped substandard due to some acquisitions have never been perceived as financially astute. Corporate and business Friendly Responsibility (CSR): Past analyses have shown high ratings for WRSX Group in conditions of its ethical stance and its own social profile but lower for corporate governance. Following the discussing handling in the display group, a few of tactical issues are find out. The first one is regards to marketing. The earnings of WRSX Group in Asia Pacific has some problems because of the WRSX Group does not focus on the new multimedia and digital advertising filed. It contributes to lose fascination to clients. The next some may be the financial problem. The WRSX Group get advanced staff costs, as the revenue is not good enough to support this behavior. The 3rd the first is the management issue, including the corruption, the weak control capabilities and the bad procurement. The WRSX Group getting rid of expertise people in firms, which influence the creation and reputation. The terrible acquisitions make WRSX Group losing financial supports to build up brand value. Generally speaking, the WRSX Group has matched up average score in advertising industry. In the meantime, there are something above have to increased or revised, which try to achieve the global brand development of WRSX Group.

Phrase Two. Making Strategic Choices

In this level, is analyzing the strategic options of WRSX Group. The existing strategy of the WRSX Group is in some aspects. For the marketing, the exits market of WRSX Group indeed need develop, which aspires to enhance the capability. Meanwhile, lots of new thing are looking forward to the WRSX Group to accomplish as well. The choice of starting new marketplaces, such as new marketing or digital press field could be excellent for WRSX Group. (Johnson and Scholes, 2009) For the WRSX Group, it identifies itself as a creative advertising agency on the market. So the WRSX Group the group should keep and entice the experienced staffs who prepared high level creativity and creativity. The skill and quality staffs aren't enough to be sure the WRSX Group will go well. The situation of weak command capacity for WRSX Group has to be improved. The vulnerable awareness of leadership could be the reason behind some dreadful acquisitions the particular WRSX Group does. The money burning off release pressure to WRSX Group's financial. For the financial part, control the expenses and the cover acquisitions should be achieved immediately. On the other hand, keep its revenue also indeed. It is able to make sure the whole company goes well. It's the foundation of enhance the WRSX Group's buying ability, increase its reputation and develop new market. In most cases, the strategic gaps of WRSX Group have list above, it focus on several aspects which will be the future and can be found marketing development, the individual recourse concern about the vulnerable leadership functions & insufficient talent people in group and the price and budget problems response to finance. With this stage, to be able to judge our strategic selections, also shrinking the spaces which mentioned, the group members examined about suitability, acceptability and feasibility aspects of the WRSX Group. (Johnson and Scholes, 2009) Although some problems in implementing the choice we have been making at this stage. They are in several levels. In corporate level, the group should target new market or new field producing, meanwhile, enhance the fascination of WRSX Group is necessary as well. While in the business level, revise the management issue should be achieved, and risk management should be concern. Whether or not to start new market segments in international market should be make the decision. The result of us for this aspect is expanding the Chinese language market as the new market for the WRSX Group. Another aspect, skill and experienced people are losing in the New Work office of WRSX Group. This influences the creative quality of the WRSX Group.

There still have some risks for the WRSX Group. Those hazards are linked to the problems which can be shown in the saying one. The reputation risk links to the ability and experienced people losing, the complete team creative capabilities is influenced; the financial risk web links to the weakened leadership capacity, some bad acquisitions losing profits.

Phrase Three. Analyzing the proper actions

In this stage, is studying the strategic actions of WRSX Group.

Based on the results everything we got from past two phases, there are four options of action found from six of these. The four options are Handling Generation Y: delivering the Doughnuts, Sustainability coverage, exploiting the digital opportunity, Enlargement into China. After those activities taken, the talk about price increased from 2. 28 GBP to 2. 50 GBP. The earnings, revenue and PBIT index increased as well.

The assumption presented on the duty which is expecting the share price increased due to the right decisions that which you made. However, some disagreements are shows up in the control of grab those options mentioned previously. The most spectacular problem in discussing is disagreement of this is of some options. Every group member presents their own thoughts and awareness of each option. After that, compare with every member's demonstration, then grab the agreements and disagreements. For the disagreement, group members discuss about them again. The acceptable expression should be turn out when the member presenting. At the end, the ultimate decisions were created by the majority thoughts and opinions of group people. For the non-public decisions amount of certainty, it might be seven or eight degree on a size of one to ten. But other members also keep some typically common opinions beside me. This is reason for why the amount in advanced.

After each group reaching and seminar, a lot of resources and results come out for the WRSX Group. With the ability to use these resources to obtain more achievements, reaction to financial and sociable relationship part. The WRSX Group outfitted experienced and talent personnel, whom outfitted excellent innovation and creativity features to produce or source services. However, this is not including the New York office due for some skill and experienced people leave the WRSX Group. All in all, the WRSX Group still obtained advanced reputation in this industry. In the meantime, the WRSX Group doing well about general market trends, which is rely on understanding its market parts and methods. As the results than it, many spots for the group are able to develop. For cases, create the Chinese market as the new market for the WRSX Group. For global advertising market, the United States occupied most percent of it. However, in the global advertising market generally speaking downward craze, China, Russia plus some other advertising market demonstrated vitality. For Chinese language advertising market, it is constant developing with broadband in last ten years. In 2010 2010, the turnover of Chinese language advertising industry is 200. 41 billion Chinese language Yuan. Increased by 14 billion Chinese Yuan compared with 2009. On the other hand, the Chinese language advertising industry is not older. It is an opportunity for WRSX Group to determine the branch in China, or searching for a local firm as a corporate body. This aspect is examined in past part. Another is usually that the WRSX Group should think about about the opportunities in new marketing or digital media aspect. Some reasons, the digital press is the main trend soon, which based on the internet, mobile phones and etc. Two, it can draw in the potential clients, especially the young technology. Because of this part, the online media produces with a high speed in last 10 years. It obtains numbers of outstanding advantages. A couple of two main of these, one is generally low priced than advertisings on traditional mass media. Another one is more widely audience range it can reach. As the consequence of those, plenty of businesses want to put in more budgets on digital space. Meanwhile, it demonstrates this digital space definitely is a more plus more huge market in future. The WRSX Group have supplier marriage in various offices, so that, they could offer their clients the digital services. There are a few methods to growing this business. An example may be developing itself functionality for digital space, or elsewhere relying on exterior providers to provide this service to WRSX clients. However, the suitable way for WRSX Group is incorporate two of these. Because of the WRSX is not called by the most notable agency on earth. Not strong capacity to developing it separately. So, this could be the most suitable way for WRSX to get this done field business. So it is way better for the WRSX Group to explore the advertising of digital multimedia or new press field. At the end, balance the short-term (three-year plan, etc. ) and the long-term accomplishments (quest, company objectives, etc. ) of the WRSX Group should be achieved.

Conclusion

After studying this strategic management component which is "understanding the strategic position of organizations, tactical choices for the future and turning strategies into action" (Johnson and Scholes, 2002), predicated on the WRSX Group research study. Learn a great deal, for example, some typical strategy tools - PESTEL, Five Forces, SWOT etc. I am clear in what is the seeks and objective of those tools (PESTEL, firm's macro environment. Five Causes, the industry analyzing. SWOT, examining the internal environment); which elements get excited about those tools (PESTEL, policies, economic, society, scientific, environment, legal. Five Pushes, entry hurdle, industry opponents, substation competition, buyer electric power, supplier buyer. SWOT, strengths, weaknesses, opportunities, risks); what is the function of each aspect in those tools. Another is, I find out about the strategy has different levels; two basic levels are corporate level and business level. In another aspect, this is an organization work study. In order that, I have learn tons of technology about team work capabilities. Taking the right actions when group participants encounter disagreements in reaching or workshop could be better. I discovered use logical method to learning the right activities. Well communication capacity is necessary for me personally in the future. All in all, after this semester study, I have practiced and enhanced personal communication skills, while learned knowledge of strategic management.

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