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Introduction of Gloyw and Strategic Management
In general,
strategy is considered consciously and deliberately selected course of action
for accomplishing the desired objectives. In fact, a strategy is concerned with
the integration of different organisational processes while allocating and
utilising resources within the environment of firm. When it comes to the
development of a strategy, it is vital to consider the effect on suppliers,
employees, customers, and even competitors. One of the main reasons why a
strategy is considered important is that it provides businesses with the
direction they need to advance ahead. For instance, long-term developments are
significantly affected by a strategy. A strategy is introduced for taking a
path which is beneficial for a company. In this essay, it will be explained how
the outbreak of coronavirus increases and leads the demand for electronic
devices, and what the companies, universities, and governments need to do
For the management
of every process, a strategy is created. For instance, if there is a sales
target that need to be met, a strategy will be created for it which will
explain how to achieve it. Similarly, there are a number of strategies
implemented within firms like Gloyw which help them in being effective in the
market
Amid the outbreak,
while some companies have suffered from loss, some firms have experienced a
significant surge in their sales. Some of the firms which are being profitable
include firms which offer online supplies, electronics firms, and online food
delivery businesses. These companies have observed a steady and significant
increase in their sales. The main reason why this is happening is people are
not allowed to go out because if they do, they will have to face the risk of
harbouring coronavirus.
Therefore, instead
of doing nothing while sitting at homes, people want to entertain themselves.
In addition to it, there are some firms which have forced employees to work
from their home. In order to do their work and make sure that they are
entertained, they need to purchase electronic devices such as computers and
laptops. In Gloyw, processes cannot be managed because it is not allowed to
open and people are restricted from coordinating and being around each other.
It has a strategy for every department and every objective. For instance, it
wants to retain its employees and in order to do that, a retention strategy has
been implemented. For achieving high sales, a sales management strategy has
been implemented within the organisations. Similarly, there are various other
strategies which are considered within the firm. The outbreak of coronavirus
has adversely influenced the management of these strategies. After all,
management needs processes which can only be performed by coordinating
processes and efforts by employees, which is not generally possible amid the
outbreak.
However, this
presents new opportunities to businesses. For instance, since Gloyw is an
electronics firm and it provides its products to customers, it must transform
itself and make sure that it meets the demands of customers by providing
customers with the services that they can easily take even during the lockdown.
Since management is not possible without the physical presence of employees,
Gloyw can consider telecommuting and video conferencing among other virtual
options for the management of strategies
External Environment Analysis of Gloyw and Strategic
Management
In this paper, two
external analyses will be performed for Gloyw including the PESTLE Analysis and
Porter’s 5 Forces.
PESTLE Analysis of Gloyw and Strategic Management
PESTLE analysis
covers, environments, technological, legal, political, social, and economic
factors
Political of Gloyw and Strategic Management
When it comes to
the political analysis of the UK, it can be said that the political condition
is stable and it does not pose any type of risk to Gloyw. In fact, the company
can operate easily without facing any issue
Economic of Gloyw and Strategic Management
At the moment,
economic condition of the United Kingdom is not stable because of coronavirus.
It has served to cause issues for not only the government and people but also
businesses operating in the UK.
Legal of Gloyw and Strategic Management
Similar to the
political condition of the UK, there are no issues concerning the legal
framework as well. Therefore it can be said that legal environment is also
stable
Technological of Gloyw and Strategic Management
Amid the outbreak,
technology is having a profound impact on how businesses are performed. For instance,
businesses are digitally transforming themselves to ensure that they can
continue to thrive in the society.
Social of Gloyw and Strategic Management
In the UK, an
increase in the demand of electronic products has been experienced because
these devices are required by people for completing their work during the
outbreak. Therefore, this need should be considered by Gloyw to increase its
revenues
Environmental of Gloyw and Strategic Management
The environmental
condition of the UK is not stable and that is the reason why businesses are
offering their services online to ensure that they can continue to meet the
demands of customers.
Porter’s Five Forces of Gloyw and Strategic Management
Industry Rivalry of Gloyw and Strategic Management
For Gloyw,
industry rivalry is not much of an issue because amid this crisis, not many
businesses are offering their services online
Bargaining Power of Suppliers of Gloyw and Strategic
Management
The bargaining
power of suppliers is quite high because of the shortage of raw materials
required for the production of electronic products
Threat of Substitutes of Gloyw and Strategic Management
At the moment, the
threat of substitutes for Gloyw is moderate because there are not many
businesses offering the same products during coronavirus.
Threat of New Entrants of Gloyw and Strategic Management
For Gloyw, the
threat of new entrants is quite high because there are no barriers in entering
the market.
Bargaining Power of Buyers
of Gloyw and Strategic Management
During the
lockdown, the bargaining power of buyers has decreased significantly because
there are not many businesses which provide customers with various options to
consider so that they can purchase from the company that they prefer
VRIO of Gloyw and Strategic Management
Generally, VRIO
analysis is a strategic managing tool and it is frequently utilised by
organisations in making reliable and efficient decisions. The objective of
organisations is concerned with the accomplishment of competitive edge in the
market. Basically, it is an internal analysis and is utilised for evaluation
and identification of resources in an organisation
Value of Gloyw and Strategic Management
Actually, if
resources can be utilised as an advantage, it is possible that they will offer
beneficial opportunities to a firm. For instance, in case of Gloyw, it can
depend on its resources for the production of electronic devices which are
being purchased by customers in in a large number
Rarity of Gloyw and Strategic Management
Although the
resources are not that rare, their utilisation still provides Gloyw with a
competitive edge in the market. During the outbreak, production has been slowed
down significantly, which means that the company can produce electronics
devices and sell them to customers to meet their demands and satisfy them.
Imitability of Gloyw and Strategic Management
Gloyw has the
resources which are not easy to imitate and coupled with the current crisis,
not many businesses will be able to produce the devices which are being
produced by the organisation
Value of Organisation of Gloyw and Strategic Management
In the VRIO
analysis, this is considered the last step and in order to complete this step
effectively, the first three steps have to be considered and completed
properly. It requires the firm to ensure that its management is ready to pursue
the competitive advantage
VRIO analysis also
produces the same results as PESTLE and Porter’s 5 Forces and it indicates that
Gloyw is in the best position to adopt a transformation strategy which can help
the firm in producing a large number of electronics devices to meet the demands
and requirements of customers. Since not many businesses are operating during
the outbreak, it puts the firm in the best position to work. There are
significant and potential opportunities for the business to utilise and retain
competitive advantage in the market. It is, however, important to note that
each and every process of the firm must be aligned with the new energy to
ensure that it can accomplish the desired objectives
Recommendations of Gloyw and Strategic Management
There are a number
of recommendations which can be considered by Gloyw to stay competitive during
the outbreak and meet the demands of customers:
·
First of all, a new strategy
must be developed by Gloyw to ensure that it proves to be effective during the
crisis and meet the demands of customers. In this strategy, objectives, goals,
timeline, and other aspects should be mentioned as it will help the firm in
having a proper and precise direction towards the destination and desired
objective.
·
The second objective of the
organisation is to ensure that it plans digital transformation so that people
can just order electronic devices without having to manually visit any type of
store. In fact, since restrictions have been imposed on people and organisation
to stay indoors without getting outside, Gloyw can produce an online platform
on which customers can just order their products and they can be delivered to
customers.
·
In order to cut down costs of
production, Gloyw can outsource its services and operations to a firm in the
nation where labour costs are low. For instance, in countries such as Pakistan
and India, labour costs are quite low and Gloyw can take the advantage of this
position. It is, however, important to note that during outsourcing, thorough
and proper supervision should be practiced. Coupled with an online platform,
Gloyw ill not only be capable of producing electronic products but will also
decrease its costs to remain competitive in the market.
·
Lastly, KPIs should be deployed
for evaluating and identifying the success of the firm. They will help in
determining if the new strategy has been effective in achieving sales and
producing the desired results as well. In addition to it, benchmarks can also
be utilised for measuring and evaluating success and effectiveness in the
market.
Conclusion of Gloyw and Strategic
Management
Overall, it can be
said that the outbreak of coronavirus has affected the whole globe. It has
caused and provided businesses with the opportunities that can be utilised by
Gloyw to remain competitive in the market. In this essay, it has been described
first that strategy is considered consciously and deliberately selected course
of action for accomplishing the desired objectives. In fact, a strategy is
concerned with the integration of different organisational processes while
allocating and utilising resources within the environment of firm. The outbreak
of coronavirus has influenced almost all sectors from small businesses to
institutes to aviation industry. In fact, economic experts have indicated that
it is highly possible for underdeveloped countries to experience a recession
because of the coronavirus.
Amid the outbreak,
while some companies have suffered from loss, some firms have experienced a
significant surge in their sales. Some of the firms which are being profitable
include firms which offer online supplies, electronics firms, and online food
delivery businesses. In the body of the essay, three different analyses have
been utilised for analysing the position of industry and organisation. These
analyses include PESTLE, Porter’s 5 Forces, and VRIO. All of these analyses
have produced the same results and they imply that Gloyw has a number of
opportunities which can be utilised for it to remain competitive in the market.
Lastly,
recommendations have been provided for Gloyw. First of all, a new strategy must
be developed by Gloyw to ensure that it proves to be effective during the
crisis and meet the demands of customers. The second objective of the
organisation is to ensure that it plans digital transformation so that people
can just order electronic devices without having to manually visit any type of
store. In order to cut down costs of production, Gloyw can outsource its
services and operations to a firm in the nation where labour costs are low. For
instance, in countries such as Pakistan and India, labour costs are quite low.
Lastly, KPIs should be deployed for evaluating and identifying the success of
the firm.
These are the recommendations that should be considered by Gloyw for ensuring that it remains competitive in the market and meet the demand for electronic devices. It is, however, important to note that Gloyw should make sure that its processes and procedures are aligned with the strategy that it makes for the accomplishment of both short-term and long-term objectives. In this manner, the Gloyw can follow the strategy to achieve its goals. Basically, the firm is in the optimal position to produce electronic devices and meet the demands of customers to generate sales even during the outbreak of coronavirus and lockdown so that it can retain its competitive advantage.
References of Gloyw and Strategic Management
Barney, J. B. & Hesterly,
W. S., 2010. VRIO framework. Strategic management and competitive advantage,
pp. 68-86.
Cardeal, N. & Antonio, N. S., 2012. Valuable, rare,
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