QUESTION 2
Introduction
Strategic management uses an organizations mission statement in order to develop procedures and policies that help an organization reach a certain goal. Strategic management techniques have been known to help organizations implement and plan projects that are designed to align with the organization’s mission statement. Strategic management techniques also help organizations reevaluate different projects in order to determine whether or not there are certain obstacles preventing them from reaching their goals. The tools and techniques of strategic management are helpful for management by providing them with information that will add value to their organization. This paper discusses different aspects of strategic management and applies them to the tech ride-sharing company, Uber.
Uber
Uber is a high-tech startup company that was founded in 2009. The objective of the organization is to connect the transportation industry with customers through the use of technology. In 2014, the company’s ride-share app was the highest valued company in the world. At this time, the company was estimated to be worth more than US $40 billion. At the end of 2015, the annual revenue of Uber was $10 billion (Makos, 2015).
Uber is not like traditional car services. Uber does not employee their drivers. Instead, the purpose of Uber is to connect drivers with passengers through the use of their app. The app can be used whenever a passenger is needing transportation. The passenger will then utilize the app in order to reserve a car. The passenger’s request is then sent to all of the drivers within the area. The driver who is the closest to the passenger will pick them up and take them to their destination. All of the payments are completely done through the app. Therefore, there is no personal financial transaction that takes place between the passenger and the driver. The passenger even has the ability to tip the driver through the app (Chafkin, 2015, p. 110). The remainder of this paper discusses various strategic management tools and discusses how they can be applied to Uber.
Strategic Management
Organization strategy
Organizational strategies are very important for a company. These strategies serve as a guideline when it comes to making managerial decisions. “An effective strategy can help an entrepreneur to realize short- and long-term business goals, keeping the company at the top of its industry by continually offering the most valuable customer experience in the marketplace, or by moving into new markets when the time is right” (Ingram, 2016). When creating an appropriate organizational strategy, several writers suggest that the organization should create a critical question analysis. In order to do this, the organization must think about a series of four questions. These questions are: 1) what are the objectives of the organization? 2) Where is the organization presently going? 3) What kind of environment does the organization currently have? And 4) what can be done now in order to achieve future organizational objectives? (Ingram, 2016).
There are several steps that are involved when it comes to an organization creating an organization strategy. First, the organization must decide which industry they want to compete in. Next, an organization should describe what types of customers they are trying to target. Demographic, behavioristic, and geographic uniqueness should all be taken into consideration while describing the target customer. The third step consists of creating a strategic vision to help guide the organization with their strategic decisions. This process can also be referred to as the organization creating a mission statement (Ingram, 2016).
The fourth step consists of conducting a SWOT analysis to uncover hidden potentials or threats that the organization may face in the future. SWOT analyses also allow an organization to reinforce their strengths while also eliminating their weaknesses. This helps an organization take advantage of opportunities in the external environment as well as protecting themselves from outside threats. The next step should consist of the organization creating a financial analysis for the daily operations of the organizations. Financial rations can help an organization analyze their financial statements and compare those results to other companies throughout the industry. Utilizing financial ratios can assist an organization identify their strengths and weakness when it comes to reducing costs while also maximizing their profit margins (Ingram, 2016).
The last two steps of organization strategy consist of using gathered information in order to develop produce initiatives and setting up goals at every level throughout the organization. An organization needs to makes sure that their new products and/or services are up to date and in line with their strategic vision. Lastly, an organization needs to set goals at every level throughout the organization. This is from the top-level executives to the front-line employees. These goals should be reviewed regularly and altered as necessary in order for the organization to stay ahead of their competitors (Ingram, 2016).
Tools and techniques
SWOT Analysis
SWOT analysis is a tool that businesses can utilize in order to see the risk and rewards of different decisions. SWOT, which is an abbreviation for Strengths, Weaknesses, Opportunities and Threats, can help a company with present day challenges by creating an analytical framework. Created in the 1960s, the SWOT analysis was originally intended for the business world, however people have since adopted it into their own personal development (Goodrich, 2015).
SWOT analysis is a useful tool when it comes to analyzing a firm’s position in the market. The SWOT analysis looks at an organizations strengths and weaknesses when it comes to external threats and opportunities. By realizing strengths and weaknesses, the organization is able to exploit opportunities using their strengths. It also helps an organization avoid external threats by improving their weaknesses (Goodrich, 2015).
SWOT analysis was intended to be used during the beginning stages of strategic planning. “The SWOT analysis is an excellent tool for organizing information, presenting solutions, identifying roadblocks and emphasizing opportunities” (Goodrich, 2015). While drafting a SWOT analysis, a table should be drawn and split into four columns. This allows side-by-side comparison. Each box consists of each letter in the acronym SWOT. The S (Strengths) and W (Weaknesses) should include financial resources, physical resources, human resources, access to natural resources, and current processes throughout the firm. The O (Opportunities) and T (Threats) should consist of all of the external factors affecting the organization. Such factors consist of: market trends, economic trends, funding, demographics, and relationships with suppliers, and political, economic, and environmental regulations (Goodrich, 2015).
A SWOT analysis of Uber would consist of the following. The strengths would consist of: well-recognized brand, unlimited fleet of vehicles, no full-time drivers, low operational costs, little competition, cashless payment system, and lower prices compared to traditional taxi services. The weaknesses, on the other hand, would consist of: easily imitated idea, ethically questionable relationships between the organization and the drivers, unpredictable business model, and privacy concerns regarding the locations the customer gets the taxi from (Makos, 2015).
Furthermore, there are several opportunities when it comes to Uber. First, consumers are often not satisfied with traditional taxi companies because of the wait and high prices. Uber has the possibility exploit markets in countries where cab services are expensive and inconvenient. There is also opportunities for Uber in suburban areas where taxi services are generally not available to the general public. Lastly, the more drivers Uber can get the slower the wait time for customers. This can lead to increase customer loyalty as well as more revenue for the company and more profit for the driver (Makos, 2015).
Uber does have several threats, however. First, if drivers are not content with the company’s low-profit margins, then this could create bad publicity for the company and discourage new drivers from becoming part of the Uber team. Next, several countries have legal regulations regarding Uber. It is even banned in some countries like German. Increase in competition is also a threat for Uber. The more competitors that enter the market, the more prices must be decreased. This will further discourage drivers from joining and staying with the organization. Overall, Uber is dependent on their drivers. It is the number one importance when it comes to their business model. Thus, threats can be presented if anything happens to deter drivers from participating in Uber’s business operations. By conducting a SWOT analysis, Uber can easily see their strengths and weaknesses. This can help the company with their strategic planning in regards to strengthening their weaknesses and protecting themselves from their threats (Makos, 2015).
Program evaluation
Program evaluation is a strategic management technique that is used when managers want to analyze a project from start to finish. By evaluating the project’s process, managers are able to determine what different activities need to be completed and the time frame that is allowed for completion. Also, program evaluations let management determine the time that is necessary when it comes to completion of different projects. Program evaluations help management look at the efficiency of the individual aspects of that program and what needs to be done in order to reach overall organizational goals.
Financial Control Techniques
Financial control techniques help businesses and organizations keep the cost of business under control. With the use of budgets and financial analysis, an organization can make better decision regarding what the financial need of the organization is. Budgets are responsible for controlling the money that comes into the organization. Budgets are also responsible for determine where that money goes to throughout the organization and how it is paid out. Budgets also determine the amount of money and other resources can be allocated to specific projects within the organization.
Financial analysis
Financial analyses are one of the most important tools when it comes to assessing the strengths and weakness of an organization within the industry. “Financial analysis is a comprehensive term that refers to any use of available financial data to evaluate the performance, condition, or future prospects of organization” (Barnat, 2016). Financial analysis help managers answer several questions. After a financial analysis, a manager would be able to determine whether or not a strategy is appropriate given the organizations current financial position in regards to the industry. Financial analyses also give organizations the ability to determine whether they have the financial resources available to carry out specific strategies throughout the organization. Lastly, financial analyses help an organization determine whether or not financial resources are being correctly allocated in order to achieve organizational goals (Barnat, 2016).
Financial analyses can help Uber when it comes to their financial resources. Uber is constantly promoting different services throughout the holidays in order to gain customers during the busy seasons. Financial analyses can help Uber discover whether or not those programs are a good use of resources when it comes to the financial aspects of the business. For example, a financial analysis can help management see whether or not specific holiday promotions are a valuable use of resources by analyzing the financial data. This can allow management to analyze how much the organization profited off of each promotion and whether or not the profit exceeds the overall cost to the organization. These promotions may turn drivers away from driving from Uber. Therefore, this must be calculated as a cost to the organization through the financial analysis.
Financial ratios
Financial ratios consist of mathematical comparisons when it comes to the financial statement of an organization. These relationships help creditors and investors to understand how well a business is doing in a particular area and in what areas is that organization needing improvement. Ratios are the most common financial tool that is used to analyze a business standing financially. They are easy and simple for an individual to understand and compute (Mokhtar, Shuib & Mohamad, 2014, p. 348). Ratios can also be used to compare companies to different industries. Due to the fact that ratios are based on proportions, both small and large companies can utilize ratios in order to compare financial information (Alireza, Parviz & Mina, 2012, p. 57). In other words, financial ratios do not take the size of a company into considerations. They consist of raw computations which state a company’s financial position. “Ratios allow us to compare companies across industries, big and small, to identify their strengths and weaknesses” (Financial Ratio Analysis, 2016).
Manager’s use finance ratios analysis in order to evaluate the financial condition of an organization (Newman, 2013, p. 5). Financial ratios are used to determine certain relationships from income statements and balance sheets. “Ratio analysis does not merely involve the application of a formula to financial data, but more important is the interpretation of the ratio value” (Barnat, 2016). Financial ratios are used by organizations for several reasons. These ratios can be used to show different aspects of the organization in regards to the rest of the industry. Financial ratios can show: 1) the firms position within the industry, 2) whether or not strategic objectives are being met, 3) the firms vulnerability in the industry, 4) the firm’s ability to react and handle unforeseen changes throughout the environment, and 5) the risk of corporate failure (Barnat, 2016). Ratios are helpful for an organization to gain insight on how they are positioned throughout the industry. However, there is no single ratio that can be used to asses all of the aspects when it comes to a firm’s financial condition (Tsai, Wang & Ho, 2016, p. 487).
Financial ratios are used by businesses in order to discover what the financial health is of the organization. The most basic financial ratio that is used by organizations is cash flow coverage. An example of cash flow coverage is when a lender measures an organization’s ability to pay its debts (Dambra, Wasley & Wu, 2013, p. 607). “In the calculation, a company’s net profit is calculated. This number is then assumed to be the amount available to repay debt. Quick ratio, on the other hand, measures an organization ability to meet short-term obligations. Organizations use quick ratios when calculating current liabilities and assets. One major difference with quick ratio than other ratios is that quick ratio excluded current inventory in its ratio. “Inventory is excluded because it may have to be sold at a loss or steep discount to realize cash in an emergency, therefore its value is not reliable” (Sardisco, 2016). Financial ratios are generally grouped by the information they provide to the person who is interpreting them.
When calculating the price to cash flow ration, an organization show take the current share price of the organization and divide it by the total cash flow from their operations that can be found on their cash flow statement (Vedd &Yassinski, 2015, p. 16). Cash flow ratios vary by industry. “For companies involved in capital intensive activities, such as the auto companies and railroads, you are going to see much lower price to cash flow multiples because investors know that much of the money is going to have to be poured back into equipment, facilities, materials, and fixed assets or else the firm will be hurt” (Kennon, 2015). Industries like software, on the other hand, generally have a much higher cash flow ratio because these industry require low capital. Uber is an example of an organization that has a much higher cash flow ratio. Due to its low operating costs and high revenue, Uber’s price to cash flow ratio should be much higher compared to other industries.
Uber should utilize financial ratios for several reasons. Financial ratios will help allow the organization to see where they rank in the industry. Even though the company has only a few current competitors, Uber needs to know where they stand amongst those few competitors. Also, it will help the organization tell whether or not they are meeting the company’s strategic objectives. Financial ratios will also tell the organization how high of risk there is for the corporation to embark on corporate failure. Financial ratios are responsible for giving an organization statistical information regarding where they stand in the industry.
Break-even analysis
“The objective of breakeven analysis is to determine the breakeven quantity of output by studying the relationship among the firm’s cost structure, volume of output, and profit” (Barnat, 2016). Break-even analysis is a tool that helps an organization determine the number of products needed in order for the organization to become profitable. The break-even point for an organization is when the cost of business operations meets the money generated from the sale of products and/or services (Oe, 2013, p. 2193). Break-even analyses are especially useful for new businesses. Several new businesses conduct break-even analysis in order to strategically plan for the organization. Break-even analyses can also help an organization when it comes to strategic price determination. It helps an organization to determine how the change in profits accompany the change in costs and pricing (Barnat, 2016).
The break-even analysis is one of the most useful tools for the management of a business. There are several of reasons why a business may need to conduct a break-even analysis. For some organizations, break-even analyses are used when businesses are trying to get a grant. It is also a useful tool whenever a business needs to apply for a loan as well (Laskaris & Regan, 2013, p. 88). The purpose of the break-even analysis is to show an organization the relationship that exists between fixed costs, variable costs and return on investment. “A break-even analysis involves a simple computation through which it evaluates the level of production at a given price, while the break-even point analysis discloses whether the intended project seems to be feasible to cover all the costs or not” (Siddiqui, 2014).
When making a break-even analysis, businesses should use the contribution income state rather than using regular income statements. This is because the loss and profit statement does not provide the information that is necessary when it comes to the variable costs on income statements. Contribution income statements, on the other hand, highlight the changes when it comes to variable costs and fixed cost as it affects the level of profits for the organization (Siddiqui, 2014).
A break-even analysis is dependent on the following variables: selling price per unit (amount of money charged the customer for every unit of product or service), total fixed costs (the sum of all of the costs that are required in order to produce the first unit of the product or service), variable unit cost (costs that vary when it comes to the production of one additional unit of product or service), total variable cost (the variable cost of the expected unit sale), and forecasted net profit (total revenue subtracted by the total cost) (Yang, 2012, p. 115). A break-even analysis is dependent on all of the above variables. If any one of the above variables change for an organization, then the overall result may change as well. Overall, the break-even point for an organization is the number of units sales it takes in order for the organization to produce a profit of zero. In other words, the break-even point for an organization is the point when the product or service stops costing the organization money in order to produce and sell the product. The break-even point is when the organization starts generating a profit from the product or service (Arsham, 2016).
The formula that can be utilized by an organization to determine their break-even point is Q=Fc/(Up-Vc). In this equation, Q represents the break-even point, Fc represents the fixed costs, Vc represents the variable costs per unit, and Up is the unit price. In other words, the break-even point is equal to the fixed cost / (unit price - variable unit cost). Using this equation, an organization can discover what their break-even point is (Levy, 1972, 24).
Uber should constantly be conducting break-even analyses. Due to the competiveness in the industry, it is important for Uber to know and understand how much profit they are making so they can adequately set prices. The more competition Uber has, the lower their prices have to be in order to remain competitive. Thus, a break-even analysis will give the company a look at the inputs and outputs and how much profit the company is seeing in regards to inputs. This can help the company adequately price their services in order to keep their competitive edge in the industry.
Game theory
Game theory is a strategic management technique that helps an organization determine how their competitors throughout the market will respond and react to new products and price increases. “Game theory is a special branch of mathematics which has been developed to study decision making in complex circumstances” (Neumann, Morgenstern & Nash, 2016). Game theory uses mathematics and economics in order to determine how organizations will react under different situations. Game theory helps organizations make strategic decisions that are needed in order to reach organizational goals (Narahari, 2014, p. 53).
Game theory is taught at top business schools and military academies. The strategic analysis of game theory is considered one of the most important aspects when it comes to surviving in the modern economy. Whether an organization is a traditional business or a new organization, the understanding of game theory is essential in today’s market place (Cremene, 2015, p. 139).
Prisoner’s dilemma
The Prisoner’s Dilemma is the idea that what one person does effects everyone else throughout the game. “Overall, the Prisoner’s Dilemma illustrates how interdependence between the two suspects has an impact on the outcomes for both. What one suspect chooses has a bearing on what his and his partner’s outcomes will be” (Hyun & Byun, 2014, p. 81). In other words, there is an element of interdependence when it comes to the Prisoner’s Dilemma game. The outcome of each player is dependent on what the partner has selected. The idea of the Prisoner’s dilemma consists of both interdependence and competition.
One excellent example of the Prisoner’s Dilemma game is with the Apple iPhone. The release of the Apple iPhone was one of the most closely watched items in the industry. The iPhone changed the face of the industry. After the release of the iPhone, other companies throughout the industry were quick to develop and produce smartphones with similar capabilities. In this case, Apple was the leader and the other companies in the industry were the followers. What Apple did when it came to the iPhone caused other organizations in the industry to do the same (Hyun & Byun, 2014, p. 82). In other words, the outcome for others in the industry were dependent on what Apple did.
This example can be illustrates by the Prisoner’s Dilemma in a specific way. When two companies compete throughout an industry, each company has a decision on the quality of products they want to compete with. For example, one company may decide to produce low-tech cell phones. Given the inexpensive in producing the low-tech cell phone, a company can compete with low-tech products and still be competitive throughout the industry. If another company decides to compete and produce similar low-tech cell phones, then both firms will receive equal market share when it comes to sales and profit in the industry. However, if the competitor firm decides to produce high-tech cell phones, then consumers will be more attached to the new technology and buy the high-tech product instead of the low-tech cell phone. Thus, Apple was able to capture the a large percentage of the market for cell phones by producing high-tech cell phones while their competitors will receive lower profits. High-tech products are expensive to develop and produce, however, if both companies choose to produce high-tech cell phones then both of the companies will split the market. In this case, both companies will receive lower profits than if one company decided to only produce low-tech cell phones (Hyun & Byun, 2014, p. 82).
Uber and Lyft have both been gaining a ton or popularity through major metropolitan cities across the globe. Like Uber, Lyft is a private car company that is a substitute to the cab industry. Lyft is Uber’s biggest competitor with both customer and drivers. The battle between Uber and Lyft is similar to that of the prisoner’s dilemma. There are several options both these companies have. First, the companies could remain competing against one another and deal with the competition. Second, both of the companies could choose not to compete with one another when it came to drivers. This would cause both companies to not have as high of revenue as they could have, however, both companies would have a steady profit and friendly competition. Lastly, one of these companies could remain competitive while the other remains passive (Cornell University, 2014).
Currently, both companies are choosing to compete with one another when it comes to drivers. This is causing one of the companies to earn large amounts of profit over the other. This is a perfect example of the Prison’s Dilemma. Both companies are taking the industry by storm. Both have managed to eliminate the competition with taxi and cab services. However, competition does still exist amongst themselves. Uber and Lyft had to decide whether to compete, causing one of them to earn above average profits while the other earns lower than average profits. On the other hand, the companies could have decided not to compete with one another and both earn lower, but equal, profits. Lyft decided to compete with Uber. However, Uber is still receiving the majority of the profits throughout the market (Cornell University, 2014).
Conclusion
Strategic management is helpful for an organization in order to add value to their organization. Strategic management creates guidelines that help a company make managerial decisions. SWOT analysis and program evaluations are two different strategic management tools that companies utilize in order to analyze the organizations strengths and weaknesses. Program evaluations evaluate specific projects, offering guidelines based on time requirements and resource restraints. While SWOT analyses help an organization gain insight on the firm’s position in the market. By analyzing an organization’s strengths and weaknesses, SWOT analysis helps a company embark on new opportunities while also protecting themselves from potential outside threats.
Financial techniques help organizations keep the costs of business under control. These techniques help management make strategic decisions based on funding available. Financial analyses are conducted by companies in order to evaluate their performance based on their available financial data. Financial ratios are then used to compare and contrast the company’s financial data. Comparing and contrasting financial data with a ratio allows an organization to rank themselves amongst other organizations throughout the industry. A company can use a break-even analysis in order to determine their break-even point. Lastly, game theory gives an organization insight on how their competitors may react in a given situation. By analyzing how a competitor will react to competition allows an organization to plan for the future when it comes to potential profit. Furthermore, game theory gives an organization different situations that can happen and the outcome for each one of the situations. Thus, an organization can analyze the outcome for several situations and prepare for each one, giving them an upper hand when it comes to competition in the market place. Overall, strategic management tools and techniques help an organization analyze their position in an industry by highlighting their strengths and weakness, and in return, allowing them to pursue opportunity while also protecting themselves from potential external threats.
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