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Trang chủ Xây dựng chiến lược kinh doanh cho công ty cổ phần xây dựng công nghiệp toàn phá...

Tài liệu Xây dựng chiến lược kinh doanh cho công ty cổ phần xây dựng công nghiệp toàn phát

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LUẬN VĂN THẠC SĨ XÂY DỰNG CHIẾN LƯỢC KINH DOANH CHO CÔNG TY CỔ PHẦN XÂY DỰNG CÔNG NGHIỆP TOÀN PHÁT BUILDING BUSINESS STRATEGY FOR TOAN PHAT CONSTRUCTION INDUSTRY JOINT STOCK COMPANY (TOPACO) IN 2011-2015 PERIOD AND VISION TO 2020 ACKNOWLEDGEMENT To help us complete the capstone project of Global Advanced Master of Business Administration Program (GaMBA), members of group 10- class GaMBA.M0709 has received a lot of support and contributed ideas of the lecturer and staff of GaMBA Program ad Board of Leaders of Toan Phat Construction Industry Joint Stock Company. We would like to express our sincere thank to the Board of Leaders, Teaching and Study Managing Department, Class Management Division, etc. of GaMBA Program. We are very grateful to the Board of Leaders and the staff of center for Educational Technology and Career Development (ETC) - Vietnam National University, Hanoi and Griggs University (USA). Thanks to your support, we can study in the most favorable conditions. We are grateful to lecturers of GaMBA Program and Griggs UniversityUSA. Thanks to your enthusiasm and conscience in teaching, we have gained useful knowledge for our current jobs. Last but not least, we are in debt to our families’ members and classmates in M0709 class. Thanks to their support and encouragement, we have finished the course without encountering any obstacles. Although the group has tried a lot but due to the condition of work-study, the quality of the capstone project is still limited. We do hope and will try to study and develop the research project both in theory and in application in the real situation of Topaco with the expectation to make a small contribution to the sustainable success and development of Topaco in competing in the coming integration environment. We have tried to complete the capstone project in the best way with our knowledge and capacity; however, shortcomings are unavoidable, we do hope to receive valuable contributions from our teachers and classmates./. MEMBERS OF GROUP 10 TABLE OF CONTENT Page VERIFICATION AND ASSESSMENT OF TOPACO COMPANY ACKNOWLEDGEMENT LIST OF TABLES LIST OF FIGURES AND GRAPHS PREFACE 1. General context, the necessity and implication of the research project 2. Objective and scope of the study 3. Methodology of the study 4. Structure of the capstone project Chapter 1. BASIC RATIONALE OF THE REAEARCH PROJECT 1.1. CONCEPT AND CLASSIFICATION OF BUSINESS STRATEGY 1.1.1. Concept of business strategy 1.1.2. Role of business strategy 1.1.3. Basic characteristics of business strategy 1.2. PROCESS OF BUILDING BUSINESS STRATEGY 1.2.1. Analyze internal and external environment 1.2.1.1 Analyze internal environment . 1.2.1.2 Analyze external environment . 1.2.2. Building matrix to select business strategy 1.2.2.1 External Factor Evaluation Matrix . 1.2.2.2 Internal Factor Evaluation Matrix . 1.2.2.3 Competitive Profile Matrix . 1.2.2.4 SWOT Matrix . 1.2.3. Select business strategy 1.2.3.1 Organization and implementation . 1.2.3.2 Evaluate the effectiveness of the strategy . Chapter 2. ANALYZING REAL SISTUATION OF PRODUCTION AND BUSINESS OF TOAN PHAT CONSTRUCTION INDUSTRY JOINT STOCK COMPANY 2.1. GENERAL INTRODUCTION OF THE COMPANY 2 4 7 8 9 9 10 11 11 13 13 13 14 14 15 15 1 5 1 6 19 1 9 2 0 2 1 2 1 24 2 4 2 5 25 26 2.1.1. The process of establishment, organizational structure and apparatus 2.1.2. Situation and business performance from 2008 to 2010 2.2. ANALYZING SITUATION ANG BUSINESS SITUATION OF TOPACO COMPANY 2.2.1. Analyze external environment 2.2.1.1 Macro environment . 2.2.1.2 Sectorial and competitive environment . 2.2.2. Analyze internal environment 2.2.2.1 Resources . 2.2.2.2 Strengths . 2.2.2.3 Weaknesses . 2.2.2.4 Competition in the market . 2.2.3. Matrix to select business strategy 2.2.3.1 External-Internal factor evaluation matrix . 2.2.3.2 BCG matrix . 2.2.3.3 SWOT matrix . Chapter 3. RECOMMENDATIONS, SOLUTIONS 3.1. GOAL FOR 2015 AND VISION TO 2020 OF TOPACO 3.1.1. Targets by 2015 3.1.1.1 Strategic target . 3.1.1.2 Specific target . 3.1.2. Vision to 2020 3.2. SOME SOLUTIONS AND RECOMMENDATIONS FOR TOPACO TO COMPLETE BUSINESS STRATEGY 3.2.1. Building business strategy 3.2.2. Selecting business strategy 3.2.2.1 Bases for selecting . 26 28 31 31 3 2 3 4 42 4 2 4 7 4 9 4 9 52 5 2 5 5 5 8 64 65 65 6 5 6 5 66 67 67 70 7 0 3.2.2.2 Defining business strategy . 3.3. SOME SOLUTIONS FOR IMPLEMENTATION 3.3.1. Some solutions to production management 3.3.2. Solutions to marketing management 3.3.3. Solutions to human resource management 3.3.4. Solutions to finance management 3.4. SOME RECOMMENDATIONS TO THE STATE CONCLUSION REFERENCES LIST OF TABLES Table 1.1: External factor evaluation matrix ………………………………… Table1.2: External factor evaluation matrix ………………………………... Table1.3: Competitive Profile Matrix ……………………………………… Table 1.4. SWOT Matrix …………………………………………………… Table 1.5. Table of selecting strategy ………………………………………. Table 2.1: Performance of Production and Buisness in 2008, 2009, and 2010 Table 2.2: List of main supplier of material for Topaco ……………………. Table 2.3: Table of comparison of competitors …………………………….. Table 2.4: External Factor Evaluation Matrix of Topaco (EFE) …………… Table 2.5: Topaco’s matrix of internal factor evaluation (IFE) …………….. Table 2.6: Several socio-economic targets ………………………………… Table 3.1: SWOT matrix of Topaco……………………………………….. Table 3.2: comparison of feasible strategies ………………………………... Table 3.3: GREAT Model to select strategy ………………………………... Table 3.4: Total production cost of 1m3 of concrete construction …………. 7 4 75 75 77 79 81 82 83 84 page 20 21 21 22 23 29 40 50 52 53 61 67 71 72 76 LIST OF FIGURES AND GRAPHS Figure 1.1. Business strategy ………..………………………………………. Figure 1.2. Process of building business strategy …………………………… Figure 1.3. Macro environment ……………………………………………... Figure 1.4. Five forces model ……………………………………………….. Figure 2.1: Model of Organizational structure ……………………………… Figure 2.2: Chart of Revenue, Profit Target ………………………………… Figure 2.3: Chart of density structure of products and service as per revenue . Figure 2.4: IFE – EFE matrix ……………………………………………….. Figure 2.5: BCG Matrix …………………………………………………… page 13 15 16 18 27 30 41 55 56 PREFACE 1. GENERAL CONTEXT, THE NECESSITY AND IMPLICATION OF THE RESEARCH PROJECT Following the quick recovery of the world economy after the economic crisis that is rated as the worst one for many decades. Along with the strong competition in Southeast Asia and the international economic integration, Vietnam is entering the period of industrialization and globalization and process of building infrastructure and developing socio-economy. Therefore, Vietnam’s construction sector plays a very important role in the country development process, at the same time; it is also facing great challenges and potentials in the regional and world’s economic integration in the following stages. International economic integration creates conditions for Vietnam’s construction enterprises to have a more dynamic business environment. Vietnam also becomes a new market to foreign enterprises. When foreign enterprises invest in Vietnam, there will be a competitive environment; therefore, Vietnam’s enterprises need to build a concrete and long-term business strategy. Toan Phat Construction Industry Joint Stock Company (Topaco) is a newly established Company which has ceaselessly developed in organizational scale. At present, Topaco has been participating in constructing many key industrial projects of the country such as hydroelectric power plants, bridges and roads, civil construction, etc. Therefore, setting targets and plans as well as operating strategies for the Company to set the long-term development orientation really plays an important role in the development orientation, creating competitive advantages to the Company in the coming time. More importantly, the leader of Topaco is also a member of group 10 – that is the Chairman of Management Board and General Director of the Company – Mr. Nguyen Ngoc Vinh. Therefore, we, group 10 decided to select the topic "Building the business strategy of Topaco from 2011 to 2015, Vision up to 2020" as a capstone project. The topic will demonstrate the importance and practical significance of building a business strategy if the Company really wants to have sustainable development. At the same time, the subject also provides businesses and business owners with strategy-building process, analysis and assessment of the real situation of current business of the Company, analyses of both objective and subjective impacts on the production and business activities of the company. Since then, we will make recommendations to choice the best business strategy to the Company in 2011 2015 period and vision toward 2020. 2. OBJECTIVE AND SCOPE OF THE STUDY 2.1. Objective - Establish theoretical base for programming the business strategy of Toan Phat Construction Industry Joint Stock Company. - Analyze and assess macro-environment, micro-environment as well as the internal environment of the Company in order to realize opportunities and threats from business environment; advantages and disadvantages affecting the development of the Company. - Build strategic business objectives for the Company from date to 2015, vision up to 2020 and propose the plan to implement the strategic objectives in order to help the Company develop sustainably in competitive environment and integration. - To us, members who conduct the project, this is the application of theory learnt from MBA program to solve job-related problems in the reality. 2.2. Subject and scope of the study - Subject of the study: Toan Phat Construction Industry Joint Stock Company (Topaco). However, in order to analyze and clarify the content studied, the research subject is expanded to other competitive companies in the construction sector. - Scope of the study: includes problems related to the business strategy of Topaco in execution and installation. - Research duration through statistical data from 2008 to 2010 and factors affecting the business of the Company up to 2015 to analyze and assess the business of the Company. 3. METHODOLOGY OF THE STUDY To achieve the objective and meaning as mentioned above, research method selected by us is applying synthetically a lot of qualitative and quantitative research methods, including: - Method of dialectical analytical: We have analyzed the data and documents on the development history of Toan Phat Construction Industry Joint-stock Company (Topaco) as well as resource management of the Company for the past years, especially three recent years (2008, 2009 and 2010) to analyze the strengths and weaknesses of the Company and focus on researching opportunities as well as challenges in order to make the best business development strategies for the Company in 2011-2015 period. We also considered the research subject in a logical and dialectic relation with other problems to make the essay more highly applicable. - The statistical and method combines theory and practice to build matrices in order to select the appropriate business strategy for Topaco. The advantage of this method is simple to implement, but this method also has disadvantages, that is, the accuracy is often not at high level compared to the actual survey because it comes from the subjective opinions of those who implement the project. However, this method is enough to build a good business strategy. 4. STRUCTURE OF CAPSTONE PROJECT Apart from the introduction, conclusion, the capstone project consists of three chapters and the summary of each chapter is presented as follows: Chapter 1: Basic rationale of the research project This chapter presents most basically the definition of business strategy and process to program a business strategy, at the same time, present matrices to help select the business strategy. Chapter 2: Analyzing the real situation of business of Toan Phat Construction Industry Joint Stock Company (Topaco) Introduce the establishment and development of the Company, key business products and make brief assessment about the business of the Company in recent time. Analyze external environment as well as internal environment, strengths and weaknesses, and establish matrices like IFE, EFE and BCG. The conclusion of the chapter makes assessment of the implementation of business plan, shortcomings and necessity to build a business strategy in 2011 – 2015 period. Chapter 3: Solutions and recommendations Determine the objective, vision, mission, core value to propose and select business strategy in 2011-2015 period, solutions to deploy the strategy and some recommendations to solve shortcomings and enhance business production effectiveness of Toan Phat Construction Industry Joint Stock Company (Topaco) in the up-coming time. Chapter 1 BASIC RATIONALE OF THE REAEARCH PROJECT 1.1. CONCEPT AND CLASSIFICATION OF BUSINESS STRATEGY 1.1.1. Concept of business strategy The concept of business strategy was introduced a long time ago. This is the science of planning and controlling activities. Accordingly, the basic theoretical point of strategy is that a party can crush their rival that is even stronger and more crowded if they can lead the situation and put their rival into a favorable battlefield for the deployment of their capacities. When the exchange of goods became more and more developed in the society, strategy started to be used more in business with the general model as follows: Opportuni ties Strengths Finding Applying, sustaining Strategy Internal Overcoming Weaknesses External Preventing Threats Figure 1.1. Business strategy Scholars viewed business strategy under different angles. According to Michael Porter (1996), a well-known scholar of strategic management at Harvard University, the business strategy is considered the art of competition in the marketplace and development because: "Strategy is the art of building firm competitive advantages to defend.” In view of management category, business strategy is a plan; G. Arlleret thought that "Strategy is the determination of the ways and means to achieve the set objectives via policies ". At least, there are three levels of business strategy that identified. In which, the corporate level aims at the purpose and overall scale of the organization; business unit level is the overall commitments and actions to gain competitive advantages by exploiting their core competencies on the market of specific product; functional strategies are strategies that enable business-level and corporate level strategies to be effectively implemented by the components related to resources, processes, people and necessary skills. The concept of business strategy in the textbook of MBA course of Griggs University is "a series of commitments and actions that a company uses to win a competitive advantage by exploiting the core competencies on a certain market.” 1.1.2. Role of business strategy Business strategy helps a company identify its purpose and direction to set the base and the guideline for all business activities. It also helps the company capture and take advantage of business opportunities, and has proactive measures to overcome the risks and threats in the competitive market. Building business strategy contributes to improving the efficient use of resources, strengthening competitive position and ensuring the sustainable development of the company. Business strategy creates a solid basis for working out business policies and decisions that are in line with market fluctuations. 1.1.3. Basic characteristics of business strategy Business strategy clearly defines the basic objectives and directions of the company's business in each period. The orientation of strategy ensures the constant and solid growth in the changeable business environment. On the other hand, the business strategy ensures the maximum mobilization and optimal combination of the exploitation and use of company resources at the present and in the future to promote the advantages and seize the opportunity to gain advantages in the competitive world. With the specific characteristic of being reflected throughout a continuous process, business strategy always contains a emulative thinking and winning success on the business world and is often developed in a period ranging from 3, 5 or 10 years or further. 1.2. PROCESS OF BUILDING BUSINESS STRATEGY Process of building business strategy is described according to following steps: Mission or the goal of the enterprise Analyzing external environment (O, T) Analyzing internal environment (S, W) Selecting strategy Implementing the strategy Checking and assessing the result Feedback Figure1.2. Process of building business strategy 1.2.1. Analyze internal and external environment Environment is factors, forces and institutions existing and influencing the organization’s operation and results of operation. The role of environmental analysis is basically creating the basis for the planning or confirming the function and mission of the organization. Business environment of an organization include the external environment and internal environment. 1.2.1.1. Analyze internal environment - Analyzing sustainable competitive advantages: through the analysis of financial resources including facilities, human resources, production capacity, research and development, technological assets such as trademark, patents; value chain analysis; major activities of the enterprise; analysis of relation management; analysis of sustainability and strategic assets. - Analyzing strategy: includes the analysis of a company’s strategy to review current business units and geographic scope of the enterprise’s operation, the analysis of product-customer strategy to define the focus of the enterprises in terms of product -consumer segment; viewpoint of competitive strategy to understand the competitive mode being applied by the enterprise; the analysis of functional strategies consider whether the enterprise can implement those strategies on its own or need to link the implementation of those functions; ultimately the suitability assessment of the above-mentioned strategies. - Analyzing financial performance: The fundamental purpose of this section is to evaluate the financial performance of an enterprise in creating profit. Analyzing parameters directing to four main categories, namely profitability, liquidity, financial leverage and operating parameters. 1.2.1.2. Analyze external environment Political environment Global environment Economic environment Internal environment of the enterprise Technological environment Demographic environment Social and cultural environment Figure 1.3. Macro environment * General environment: General environment includes the broad aspects of the society that affect the industry and companies in the industry. General environmental has macro characteristics and consists of demographic, economic, political / legal, sociocultural, technological and global factors, etc. Changes in the general environment can have direct impact on any certain forces in the industry, altering the relative power to other forces and to it and ultimately changing the attractiveness of an industry. Therefore, the analysis of external environment helps organizations be aware of challenges and opportunities confronting them to attain the right orientation. Economic factors: Economic environment indicates the nature and orientation of the economy in which the enterprise is operating. Political-legal factors: Are factors showing the stability of political institutions, constitutions and government’s policies that directly affect the production and business environment of the industry or the enterprises. The socio-cultural factors: Are factors related to social attitudes and cultural values because they form the foundation of the society. That is the change in viewpoint on life, living standard, consumer habit, career expectations, population growth rate, population shifts, the diversity of the workforce, traditions, beliefs, customs, etc. The changes of these factors will create opportunities, challenges or threats to the industry or the enterprise. Demographic factors: Demographic segment in the macro environment related to population, age structure, geographic distribution, ethnic communities and income distribution. These factors need to be analyzed on the global scale because their potential impacts are beyond the national borders and there are many enterprises competing in the global scale. Technological factors: Technology is a critical factor to the competitive advantage of an enterprise, it is the driving force in globalization. Technology allows products and services to be produced at a lower cost and higher quality standards. New technology changes the distribution of products in the business system. Global factors: Global segment includes related global markets, current markets which are changing, the important International political events, and basic institutional and cultural characteristics on the global market. Due to globalization, business market creates both opportunities and challenges, so enterprises should be well aware of different characteristics in cultures, societies and institutions of the global market. * Sectorial environment: Michael Porter has modeled businesses and supposed that all businesses have to bear in the impact of five competitive forces. Strategists who are searching for the outstanding advantages compared to their competitors can use this model to better understand the environment of their business. This model is considered a useful tool to find out the source of profits. More importantly, the model also provides competitive strategies to maintain or increase profits or enterprises can use the model to analyze whether they should join or operate in a certain market or not. The intensity of competition in the market of any industry is affected the five competitive forces as follows: Threat of new entrants Threats of having new competitors Bargaining power of suppliers Ability to generate pressure of suppliers Competitive rivalry within an industry Ability to generate pressure of customers The competition of existing enterprises in the industry Threats of substitute products and services Threat of substitute products Figure 1.4. Five forces model Bargaining power of buyers Threats of new entrants: Potential rivals of an enterprise are enterprises that prepare to enter the industry and may have influence on the structure of the industry in the future. Bargaining power of suppliers: The power of suppliers is the ability to determine the conditions for their transactions with the enterprise. The determinants of suppliers’ power is expressed via the concentration of suppliers, the standardization level of input, the expense for changing suppliers, the threat of strengthening the consolidation among suppliers and productions units and power of purchasing units. Bargaining power of buyers: is the influence of the buyers on a certain industry. Customers have great bargaining power when they are highly concentrated; in other words, there are a small number of customers accounting for a large market share. Customers who buy a large quantity of products in the context that distribution channels or products have been standardized or likely to be merger or even an acquisition of the producing firms. Threat of substitute products: Substitute products are referred to products of another manufacturing industry. The threats of substitute products occur when the demand for a product is affected by changes in the price of an alternative product. Price elasticity of demand of a product is affected by changes in the price of the substitute product. Intensity of competition in the industry: Not only current rivals in the industry can create threats to enterprises in an industry, but the capacities of new entrants of the industry can also affect the competition. In a nutshell, the main goal of the macro-environment analysis is to identify the changes and the projected trends from the factors of the external environment to identify opportunities and threats to help an enterprise orient its strategy in the future. 1.2.2. Building matrix to select business strategy 1.2.2.1. External Factor Evaluation Matrix External factor evaluation matrix aims at evaluating external factors having influence on the Company’s operation, including opportunities and threats of Toan Phat Construction Industry Joint Stock Company. Method of building the matrix: Establishing a list of all external environmental factors that affect the Company's activities, assessing the influence or the importance of each factor marking weights, total marks of weights of all the factors equal to 1 or 100%. Assess the Company's response to these factors by sorting the factors from (1) to (4), in which (4) is the strongest response by the Company and (1) is the weakest. Next, mark the importance of each factor by multiplying the weight with the corresponding points of classification, then add up the points again to find out the total mark of the importance of the Company. The highest, average and lowest marks of importance are (4), 2.5 and (1), respectively. If the total mark of importance is (4), it shows that the Company is best capturing opportunities and best controlling threats from external environment. If total mark is (1), it shows the company cannot grasp opportunities and control threats from the external environment. Table 1.1: External factor evaluation matrix External factors (listing) ...... Levels of importance (weight) Total 1,0 Classification Important point 1.2.2.2. Internal Factor Evaluation Matrix Internal factor evaluation matrix is the matrix for evaluating internal factors influencing the Company’s operation, including strengths and weaknesses of the Company. Method of building the matrix: Setting up a table to list all the internal factors influencing the Company’s operation, evaluating the influence or the importance of each factor by marking weights. Assess the Company's response to these factors by sorting the factors from (1) to (4), in which (4) is the strongest response by the Company and (1) is the weakest. Next, mark the importance of each factor by multiplying the weight with the corresponding points of classification, then add up the points again to find out the total mark of the importance of the Company. The highest, average and lowest marks of importance are (4), 2.5 and (1), respectively. Table1.2: External factor evaluation matrix Internal factors (listed ...... Level of importance (weight) Classification Important point Total 1.2.2.3. Competitive Profile Matrix Of external factors, competition is the most important one. Competitive profile matrix helps us recognize major competitors as well as their strengths and weakness to help the Company has a more appropriate strategy. Competitive profile matrix is represented in the following table: Table1.3: Competitive Profile Matrix No. Factors contributing to the success in competition 1 ... 2 ... 3 ... Total Level of impor tance Competitor 1 Classi ficati on Impor tant point Competitor 2 Classi ficati on Impor tant point Competitor 3 Classi ficati on Impor tant point ... Classi ficati on Important point 1,00 1.2.2.4. SWOT Matrix As we may know, SWOT matrix is a tool gathering all components of the Company’s internal factors and external factors and combining them into business strategies as follows: Table 1.4. SWOT Matrix
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