The Real Time Organization Online Budget and Financial Applications and Management Change Case Solution

The Harvard Business Review published a case study that primarily focuses on The Real Time Organization Online Budget and Financial Applications and Management Change. The following case solution has been designed to give the reader an overview about the business world along with a clear understanding of its growth dynamics. Recently, The Real Time Organization Online Budget and Financial Applications and Management Change has been subjected to strategic as well as managerial problems that require immediate attention so that they can be resolved to allow future growth, expansion, and competitive edge within the marketplace. This case study solution is being written to provide a strategic solution to The Real Time Organization Online Budget and Financial Applications and Management Change using various appropriate tools and frameworks. Harvard Business Review’s case studies involve a central problem that is faced by a particular company. The problem identified involves strategic and managerial implications for the company. Therefore, it is important for readers to critically identify the problem The Real Time Organization Online Budget and Financial Applications and Management Change faces. Moreover, it is also essential to highlight the key stakeholders that are impacted and influenced by the problem identified.

External Environmental Analysis

The external environment holds significant importance for The Real Time Organization Online Budget and Financial Applications and Management Change to ensure that the company is able to respond to all the changes in the macro-environment. This is because The Real Time Organization Online Budget and Financial Applications and Management Change cannot control the factors and thus can directly influence the company's operations (Indris & Primiana, 2015). The external environment of The Real Time Organization Online Budget and Financial Applications and Management Change will be assessed using PESTLE Analysis.

Political

• A stable political environment provides a favorable market growth trend for The Real Time Organization Online Budget and Financial Applications and Management Change.

• It is important for The Real Time Organization Online Budget and Financial Applications and Management Change to analyze the pressure groups, and social environment activists. The company can make close collaborations with these groups to achieve company goals (Wang, Wang, & Shi, 2022).

• High restrictions on trade and high levels of taxes can contribute to the complex business environment for The Real Time Organization Online Budget and Financial Applications and Management Change by impacting imports and exports.

Economic

• The Real Time Organization Online Budget and Financial Applications and Management Change can benefit from wide-range opportunities in business growth by operating in developing economies (Munro, 2017).

• High GDP can determine the long-term growth strategies of The Real Time Organization Online Budget and Financial Applications and Management Change, signaling the ability of consumers to spend on more products.

• Higher rates of interests can provide The Real Time Organization Online Budget and Financial Applications and Management Change with more investment opportunities.

• The flexibility in the labor market allows The Real Time Organization Online Budget and Financial Applications and Management Change to take advantage of higher workforce productivity.

Social

• The selection of appropriate demographic segments has allowed The Real Time Organization Online Budget and Financial Applications and Management Change to select the right segments of the market that have high growth potential.

• The research on gender roles has helped The Real Time Organization Online Budget and Financial Applications and Management Change to develop and align communication as well as marketing strategies accordingly.

• The Real Time Organization Online Budget and Financial Applications and Management Change has been successful in understanding the norms and cultures of different countries by developing local teams and partnerships (Hueske, Endrikat, & Guenther, 2015).

Technological

• The adoption of innovative marketing techniques that involves communication technologies has allowed The Real Time Organization Online Budget and Financial Applications and Management Change to collaborate successfully with consumers.

• The company has stayed ahead in the market, and can significantly increase its market share by placing its major focus on emerging technologies (Akpoviroro & Owotutu, 2018).

• The Real Time Organization Online Budget and Financial Applications and Management Change should maximize its profits by investing in disruptive technologies.

Environmental

• It is crucial for The Real Time Organization Online Budget and Financial Applications and Management Change to adopt effective waste management practices to reduce environmental pollution (J. K, W. J, & D., 2016).

• The Real Time Organization Online Budget and Financial Applications and Management Change should adopt eco-friendly products to establish better relationships with the stakeholders.

• The Real Time Organization Online Budget and Financial Applications and Management Change can take advantage of subsidies offered in renewable technologies to achieve the long-term goal of sustainability.

Legal

• The Real Time Organization Online Budget and Financial Applications and Management Change should follow proper laws concerning employee health and safety, and anti-discrimination laws to effectively develop HRM.

• Consumer protection laws are also important for The Real Time Organization Online Budget and Financial Applications and Management Change as it involves the consumer protection from fraudulent marketing (S. Samusenko, S. Plaskova, & A. Prodanova, 2020).

• The Real Time Organization Online Budget and Financial Applications and Management Change can gain a competitive advantage, and can position itself strongly in the market by protecting intellectual property laws.

Porter’s Five Forces Analysis

Threat of New Entrants

• It is difficult to achieve economies of scale in The Real Time Organization Online Budget and Financial Applications and Management Change’s industry, making it a weaker force for new entrants.

• There are high capital requirements in the industry. This makes it difficult for new businesses to set up their companies, and compete against The Real Time Organization Online Budget and Financial Applications and Management Change.

• The industry has a strong product differentiation, and heavy investment is needed for customer acquisition. Thus, The Real Time Organization Online Budget and Financial Applications and Management Change can focus on innovation to differentiate itself from its competitors (H. Th. Bruijl, 2018).

• There are strict legal requirements to join the industry in which The Real Time Organization Online Budget and Financial Applications and Management Change operates, making it difficult for new entrants to enter the market.

Bargaining Power of Suppliers

• The bargaining power of suppliers in the industry is weak.

• The Real Time Organization Online Budget and Financial Applications and Management Change operates in an industry with a higher number of suppliers. This means that suppliers do not have much control over their prices.

• Standardized products that have low switching costs are provided by suppliers allowing buyers like The Real Time Organization Online Budget and Financial Applications and Management Change to easily switch their suppliers (Fabbri & F.Klapper, 2016).

• Raw materials can be purchased at lower prices by The Real Time Organization Online Budget and Financial Applications and Management Change. The company can also switch suppliers for more reasonable pricing.

• The Real Time Organization Online Budget and Financial Applications and Management Change can benefit from a variety of suppliers as it can have multiple suppliers for its various geographical areas (Cho, Ke, & Han, 2019).

Bargaining Power of Buyers

• The bargaining power of buyers in the The Real Time Organization Online Budget and Financial Applications and Management Change industry is weak.

• There is a high product differentiation in the industry, making it difficult for buyers to switch to alternative firms.

• The Real Time Organization Online Budget and Financial Applications and Management Change can come with differentiated and innovative products to attract more buyers of the industry (Zhao, Zuo, & Wu, 2016).

• Buyers of this industry has low incomes. This means they prefer to purchase items at lower prices, making them more price sensitive. Organizations like The Real Time Organization Online Budget and Financial Applications and Management Change can offer lower prices to attract customers.

Threat of Substitute Products or Services

• There are few substitute products available in the industry in which The Real Time Organization Online Budget and Financial Applications and Management Change operates.

• Expensive substitutes are available in the industry of The Real Time Organization Online Budget and Financial Applications and Management Change, making it difficult for buyers to switch to those substitutes (Aithal, 2016).

Rivalry Among Existing Firms

• The rivalry among existing firms is moderate to weak.

• There are few competitors in the industry in which The Real Time Organization Online Budget and Financial Applications and Management Change operates.

• A large market share is enjoyed by fewer firms in the industry. This means that more competitive actions will be made to become leaders in the market (Seema, 2016).

• The industry in which The Real Time Organization Online Budget and Financial Applications and Management Change operates has highly differentiated products, making it difficult for companies to win each other customers.

• The Real Time Organization Online Budget and Financial Applications and Management Change can focus on making more differentiated products to gain a strong competitive edge in the market (Zhao, Zuo, & Wu, 2016).

Internal Environmental Analysis

The Real Time Organization Online Budget and Financial Applications and Management Change can use internal environmental analysis to identify and evaluate the competitive positioning of a company in the business environment. This involves conducting a SWOT Analysis that can help The Real Time Organization Online Budget and Financial Applications and Management Change to identify the company’s internal strengths, weaknesses, opportunities, and threats (Halmaghi, Iancue, & Băcilă, 2017).

SWOT Analysis

Strengths

• The Real Time Organization Online Budget and Financial Applications and Management Change has a strong distribution network that has allowed it to make its products available to large customers within the given timeframe.

• A strong presence on social media platforms has allowed The Real Time Organization Online Budget and Financial Applications and Management Change to have a high level of customer engagement (Rizaldi, 2015).

• The Real Time Organization Online Budget and Financial Applications and Management Change has been successful in building a large product portfolio, so unique and distinctive products can be offered to consumers.

• The Real Time Organization Online Budget and Financial Applications and Management Change has a strong brand image in the market.

• A low-cost structure of The Real Time Organization Online Budget and Financial Applications and Management Change has allowed it to manufacture products at lower costs, so they become affordable for consumers to purchase.

• The financial position of The Real Time Organization Online Budget and Financial Applications and Management Change is strong as the company has generated higher profits over the past years (Phadermrod, M.Crowder, & B.Wills, 2019).

• The Real Time Organization Online Budget and Financial Applications and Management Change has invested in the training and development of its employees to keep them motivates, leading to higher efficiency and productivity.

Weaknesses

• The expenditure of The Real Time Organization Online Budget and Financial Applications and Management Change on its research and development is comparatively less to other competitors of the market.

• The Real Time Organization Online Budget and Financial Applications and Management Change uses a centralized decision-making process that takes time and reduces operational efficiency (Ahmadi, Dileepan, & K. Wheatley, 2016).

• There are high rental costs because The Real Time Organization Online Budget and Financial Applications and Management Change operates on more of the rental properties rather than purchasing them.

• There is no workforce diversification in The Real Time Organization Online Budget and Financial Applications and Management Change. This makes it difficult for the employees to adjust with the different workers who belong to different backgrounds.

Opportunities

• Since the online shopping has increased significantly, The Real Time Organization Online Budget and Financial Applications and Management Change can take it as an opportunity to expand its online presence.

• The Real Time Organization Online Budget and Financial Applications and Management Change can make use of social media platforms to market its products, with more customers interactions.

• Due to more technological developments, The Real Time Organization Online Budget and Financial Applications and Management Change can make its operations more automated so that overall company costs can be reduced (Ahmadi, Dileepan, & K. Wheatley, 2016).

• Globalization provides an opportunity to The Real Time Organization Online Budget and Financial Applications and Management Change to expand its operations in multiple countries.

• The Real Time Organization Online Budget and Financial Applications and Management Change can enter in a niche market and sell distinctive products to gain a competitive advantage.

• The increase in the demand of environmentally friendly goods, The Real Time Organization Online Budget and Financial Applications and Management Change, can place its major focus on making such products (E.Quezada, A.Reinao, & I.Palominos, 2019).

Threats

• In recent times, there has been an increase in the bargaining power of suppliers, making it difficult for The Real Time Organization Online Budget and Financial Applications and Management Change to buy raw materials at lower costs.

• Numerous players are entering the industry, posing a major threat to The Real Time Organization Online Budget and Financial Applications and Management Change.

• There has been constant pressure on The Real Time Organization Online Budget and Financial Applications and Management Change to conduct frequent research to understand the changing customer tastes and preferences (Kolbina, 2015).

• Technological advancements require workforce training. This adds to the costs of The Real Time Organization Online Budget and Financial Applications and Management Change.

VRIO Analysis

The Real Time Organization Online Budget and Financial Applications and Management Change uses VRIO Analysis to assess and evaluate the company resources to determine the competitiveness, and strategic advantage.

Valuable

• The Real Time Organization Online Budget and Financial Applications and Management Change has a strong brand image and engages in corporate social responsibility.

• The Real Time Organization Online Budget and Financial Applications and Management Change has a high brand recognition because of the quality of products it offers to its customers (Ariyani & Daryanto, 2018).

• The distribution system of The Real Time Organization Online Budget and Financial Applications and Management Change is valued all round the world. The company has been able to successfully establish strong relationships with its suppliers.

• The Real Time Organization Online Budget and Financial Applications and Management Change focuses on continuous innovation in its business. The company has expanded this innovation in its multiple functional areas.

• There are potential growth opportunities in the market, and The Real Time Organization Online Budget and Financial Applications and Management Change has been able to penetrate the market through its ability to raise large funds.

Rare

• The Real Time Organization Online Budget and Financial Applications and Management Change operates globally. This global presence has allowed the company to increase its customer base (Miethlich & G. Oldenburg, 2019).

• The Real Time Organization Online Budget and Financial Applications and Management Change has an organizational culture that promotes more teamwork, innovation, and creativity among its employees, that leads to a competitive advantage.

• Since The Real Time Organization Online Budget and Financial Applications and Management Change has a global presence, it allows the company to easily adapt to different cultures, norms and values.

• The risk-taking ability of The Real Time Organization Online Budget and Financial Applications and Management Change is strong. This provides more opportunities to the company to penetrate different markets.

Inimitable

• The inimitable resource for The Real Time Organization Online Budget and Financial Applications and Management Change is its high-quality products. These products have allowed consumers to make repeat purchases.

• The Real Time Organization Online Budget and Financial Applications and Management Change operates through multiple locations of stores in different companies, allowing easy access to products.

• Strong marketing communications have been used by The Real Time Organization Online Budget and Financial Applications and Management Change to attract more customers.

• The Real Time Organization Online Budget and Financial Applications and Management Change has been using integrated technology that has allowed it to offer competitive pricing to its customers (Ariwibowo, Saputro, & Haryanto, 2021).

• The Real Time Organization Online Budget and Financial Applications and Management Change maintains an excellent customer service that has enabled it to have a high brand engagement.

Organization

• Strong financial position has allowed The Real Time Organization Online Budget and Financial Applications and Management Change to explore more product development opportunities.

• The Real Time Organization Online Budget and Financial Applications and Management Change is successfully maintaining the efficiency and effectiveness of its business operations with the help of more integrated and advanced technology.

• Employees are given both in-house and off-the-job training opportunities by The Real Time Organization Online Budget and Financial Applications and Management Change that allow more skills development (Adnan, Abdulhamid, & Sohail, 2018).

• The strong value chain and distribution network has enabled The Real Time Organization Online Budget and Financial Applications and Management Change to increase its revenue through the sale of its products.

Marketing Mix

Marketing Mix is needed by The Real Time Organization Online Budget and Financial Applications and Management Change to formulate effective strategies to achieve the company objectives.

Product

• The Real Time Organization Online Budget and Financial Applications and Management Change has five product categories. Each of these categories has a product line that involves more variety of products (Išoraitė, 2016).

• Highly differentiated products are offered by The Real Time Organization Online Budget and Financial Applications and Management Change to its customers. These distinctive products are not easily available at competitors.

• The products of The Real Time Organization Online Budget and Financial Applications and Management Change are of higher quality, and thus, customers pay more prices for these products.

• The Real Time Organization Online Budget and Financial Applications and Management Change designs products with traditional designs giving customers more product variety.

• The Real Time Organization Online Budget and Financial Applications and Management Change offers multiple sizes for its every product to make it easy for its customers to select the right product.

• Warranty and same-day delivery option if also provided by The Real Time Organization Online Budget and Financial Applications and Management Change to its customers.

Price

• The Real Time Organization Online Budget and Financial Applications and Management Change follows a competitive pricing strategy.

• To attract more customers, bundle pricing has also been used by the company.

• Little higher prices are charged for products that are sold online because of the delivery costs (Thabit & Raewf, 2018).

• Optional product pricing strategy is also adopted by The Real Time Organization Online Budget and Financial Applications and Management Change for some of its products, such as a base product is offered for a certain price, and there are separate prices for its accessories.

• Regular promotional prices are also offered by The Real Time Organization Online Budget and Financial Applications and Management Change to its customers.

Place

• The Real Time Organization Online Budget and Financial Applications and Management Change uses two channels for its product distribution. This includes online selling and through own stores.

• There are more than multiple stores owned by The Real Time Organization Online Budget and Financial Applications and Management Change globally. This ensures easy product availability to customers (Pogorelova, Yakhneeva, & Agafonova, 2016).

• The Real Time Organization Online Budget and Financial Applications and Management Change has partnered with delivery service companies to distribute its products effectively to consumers.

• The Real Time Organization Online Budget and Financial Applications and Management Change has also adopted an omni-channel distribution system.

Promotion

• The Real Time Organization Online Budget and Financial Applications and Management Change uses a traditional promotional strategy that involves TV advertisements (Fan, Y.K.Lau, & Zhao, 2015).

• Social media advertisements are also adopted by The Real Time Organization Online Budget and Financial Applications and Management Change to increase brand awareness.

• The Real Time Organization Online Budget and Financial Applications and Management Change takes part in various events and exhibitions as a way of promoting its products.

• Large sales force is used to provide the customers with a more personal experience.

• The Real Time Organization Online Budget and Financial Applications and Management Change also makes use of influencer marketing to increase the demand for its products.

• Regular content and deals are posted on the social media pages of The Real Time Organization Online Budget and Financial Applications and Management Change to attract and retain customers.

Value Chain Analysis

The Real Time Organization Online Budget and Financial Applications and Management Change can use Value Chain Analysis to identify and assess inter-relationships as well as interdependencies.

Primary Activities

• The Real Time Organization Online Budget and Financial Applications and Management Change’s primary activities involves the production and selling of products to the final consumers (Mintz, J.Gilbride, & Lenk, 2021).

• The Real Time Organization Online Budget and Financial Applications and Management Change has a strong relationship with the suppliers. This ensures that the product is received, stored, and distributed in a timely manner.

• Operational activities of The Real Time Organization Online Budget and Financial Applications and Management Change are effectively aligned.

• For inbound logistics, after the arrival of raw material, the company processes it to manufacture the final product (Hasan, Nekmahmud, & Yajuan, 2019).

• In terms of outbound logistics, The Real Time Organization Online Budget and Financial Applications and Management Change has been able to set up optimal costs as well as efficient delivery processes to deliver the product on time.

• The Real Time Organization Online Budget and Financial Applications and Management Change invests in its sales and marketing activities to build relationships with customers.

• Marketing funnel approach is used by The Real Time Organization Online Budget and Financial Applications and Management Change to effectively devise and build sales and marketing activities.

• The Real Time Organization Online Budget and Financial Applications and Management Change offers both pre-sale and post-sales services to its customers.

Secondary Activities

• The Real Time Organization Online Budget and Financial Applications and Management Change has an effective infrastructure that has allowed the company to successfully optimize its value chain.

• The competitive pressure in terms of employee skill development, motivation, and commitment is reduced as The Real Time Organization Online Budget and Financial Applications and Management Change has developed a strong HRM (Linkov, Carluccio, Pritchard, & Bhreasail, 2020).

• The Real Time Organization Online Budget and Financial Applications and Management Change uses a cost minimization approach to reduce its costs by analyzing the costs associated with training and hiring the employees.

• The Real Time Organization Online Budget and Financial Applications and Management Change has been using integrated technology in its value chain activities. This includes technological customer support, research and data analytics concerning product design, and automated software.

• The procurement activities of The Real Time Organization Online Budget and Financial Applications and Management Change are effectively optimized with its inbound, outbound, and operational activities (Maheswari, Yudoko, & Adhiutama, 2019).

Market Penetration Strategies

• The Real Time Organization Online Budget and Financial Applications and Management Change can increase the capacity of its production so it can reach more of the customers in its existing market.

• The Real Time Organization Online Budget and Financial Applications and Management Change can focus on controlling the overhead costs so that it can offer competitive pricing that can attract customers of the market (Dawes, 2018).

• Investments can be made by The Real Time Organization Online Budget and Financial Applications and Management Change in marketing and sales activities to increase the chances of successful market penetration.

• The Real Time Organization Online Budget and Financial Applications and Management Change can design and develop a content that increases customer engagement within a particular marketplace.

• The Real Time Organization Online Budget and Financial Applications and Management Change can assess and identify more enhanced distribution networks (Radpour, Mondal, & Kumar, 2017).

• Improved distribution systems and supply chains can improve the product accessibility for the customers, making it easier for The Real Time Organization Online Budget and Financial Applications and Management Change to penetrate the market.

• The Real Time Organization Online Budget and Financial Applications and Management Change can adopt price cuts in its products to compete in the market. This will give a company a competitive edge over its competitors.

• The Real Time Organization Online Budget and Financial Applications and Management Change can plan strategies where it can focus on acquiring the leading players of the market. Such acquisitions will give the company an opportunity to reach more customer segments.

• Strategic partnerships and joint ventures agreements can be signed by The Real Time Organization Online Budget and Financial Applications and Management Change to mitigate the risk factors, and to gain customer groups of the market.

• The Real Time Organization Online Budget and Financial Applications and Management Change can come up with new and innovative features in its already existing product for the market (Daouda, Barth, & T. M. Ingenbleek, 2019).

Market Development Strategies

• It is important for The Real Time Organization Online Budget and Financial Applications and Management Change to invest in the research and development department so potential markets can be identified (Hilman, Bohari, & Abdullah, 2018).

• Regional expansion strategy can be used by The Real Time Organization Online Budget and Financial Applications and Management Change for growth purposes. This will also take into consideration the cultural differences.

• The Real Time Organization Online Budget and Financial Applications and Management Change should also consider to expand its business operations in the international market. This will allow access to a larger customer base.

• New customer groups and segments should be explored by The Real Time Organization Online Budget and Financial Applications and Management Change.

• The Real Time Organization Online Budget and Financial Applications and Management Change should also invest in brand-building activities as it will give an opportunity to reach more potential customers (C. Koks & M. Kilika, 2016).

• The Real Time Organization Online Budget and Financial Applications and Management Change should consider the market education in terms of its product. The company can significantly increase its sales by giving product awareness to new segments.

Product Development Strategies

• The Real Time Organization Online Budget and Financial Applications and Management Change can come up with new improvements and modifications in the existing products to attract the market.

• The Real Time Organization Online Budget and Financial Applications and Management Change should undergo the NPD process, so the company is able to assess and identify new points for its customers.

• Regular investments in the research and development will help The Real Time Organization Online Budget and Financial Applications and Management Change to develop something new and innovative that can give a competitive advantage (Kalogiannidis & Mavratzas, 2020).

• The Real Time Organization Online Budget and Financial Applications and Management Change can develop new products by getting into more strategic partnerships.

Diversification Strategies

• The Real Time Organization Online Budget and Financial Applications and Management Change can adopt vertical diversification to develop business. This can be done by adding more products to the existing portfolio (Kalogiannidis & Mavratzas, 2020).

• Horizontal integration can also be adopted by The Real Time Organization Online Budget and Financial Applications and Management Change, where the company can enter into a completely new product development phase that does not exist in the current product line.

• The Real Time Organization Online Budget and Financial Applications and Management Change can also consider to conglomerate by starting a different business.

Conclusion

Based on all the models and frameworks discussed above, it is concluded that The Real Time Organization Online Budget and Financial Applications and Management Change should focus on widening the existing product portfolio. Moreover, the psychological pricing strategy can be adopted. The Real Time Organization Online Budget and Financial Applications and Management Change should also maintain close relationships with its suppliers to benefit from lower prices. Similarly, The Real Time Organization Online Budget and Financial Applications and Management Change should develop more integrated outbound logistics for its perishable items. It is also important to continue producing quality and innovative products, so The Real Time Organization Online Budget and Financial Applications and Management Change is less affected by the new emerging competition in the industry.

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