Ranking Best Businesses A Balanced Scorecard Type Approach Case Solution

The Harvard Business Review published a case study that primarily focuses on Ranking Best Businesses A Balanced Scorecard Type Approach. 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, Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach to ensure that the company is able to respond to all the changes in the macro-environment. This is because Ranking Best Businesses A Balanced Scorecard Type Approach cannot control the factors and thus can directly influence the company's operations (Indris & Primiana, 2015). The external environment of Ranking Best Businesses A Balanced Scorecard Type Approach will be assessed using PESTLE Analysis.

Political

• A stable political environment provides a favorable market growth trend for Ranking Best Businesses A Balanced Scorecard Type Approach.

• It is important for Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach by impacting imports and exports.

Economic

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach, signaling the ability of consumers to spend on more products.

• Higher rates of interests can provide Ranking Best Businesses A Balanced Scorecard Type Approach with more investment opportunities.

• The flexibility in the labor market allows Ranking Best Businesses A Balanced Scorecard Type Approach to take advantage of higher workforce productivity.

Social

• The selection of appropriate demographic segments has allowed Ranking Best Businesses A Balanced Scorecard Type Approach to select the right segments of the market that have high growth potential.

• The research on gender roles has helped Ranking Best Businesses A Balanced Scorecard Type Approach to develop and align communication as well as marketing strategies accordingly.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach 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).

• Ranking Best Businesses A Balanced Scorecard Type Approach should maximize its profits by investing in disruptive technologies.

Environmental

• It is crucial for Ranking Best Businesses A Balanced Scorecard Type Approach to adopt effective waste management practices to reduce environmental pollution (J. K, W. J, & D., 2016).

• Ranking Best Businesses A Balanced Scorecard Type Approach should adopt eco-friendly products to establish better relationships with the stakeholders.

• Ranking Best Businesses A Balanced Scorecard Type Approach can take advantage of subsidies offered in renewable technologies to achieve the long-term goal of sustainability.

Legal

• Ranking Best Businesses A Balanced Scorecard Type Approach should follow proper laws concerning employee health and safety, and anti-discrimination laws to effectively develop HRM.

• Consumer protection laws are also important for Ranking Best Businesses A Balanced Scorecard Type Approach as it involves the consumer protection from fraudulent marketing (S. Samusenko, S. Plaskova, & A. Prodanova, 2020).

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach’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 Ranking Best Businesses A Balanced Scorecard Type Approach.

• The industry has a strong product differentiation, and heavy investment is needed for customer acquisition. Thus, Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach 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.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach to easily switch their suppliers (Fabbri & F.Klapper, 2016).

• Raw materials can be purchased at lower prices by Ranking Best Businesses A Balanced Scorecard Type Approach. The company can also switch suppliers for more reasonable pricing.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach industry is weak.

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

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach can offer lower prices to attract customers.

Threat of Substitute Products or Services

• There are few substitute products available in the industry in which Ranking Best Businesses A Balanced Scorecard Type Approach operates.

• Expensive substitutes are available in the industry of Ranking Best Businesses A Balanced Scorecard Type Approach, 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 Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach operates has highly differentiated products, making it difficult for companies to win each other customers.

• Ranking Best Businesses A Balanced Scorecard Type Approach can focus on making more differentiated products to gain a strong competitive edge in the market (Zhao, Zuo, & Wu, 2016).

Internal Environmental Analysis

Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach to identify the company’s internal strengths, weaknesses, opportunities, and threats (Halmaghi, Iancue, & Băcilă, 2017).

SWOT Analysis

Strengths

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach to have a high level of customer engagement (Rizaldi, 2015).

• Ranking Best Businesses A Balanced Scorecard Type Approach has been successful in building a large product portfolio, so unique and distinctive products can be offered to consumers.

• Ranking Best Businesses A Balanced Scorecard Type Approach has a strong brand image in the market.

• A low-cost structure of Ranking Best Businesses A Balanced Scorecard Type Approach has allowed it to manufacture products at lower costs, so they become affordable for consumers to purchase.

• The financial position of Ranking Best Businesses A Balanced Scorecard Type Approach is strong as the company has generated higher profits over the past years (Phadermrod, M.Crowder, & B.Wills, 2019).

• Ranking Best Businesses A Balanced Scorecard Type Approach has invested in the training and development of its employees to keep them motivates, leading to higher efficiency and productivity.

Weaknesses

• The expenditure of Ranking Best Businesses A Balanced Scorecard Type Approach on its research and development is comparatively less to other competitors of the market.

• Ranking Best Businesses A Balanced Scorecard Type Approach uses a centralized decision-making process that takes time and reduces operational efficiency (Ahmadi, Dileepan, & K. Wheatley, 2016).

• There are high rental costs because Ranking Best Businesses A Balanced Scorecard Type Approach operates on more of the rental properties rather than purchasing them.

• There is no workforce diversification in Ranking Best Businesses A Balanced Scorecard Type Approach. 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, Ranking Best Businesses A Balanced Scorecard Type Approach can take it as an opportunity to expand its online presence.

• Ranking Best Businesses A Balanced Scorecard Type Approach can make use of social media platforms to market its products, with more customers interactions.

• Due to more technological developments, Ranking Best Businesses A Balanced Scorecard Type Approach can make its operations more automated so that overall company costs can be reduced (Ahmadi, Dileepan, & K. Wheatley, 2016).

• Globalization provides an opportunity to Ranking Best Businesses A Balanced Scorecard Type Approach to expand its operations in multiple countries.

• Ranking Best Businesses A Balanced Scorecard Type Approach can enter in a niche market and sell distinctive products to gain a competitive advantage.

• The increase in the demand of environmentally friendly goods, Ranking Best Businesses A Balanced Scorecard Type Approach, 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 Ranking Best Businesses A Balanced Scorecard Type Approach to buy raw materials at lower costs.

• Numerous players are entering the industry, posing a major threat to Ranking Best Businesses A Balanced Scorecard Type Approach.

• There has been constant pressure on Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach.

VRIO Analysis

Ranking Best Businesses A Balanced Scorecard Type Approach uses VRIO Analysis to assess and evaluate the company resources to determine the competitiveness, and strategic advantage.

Valuable

• Ranking Best Businesses A Balanced Scorecard Type Approach has a strong brand image and engages in corporate social responsibility.

• Ranking Best Businesses A Balanced Scorecard Type Approach has a high brand recognition because of the quality of products it offers to its customers (Ariyani & Daryanto, 2018).

• The distribution system of Ranking Best Businesses A Balanced Scorecard Type Approach is valued all round the world. The company has been able to successfully establish strong relationships with its suppliers.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach has been able to penetrate the market through its ability to raise large funds.

Rare

• Ranking Best Businesses A Balanced Scorecard Type Approach operates globally. This global presence has allowed the company to increase its customer base (Miethlich & G. Oldenburg, 2019).

• Ranking Best Businesses A Balanced Scorecard Type Approach has an organizational culture that promotes more teamwork, innovation, and creativity among its employees, that leads to a competitive advantage.

• Since Ranking Best Businesses A Balanced Scorecard Type Approach has a global presence, it allows the company to easily adapt to different cultures, norms and values.

• The risk-taking ability of Ranking Best Businesses A Balanced Scorecard Type Approach is strong. This provides more opportunities to the company to penetrate different markets.

Inimitable

• The inimitable resource for Ranking Best Businesses A Balanced Scorecard Type Approach is its high-quality products. These products have allowed consumers to make repeat purchases.

• Ranking Best Businesses A Balanced Scorecard Type Approach operates through multiple locations of stores in different companies, allowing easy access to products.

• Strong marketing communications have been used by Ranking Best Businesses A Balanced Scorecard Type Approach to attract more customers.

• Ranking Best Businesses A Balanced Scorecard Type Approach has been using integrated technology that has allowed it to offer competitive pricing to its customers (Ariwibowo, Saputro, & Haryanto, 2021).

• Ranking Best Businesses A Balanced Scorecard Type Approach maintains an excellent customer service that has enabled it to have a high brand engagement.

Organization

• Strong financial position has allowed Ranking Best Businesses A Balanced Scorecard Type Approach to explore more product development opportunities.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach that allow more skills development (Adnan, Abdulhamid, & Sohail, 2018).

• The strong value chain and distribution network has enabled Ranking Best Businesses A Balanced Scorecard Type Approach to increase its revenue through the sale of its products.

Marketing Mix

Marketing Mix is needed by Ranking Best Businesses A Balanced Scorecard Type Approach to formulate effective strategies to achieve the company objectives.

Product

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach to its customers. These distinctive products are not easily available at competitors.

• The products of Ranking Best Businesses A Balanced Scorecard Type Approach are of higher quality, and thus, customers pay more prices for these products.

• Ranking Best Businesses A Balanced Scorecard Type Approach designs products with traditional designs giving customers more product variety.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach to its customers.

Price

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach to its customers.

Place

• Ranking Best Businesses A Balanced Scorecard Type Approach uses two channels for its product distribution. This includes online selling and through own stores.

• There are more than multiple stores owned by Ranking Best Businesses A Balanced Scorecard Type Approach globally. This ensures easy product availability to customers (Pogorelova, Yakhneeva, & Agafonova, 2016).

• Ranking Best Businesses A Balanced Scorecard Type Approach has partnered with delivery service companies to distribute its products effectively to consumers.

• Ranking Best Businesses A Balanced Scorecard Type Approach has also adopted an omni-channel distribution system.

Promotion

• Ranking Best Businesses A Balanced Scorecard Type Approach uses a traditional promotional strategy that involves TV advertisements (Fan, Y.K.Lau, & Zhao, 2015).

• Social media advertisements are also adopted by Ranking Best Businesses A Balanced Scorecard Type Approach to increase brand awareness.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach to attract and retain customers.

Value Chain Analysis

Ranking Best Businesses A Balanced Scorecard Type Approach can use Value Chain Analysis to identify and assess inter-relationships as well as interdependencies.

Primary Activities

• Ranking Best Businesses A Balanced Scorecard Type Approach’s primary activities involves the production and selling of products to the final consumers (Mintz, J.Gilbride, & Lenk, 2021).

• Ranking Best Businesses A Balanced Scorecard Type Approach has a strong relationship with the suppliers. This ensures that the product is received, stored, and distributed in a timely manner.

• Operational activities of Ranking Best Businesses A Balanced Scorecard Type Approach 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, Ranking Best Businesses A Balanced Scorecard Type Approach has been able to set up optimal costs as well as efficient delivery processes to deliver the product on time.

• Ranking Best Businesses A Balanced Scorecard Type Approach invests in its sales and marketing activities to build relationships with customers.

• Marketing funnel approach is used by Ranking Best Businesses A Balanced Scorecard Type Approach to effectively devise and build sales and marketing activities.

• Ranking Best Businesses A Balanced Scorecard Type Approach offers both pre-sale and post-sales services to its customers.

Secondary Activities

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach has developed a strong HRM (Linkov, Carluccio, Pritchard, & Bhreasail, 2020).

• Ranking Best Businesses A Balanced Scorecard Type Approach uses a cost minimization approach to reduce its costs by analyzing the costs associated with training and hiring the employees.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach are effectively optimized with its inbound, outbound, and operational activities (Maheswari, Yudoko, & Adhiutama, 2019).

Market Penetration Strategies

• Ranking Best Businesses A Balanced Scorecard Type Approach can increase the capacity of its production so it can reach more of the customers in its existing market.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach in marketing and sales activities to increase the chances of successful market penetration.

• Ranking Best Businesses A Balanced Scorecard Type Approach can design and develop a content that increases customer engagement within a particular marketplace.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach to penetrate the market.

• Ranking Best Businesses A Balanced Scorecard Type Approach can adopt price cuts in its products to compete in the market. This will give a company a competitive edge over its competitors.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach to mitigate the risk factors, and to gain customer groups of the market.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach for growth purposes. This will also take into consideration the cultural differences.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach.

• Ranking Best Businesses A Balanced Scorecard Type Approach should also invest in brand-building activities as it will give an opportunity to reach more potential customers (C. Koks & M. Kilika, 2016).

• Ranking Best Businesses A Balanced Scorecard Type Approach 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

• Ranking Best Businesses A Balanced Scorecard Type Approach can come up with new improvements and modifications in the existing products to attract the market.

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach to develop something new and innovative that can give a competitive advantage (Kalogiannidis & Mavratzas, 2020).

• Ranking Best Businesses A Balanced Scorecard Type Approach can develop new products by getting into more strategic partnerships.

Diversification Strategies

• Ranking Best Businesses A Balanced Scorecard Type Approach 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 Ranking Best Businesses A Balanced Scorecard Type Approach, where the company can enter into a completely new product development phase that does not exist in the current product line.

• Ranking Best Businesses A Balanced Scorecard Type Approach can also consider to conglomerate by starting a different business.

Conclusion

Based on all the models and frameworks discussed above, it is concluded that Ranking Best Businesses A Balanced Scorecard Type Approach should focus on widening the existing product portfolio. Moreover, the psychological pricing strategy can be adopted. Ranking Best Businesses A Balanced Scorecard Type Approach should also maintain close relationships with its suppliers to benefit from lower prices. Similarly, Ranking Best Businesses A Balanced Scorecard Type Approach should develop more integrated outbound logistics for its perishable items. It is also important to continue producing quality and innovative products, so Ranking Best Businesses A Balanced Scorecard Type Approach is less affected by the new emerging competition in the industry.

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