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Tuesday 13 August 2013

Strategc analysis: Bright Dairy and Food Company


Part A
Bright Dairy and Food Company limited is a Chinese based company with its headquarters in Shanghai (Bright Food Group, 2008). It produces, processes, and distributes dairy products and mainly serves the Chinese market with its main market being in the Shanghai region. The product range includes fresh milk (flavour milk, ordinary milk, and children’s products), UHT or ultra heated milk (flavour milk, ordinary milk, and children’s products), yoghurt (fruit yoghurt and ordinary yoghurt), milk powder (infants’ products, adults’ products and industrial milk powder products), juice (apple juice, orange juice, vegetable juice, carrot juice, and grape juice), and cheese products (Bright Food Group, 2008).  Bright Dairy & Co was first listed in the Shanghai stock exchange in 2002 and currently has slightly over 1.6 billion shares with a market capitalisation of approximately 9.01 Billion Yuan (Bloomberg, 2011).

Bright’s expansion plan in the recent past entailed the implementation of the ‘light asset strategy’ which is believed to be responsible for their rapid expansion between 1998 and 2004 where their revenues grew from a dismal 1.1 billion Yuan to 6.79 billion Yuan (Bloomberg, 2011). This strategy involved the acquisition of smaller market players that would use their already established market bases and distribution channels to distribute their products while the central organisation remained focused on production and quality control. The effectiveness of this strategy is self evident. The company’s revenues are expected to rise to 8.26 billion by the end of 2011 with a net profit of about 160 million Yuan (Winthrop Corporation, 2010). The company has however suffered from the effects of ineffective management and poor quality controls: a factor responsible for their worst performances in 2005 and 2008 (Winthrop Corporation, 2010). These management inadequacies are believed to have resulted in the breaking down of some of the strategic alliances that the company has been part of in the past. An example of this breakdown is the decision by France’s Groupe Danone to sell its stake in Bright Dairy in 2010 only to form an alliance with the company’s rival, the China Mengniu Dairy (Kwok, 2010). Future prospects for Bright Dairy remain positive in the face of a growing demand for dairy products in China. Their recent appetite for international expansion as witnessed in their takeover of one of New Zealand’s major players in the Dairy and Food industry (Synlait Milk) is expected to drive their performance even higher in the coming years (Reuters, 2011b).

Bright Dairy & Food Company is among the largest 3 players in the dairy industry in China among other players such as Yili and Mengniu (China Business Intelligence, 2008). The company has maintained its focus in its bid to foster growth by pursuing means of competing and gaining a higher market share domestically as well as venturing into international markets (China Business Intelligence, 2008). Their traditional approach has been to pursue acquisition of smaller players in the dairy industry. This approach offers a number of merits to the company. Firstly, they get to inherit the already existing goodwill between the customers and the acquired organisations making it easier for them to directly acquire the market shares of the smaller firms (Bell and Salmon, 1996). Secondly, it revamps their distribution channels without the need to engage in massive capital investments to achieve the same. This choice of strategy has also been cited as one of the ways in which organisations can cash in on deflated assets where firms already facing liquidity issues may be available for sale at prices that are actually lower than their real values (Bell and Salmon, 1996). It allows the companies to make strategic acquisitions at discounted prices raising the profitability potential of the acquiring company. The success of this strategy was observed in the period between 1998 and 2004 where their revenues grew from a dismal 1.1 billion Yuan to 6.79 billion Yuan (Reuters, 2011b).

Bright Dairy and Food Company also seeks to improve its performance by entering into international markets. One of the best options of entering into such markets is through acquisitions where the company chooses to acquire controlling stakes in players already operating in the selected markets (Bell and Salmon, 1996). This aggressive approach of entry into international markets may be further underscored by its planned acquisition of one of the largest global retail chains GNC at a price of about $ 3 billion with a strong distribution network of not less than 7100 stores globally (Business Spectator, 2011). Its bid to acquire another global brand, Yoplait yoghurt further illustrates their international expansion agenda. This is further illustrated by their move to acquire the New Zealand’s Synlait Milk in 2010 (Reuters, 2011b). This acquisition was made in order to tap into the growing demand in China for products that were imported from New Zealand and Australia which generally tended to be of higher quality than the locally processed dairy products.

Bright company is also keen to project itself as a producer of quality milk products and has taken initiatives to project its image in the same light. The Chinese market for premium products whose quality is assured has been growing in the recent past and Bright Dairy is keen to capitalise on the changing trend (Rabobank, 2006). These changes have been necessitated by the occurrence of quality flaws in the industry that involved the inclusion of harmful chemicals in the processing of the milk products. This is as seen in the milk scandal of 2008 where elements of melamine were used in the production of dairy products leading to a loss of over a quarter million children deaths with over a million others hospitalised (BOABC, 2011). These scandals, apart from diminishing the general demand for dairy products, have led to an emphasis for quality among clients. Accordingly, Bright Dairy has invested heavily in research and development in order to ensure that their products meet the highest quality standards (Bright Food Group, 2008). Constant studies are carried out to monitor changing consumer preferences as well as the developments of other market players in order to enable the company to come up with measures aimed at sustaining its strategic position in the market. The maintenance of the desired brand image is also emphasised. It entails makes use of accurate findings of the research and development processes which entail both the acquisition of the relevant information and getting the organisational production and processing designs to conform to the emergent preferences (Bell and Salmon, 1996). Their acquisition of other well respected brands globally is also seen as an attempt to revamp its brand image and portray itself as a reliable producer of high quality products in the Chinese market as well the in the global markets.

SWOT which stands for Strengths, Weaknesses, Opportunities and Threats helps managers to focus both on the internal capabilities of the organisations as well as the external factors that may threaten the organisation’s survival (Hill and Westbrook, 1997). These are as outlined below:

One of the strengths of Bright Dairy and Food Company is in their product diversity. These products cover a wide range of preferences in the market making it easier for them to build their brand and maintain their strategic advantage in the market ahead of their competitors (Reuters, 2011). The company also maintains a reputable research and development divisions (Reuters, 2011). These improve the capacity for the organisation to gather information on the changing preferences in the market with relative accuracy and also aid in the development of products that can best cater for these dimensions of demand. Bright Dairy also boasts of a strong financial performance which keeps investors and potential investors interested in the company enabling them to mobilise capital with relative ease. Strong performance indicators such as a Profit to Equity Ratio of 45.8, a 0.19 Yang in Earnings per Share and a Dividend Yield of 1.4% sets the company apart from most of their competitors (Bloomberg, 2011). The 2010 financial reports reveal that the company’s net profit margin stood at 2.38%, with an operating margin of 2.18%. The EBITD margin was 4.87%, return on assets at 4.51% with a return on equity of 8.76% (Bloomberg, 2011).

One of the main weaknesses is in their operation procedures that fail to identify the faults that occur in their production processes from time to time. Lack of adequate quality controls has in recent times negatively impacted the company’s image especially when it was discovered that some of the equipment used to recycle some of their products were outdated and defective (Kwok, 2010; Tian, et al, 2004). Their management inefficiencies are believed to be behind the pullout by France’s Groupe Danone in 2010 only to acquire a stake in Bright’s main competitor Mengniu shortly after (Kwok, 2010). These weak leadership and management practices have also seen the motivation levels among the organisation’s employees hit an all time low. This makes it difficult for the organisation to deliver on its objectives as de-motivated do not identify with the company or its strategies. 

The opportunities presented by the external environment mainly have to do with the changing demand trends in the Chinese market. It has been observed that more and more of the Chinese people are consuming dairy products and the growth is expected to continue for several years (OECD and FAO, 2011). The market consumption rate of dairy products has grown at approximately 10% with the growth between 2011 and 2015 projected to hit the 20% mark (KPMG, 2009). The move by the government to encourage consolidation in the industry also presents a great opportunity for companies with the ability to mobilise capital such as Bright Dairy to acquire smaller players in the market hence taking over their market share and improving their performance. The increased globalisation occasioned by the increasingly open policy by the Chinese government towards international trade also gives the Chinese companies the opportunity to venture into the international markets and meet their performance objectives.

The liberalisation of the Chinese markets opens up the industry to entry by international firms especially from New Zealand and Australia. This heightens the level of competition hence threatening the livelihood of the organisations already operating in the market. Recent surveys reveal that there are over 1500 players in the dairy industry in China (KPMG, 2009). However, 50% of the market share is controlled by the three leading industry players which include Bright Dairy among others (China Business Intelligence, 2008). This means that the larger corporations have to contend with the smaller players who often have a firm grip on their small batches of customers in their localities. Technological advancements also make it difficult of significant measures of differentiation making price competition the most convenient avenue for competition. This greatly works to suppress profitability. The cost of raw materials has also been on the rise pushing up the cost of producing the products. This situation is compounded by the inability of the market players to raise their prices due to the prevailing stiff competition hence leading to reduced profits.

The Porter’s 5-Forces compares the five elements to establish the level of rivalry in the industry and therefore inform organisation on the best strategic approaches to assure success (Pearce and Robinson, 2005). These forces include: degree of rivalry, supplier power, threat of new entrants, threat of substitutes, buyer power.

The degree of rivalry is determined by the industry concentration. Higher levels of rivalry tend to drive down the profitability of organisations towards zero. The concentration ratio is measured by the percentage of market share taken by the largest players in the market with the occupation of large market share by a few indicating low rivalry (Johnson, Scholes and Whittington, 2005). The three largest players in the industry take up a market share of more than 50%. This makes the rivalry low. The rivalry is however heightened by the fact that the market players are many: over 1500 players (KPMG, 2009). However, the fact that industry market leadership is established reduces the level of rivalry since there is no apparent competition for market leadership. The growing Chinese market also reduces rivalry due to the fact that organisations are able to grow by simply taking advantage of the expanding demand (KPMG, 2009). 

Suppliers for dairy industry players include suppliers of feeds, veterinary services, and in some cases, milk storage facilities among others. These suppliers are in plenty and are in competition with each other (China Business Intelligence, 2008). Moreover, the supplies are not differentiated. The inability of the suppliers to unanimously determine prices means that the supplier power is low.

The consumers of dairy products are mainly the millions of household in China. Individual buyers therefore have an insignificant market share (China Business Intelligence, 2008). The buyers therefore have little influence over the products’ prices (on top of the normal market forces). The supplier power is therefore low. However, the switching cost to other foods is very low for the buyers. The average buyer power is therefore average.

Substitutes to products are derived from other industries. The availability of close substitutes makes it easy for consumers to replace products in favour of the substitutes. The main substitutes for dairy products include soy milk, nut milk, oat milk, hemp milk, rice milk, almond milk, potato milk, olive oil, and others (China Business Intelligence, 2008). These substitutes are available in most retail outlets in China and the buyers are able to switch with little switching costs. The threat of substitutes is therefore high.

The threat of new entrants is raised by the fact that the dairy industry is relatively easy to enter into with moderate expenditure. The liberalisation of the Chinese market also makes it much easier for global dairy players to enter into the market (FAO, 2010). The technologies used in the industry are not rare and can be acquired with relative ease (China Business Intelligence, 2008). Therefore the threat of entry is high.
On the whole, the level of rivalry in the industry is moderate, making chances of survival for the industry players average.

The main challenges facing business organisations often involve factors that affect their continual survival in any market at any given time. One of the main challenges that are faced by Bright Dairy is mounting competition both locally and internationally (China Business Intelligence, 2008). This heightened competition reduces the capacity for profits and diminishes their prospects. Bright Dairy is also faced with the challenge of ensuring that their brand remains untainted by any incidences involving questionable quality of their products (Bright Food Group, 2008). This requires that proper steps be taken to ensure rigorous quality controls in the production processes. The importance of remaining true to one’s brand cannot be over emphasised. Brand awareness is one of the crucial tools available for businesses in their bid to outdo each other in the market, especially where the level of homogeneity is quite high (Armstrong, 1982). Most of the products supplied by Bright Dairy can easily be substituted by their competitors’ products due to the fact the technology for the production of the same is fairly easy to replicate. This makes it difficult to maintain a product differentiation strategy over the long run. However, branding could easily provide the ace that Bright Dairy could use in matching up to the competition. With a market that just recently faced the consequences of poor quality checks, emphasis on quality in the branding campaigns of the organisation would be expected to pay off. The external challenges can be easily overcome when appropriate measures are taken within the organisations. However, this needs a well developed leadership and management culture that not only inspires the employees to embrace the organisational objectives, but also maintains a close grip on the operation processes with the aim of ensuring that all quality controls are met as required (Armstrong, 1982). In the case of Bright Dairy and Food Company, this crucial aspect of the organisation seems to be in need of revamping if the company is to survive the turbulent environment in which it operates.

The McKinsey’s 7s framework is one of the most useful models to use when analysing the leadership and management practices of any organisation. This model outlines seven elements of any organisation that must be harmonised in order to ensure sustained success of such an organisation. These elements include strategy, structure, systems, skills, style, staff, and shared values (Mind tools, 2011). The elements can either be hard or soft. Hard factors are easily defined or identified and are directly influenced by the management. These include strategy, structure, and systems. The soft elements are elusive and intangible. They are more of a product of culture and therefore not directly influenced by the management.

The strategy of Bright Dairy can wholesomely be summarised through their vision to provide their market with high quality products while ensuring a good financial performance (Bright Food Group, 2008). The vision gives birth to the strategy embraced by the company which has seen them invest substantially in research and development in order to keep abreast with changing market trends and customer preferences. Customer preferences is at the heart of Bright Dairy’s strategy as evidenced by their regular enquiries into the same through their extensive distribution channels and other researching tools which they put into effect from time to time. The generic strategies and the guiding objectives are clear as enumerated in the company’s publications.

The structure of the company is a functional structure which is also metaphorically a tall structure. It is led by a Chairman of the board who also acts as the Chief Executive officer. The CEO presides over the Chief Financial Officer and the General Manager who then oversees the day to day operations of the organisation (Reuters, 2011). Five Deputy General Managers report to the general manager and are involved in the running of various functions within the organisation. These deputy managers preside over the different product lines that are offered by the organisation such as fresh milk and UHT, Yoghurt, Cheese products, juice and grocery division, and milk powder divisions (Reuters, 2011). Under these Deputy General Managers are varying management layers depending on how extensively the various divisions are advanced. The Human resources and the Research and development divisions as well as the marketing divisions serve all the other divisions equitably. This structure is replicated internationally with the country General Managers reporting to the Chairman of the board who also acts as the CEO of the organisation (Bright Food Group, 2008). This structure provides the organisation with the opportunity to ensure that the product lines are well monitored and that some level of effort is put into place to ensure that each of the product lines performs well enough to sustain themselves. It is also useful in ensuring that foreign branches remain accountable and are focussed towards achieving their performance targets. However, this structure is highly bureaucratic with very little emphasis placed on gathering the views of the employees within the organisation. Being under the influence of the Chinese culture, communication is more implicit than explicit and therefore tends to pose a challenge in the generation of meaning in the foreign subsidiaries. Moreover, there is danger of duplication of roles in the face of the fact that many of the divisions may have similar functions. Major decisions such as the decision to modify products or one to target a new market segment as often referred to the chairman before endorsement hence slowing down the decision making processes.

The company is organised into functional divisions with a central financial function, human resource management function and a shared research and development function (Bright Food Group, 2008). Employees are assigned specific tasks and are presided over by supervisors who are charged with the responsibility of ensuring that the tasks are carried out as required. Quality controls are dependent on the specific product lines and are determined by the specific divisional heads who then delegate their supervisory authority to the supervisors who ensure that the jobs are done (Bright Food Group, 2008). The human resources functions are concerned primarily with recruitment, effecting promotions as recommended by the presiding general managers and carrying out training programs as demanded from time to time. The human resource function plays little role in determining the promotion procedures and reward schemes occasioning a lack of uniformity across the organisation and a level or arbitrariness that lowers the morale of the employees. The HR function is taken as a support function and not necessarily as an integral part of the organisation. Consequently, recruitments and promotions tend to be non-standardised with most recruitments done by recommendation and promotion or reward schemes carried out with very little level of transparency (Tian, et al, 2004). This, predictably, reduces the levels of employee motivation in the organisation.
Management structures are supposed to be designed in ways that not only enable the smooth functioning of the organisation, but also in a manner that facilitates prompt and effective decision making (Armstrong, 1982). Most factors in the market happen arbitrarily and often without notice. This calls for a speedy reaction by the organisation in order to optimise on the opportunities presented by the circumstance or to smart from the likely damage that could result from the subject factors. Where decision making is convoluted and involves seeking of permission from higher authorities, decision making becomes slow and often detrimental to the organisation (Zelog, 2011). A slightly shorter management structure would be appropriate where the divisional heads report directly to the CEO and where the ranks within the divisions are reduced to the bare minimum. Authority should also be delegated to managers as appropriate in order to ensure that decisions do not unnecessarily get delayed pending consultations. The involvement of the chairman to the board in the operations of the business robs the board of directors of their supervisory role over the affairs of the organisation. For accountability to abound, the board of directors would execute its role more objectively if the board chairman remained strictly at the board level (Bell and Salmon, 1996).

The strategic importance of the human resource management functions in organisations cannot be over emphasised. Organisations around the world are increasingly looking inwards to find ways of using their internal resources (including human resources) in their endeavour to build a competitive advantage that would help them compete in the market (Bell and Salmon, 1996). The human resource management function should therefore be at the core the organisational functions at any particular point with the officer in charge of the function accorded the same rank and prestige as the other senior managers. Introduction of such a change in the management structure would ensure harmonised practices in recruitment, training, reward systems and promotions. Even though the Chinese culture is a high context culture and therefore recruitments tend to be done on recommendation (Hestflatt, 2011), it is important that an objective department be given a chance to evaluate the suitability of such candidates in order to ensure that all employees are up to the required standards. The concept of strategic fit refers to the integration of HR practices to the generic strategies of the organisation. Where the concept is accurately implemented, the human resources in the organisation could easily become the source of competitive advantage that the organisation would need to compete in the increasingly competitive markets. In the increasingly globalised markets, it is no longer convenient to adopt the practices of a domestic culture in complete oblivion of the prevailing best practices around the world (FAO, 2010). These practices should be put into practice albeit delicately in order to ensure some level of compatibility with the domestic cultures.

The organisation communicates with the employees on the mission and vision of the organisation and occasionally communicates to all employees the steps being taken to advance the company objectives (Bloomberg, 2011). It is around these objectives that company values are developed. The values outlined as the corporate values include diligence, integrity, and teamwork among others. As can be seen, work discipline and team spirit are emphasised on. However, the organisational culture that these employees are intended to embrace tends to be in discordance with the aspirations of individual employees (Reuters, 2011b). These values are therefore only partially embraced and are only adhered to where there is fear of encountering certain punitive measures. The management style on the operational levels is to a large extent participative where common operational problems are solved collectively within the work groups (Bright Food Group, 2008). However, this participative approach is not replicated high up the ladder with the main decisions made at the board level taken in oblivion of the opinions of the junior members of the organisation (Kwok, 2008). This makes the employees feel left out of the organisation’s core function of determining the direction that they must take. As observed earlier, most of the recruitments are made through recommendation with only a few of the jobs such as senior management jobs actually advertised for interested applicants to express interest. The level of skills possessed by individual employees is observed in the course of their duties by the line managers who then make appropriate recommendations to the Human resources department on any need for the provision of additional trainings (Bright Food Group, 2008). The line managers are also empowered to pair up unskilled employees together with the skilled ones in order to encourage ease of mastery of the lacking skills.

The extent to which employees identify with the corporate values is dependent on a number of factors. Firstly, the organisation needs to take measures to ensure that their employees’ aspirations are compatible with the aspirations of the organisations (Bell and Salmon, 1996). This requires that there be a certain level of engagement between the employees and the managers in order to determine their aspirations and how these aspirations can be accommodated in the pursuit of the organisational goals. For instance, employees with the urge to develop their careers in line with skills useful to the company should be facilitated to do so where their additional skills end being of benefit to the organisation (Bell and Salmon, 1996). The same would apply to financial goals where employees wishing to make an additional buck are given the opportunity to prove themselves and in turn gain the promised rewards. The reward schemes need to be transparent and reliable in that those participating should always know what to expect after completing the requirements and such rewards should always be made available when needed (Bell and Salmon, 1996). The introduction of individual responsibility is crucial in ensuring that such reward schemes yield positive fruit.
However, care should be taken to ensure that the benefits of teamwork are not lost in the face of individualistic schemes whose original intention is to boost motivation and productivity.

The general approach that can be taken by Bright Dairy is the low pricing, cost cutting, optimisation of internal capabilities, and the enhancement of their brand image. The low pricing strategy is limited by the presence of competitors and the firm’s operational costs. This leaves the firm with the alternative to engage in cost cutting to ensure higher profitability levels. The firm may also opt to engage in training and empowerment of their staff in order to increase productivity levels thereby contributing to efficiency, quality and cost reduction. However, in the view of the recent developments in the industry that brought the quality of dairy products into question, the most effective approach would be to conduct product re-launch together with a mass brand enhancement campaign. The provision of quality products together with a brand image would effectively lead to a higher performance by organisations.

In terms of leadership and management, the organisation should act as outlined below. They should firstly adopt an appropriate management structure as outlined above would go a long way in ensuring that the company reacts to various impetuses in an appropriate and timely manner giving the company an edge over their competitors. A further step to ensure that employees are properly skilled and motivated would also enable the company build its brand with more ease. Research proves that consumers are generally willing to pay a premium on the brands that they find suitable to them (Tian, et al, 2004). The company would therefore not have to contend with diminished returns as a result of the downward pressure that competition exerts on prices. That would also solve the problem associated with homogeneity due to the difficulty in differentiating products as a result of technological advancements. Branding the company as a reliable producer of high quality products; a brand promise that the organisation would be bound to honour. It would therefore call for the realignment of all the management elements with emphasis on quality control in order to realise the desired brand image. The company could also wish to increase its production capacity in order to maximise on the growing demand for dairy products both domestically and internationally. For them to achieve this, they would need to get their decision making processes right.

Bright Dairy & Food Company operates in a challenging environment where competition is rife and threatens their very survival. The increased threat of new entrants due to good government policies and the lack of differentiation of the products further heighten these competitive forces. However, Bright Dairy could choose to embark on brand awareness campaigns in order to retain its strategic advantage. This change needs to sweep across all the functions of the organisation and must impact on all the elements of management as named above in order to assure the success of the survival strategy.  


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